New Astrological Event Could Cause Serious Downsides for Bitcoin

New Astrological Event Could Cause Serious Downsides for Bitcoin

Bitcoin (BTC) fell by more than $400 from yesterday’s high. The drop occurred unexpectedly as the daily candle for yesterday closed. Meanwhile, the decline appears to coincide with an ominous astrological event, which has some historical significance with Bitcoin and a sell set up.

Following the recent Square BTC adoption-induced bull rally, the benchmark cryptocurrency saw a significant sell-off as soon as today’s candle opened.

The turn of the calendar marked the start of an astrological event, which hasn’t been very positive for BTC price action whenever they coincide historically. The astrological event is known as the Mercury Retrograde, which is said to be a very “bad omen” for the earth. This event has also been negative for Bitcoin and is fond of overlapping with bear markets.

The most recent event didn’t result in significant downsides, but the one before that overlapped with the unforgettable Black Thursday. Meanwhile, this retrograde is expected to end on the same day as the US Presidential Elections on November 3.

If this event acts anything like past events, BTC could see a serious decline, coupled with the upcoming elections makes it a recipe for disaster.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor in the Near-Term

Despite the modest worries over the event explained in this article, Bitcoin remains very bullish in the meantime. The cryptocurrency is currently battling to dominate the $11,480 resistance, followed by the $11,730 monthly high. Subsequently, we could see the highly-coveted $12,000 mark.

Meanwhile, a new mini trendline has formed on our 4-hour chart, reinvigorating the bullish bias.

On the flip side, a decline beneath $11,000 could strengthen bears again to take the price lower.

Total market capital: $361.6 billion

Bitcoin market capital: $211 billion

Bitcoin dominance: 58.4%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.