the 21-month EMA, currently located at 6,122, proves a tough nut to crack. It took a little bit of a hit after the hacking of a bitcoin exchange Mt Gox but stayed relatively stable until 2017. The growth of the altcoin. Further, the big drop in the equity markets this morning may not bode well for BTC, as the cryptocurrency is still being treated as a risk asset. There is no singular cause, but there are a number of possible reasons.
A lot of factors are affecting the price of bitcoin and when the price starts to drop only one thing I'm thinking, many are starting to sell their bitcoins and that's the.
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Bitcoin s drop to three-week lows today has likely kick-started a bearish move towards the major support at 6,000, technical charts indicate.
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Bitcoin image via Shutterstock; Charts by, trading View. Notably, the moving averages turned bearish last month for the first time since September 2014. As a result, bitcoin price volatility, as represented. Coinbase added support for Bitcoin Cash causing a flurry of speculative buyers selling their BTC for BCH after seeing it as a "cheaper bitcoin" in the hope it would hit the heights of its BTC big brother. A prolonged period of low volatility usually makes way for a big move in either direction. Long-term charts retain a bearish bias. These ICOs which are usually cleverly marketed and targeted with social media advertising have raised hundreds of millions of dollars in the past couple of months, money that previously would have been focused on bitcoin instead.
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