There were hours left for the highly anticipated Bitcoin halving event, but BTC’s trading around $ 8,700 after heavy selling pressure stunned investors.
Optimism and expectation have surrounded Bitcoin since the beginning of the year. Even after its tremendous fall on March 12, traders were waiting for a spectacular move with Bitcoin halving.
This optimistic atmosphere raised the price of BTC over $ 10,000 just three days before the Bitcoin halving event. More and more investors began to plunder before Bitcoin halving. Now it’s only a few hours left for the Bitcoin halving event, BTC / USD struggling at the $ 8,700 level.
Heavy Sales and Profit Reservation Pulled BTC / USD Down
The drop in volume came with a large red candle. Sales pressure showed its presence. With the time left before the Bitcoin halving event, this dominant downtrend was terrible news for all Bitcoin investors.
The Relative Strength Index or RSI is currently in a downward trend. The downward crossing of the MACD line creates another drop signal.
The $ 8,463 Exponential Moving Average will serve as support if BTC starts to drop further. However, if this support breaks down, the next support is just over $ 7,600.
Is this Expedition Bitcoin Halving Really Different?
Historically, BTC / USD prices have increased in manifolds after each halving. However, this time it seems that prices are dropping just before halving. All this sales pressure, this time, makes you wonder if things are really different this time.
The trend in the markets is usually a friend. However, just before a trend has emerged, Bitcoin sales have frightened many investors. If this is the case, several analysts who have claimed the epic rally of BTC may have made a terribly wrong prediction.
The good news is that the performance of Dow Jones and S&P 500 can have a positive impact on BTC / USD as US markets will open later.