All hell has broken loose in the Bitcoin market! The price of Bitcoin crashed more than 13 percent intraday after bears crushed the bulls following the Bitcoin XT controversy. As of now, short covering has helped lift the price up to $235.66, still off more than 7 percent.
With this, all the hard work done by the bulls since June has been undone.
In the previous Bitcoin price technical analysis, The Pressure is Simply Too Much, I had clearly stated that if the selling pressure were to increase even slightly, it would lead to a breakdown kind of situation in the cryptocurrency. My short target of $240 or a 5 to 7 percent decline has also been achieved.
Technically, the collapse in the Bitcoin price should be limited by the floor of $220, at least in the short-term. Take a look at the latest considerations of the daily BTC-USD price chart.
Bitcoin Price Chart – The Bitcoin bulls were thrashed as relentless selling by both the investors and the short-term traders pushed the price down to an