Bitcoin Traders Brace for Bigger Losses after 15% Shock Drop

The bitcoin price (BTC) has fallen by more than 15 percent in the past three days but traders see a bottom further down below.

Many traders anticipated the bitcoin price to briefly recover to the $9,000 region which has turned into resistance following the steep drop of BTC. Bitcoin is still hovering at $8,400, struggling to rebound to key resistance levels.

Where are the bottoms for this bitcoin price move?

According to traders like DonAlt and Josh Rager, the first important support is at $7,350 with a bigger support at $6,500 if the dominant cryptocurrency fails to recover.

On average, based on historical data, the bitcoin price tends to correct by 30 percent amidst extended corrections.

A 30 percent pullback from $10,000, where bitcoin had sidelined for weeks throughout September would result in a further drop to the mid $7,000.

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However, Rager noted that a larger drop below $7,000 is a possibility if it is confirmed that the recent pullback of BTC is not a bear trap.

Rager said:

“If Bitcoin fails to break above the current level, we’ll get another retest of the support below – which has bounced once and could hold But if this isn’t a bear trap I do see price heading down to low $7ks Lots of buyer are waiting between $6,180 & $6,500.

IMO, the best and wisest move is to continue to scale in at major support areas While many are now targeting $6,100 to $6,500 as the ‘bottom’ – I can certainly see this level be front-run like every other major target this year Another potential opportunity to get

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