May 11, 2020 07:00 UTC
May 11, 2020 at 07:00 UTC
Bitcoin to Sink 10% Just Before Halving
The Bitcoin price has been steadily growing for the past several weeks. It has lost close to 10% with the two prior the mining reward is halved. This came as a fall to $8,790,80 USD and the token dropped down to 9.23% in the daily moving average.
According to sources, the reason behind such unusual crash measures is due to the strong resistance barrier, where Bitcoin struggles to witness a break above $10,200 USD, a sell-off as whales cash out, and huge market volatility as the token nears the halving event.
Bitcoin is facing a strong area of resistance between the $10,000 USD and $10,500 USD mark and the token struggle is expected to witness a high growth above the barrier. The major cryptocurrency has dropped down to short of breaking past the mark and seen downwards turn in responsive correction. This has however left the token of vulnerability just before the halving. Hence, this could send the market further into the red before it expects any major growth over again.
Recently, Bitcoin witnessed an increase which led to an overbuy into the market. Most of the investors are looking forward to contributing into the market, and the sentiment plays a major role in terms of purchases and sales. This means that it sends cryptocurrency owners to sell. Cryptocurrency analysts Logan Han strongly believes that this is the beginning of a major sell-off which will follow the halving.
Bitcoin is currently witnessing a potential growth for volatility as it is leading up to the halving event. This is cryptocurrency-focused and other investors which are fixed on the price movement of the token. This results in leading movements in different directions and an evidence by the growth over the past month and yesterday’s break both.