Bitcoin Price Looks South After Second 13% Drop of 2019

View Bitcoin closed below $9,614 on Tuesday, confirming a bearish reversal on the daily chart.

A key indicator is reporting oversold conditions as per the 4-hour chart, so a minor bounce before any drop below $9,097 cannot be ruled out.

Bitcoin logged one of the biggest daily price losses of the year on Tuesday, confirming a short-term bullish-to-bearish trend change in the process.

81 on Bitstamp, down 13.25 percent from the daily opening price of $10,848.

That's the second-largest single-day drop of 2019, the first being the 13.67 percent price slide observed on June 27.

With the drop and the resulting UTC close below the July 2 low of $9,614, BTC has invalidated the most basic of all bullish patterns - the series of higher lows on the daily chart.

Media outlets have associated the recent drop with the growing calls for regulation of Facebook's Libra project and cryptocurrencies in general.

The shift in sentiment will likely have a bearing on bitcoin's price.

It's worth noting that prominent analysts believe the ongoing price drop is nothing but a correction in a bull market.

Alex Kruger, a renowned technical and fundamental analyst, also feels the price is drop is a healthy correction.