Bitcoin Price Plunges to $7,900; Can Bulls Save the Day?

After a jaw-dropping six-day rally that saw Bitcoin rally from last week’s lows of $6,850 to a peak of $8,450 — a 23% gain — momentum finally stalled in Wednesday, with the leading cryptocurrency retracing hard.Related Reading: Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto MarketAs of the time of writing this, the price of BTC has just plunged to $7,920, creating an eerie daily candle, implying a potential correction back into the mid-$7,000s in the coming days.This move isn’t entirely unwarranted. Per previous reports from NewsBTC, an analyst noted that BTC’s pumped to $8,450 pushed three indicators to an extremely overextended zone. More specifically, the Relative Strength Index, Stochastic Oscillator, and the Stochastic RSI — all three being indicators to track an asset’s directionality — printed readings higher than they were after Bitcoin’s pump to $10,600 at the end of October 2019.

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