Bitcoin (BTC) Price Analysis: Bitcoin Breaks the Support Level $7500 and Drops Down, Is The Bull Run Over?

Bitcoin price that was doing wonders till now is spotted bouncing back even below its support level. Also, around an hour ago, it went below $7000 and traded around $1000 less than the support created at the dip $7600. Bitcoin around the weekend has been creating shocking surprises. While during the previous weekend, BTC prices were attaining new heights to rise towards the Bull Run of 2019, this weekend it seems to be returning from its short Bull Run.

Bitcoin when crashed lost over 8% in just a wink of an eye. The downside momentum is gaining resistance with a $6,500 price mark now in sight.

At this stage, it is not clear, what might have served as a trigger for the move, but all the top-ranked 5 coins follow the lead and are losing the run quickly.

Top 5 coins

Bitcoin Price Statistics at a Glance:

As per the data and Bitcoin price chart by Trading View on the exchange of Coinbase as on 17th May at 4:57 UTC, Bitcoin price and related statistics are as below:

Bitcoin Price Chart

At the time of writing, Bitcoin was traded at the price of $7388.64. The Market Capitalization at the said price mark is 129,811,127,587 USD, with a 24h volume of 30,249,013,235 USD. Yesterday, when the Bitcoin was priced above $8000 was fetching a Market Capitalization of around $145 billion. However, within 24 hours it surfaced down with a decrease of more than $15 billion in its total Market Capitalization. The two extremities $8308.53 and $6674.03 are apparent, highlighting the lowest and the highest price marks of 24 hours, respectively. The lowest price mark is the result of 24.49% decrease from the peak price. Currently, it is 11.07% less than the highest of the said time. The price fall during the day, as shown in the above chart was a drifting movement along the graph, until the daybreak of 17th May. According to the BTC price forecast, Bitcoin lovers and whale investors were gazing with a hope that BTC price will strike out the Bulls of 2017 and create a new history this time, then the pullback happened.

Investors should, however, plan to keep Bitcoin aside thinking that it was just a random week with stars in their favor, a pullback further is likely to take place.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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