Bitcoin sees 3% drop in its price as Trump Pelosi COVID-19 deal collapses

Bitcoin price dropped by 3% just as the Trump Pelosi COVID-19 deal collapsed.

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The US stock market had a major fall and the Bitcoin price dropped by 3%, however, the traders are not all worried. Some believe it’s a short-term thing and will rise again in the long run.

Some experts and analysts have marked $12,500 and $11,973 as the levels that if passed are signals of the continuation of this decrease. But why?

Several major factors contribute to this sharp drop. The probable re-election of Donald Trump and a new peak in daily COVID-19 cases as well as the pandemic fear could be mentioned as the most significant factors. This drop was not just about the stock market and Bitcoin, the DJIA also fell by 1000 points.

Having said this, the analysis is of the idea that this pullback may not take too long.

The abovementioned support level, $12,500 is of significance for buyers for different reasons.

One of the reasons is that we are close to the 10-day moving average on Bitcoin’s daily chart. The other reason is that it is a key support level as it was the top peak on the 17 of August. The third is that it’s got huge whale clusters which turn it into an attractive area for investors who are looking for a high net-worth.

So long as this support level is defended, chances are that the bullish trend goes on despite the pullback.

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