Bitcoin and the aggregated crypto markets have been incurring increased volatility over the past several days, which first began when BTC sharply moved towards $11,000 before swiftly being rejected and plummeting lower.<\/p>\n
Now, it appears that Bitcoin is likely to drop back towards the $9,000 region, and analysts are noting that the CME Futures gap that exists around $8,500 could be a logical level for the cryptocurrency to drop to before it finds any meaningful support.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 2% at its current price<\/a> of $10,280, which is down significantly from its daily highs of nearly $10,700 that were set yesterday.<\/p>\n Over a one-week period, it becomes abundantly clear as to just how volatile Bitcoin has been as of late, as it dropped to lows of $9,100 last week before surging past $11,000, which was subsequently followed by a sharp selloff that has led the crypto towards its current prices.<\/p>\n Importantly, the parabolic formation that BTC has formed ever since it began climbing from $3,200 appears to have been broken, which likely means that it will either face a bout of consolidation or move lower in the near future.<\/p>\n Jonny Moe, a popular cryptocurrency analyst on Twitter, elucidated that the parabola has been broken in a recent tweet, while referencing the below chart.<\/p>\n $BTC<\/a> pic.twitter.com\/SezbB8ggK4<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) July 22, 2019<\/a><\/p><\/blockquote>\n\n