Bitcoin falls below $17,000 before a slight rebound, a repeat of the plunge in Asian trading earlier in the day
It is shaping up to be a bad day fro cryptocurrencies with Bitcoin plunging by more than $2,000 in a matter of hours today. The drop in Asia took out the $18,000 level and we are seeing another round of selling in Europe to take price below $17,000.
The low hit $16,342 before a slight rebound now towards the $17,000 level.
There are no easy answers when it comes to crypto, considering that the whales hold all the cards. However, the fall here comes as Bitcoin neared a record high in recent days but seemingly falling just short of achieving that.
This is likely a flush of the FOMO buying at the highs seen over the past week or so.
Here’s how the chart is shaping up in the bigger picture:
A close below the January 2018 high around $17,178 will be a blow to buyers’ momentum.