Just a few hours ago, Bitcoin’s price plunged from about $8070 down to $7840 in a shattering red candle. Interestingly enough, a massive BTC transaction to Binance took place hours before the dump. 10,000 bitcoins were sent to the exchange, worth more than $80 million.
Bitcoin’s Price Below $8,000
Bitcoin’s price plunged below $8,000 a few hours ago, going down to as low as $7,840. The decline was quick and definitive in a sudden red candle.
At the time of this writing, Bitcoin is trading at around $7,900, marking a decline of about 1.1% in the past 24 hours. Its current market cap stands at $143 billion, while the Bitcoin dominance index is at 66.1%.
Interestingly enough, a massive transaction took place hours before the dump. Caught by the Whale Alert bot on Twitter, someone sent 10,000 BTC to Binance. The amount is worth around $80 million.
— Whale Alert (@whale_alert) October 17, 2019
Naturally, it’s questionable if the money was used to drag the price down but the coincidence is undoubtedly suspicious. On a more positive note, the entire transaction cost was minimal, as the fee for it was just $1.73. So far there’s no explanation from Binance in relation to the huge transaction.
What’s Next For Bitcoin’s Price?
Just a couple of days ago, Cryptopotato reported that Bitcoin had plunged below $8,000 again and now the situation looks fairly similar.
Bitcoin is currently trading at slightly below $7920 but the key area to watch is between $7700 and $7800 which has managed to support Bitcoin twice so far. Should the price drop below these levels, we could expect it to go down to $7500 rather quickly. From there, the next significant support is at $7200 which is the Golden Fibonacci level (61.8%) as measured from Bitcoin’s all-time high back in December 2017.
The nearest level of resistance is $8000 and after that, we’ll be looking out for $8,200. Should these levels be breached, the next stop upwards is at around $8,300.
In any case, it remains very interesting to monitor the performance of Bitcoin’s price. If one thing is certain it’s that volatility seems to be back with relative pace and we might be in for some weekend action.