Bitcoin prices have dropped below $ 4,000 after suddenly falling 11.24% to a new annual level of $ 3,782. The sudden decline seems to be short-lived as prices quickly recover back to $ 5,260.
Traders of 1 hour time will find that the higher rebound occurs after the relative strength index declines to 8.45.
In the meantime, traders will be watching to see if oversold bouncing leads to a stronger increase in purchase volume and some have taken to crypto-Twitter speculating that a drop below $ 4,000 may have dissolved the majority of Bitcoin-backed loan offers by a decentralized financial platform.
As mentioned in a previous market analysis, Bitcoin prices are expected to rebound from the high volume nodes on the volume profiles that can be seen from profiles ranging from $ 4,030 to $ 3,637 and this is what happened.
The overall cryptocurrency market is currently at $ 141.1 billion and the Bitcoin ownership rate is 65.1%.
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