There has been more turmoil in the crypto market recently, and generally speaking, the bad news is more than the good news. For example, Trump’s critical of Bitcoin, and the news that the US Department of Justice (DoJ) seemed to sell BTC.
Back to the market, this morning basically continued the decline. Earlier, the market fell to around $33,000 and started to stabilize a little. However, at 2 p.m. in the morning (Jun. 8th, UTC), the market continued to break down and fell below $33,000 and then directly fell to nearly $32,000. After falling below the $33,000, the mood continued to release, and the price dropped, and it has not yet rebounded back to the $33,000.
At present, it is more obvious that this large triangle interval has been broken (as shown below), and the market basically did not make a decent rebound but continued to go down. This is probably the main reason for the market panic. After the triangle interval is broken, the bottom is basically losing and it is possible to continue to decline.
The breakdown of key technical positions will indeed create market panic, but what needs to be reminded is that the role of current market technology is actually relatively limited. On the whole, news and market sentiment are the main guides. Therefore, for the technical side Investors can be wary of the fall below, but there is no need to be overly pessimistic. From the current point of view, the Bitcoin price is temporarily above $32,000. If it fails to stand firm and returns to the support level of $33,000, then the chance of falling below $30,000 is greater.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.