Bitcoin Crashes Below $40K – Brace for a Correction
The massive sell-off in the market could also have been triggered by the latest comments made by cryptocurrency enthusiast and American TV personality Jim Cramer. In his opinion, the Evergrande debt crisis in China could keep causing severe disruption in the financial markets, including the cryptocurrency market. He advised people to cash out some of their cryptocurrency holdings to prevent future losses.
Bitcoin (BTC/USD) – Technical Outlook
Trading in Bitcoin was sharply bearish, dipping below $40K, but it has now risen above the 41,271 level again. At the moment, Bitcoin is trading at 42,304, and it is heading towards the next resistance level of the 42,968. BTC managed to break out of this level, exposing the Bitcoin price to the next resistance level of 44,269. This particular resistance level is being extended by an upward trendline, which can be seen on the…
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