After BTC Visits $8.6K, Crypto Traders Predict Bitcoin Price’s Next Stop

After BTC Visits $8.6K, Crypto Traders Predict Bitcoin Price’s Next Stop

Gate Trade News Wednesday, May 27, 2020 47 0

The price of Bitcoin dropped to $8,600 and is now fluctuating just above $9,000, showing high volatility as several factors make its next step unclear.

The price of Bitcoin (BTC) dropped to as low as $8,600 on May 25 as retail investors on Coinbase led an abrupt short-term downtrend. The price has since fluctuated between $8,800 and $9,200, demonstrating high volatility in a tight range.

Bitcoin is currently at a decisive point where it could fall back below the $8,000 support level and retest lows in the $6,000–$7,000 range or break above $10,500 and initiate a new bull cycle.