The cryptocurrency market along with Bitcoin experiencing a considerable crash on 18th April 2021. Don’t know an exact reason for this but, We got things to discuss. At the time of writing, all cryptocurrencies including bitcoins seem hanging above the major support levels. Every cryptocurrency faced a 10% to 25% drop in just 15 minutes.
However, even after the crash I still consider this chart is in an uptrend. Here’s why. The crash made its way to breaking the previous lower low which was a major support in the $55,228 range and pulled back all the way to the $51K range and doesn’t even tested the massive support around the $50,200 area.
As long as the price above the $50K range, Bitcoin still in an uptrend. But why did this sudden crash occur? According to a recent report from CoinDesk, the market condition may have soured to the U.S Treasury is planning to charge several financial institutions for money laundering using cryptocurrencies, which is a rumor. CoinDesk also mentioned that they have been unable to independently verify any pending U.S government action.
At the time of writing, Bitcoin hanging near $55K after facing a 12% sudden drop on a 24-hour basis. Other cryptocurrencies including Ethereum, also faced a 10% to 25% drop within 15 minutes.