Home > News > Bitcoin plummets and loses over $1,000 over the course of a day

Bitcoin plummets and loses over $1,000 over the course of a day

Having just suffered a colossal price drop, where Bitcoin is headed next is the question on everyone’s mind

The price of Bitcoin crashed by over $1,000 today, signalling that the troubles faced by the cryptocurrency markets are far from over.

In a matter of minutes, Bitcoin plummeted from $7,200 to $6,000 levels, leading to speculation that the coronavirus, in conjunction with crashes in the global market and the PlusToken sell-off, indicate there is still room for Bitcoin to fall.

The $6,000 support level that Bitcoin is hovering around has not been seen since it consolidated around this price in October 2018. Below this, support can be found at the $3,500 levels, a price seen more lately between January 2019, where it consolidated for four months until April 2019.

In the macro sense, Bitcoin’s sharp fall will be seen as a positive by some, who will wish to see the cryptocurrency retest its lower prices to strengthen future price-action to the upside.

Bitcoin’s sharp fall is not in isolation however, with the crypto market at large having lost $170 billion in 24 hours – as well as financial markets across the world suffering further losses.


Sign up to our exclusive newsletter today!

Tailored emails

No SPAM ever!

Alt coin news

Unsub anytime

After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.