Bitcoin Collapses Under $9,000, Falls Out of Triangle

Avatar Nick Chong 2 months ago

Newsflash: Bitcoin (BTC) has just collapsed under $9,000 for the first time in months. The cryptocurrency is down some 8% in the past 24 hours, trading at $8,900 as of the time of writing this price update.

Altcoins have been absolutely destroyed. Ethereum has shed 13% in the past 24 hours; Bitcoin Cash, -20%. The market capitalization of the cryptocurrency market has collapsed all the way to $240 billion.

With this massive flash crash, Bitcoin has shed an array of clear support levels — the descending triangle bottom of ~$9,500, the horizontal support of $9,400, and key moving averages. A daily and weekly close at these levels could thus be disastrous for bulls, at least in the medium-term.

It may not be curtains closed for this bull market, however. Martin Chebbi, a Twitter user, reminded Crypto Twitter users that a loss of a descending triangle “doesn’t necessarily mean the end of a bull run”. He notes that in 2017, Bitcoin similarly shed a triangle, to only rally above it in the months that followed.

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