Bitcoin dropped $700 in 30 minutes and hit $9,500 after hovering over $10,000 for more than a week. Despite the bullish sentiment seen across the market as Bakkt’s Bitcoin futures launch approaches BTC could be signaling that a shakeout is underway.
Bitcoin technical analysis
After testing the support given by the 200-twelve-hour moving average 8 different times, Bitcoin finally broke below it. As a result, the pioneer cryptocurrency plunged 6.60 percent within minutes. Although there are almost 3 hours to go before the close of the current candle on the 12-hour chart, it seems like BTC could continue declining.
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