The crypto markets plummeted today following yesterday\u2019s price surge that was widely seen as being highly bullish by many analysts. Yesterday\u2019s sharp and sudden surge sent Bitcoin above $4,000, which had previously been a strong level of resistance for BTC.<\/p>\n
Today, however, the crypto markets have plummeted, sending BTC<\/a> down towards $3,800. This recent volatility<\/a> has led to an influx of trading volume that temporarily had an adverse impact on Binance’s systems.<\/p>\n At the time of writing, Bitcoin is trading down nearly 6% at its current price of $3,825. Yesterday, BTC\u2019s price exploded to highs of $4,200 before running out of buying pressure and plummeting to its current price levels.<\/p>\n This volatility has highlighted the importance of Bitcoin\u2019s 100-day moving average and 50-day moving average as key levels of support, which must continue to hold or else significantly further losses could be in play.<\/p>\n Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about the importance of these moving averages as levels of support in the near-term, noting that a close above these levels is ideal on a daily chart.<\/p>\n \u201c$BTC – Two key moving averages that ideally need to hold support on the daily candle close\u201d<\/p><\/blockquote>\n $BTC<\/a> – Two key moving averages that ideally need to hold support on the daily candle close…#bitcoin<\/a> pic.twitter.com\/gF2BkEl1pg<\/a><\/p>\n — BIG Chonis (@BigChonis) February 24, 2019<\/a><\/p><\/blockquote>\nBitcoin (BTC) Plummets Below $4,000 Amidst Market Sell-Off<\/strong>\u00a0<\/strong><\/h2>\n
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