Bitcoin Price Plummets, Experts Weigh In
San Francisco — The price of Bitcoin dropped significantly over the last 24 hours to the low $8,000’s before recovering slightly. Opinions as to why the price sank are varied, ranging from technical analysts to the lackluster launch of the Bakkt futures contract. Of specific interest is the $8,500 CME futures gap that appeared in June of this year. While futures gaps do not necessarily need to be filled, they tend to be hit most of the time.
From there the price of Bitcoin is in a bit of a confusing area. Bulls will be looking for upwards price action to coincide with Fibonacci levels, while bears will be anticipating further down pressure to break support.