Some hours ago, all of a sudden, BTC declined following its latest session of bullish price action. Its price fell by 7 percent within a few minutes to $8,600 or to $8,450 on certain cryptocurrency exchanges. Altcoins also declined as ETH and XRP tumbled by 6 percent.

The fall in BTC price happened when it was about to flip the major $9k psychological and technical barrier into a support level on a macro basis. Despite this remarkable decline, analysts are still bullish on BTC and here are the reasons.

A renowned crypto trader known as The Boot said that the declining volume recorded following the 6 percent declined appeared “low AF.” He continued that a bearish setup made up of a lower high and breaking support, has not been formed on the short-term charts.

Thrillmex on Twitter expressed his optimism saying that there is a swing failure pattern or a “long liquidity hunt” in the sudden price action of BTC. Despite that this long bottom wick does not indicate a correction, BTC successful closing of the candle over the aforementioned supports signals hope for bulls.

Besides, another trader noted that while the 200-day MA was lost in the decline, the 9-day MA is still intact. This is critical as BTC rode the 9-day MA higher within the previous ten days.

Reasons Analysts Are Bullish Following Bitcoin 7% Decline

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.

Reasons Analysts Are Bullish Following Bitcoin 7% Decline

Top Picks