After jumping from $9,786 to $10,158 in a matter of hours yesterday, Bitcoin is now plunging back down and is currently at $9,459 according to COIN360.
As BTC’s volatility picks up, technical and fundamental analyst Alex Krüger says Bitcoin is likely heading toward his first buy zone.
“The range is now breaking down. 8500-8600 is the next logical stop and first major buying area. Chart favors downside yet the upside is IMO considerably larger. Keep the big picture in mind.”
Analyst Josh Rager is on the same page and mapped out a chart showing the next level of support at $8,975.
“The ‘potential’ lower-high looks to be playing out with a price below $9,690 Eyeing price to make its way to sub $9k at the weekly support level to form a lower-low. Just trying to be fluid, not overly bearish as 4-digit BTC is still a gift.”
The altcoin market is tracking Bitcoin’s move to the downside. At time of publishing, Ethereum is down 5.54% at $206.75, XRP is down 2.96% at $0.3099 and Litecoin is down 5.88% at $88.30, according to COIN360.
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