What is the reason for Bitcoin’s Red Alert?

Bitcoin (BTC) price signaled a sales signal for the first time since early June. According to Bloomberg’s GTI indicator, Bitcoin price may be on the verge of another drop.

A sales signal has been experienced for the first time since June, when the leading cryptocurrency has attempted to break the $ 10,000 level. Although many traders want to accept GTI as a counter indicator, it has actually proven to be a fairly reliable indicator to identify major returns on the market. The indicator showed its first strong buy signal in three months in late March, when the cryptocurrency was experiencing the effects of the “Black Thursday” events. BTC then increased more than 55 percent from this point until the end of May.

9 thousand dollars should not be lost

Miller Plate + Co strategist Matt Maley defines 9 thousand dollars as a very important level for bulls. Losing this will lead to more negative pressure. Maley uses the following statements:

“A break below $ 9,000 will create a yellow warning flag in Bitcoin.”

Maley added that the decline towards $ 8,500 will “show” the red flag. Another popular trader, Josh Rager, recently predicted that BTC could fall to its lowest level since the end of April, up to $ 7,000.

Bulls Toast

Bitcoin bulls have been fighting bears for the past month, and the latest Twitter hacking scandal can be an advantage to the latter. BTC price fell to $ 9 thousand 26, the lowest level since July 6, after multiple accounts of politicians and celebrities were seized and BTC scammed. However, option traders do not think this news will cause more fluctuations next month.

The post What is the reason for Bitcoin’s Red Alert? appeared first on Somag News.

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