Bitcoin (BTC) Technical Analysis: Falls $2,000 in Two Weeks, Can it Recover from Here
(https://i-invdn-com.akamaized.net/content/pic08324570f6878ac125854a621c93caec.jpg)
Bitcoin has suffered another devastating blow today following an announcement from the United States Securities and Exchange Commission (SEC) earlier this morning that they will be postponing a ruling on the VanEck’s Bitcoin ETF proposal until September 30th.
This news sent waves of FUD and panic throughout the BTC market as investors hastily withdrew from the asset, causing the #1 cryptocurrency by market capital to slide a further -10% towards the $6,400 mark. In the last two weeks, Bitcoin has fallen by as much as $2,000, diminishing earlier hopes that it might retest $10,000 by Q4.
The Story So Far
In the 3hr BTC/USD chart, we can see that the asset bearishly double topped at the 0.5 fib level at $7,150 before plummeting almost vertically off the back of the SEC’s announcement.
The critical $6,800 support at the 0.382 fib...
This article appeared first on Cryptovest (https://cryptovest.com/news/bitcoin-btc-technical-analysis-falls-2000-in-two-weeks-can-it-recover-from-here/?utm_source=Investing.com&utm_medium=PartnerFeeds)