Bitcoin slumped to just over $82,000 on Tuesday, its lowest price in over two weeks, after a rejection at the $87,000 range. The drop pushed the TD Sequential indicator to flash a buy signal on the hourly chart, even as macro pressure from US-Iran tensions weighs on sentiment.
Bitcoin's Rejection at $87,000
Bitcoin last pushed past the $87,000 level on Friday after a weaker-than-expected US jobs report, but it crashed almost immediately by three grand. Bulls then stepped back in over the following days, and BTC neared that level again on Monday morning and stayed close on Tuesday.
The picture changed on Tuesday, when Bitcoin slumped $2,000 in roughly 20 minutes. One possible reason was the US government's move of a portion of its crypto holdings, including BTC and BNB, with some of it ending up on Coinbase.
Bears Push BTC To A Multi-Week Low
Bitcoin didn't stop there. The bears drove it further south, and it hit just over $82,000, its lowest price tag in over two weeks. The nosedive coincided with new reports that US President Donald Trump is not keen on a permanent deal with Iran and even threatened to resume strikes soon.
A Rebound Signal From TD Sequential
However, the major leg down also triggered a popular technical indicator, the TD Sequential, which flashed a buy signal on Bitcoin's hourly chart. The first sign came when the asset tapped the $83,000 support level, even though it slipped further below that line before rebounding to it as of press time.
Ali Martinez argued that the correction over the past 36 hours came after a sell signal from the same indicator, which reportedly happened when BTC stood near the $87,000 resistance on Tuesday.
Source: CryptoPotato
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