Bitcoin Reaches $83,400 as Crypto Prices Decline for Second Consecutive Day
Crypto prices declined for a second consecutive day on Thursday, September [no date provided], with Bitcoin falling to $83,400 at around 08:50 UTC. XRP dropped by 7.2% and Dogecoin fell by 6.6%, according to CoinGecko data.
No single event caused the decline, but it could be a pullback after Monday's rally took Bitcoin to its highest daily close since January. This comes just a day before Friday's quarterly options expiry on Deribit, which is expected to have around 186,000 contracts, with a large concentration at $70,000 for both calls and puts.
Paul Howard, senior director at Wincent, believes that if Bitcoin breaks below $85,000 'could see the market retrace towards' $81,000 to $82,000. However, the next support on the chart is around $75,339, approximately 10% lower than the current price.
Ethereum's performance is less clear-cut, with ETH trading at $2,664.6 on Bitstamp. It broke above $2,757 earlier in the week but closed below it, and a daily close below $2,616 would point to $2,393.