Bitcoin broke an important level – followed by an immediate sale – Cryptomagazine

Bitcoin broke through the strong today supportwhich is at $ 60,000, and in a matter of minutes lost more than 5% of its value. Currently, the price has stabilized just below $ 58,000. However, the decline may continue.

Bitcoin is down!

Opinions of experts on the current market situation are different. PlanB on twitter continues to believe in growth to $ 98,000 this month. On the other hand, we have a break of the important here support at $ 58,000 and has been receding for almost a week bearish market mood. In the last 8 days alone, Bitcoin has lost about 17% of its value. It’s not small, but it’s not uncommon given Bitcoin’s behavior. During September and thus the last major correction, Bitcoin even lost 25%.

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Can September be repeated?

If we were to compare the current decline with that 2 months ago, it would cost up to $ 50,000. Just 25-percent declines are very typical in bull markets, where very often in the past the trend has started to turn into a growing one. Especially during 2017 each major correction ended after a decrease of approximately 25-35 percent. In this case, the 25 percent decline does not have to be repeated, and we may have found a bottom even now. For investors who have been waiting for a long time to buy, this is the stock market environment right: always buy something after the downturn.

Have you made a purchase yet? Write us down in the comments.

Read also our analysis on Bitcoin today: BTC analysis – in the short term the price falls, but after the closure of the structure will attack ATH