Bitcoin Drops Below $8550 for First Time in a Week

Siamak Masnavi

Around 19:55 (UTC) on Tuesday (January 21), the Bitcoin price fell below $8,550 for the first time since January 14, thereby helping to drag down the price of many altcoins by single-digit percentages.

According to data from CryptoCompare, although Bitcoin had been mostly trading above the $8,600 level since 14:00 (UTC) on January 14, dropped to $8,526 around 19:55 (UTC) on January 21, as we can see in the two-week BTC-USD price chart shown below:

BTC-USD 2 Week Chart on 21 Jan 2020.png

Naturally, this has hurt the prices of many altcoins; here are a few examples:

  • Ethereum (ETH): $167.84; down 0.26%
  • Bitcoin Cash (BCH): $342.92; down 2.24%
  • EOS: $3.62; down 1.55%
  • Stellar (XLM): $0.0629; down 1.64%

Popular crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, offered this bit of technical analysis: 

 

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