The leading cryptocurrency Bitcoin (BTC) managed to hold on to the $10,000 band for a long time despite the pressure of bears and made a very stable appearance from the outside.
However, BTC lost close to $400 in minutes last night due to a sudden sales pressure, falling back into the $9,000 band. Along with Bitcoin, leading altcoins all fell sharply, and the cryptocurrency market has lost more than $10 billion in total.
Craig Wright is the reason bitcoin fell?
Craig Wright recently lost a lawsuit against him by the Kleiman family and was ordered to hand over billions of dollars worth of BTC. Although the decision has not yet been approved by the top authorities, Wright stressed in a statement that it would have an incredible impact on the cryptocurrency market and that Kleiman’s would sell most of their BCCs to pay taxes on their net assets. When BTC fell with a sudden sales effect, Wright’s statements came to mind, but the fact that the BTC handover has not yet been delivered makes it difficult.
$BTC is going for it's 3rd down week in a row
Last uptrend Bitcoin has multiple months w/ at least 3 down weeks in a row
Price is near weekly support & on weekly perspective, I want to see BTC close above $9533 Sunday or it would form a lower-low
Monthly chart looks ugly too pic.twitter.com/l6Izw0surl
— Josh Rager 📈 (@Josh_Rager) August 29, 2019
Meanwhile, renowned cryptocurrency analyst Josh Rager stresses that there could be further declines if Bitcoin does not close above $9.533 on Sunday.