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Bitcoin price news: price decrease of the cryptocurrency "IMMINENT" says expert | City and business | Finance

Yesterday the bitcoin price was $ 6,571 (£ 5,080) at its height, which fell 2% to $ 6,436 (£ 4,976) in 24 hours.

Even if only a small swing, the fact that the price would fall below a key price point – known as horizontal support – could be interpreted as a sign of an imminent collapse in the value of BTC, or "breach of the coin's reverse side" ".

A breakout refers to the movement of security prices through a historical resistance level.

The Crypto expert Nikola Lazić has predicted a break down – which means that the price could be on the edge of a dive.

He said: "I expect a breakout from the negative side because the horizontal support has already been broken today, the support of the red triangle was broken in the past when the price found support on the uptrend line of the symmetrical triangle that was met in past.

"If that last support is interrupted, we definitely see a lower minimum that would be less than $ 5767 (£ 4,458)."

He added: "It could be really bad".

A key volatility indicator – which shows the magnitude of the bitcoin price range – has hit the lowest level in 21 months in September, which means that the value of BTC may be about to fluctuate towards the market. high or down.

But the healthy price of BTC prices implies that the market has a vested interest in preventing further price falls, in an index of a potential downward trend (bearish).

The world's leading cryptocurrency has experienced a turbulent year as its price continues to fluctuate.

At the time of writing, the bitcoin was trading at $ 6,573.26 (£ 5,083)

The digital asset recorded relatively poor performance this year compared to 2017.

Like most cryptocurrencies, BTC is an unpredictably volatile asset and sometimes has huge price ranges in very short periods of time.

In December 2017 the price of BTC more than doubled, reaching record highs of £ 15,244 per coin, then falling by 45%, then rising to £ 11,000.

The volatile value of cryptocurrency, Yves Mersch, a member of the Executive Board of the European Central Bank, said: "At these speeds, if I bought a bunch of tulips with bitcoins, they could have vanished when the transaction was confirmed".

But Tom Lee of Fundstrat believes that the bitcoin will end the year with a strong note.

The cryptographic expert said: "The fact that the bitcoin rests here is a very good news.

"I think there are catalysts at the end of the year, so I think that despite the lowest highs we've seen, I think we're starting to reverse."

But the UK government has been reluctant to approve the decentralized resource, with senior officials ruling against its potential pitfalls.

Nicky Morgan, president of the treasury commission, described bitcoin as a gambling game, rather than an investment.

Morgan claimed that the cryptocurrency belonged to a "wild" industry.

He said: "Bitcoin and other crypto-assets exist in the wild industry of crypto-goods.

"This unregulated industry leaves investors facing numerous risks.

"Given the high price volatility, the vulnerability of hacker exchanges and the potential role of money laundering, the Treasury Committee strongly believes that regulation should be introduced".

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