BTC made a sharp and unexpected decline, losing $ 20 billion in market capitalization.
Bitcoin fell sharply overnight to $ 8,100.
Investors and traders were caught unprepared by the movement, as it happened when the cryptocurrency gave bullish signals.
At the time of writing, Bitcoin is trading at just over $ 8,700. This marks some recovery from the bottom of this $ 8,100 drop.
The rebound from this level coincides exactly with the uptrend line, which was formed after the rebound of $ 3,800 in March.
Protection at this level may mean that it is a strong level of support that can push Bitcoin up.
One trader claims that BTC will soon return over $ 9,000.
“This decline is an art. We’ll be back over $ 9,000 soon. ”
Another trader noted that it is very important how Bitcoin will react when it reaches the $ 9,450-9,500 region. He stressed that the first move over this resistance could push the cryptocurrency well above $ 10,500.
“That’s why I believe that 9450-9500 will be a super important level after Halving this Tuesday. There will be very strong pressure from sellers […]. If we break that level, I think $ 10,550 or higher is coming. ”