Bitcoin Falls Below $9000: $10,000–$10,313 Strong Resistance Zone
The price of Bitcoin fell below $9,000 for the first time in months shortly before Noon EST.
CoinDesk.com observed:
On a 24-hour basis, bitcoin (BTC) is down 6.16 percent, according to data source CoinMarketCap. Further, the price action in the last 48 hours has established the former support zone of $10,000–$10,313 (50 percent Fibonacci retracement of 2017 low–high) as a strong resistance.
CoinDesk.com was anticipating the price to hit $8,900 in the next 24 hours with price action in the last 48 hours has established $10,000–$10,313 as a strong resistance zone.
The drop comes as the New York Times reports Bitfinex possibly having caused Bitcoin's price to have been propped up in recent months.
The news first reported Tuesday that Bitfinex was subpoenaed by the Commodity Futures Trading Commission, a United States regulatory agency led to a selloff on Wednesday.
- Aaron Goldstein, Gambling911.com
