Bitcoin (BTC), the top coin by market capitalization, tanked by more than five percent at 3:15 UTC. At the time of writing, BTC is changing hands at $9,831, according to CoinStats data.
The night is still young
Trading expert Josh Rager was quick to weigh in on Bitcoin’s latest downturn, claiming that there is nothing to fret about unless the crypto king prints a daily close below the $9,400 mark.
Given that Bitcoin is prone to volatile price swings, one shouldn’t rule out that this could be a bear trap that will be followed by a huge green candle. The upcoming hours are going to be pivotal for BTC given that it has broken below the descending triangle.
As reported by U.Today, descending triangles have a high failure rate, which means that it could resolve upwards.
Altcoins hit a snag
This sudden drop to the $9,700 level has put a spanner in the works for top altcoins that were in the sea of green yesterday.
Stellar (XLM), which had one of its best-performing days ever, and IOTA (MIOTA) are the only top 20 coins that managed to remain in the green territory.