The price of Bitcoin, the top coin by market capitalization, has recently plunged below the 200-day moving average (200MA) of $8,322, the key support level.
Subsequently, this prompted another round of sell-off that pushed the BTC price to an intraday low of $7,750 that was printed at 16:27 UTC.
As reported by U.Today, Bitcoin’s recent 15 percent drop has shifted the current market sentiment in favor of the bears. The relative strength indicator (RSI) has dipped the 50 level, which never happened during the previous bear market.
However, commodity trading veteran Peter Brandt doesn’t rule out that Bitcoin is still in the bull market. He claims that he needs a confirmation before re-employing capital.
At the beginning of September, Brandt alleged that Bitcoin might have gone parabolic for the fourth time.