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Bitcoin crashes by 7% in an hour; breaches immediate support

Namrata Shukla

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Bitcoin broke its immediate support and noted a dip of over 7 percent in an hour on 23 October 2019. Almost an hour before, $201.1 million longs were liquidated on BitMEX.

Source: BTC/USD on TradingView

Source: BTC/USD on TradingView

Bitcoin had been on its road to recovery since 24 September, when the price fell under $10k. With the bulls failing to have an impact on the market momentum, the king coin was pulled to areas under the $8k mark.

Further, analysis had indicated the formation of Bart pattern on Bitcoin charts. It had already begun its descent towards the support, which was already tested five times before.

Gr33nHatt3R said on Reddit,

“See you at $3,500 brother!”

Simultaneous to Bitcoin’s sudden slump Grayscale Investments unveiled the second commercial for its ‘DropGold’ campaign. A campaign that proposes how a shift from gold to Bitcoin would be beneficial to investors.

Emptybeerbottle said on Twitter,

“You didn’t have to put Bitcoin on a flash sale for marketing purposes Barry. Ffs.”

XRP Zen also said on Twitter,

“Ironically BTC dropped. Did Gold spike? Please , please be true . Too perfect”

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.