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After a long period of consolidation within the lower-$8,000 region, Bitcoin (BTC) has now garnered some decisive momentum and is quickly nearing the lower-$7,000 region, with over $500 in losses being posted within a few minutes. Analysts are now noting that this move is emblematic of a “long-squeeze,” which may mean that it is currently oversold and that a relief bounce is imminent. At the time of writing, Bitcoin is trading down just under 8% at its current price of $7,600, with the price dropping as low as $7,400 on popular margin trading platform BitMEX. This price crash came about after Bitcoin faced a multi-week period of sideways trading within the lower-$8,000 region, and many analysts had been noting that a significant movement was imminent due to the tight trading range that the crypto was caught within. It remains somewhat unclear as to what the impetus behind this latest drop was, but one analyst is noting that he believes it could have been a “long-squeeze” that was fueled by the massive amount of over-leveraged longs on BitMEX. If this was the cause of the latest drop, it may be followed by a relief rally that allows BTC to climb back towards the upper-$7,000 region, although it is a strong possibility that this latest movement has sparked a mid-term downtrend. Prior to the crash that occurred this morning, Bitcoin had been trading just a hair above a key trendline that had previously been supporting the cryptocurrency’s price. Trading Room, a popular crypto analyst group on Twitter, explained in a tweet prior to today’s drop that a break below this trendline would open the gates for significantly further losses. How Bitcoin and the aggregated crypto markets respond to this drop in the coming few hours may provide significant insight into where they will head in the coming few months.

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Bitcoin Crashes to $7,400 as Crypto Markets Falter: https://www.youtube.com/watch?v=1vhSrySzrNk

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Ethereum’s recently incurred upwards momentum has faltered after Bitcoin and the aggregated crypto markets hit a massive level of resistance overnight that shifted the tides and sparked a short-term downtrend. Multiple analysts are now noting that Ethereum may soon target significantly lower lows, which could mean that the recent uptrend was simply a flash in the pan that precedes the next major leg down for ETH and other major altcoins. At the time of writing, Ethereum is trading down roughly 2% at its current price of $186, which marks a notable drop from its recent highs of nearly $195 that were set during a sharp upwards movement that occurred overnight. It does appear that the mid-to-upper $190 region is a level of resistance for ETH, and its overnight drop occurred concurrently with Bitcoin’s surge to highs of nearly $9,000 before it also incurred a massive influx of selling pressure that sent it plummeting lower. In the near-term, Ethereum has found support around its current price levels, although its key long-term support level remains around $160 while looking at its monthly chart, as this is where it has consistently found noteworthy buying pressure that has been proceeded by uptrends. Mayne, a popular cryptocurrency analyst on Twitter, explained that he is targeting $175 for Ethereum in the near-term and $8,150 for Bitcoin. Offering a similarly bearish assessment to Mayne is The Cryptomist – another popular analyst on Twitter – who explained in a recent tweet that $183 is a key near-term support level that bulls must defend, with a drop below this level potentially sparking a bout of capitulation that quickly sends it to $174. The comings few hours and days will likely be quite telling when it comes to how major altcoins like Ethereum will trend, and although they will likely take guidance from Bitcoin, they may experience heightened volatility in the near-term.

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Analysts Anticipate Ethereum to Drop Towards $170 as Crypto Markets Falter: https://www.youtube.com/watch?v=goC3GsPUdY4

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