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Bitcoin Price Sharply Declines to 12Month Low

Bitcoin price decreased sharply overnight, reaching $3,867, erasing in 24 hours more than 50 percent of its cost on daily basis. That was the weakest result since March 25, 2019, according to CoinDesk’s data.  Meanwhile, Ethereum’s second-largest cryptocurrency according to capitalization value dropped below $100 for the first time since December 2018.

bitcoin price slipsPhoto: Pixabay

Bitcoin’s sharp tumble from $8,000 to $3,867 looked overstretched with regard to technical studies. 

It is reported that after the collapse of Bitcoin in a matter of minutes, it rose to $5,200, and Ethereum at Coinbase reached $122.

Undoubtedly, the broadly followed relative strength index (RSI), which fluctuates between zero and one hundred, had decreased to 15 – the worse result since November 2018. One can make a conclusion, that if the reading is below-30, it means the digital currency is perusing demonstrates the cryptocurrency is oversold. Correspondingly, the increase, which followed over the latter hours might be an “oversold bounce,” which happens when speculators see a prior sell-off as a solid one and ease offering weight by squaring off brief positions.

Bitcoin eased by 10.12 percent, to 5,188 at 1540 GMT.

As for the rest of digital currencies the changes in their value are as follows: 

  • Bitcoin Cash lost 4.22 percent, to 165,50;

  • Ethereum went down by 6.16 percent, to 120,72;

  • Ripple tumbled by 4.66 percent, to 0,1483.

Litecoin was the only among the most famous digital currencies, which surged by 3.48 percent, to 34,22 at 1542 GMT.