Bitcoin’s Recent Price Crash
- Bitcoin has recently crashed below the $26,000 mark, causing concern in the digital asset world.
- The token has closed below its 200-day moving average, raising worries about its long-term direction.
- Various factors such as China’s Evergrande bankruptcy and misleading news about SpaceX’s Bitcoin sale have contributed to this sharp decline.
What Caused The Crash?
Bitcoin’s sharp decline was attributed to a number of factors. These include China’s Evergrande Group filing for bankruptcy, misleading news about Elon Musk’s SpaceX offloading its Bitcoin holdings worth $373 million, and a frenzied wave of liquidation.
Will Bitcoin Price Hold?
Joe Carlasare, one of the crypto enthusiasts took his observation to Twitter stating that every time that Bitcoin has closed under the 200-day MA (like it did recently) since 2016, it has continued to fall an average of 20% lower. As of the latest data, Bitcoin’s trading price stands at $25,859.30.