Bitcoin Price Dips Below $8K For First Since June 12

Bitcoin has once again shocked investors after a sharp sell-off yesterday saw it strip over $1000 in value in quick succession.

Over the course of 30 minutes, beginning at 16:00 UTC on Sept 24, prices dipped below $8,000 - its lowest point since June 12 of this year.

30 billion has been sucked out of the market over a 24-hour period as investors sought to close their positions amid a frenzied sell-off.

Eyes are now firmly fixed on the 200-day moving average that would officially mark the start of a new bear market should a strong close below $8,311 occur.

The price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, according to a previous report by CoinDesk.

In any case, BTC's 2019 bull market hangs on a thread. Daily chart.

As can be seen above, BTC has begun to break down from a bearish descending triangle that had been noted by a large portion of the crypto Twitter community since as early as Sept 2.

Technicals point toward a short-term bounce, courtesy of an extreme oversold RSI on the daily chart and weaker histogram bars below 0.

All prices below that point would add credence to a new bear market for the remainder of 2019.

Bitcoin image via Shutterstock; chart via Trading View.