Bitcoin began to tumble after a sharp rejection at $9,000 resistance, driving the price down as low as $8,000.
Within the hour BTC plunged again to $7,700 before recovering to prices just below $8,000.
Bitcoin is down 8.7 percent in the last 24-hours.
The sudden fall in prices follows rejection at $9,000 support on May 30.
The drop has erased all of the gains from May 26, which saw the price shoot up from just below $8,000 to above $8,800 and testing $9,000 resistance three times before plummeting.
Josh Rager asserts that the CME Bitcoin futures gap may offer support at $7,175 as prices fall.
Bitcoin continues to push down quite agressively and would like to see a move above $7824 and hold.
If Bulls don't step in, I believe price is heading that way pic.
The analyst also noted that Bitcoin's volatility enables sharp drops in price even during major upward rallies, a trend that was first noticed during the bull market of 2017.
Bitcoin is insanely volatile and will test your will.
Bitcoin plummets to $7700 after $9000 fakeout
gepubliceerd op Jun 4, 2019
by Cryptoslate | gepubliceerd op Coinage
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