Bitcoin Prices Today (9/3): 20% discount in 2 days, what is happening with bitcoin?

Bitcoin Prices Today (9/3): 20% discount in 2 days, what is happening with bitcoin? As of March 6, Bitcoin has dropped by about 20%, and Bit...

Bitcoin Prices Today (9/3): 20% discount in 2 days, what is happening with bitcoin?
As of March 6, Bitcoin has dropped by about 20%, and Bitcoin's trading volume dropped to $ 7 billion in the past 24 hours.


What is bitcoin today?
The bitcoin nearly hit $ 9,000 on Thursday, a price that occurred just hours after the digital currency returned above $ 10,000.


According to CoinDesk's Bitcoin Price Index, prices hit the bottom of $ 9,075.87 before recovering. At 5:15 am, the bitcoin price was $ 9,374.74, down 5.37% from the opening price. This is a remarkable development, just one day after the market dropped more than $ 1,000 in a session on March 8. From Friday's high of $ 11,649, bitcoin in the past two days fell 22.08%.
It is unclear what is leading the market today. In fact, some speculators on the social network said that prices may test lower, some predictions dropped to $ 7,000. According to data, if bitcoin drops below $ 9,000, this is the lowest price since Valentine's Day 14/2.
Observers said Wednesday's price rises were due to a number of causes, including the issue at the Binance Digital Trading Platform, a warning from the Securities and Exchange Commission US on new compliance and a report from Mt Gox shows that about $ 400 million of bitcoin and bitcoin cash has been liquidated over the past few months.


Data from the CoinMarketCap, all top 10 digital currency by market value, fell in the past 24 hours. Among them, Cardano and Monero dropped the most in the last 24 hours, with 10.94% and 17.93%, respectively.

Although the sell-off was very coincident with the technical analysis chart, however, the bad news seems to be igniting the fire. Up to now, the sell offs in the Fibonacci retracement level 38.2% from the price increase from the low of 6/2 and the low of 20/2.

Daily bitcoin price charts


As shown in the above chart (Coinbase), the BTC fell sharply and broke through the strong resistance at 38.2% Fibonacci $ 9,564 from the recent price increase on the daily price chart.

1 hour chart below shows a small recovery possibility when RSI relative strength index has moved upward trend.

Bitcoin price chart 1 hour


A lower bottom on the price chart and a higher trough on the RSI (bullish divergence) suggests that the BTC may re-examine the 50-hour Moving Average MA, currently at $ 10,427.

That suggests that the rally is likely to be short-lived, as the 50-hour MA, the 100-hour MA, and the 200-hour MA are all in decline. Furthermore, the 100-hour moving average MA is about to cross the MA 500 from above (down)

Price chart daily


The closing price of bitcoin (below the 50-day moving average) was lower yesterday, and the 5 day moving averages of MA (MA) and MA (10) are confirming the bearish trend as discussed yesterday and rising. The possibility of deeper discount. Moreover, the RSI also fell below 50.00, also showing signs of further decline.
The point of CoinDesk
A small correction to $ 10,400 - $ 10,500 could not be ruled out, but the rally will be short-lived.
Bitcoin is likely to test $ 8,906 (200-day moving average) and possibly extend to $ 8,000.
Rising prices: A high volume break above $ 11,000 in the next 72 days will indicate that a sell off from March 5 at $ 11,700 has bottomed out and could trigger a price surge. It is expected on the resistance level neckline reversal head shoulder pattern.

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High Tech Brain: Bitcoin Prices Today (9/3): 20% discount in 2 days, what is happening with bitcoin?
Bitcoin Prices Today (9/3): 20% discount in 2 days, what is happening with bitcoin?
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