Amid extremely overbought conditions, bitcoin has fallen by $1,702 – its biggest intraday price drop since January 2018.
The cryptocurrency market leader nosedived from the day’s opening price (UTC) of $7,880 to a seven day low of $6,178 on Bitstamp in the Asian trading hours.
The $1,702 drop is the highest since January 17, 2018, according to Bitstamp data. On that day, BTC had tumbled by $2,171 from the opening price of $11,393 only to recovery all the way back to $11,191 by UTC close. Bitcoin has recovered more than 50 percent since the low hit earlier today. However, just before press time, its price is still down around 8.2 percent on the day at $7,223.
Source:
https://www.coindesk.com/bitcoin-suffers-biggest-intraday-price-drop-for-over-a-yearBitcoin is now hovering in the $7,100 range and there is no sign yet that it is ready to move forward towards what it lost just a day ago. Well, this is bitcoin one of the most volatile investment instrument on the market. Amidst this latest debacle, many are still looking forward for the continuation of the bull run as we have not yet reached the $10,000 yet.
How many days will our coin choose to relax and just swim around this level remains to be seen. Any predictions?