The price of Bitcoin dropped to as low as $15,670 on Binance on Nov. 15.
Three key factors likely caused the overnight drop in the price of Bitcoin.
As Cointelegraph reported, algorithmic traders expected a weekend drop in the Bitcoin market to materialize.
If the price of Bitcoin continued to drop below the 10-day MA, it would have signified a further breakdown.
On Nov. 7, BTC saw a similar drop, albeit in a different price range.
The price abruptly plunged from $15,753 to as low as $14,344, recording a 5% drop.
Josh Olszewicz, a chartist and a cryptocurrency technical analyst, shared a chart that shows Bitcoin is in a parabola.
During a parabolic uptrend, an asset's momentum continues to build up as the price increases.
In the near term, the parabola of Bitcoin remains intact as long as BTC stays above the $15,300 to $15,500 range.
In the short term, Bitcoin would need to see continuous resilience above $15,500 and ideally defend the $15,700 support as it did throughout the last 24 hours.
3 reasons why Bitcoin price quickly recovered after dropping to $15.7K
Publicado en Nov 15, 2020
by Cointele | Publicado en Coinage
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