What to Make of Bitcoin’s Sharp Drop Below $9,000

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In Brief
  • The Bitcoin price decreased by $1,400 in less than one hour, falling back below an important resistance level.

  • The weekly candlestick closes today, and the price is in the process of creating a doji.

  • The BTC price has likely begun an A-B-C correction, with a final target between $6,200-$6,800.

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In the early hours of May 10, the Bitcoin price initiated a very rapid decrease that caused the price to go from $9,574 to $8,117 in a span of less than one hour. While the price bounced upward afterward, it has failed to even reach $9,000. This decrease has caused the price to move back down below an important resistance line, which previously it seemed that BTC had broken out from. As
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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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