What Caused Bitcoin to Drop so Quickly?

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In Brief
  • The Bitcoin price has returned to the $11,200 support area.

  • Technical indicators are neutral.

  • The price is likely still in wave 4 of a five-wave impulsive formation.

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On Sept 2, the Bitcoin (BTC) price created a bearish engulfing candlestick and decreased considerably, falling back to the $11,200 support area. While the area is likely to initiate a bounce, BTC could fall towards $10,800 afterward. Bitcoin Rejection Causes Dump The Bitcoin price had been increasing since Aug 27, when it created a double-bottom near the $11,200 support area. On Sept
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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