The cryptocurrency market has had it tough over the past days, with market leaders like Bitcoin and Ethereum posting near-20% losses over the past 7 days.
“Stormy” could be a word used to describe the state of the market, but to some this description of the market may be a smidge too kind.
Bitcoin fell to nearly $600 from $7,100 just yesterday as the SEC announced that it would be delaying its verdict on the VanEck-backed ETF. While it broke the vital $6,800 support, which many technicians see as a key level which Bitcoin should hold, it looked like it found someplace to stand in the ~$6,500 range. However, as the market moved into Wednesday morning, Bitcoin tumbled further, catching many investors with their pants down at the ~$6,175 level.While the aforementioned decline from $7,100 to $6,500 made sense, many were caught off guard with this drop, with it being unclear whether there was a catalyst for this most recent $300 candle to the downside.