After days of sustained gains, Bitcoin price dropped sharply after a report said that Goldman Sachs was abandoning its plans to set up a cryptocurrencies trading desk. Will the price continue moving lower? What does today’s analysis reveal?
6 September, OctaFX – When the bank announced these plans, traders viewed it as positive news for blockchain because its clients are large institutions and high net-worth individuals.
Executives at the bank, however, considered the move to be risky because of how deregulated the crypto industry is. This news came a few weeks after SEC rejected nine crypto ETF proposals, which traders viewed as being positive for the industry.
While reasons for rejection are now being reviewed, the total market capitalization of cryptocurrencies tracked by Coin Market Cap dropped by $18 billion.
Bitcoin Price Drops Sharply: Will it continue moving lower?
The price of Bitcoin dropped sharply from a high of $7330 to a low of $6140. This ended an important rally that started in mid-August. The BTCUSD pair is now trading at 6343, which is the lowest level since August 23 and below an important diagonal support. There is a likelihood that the pair will continue moving lower and if it does, it could trade below the 600 level.
This article about Bitcoin Price Drops Sharply was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.