The moment many traders have anxiously anticipated arrived this morning as Bitcoin price (BTC) plunged below $7,800 and eventually settled near $7,400. It’s possible that the bleeding isn’t over yet and investors will likely wait for the 4-hour and daily close before making any strong moves.
Many traders anticipated a decisive move occurring sooner than later simply based on the fact that Bitcoin has been bouncing around in the $7,800 to $8,300 range since Sept. 26 and the digital asset’s consistent failure to sustain above $8,200 to $8,300 suggested that momentum was waning.