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Bitcoin Price Plunges 18% and Traders Anticipate Crushing Drop to $6,400

Joseph Young
Bitcoin price's retreat could accelerate further in a corrective phase before a sunny forecast again. | Source: Shutterstock

By CCN: In the past 12 hours, the bitcoin price dropped $7,432 on regulated crypto exchanges such as Bitstamp, recording a 19 percent drop in a span of nine days.

The bitcoin price has dropped by more than $1,000

The bitcoin price has dropped by more than $1,000 in the past nine days (source: coinmarketcap.com)

At its yearly peak recorded on May 29, the bitcoin price surged to as high as $9,096, nearly achieving a 140 percent year-to-date gain against the U.S. dollar.

Following the steep fall in the bitcoin price, several traders foresee the dominant crypto asset continuing its pullback in the near-term while remaining generally optimistic about the macro landscape of the crypto market.

Is a bigger bitcoin pullback likely?

DonAlt, a technical analyst who has consistently expressed his cautious stance towards the trend of bitcoin in the past week, said on May 30 that he has become net short on bitcoin for the first time in 2019.

At the time, the bitcoin price was hovering at around $9,000, subsequent to a two-month upside price movement with barely any correction.

He said:

Read the full story on CCN.com.