Bitcoin’s value was slashed by approximately $21 billion in the last 24 hours, with the BTC price currently holding above the $7,000 threshold. The declines were traced back to a mega sell order on Bitstamp exchange, either creating an opportunity for investors who missed the previous run or providing a warning before the other shoe drops.
Of course, crypto bulls and bears disagree about what comes next.
Crypto trader DonAlt set the tone on Twitter, making it clear the direction in which he believes the bitcoin price is headed: up to $10,000. Blockchain pioneer Vinny Lingham, who only recently conceded that bitcoin had bottomed, seemingly has not wavered from his new bullish take.
And while the CNBC trading desk isn’t always where you might turn for crypto trading analysis, cooler heads appear to have prevailed this time around. They provided technical analysis and were encouraged by the “trend line” that’s been in place since the April 4 rally. Tim Seymour stated seemed to suggest that bitcoin was due for a cooling off.
“You actually still are above that trend line, which probably takes you up to around $6,800. You got to a 95 nine-day RSI. Even for bitcoin, that was extreme.”