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Bitcoin Price Support Gives Way at USD 8,600 as Bulls Recuperate

Bitcoin Price Support Gives Way at USD 8,600 as Bulls Recuperate

Fierce price action in the last 24 hours could not sustain the bullish momentum as Bitcoin price found a slippery slope in the last two hours, to shed 3% of its price to arrive at its current 24-hour low of USD 8,468 (5:50am UTC, CoinDesk).

Previous support levels at USD 8,600 completely gave way as Bitcoin buyers and bulls, in the spotlight since Sunday, finally relented after the close of Asian markets, allowing buying volumes to drop as shorts begin to dominate.

The ferociousness with which Bitcoin shrugged off a year of bearishness in just a few short months this year have so far led to several prominent players calling this the end of the “crypto winter” and the beginning of the “crypto spring”. Analyst Tom Lee already called the start of this spring last week, but others believe winter will only truly end when Bitcoin dumps altcoins.

One crypto influencer, imBagsy, points out that few people, if any, even among experts had predicted these price levels when Bitcoin was trading at its annual lows earlier in the year, proving that Bitcoin price was as unpredictable as ever.

When we were at the 3-4K range, I don’t remember seeing one analysis or chart predicting $BTC having 8.9K+ as a target.

Goes to show nobody knows what’s going to happen next.

— Bagsy (@imBagsy) May 27, 2019

Whatever the sentiment, Bitcoin is still yet to reach 45% of its all-time high approaching USD 20,000, so even the Bitcoin permabulls may yet refrain from overly-optimistic estimations about 2019, preferring to wait instead for 2020 when stronger fundamentals such as improved scalability features like Lightning Network will be firmly in place, while the halving event takes place in May 2020.


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