Bitcon prices have shown considerable momentum as unit price performance recorded a significant increase in a few weeks up close to the $ 20,000 level. However, investors' wish to pass the $ 20,000 price target was not met when the bitcoin price plummeted within 24 hours.
The price of Bitcoin recorded a decrease of more than 10% in less than 24 hours from the price level of $ 19,500 to $ 16,300 per unit. For investors, this is like an episode of the red ocean because most crypto currencies are experiencing a similar fall.
The $ 18,400 - $ 18,700 price gap that is an indication for investors to continue investing has disappeared. This price area is important as support. If the Bitcoin price falls below this support level then the previous support resistance will fail.
Some analysts believe the next price support gap is between $ 15,800- $ 16,300. If the price of bitcoin can maintain performance in that range then there is the potential for Bitcoin to soar again. However, if it fails then the next bitcoin price correction is $ 13,800- $ 14,200.
According to the Head of Luno Crypto Exchange Business Development in Singapore, Vijay Ayyar, the decline was driven by the situation after the massive purchase of cryptocurrencies that led to a price correction.
Ayyar explained that once the short-term pullback is completed, all indicators are expected to jump to continue strengthening.
BTC so far recorded a price of $ 16,988.73 per unit which is a 12% drop as of 10.05 p.m.
