By Davis Byrne (US)
- Looks Live Descending Triangle Breaks in Downtrend direction
- Bitcoin Price Drops Below Support Level of 8500$
Investors are now worried about bitcoin price since it loses over 1000$ in just one hour.
2019 has been a good year for the bitcoin investors as it record around 3x profit moving from $3000 to $14000 in just no time. However, the one thing which is keeping this coin unpredictable is its reliability in the future and how the control of govt affect it.
Bitcoin Price analysis
Bitcoin has shown a downtrend of around 13% from which 1000$ was just removed from the price in just 1 hour.The current price of bitcoin is $8,512.39 as on 25 September 2019 at 6:58 amUTC.
The coin was performing well in the initial hours yesterday till it has a sharp slumping from $9700 to $8100. Although the coin has covered from this point to $8500. Conditions are not looking good.
Also read:
Bitcoin hash rate
According to Blockchain.com hash rate of bitcoin crash down to 40% on 23 sep 2019.this might be the possible reason of bitcoin price crash.
Although the reasons for the crash are still unknown and surprising, given that the hash rate usually goes high again and again.
According to the reports the answer of this crash might came from China as China has the largest amount of miners , unofficial reports are that China has decided to remove these miners from its territory.
What you think about bitcoin price ? do let us know in the comments section
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