Major Exchange Faces System Overload as Bitcoin (BTC) Plummets After Yesterday’s Surge

At the time of writing, Bitcoin is trading down nearly 6% at its current price of $3,825. Yesterday, BTC’s price exploded to highs of $4,200 before running out of buying pressure and plummeting to its current price levels.

This volatility has highlighted the importance of Bitcoin’s 100-day moving average and 50-day moving average as key levels of support, which must continue to hold or else significantly further losses could be in play.

Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about the importance of these moving averages as levels of support in the near-term, noting that a close above these levels is ideal on a daily chart.


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