REASONS WHY BITCOIN PRICE HAS CRASHED $350 TODAY

Bitcoin declined over $350 on Thursday, losing about $300 in under 30 minutes. Here are three potential purposes for the bearish move. 

WHALES AT WORK AGAIN 

Recently, Twitter client Whale Alert detailed that 7,800 BTC worth about $79 million was moved starting with one obscure wallet then onto the next obscure wallet. After around 4 hours, a similar sum moved once more, bringing the absolute size of the exchange to 15,600 BTC or about $158 million. 

While we don't know whether those exchanges included crypto trades, whales may be keen on dumping Bitcoin increase in front of the Bakkt dispatch. The Bitcoin prospects exchanging stage is going to go live on September 23. 

Another intriguing hypothesis is that whales are attempting to stop the altcoin flood by dumping their Bitcoin. Beginning from Tuesday, Ripple, Ethereum, Bitcoin Cash, Stellar Lumens, Litecoin, and different coins out of the blue flooded, leaving the lord of crypto with its sideways pattern. The altcoin unsettling may have been activated by Ripple, whose cost was driven by the proposed hard fork or gossipy tidbits about an association with Coinbase. 

Many altcoins later pursued XRP in a plan to kick off the altcoin season. The odds are that Bitcoin holders don't care for such a situation and, that by dumping Bitcoin, whales would startle crypto financial specialists in general, including the individuals who wager on altcoins. 

BITCOIN IS SIMPLY ABIDING BY TA RULES 

Another explanation for BTC value drop is that the biggest coin is basically following a specialized examination design. All the more explicitly, it couldn't get over a solid opposition line.

OK, the resistance was obviously stronger.
The question now is whether we will go testing support or not.
IMO, no. At least, not now.$BTC $BTCUSD #bitcoin pic.twitter.com/2xQxnZHdqG

— CryptoHamster (@CryptoHamsterIO) September 19, 2019

It seems that Bitcoin has fallen into a bearish descending triangle pattern according to a number of analyses. This type of pattern usually foreshadows a steep decline, but there are some who believe Bitcoin could potentially reverse its fate. Thus, we are about to see more volatility soon, though it’s difficult to know in which direction.

FED DOESN’T PUSH FOR MORE EASING

Finally, the BTC drop came hours after the Fed announced its rate cut on Wednesday. While any rate cut would support the Bitcoin price, this time was different, as everyone expected the Fed’s latest decision. The problem is that the American central bank didn’t suggest more easing in the future, giving an ambiguous outlook that disappointed many investors and US President Donald Trump. Bitcoin would have found support if the Fed had clearly pointed to more cuts, but it didn’t do so.

Do you think Bitcoin will break the resistance level soon? Share your expectations in the comments section! 

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