After a heavy crash on Thursday bitcoin bulls are still struggling to stop the king of the cryptocurrencies from falling further. Is this it, or is there more to go?
A precipitous drop
A palpable nervousness had beset the crypto market over the previous week. All eyes were on bitcoin as it continued to traverse down in its bull flag. Given the pattern, many were expecting the apex crypto to finally break out to the upside and confirm the bull market.
However, bears had other ideas.
Things really started getting serious on Thursday evening as bitcoin suddenly painted an hourly red candle to the downside, of a whopping 9.6%.
This reached the $25,000 price level where bulls were waiting in numbers to buy the asset back up. A wick back to $26,250 resulted – all in the space of the same hourly candle.
A healthy correction
Around 12 hours later and bitcoin is moving sideways, with the market waiting for the next direction to become apparent. Bitcoin is currently at a reasonable area of suppo
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