Bitcoin was trading around the $8000 range since 13th May as the bullish momentum on Bitcoin peaked in the next couple of days. The yearly high recorded on Bitcoin [BTC] is $8390-$8410 on 14th May 2019. Nevertheless, like most times, this rise was also followed by a fall. Some traders were apprehensive of Bitcoin another move to $10,000; instead, it broke below $8000.
Bitcoin was trading around $7800-$8000 since yesterday. Bitcoin broke below this level rather hard, the 4-hour candlestick recorded a low of $6178, ove 20% decline. It soon made some recovery as traders rushed to buy the dip. The price of Bitcoin [BTC] at 4: 00 hours UTC on 17th May 2019 is $7348. It is trading 9.33% lower on a daily scale.
Furthermore, the candle-sticks also suggested that a ‘hanging man’ was followed by a huge bearish bottom.
BTC/USD 4-Hour Chart on Coinbase (TradingView)
The altcoins had risen for the past two days after Bitcoin broke away from $8000. The market dominance of Bitcoin of decreased considerably as most altcoins recorded yearly highs on 15-16th May 2019.
Ethereum [ETH], Litecoin [LTC] and Bitcoin Cash [BCH]
The losses on Litecoin [LTC] and Bitcoin Cash [BCH] were around 12% as all altcoin traders seem to be abandoning ship, booking profits from yesterday and due to the FUD (Fear, Uncertainty, and doubt) of a massive impending correction in Bitcoin prices.
Ethereum also broke below $250 as well. The price of Ether [ETH] at 4: 20 hours UTC on 17th May 2019 is $245.