Bitcoin Dips $200 With Bears Sighted

Bitcoin had shown bullishness in the past few days which prompted many analysts to say that it could be the beginning of a year the coin is sure to moon – a parlance used by crypto enthusiasts to indicate that they’re expecting the coin value to surge.

However, today the January 8, 2020, Bitcoin price plunged to $8,115 from $8,391 according to data from Coinmarketcap. This could be a correction in preparation for more upswing or the beginning of a build-up of the bears.

According to a tweet by an analyst, Josh Roger,

“Price had an initial rejection off key area $8400s that previously as resistance/support Watching for a pullback $7800s-$7900s before a bounce and push to the upside for retest Not out of the bear woods yet, take it level by level, day by day”

As we are keeping close eye on the market, it is apparent that this could be the beginning of greater bearish pressure considering that present volume at $39.1 billion which doesn’t look sufficient to counter the downward pressure.

If things are taken in proper perspective, it is obvious that irrespective of the reason for the recent price surge, BTC with its known volatility could move in any direction and what gains made wiped off. There have been insinuations that the recent US-Iran conflict is responsible for the recent upswing. With the parties likely de-escalating, it seems logical to conclude that things may quiet out a bit on the coin market front.

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

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