Crypto prices fell for a second day on Thursday. Bitcoin was down 2.8% over 24 hours at about $83,400 by 08:50 UTC, while XRP lost 7.2% and Dogecoin 6.6%, according to CoinGecko data.
No single headline drove the drop. It is a pullback after Monday's rally took bitcoin to its highest daily close since January, and it arrives a day before Friday's quarterly options expiry on Deribit.
London's trading industry is coming home!
My view on bitcoin has not changed. This is the retest of $82,614 that I expected, and the move toward $98,000 to $99,500 stays in play as long as that level holds on a daily closing basis.
How Low Can Bitcoin Go?
On Binance, bitcoin traded at $83,513 on my daily chart at 08:55 UTC, down 1.05% on the day. It has fallen 3.6% from Monday's close of $86,620 and sits about 1.1% above the $82,614 support.
That level was the trigger in my September 22 bitcoin analysis, where I wrote that I expected a retest of the breakout before any move toward $99,500. Wednesday's low of $83,500 and Thursday's low of $83,301 are that retest so far.
Paul Howard, senior director at Wincent, flagged this path on Tuesday. He said a break below $85,000 "could see the market retrace towar...