The Bitcoin price collapsed late on Tuesday and lost over $ 1,000 in less than an hour. Bitcoin has fallen in the last 24 hours over $1,200 and investors ask themselves, if BTC can fall even more.
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Descending triangle is actually on the decline
Bitcoin has, as already mentioned in several articles, within a descending triangle is moved, a pattern that acts as is known as a bearish Signal in technical analysis. Some investors hoped, however, that BTC would be the line of resistance to break through, especially after the platform Bakkt was launched.
In spite of all, technical analysts suggest that the Bitcoin price will fall below the Support level, and even the 7200 Dollar could reach. According to data from Coinmarketcap, the BTC reached 8,370 thousand $ day-to-day low, the lowest level since mid-June. Bitcoin has offset some of the losses again, and so far about 200 $ won, but fell in the last 24 hours to over 12 percent and has pulled the entire crypto market is down. Bitcoin is Cash, and EOS are decreased by about 28 percent, while Ethereum, Litecoin, Binance Coin, Stellar lumen, Cardano, and dozens of other Coins also have double-digit losses.
Crash of the Hash Rate
It is worth noting that the decline of Bitcoin, a shocking Flash-Crash in the Hash Rate went ahead how the data from Blockchain.com show.
The Hash Rate of Bitcoin is on the 23. September fallen by about 40 percent abruptly. The Crash remains inexplicable and surprising, since the Hash Rate, which has remained in the last time, get to the top again and record a new all-time highs again and again, updated.
The sudden slump in the Hash Rate could have been triggered by China to remove, as China plans to crypto-Miner from his territory. However, the process has not yet officially begun, and this presumption is pure speculation.
Interestingly, the Hash-Rate-Crash coincides with the UN climate summit, the from 21. to 22. September took place. The event could have exerted pressure on the Miner.
Text evidence: bitcoinis, ANATOL ANTONOVICI