Again a fall seen from Bitcoin with about 5% fall from yesterday closing. It reached 1 month low. Yesterday it traded by open price $6571.42 with a high of $6591.26 and low of $6124.52 and closed $6184.71. it seems the ETF pressure of US security exchange is heavily effecting on Bitcoin market.
According to the reviews from the different financial analysis firm, the bitcoin is facing now is much more significant than a bearish rum or retracement. Bitcoin could facing an existential crisis and bearish and cause substacial damage. If break that level will be permanatly impaired say a researcher Renaissance Macro research.
A bull rum took good above $8000, after that it gone back below $6500 whose price is about 15% below. On 7th august it flew down to 6% low after the news of SEC delayed decision. In the interview to CNBC Mr Jeff DeGraff said that “if the psychologically important year to date support level is breached , I would recommend to take short positions on BTC. Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market”
Mr DeGraff is having a great personality having more than a decade of experience and most financial analist taking notes when he speaks who have a good rank as a cryptocurrency technical analyst.