Bitcoin Gold market update: Breaks $25 support to post 14% loss

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  • Bitcoin Gold is a fork of Bitcoin with the fundamentals of the original chain.
  • Bitcoin Gold technical levels remain strongly bearish despite finding support above $20.

Among the worst-hit cryptocurrencies on Tuesday is Bitcoin Gold (BTG). The cryptocurrency valued at $389 million has massively tanked breaking through the support at $25. In a single day, Bitcoin has depreciated in value by over 14%. Besides the support at $20 remains at risk amid building bear pressure.

Bitcoin Gold is a fork of Bitcoin that claims to have kept the fundamentals of the original chain but is mined on common GPUs as opposed to specialty ASICs. The developers wanted to ensure that mining BTG was not monopolized opening the avenue for anyone with a mining interest. A pinned tweet on the crypto’s Twitter account states that Bitcoin is:

“A fork that looks and feels different because it is different. The #BTG values include being creative, respecting others, and working hard to build useful and sustainable solutions to promote decentralization and democracy.”

 

Also Read: Bitcoin price prediction: BTC/USD bears barricading $10,000 level – Confluence Detector

Following the selloff, BTG is struggling to hold above $20.00 support, although it is trading at $22.18. Technical levels remain strongly bearish with the Moving Average Convergence Divergence (MACD) digging deeper into the negative region. The wide divergence hints that bears are gaining traction. On the positive side, the Relative Strength Index (RSI) shows BTG having been oversold and a correction is in order in the coming sessions.

BTG/USD 4-h chart

 

 

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