Market Analysis

BTC price Breaches $6,600 But a Drop is Expected to be Imminent

from Coin Gape 5 years ago 0 0 701

Bitcoin crossed $6,600 level today only to take a dip later on as Bitfinex went offline due to maintenance. Meanwhile, a crypto expert shares the possibility of a coming plunge in prices as Bitcoin breaks resistance level and volatility indicator further shows substantial upwards or downwards movement.

Bitfinex went into Maintenance, BTC Price Seemingly Unaffected

At the moment, Bitcoin is trading at $6,562 while being in the green by a small percentage as per 24-hours change. The world’s number one cryptocurrency reached $6,648 at one point. Starting the day at around $6,480 mark, it slid down to $6,440 level soon after.

The jump in Bitcoin price could be attributed to Bitfinex going offline for maintenance update as it announced on Twitter:

Bitfinex will be undergoing infrastructure maintenance tomorrow, October 4th, between 06.00 UTC and 18.00 UTC. The exact time will be disclosed 30 minutes prior to the start of the upgrade. Please keep this in mind for all open positions you may have. https://t.co/yjevA3UQVr — Bitfinex (@bitfinex) October 3, 2018

The last time it happened, Bitcoin took a sharp upswing only to drop back down just as sharply. There has been a lot of speculation and uncertainty around BTC price movement this time as well, but Bitfinex is live again and nothing sudden price movement of sorts happened.

Planned upgrade is complete and all trading and lending functions on Bitfinex are once again live. Thank you for your patience. — Bitfinex (@bitfinex) October 4, 2018

Things can get Really Bad, A Plunge Imminent

Bitcoin dropped about 2 percent just below $6,440 yesterday, breaking a key level. This horizontal support is being seen as an upcoming price slump.

According to the crypto expert Nikola Lazic, a downside breakout means a plunge is coming for Bitcoin as he stated to a mainstream media channel:

“I am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle’s uptrend line which was respected in the past. If that last support gets broken then we are definitely seeing a lower low which would be below $5,767.” “It could get really bad,” he further adds.

However, Bitcoin bull Tom Lee is positive for Bitcoin progress as he shares:

“The fact bitcoin is holding here is very good news. I think there are catalysts in the year-end so I think despite the lower highs we’ve seen I think we’re starting to reverse.”

As we reported earlier, the key volatility indicator has hit its lowest in 21 months and this means a substantial upwards or downwards movement is coming. However, Bitcoin has found a healthy floor price around $6,000, so it’s all a wait and watch the game for now.