- Bitcoin slipped on Thursday and Friday, plunging more than 7% at less than $ 79,000.
- The options show that traders are positioned for a potential drop to $ 70,000.
- Cryptocurrency did the market in a lower market this week, down more than 20% compared to its January summit.
The sale of Bitcoin continued on Thursday evening and Friday, down more than 7% over several hours of more than $ 84,000 at less than $ 79,000, after the token entered a bear technical market this week.
He then recovered slightly and negotiated at just over $ 80,000 to 7:40 a.m. HE.
Other cryptocurrencies, including Ether and XRP, have also suffered similar declines.
The merchants are considering the possibility that the reductions will continue. Bitcoin options show an open interest in sales options with an exercise price of $ 70,000 increased to the second highest level among all the contracts that will expire this Friday, according to data deribit cited by Bloomberg.
If Bitcoin had to fall at this level, it would mark a decrease of 35% compared to its record greater than $ 109,000 in January.
“Bitcoin has confirmed short -term ventilation in the context of its long -term trend,” said Katie Stockton, a high -level analyst and founder of Fairlead Stratostists, Business Insider in a statement. “We do not exclude a secondary support test nearly $ 73.8,000 (old resistance of 2024) before the corrective phase fully matures.”
George Pavel, the director general of the Naga trading platform, told Business Insider on Thursday that he thought Bitcoin could drop up to $ 70,000, since the room had recently raped the level of key resistance of $ 90,000.
Bitcoin slipped into the bear market territory this week, the crypto decreased approximately 25% compared to its record summit of $ 109,350 in January.
Meanwhile, the total Bitcoin market capitalization fell by around 7% to 1.58 dollars Billion on Friday, according to CoinmarketCap data.
The sale seemed to be triggered by a broader risk decision on the markets, in addition to other factors that damaged the confidence of cryptographic investors.
The FNB Bitcoin Spot experienced more than $ 1.1 billion in outputs on Tuesday, according to Farside data, affecting the Bitcoin price.
Cryptocurrencies also experienced increased volatility and a weaker feeling after pirates stole $ 1.5 billion in the baby exchange last week. Analysts say it could be one of the greatest cryptography hacks of all time.
Pavel also thinks that macroeconomic uncertainty and the slow progression of the Trump administration in the implementation of Pro-Crypto policies could add to sales pressure.
“That said, unless there is a significant change in market dynamics or a catalyst that restores investor confidence, the rout could extend for a while,” he said.
