PANIC ARISE AS BITCOIN DROPS OVER $1000+ IN VALUE by E. Okorie, 18th of MAY, 2019
The price of bitcoin lost over $1000+ in value for the first this year within a single day on 17th May 2019. This is a clear indication that the former downward trend is still relatively strong. This lead to the breaking of $7630 and $7300 support levels. The Bitcoin price however gained another support level within the $6900 price range and is currently ranging within the $7300 - $7100 region. This movement is a major correction pattern and investors awaits the next pattern formation. From all indications, the new support level will be tested once again and this bring a great deal of concern for the bullish market. There are various reasons why the bitcoin price surge was observed. First, there is a current speculation going on due to fears on the current trade war with China. Secondly, More retail outlets and applications (For Example - Nordstrom and Crate and Barrel) now accept digital currency. Thirdly, there is an accusations going on now that a bitcoin exchange named Bitfinex used illicit transactions to mask $850 million in missing funds. However, it is evident that irrespective of the reason stated above, the bearish market is certainly not going to go out without a fight and currently have a lifeline. In this view, there is currently a high degree of uncertainty in bitcoin until the correction pattern is clear.