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The recent Bitcoin and altcoin news show that the market is not in a good position – especially since overnight – when BTC started losing a lot from its value and went to a bottom of $9,090. Right now, Bitcoin is at $10,000 and the momentum picked up with a $1,000 candle – just like the one in April which ballooned the price of BTC to the yearly high at $13,800. One analyst thinks that the BTC bull rally is “over” and that the race is coming to an end as Bitcoin is breaking through its support.

In fact, the important FOMO trigger level of $10,000 has been a viral topic in the latest cryptocurrency news. It is what caused Bitcoin to go parabolic and what set off a domino effect of crushing altcoins, too.

The Bitcoin bull rally has reignited a lot of things and the price of BTC is now above that trend line – and a clean break below it could spell disaster.
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A strong break below could cause Bitcoin to retest the horizontal support at $7,500 where the trend line was originally born.

“Interesting to see the chart play out after I called the top 2 months ago. Waiting for this trendline to break. A daily close below means it’s all over,” the analyst noted on Twitter.

Interesting to see the chart play out after I called the top 2 months ago.

Waiting for this trendline to break.

A daily close below means it's all over.

Keep it simple.#bitcoin pic.twitter.com/Ioq8hAsm0x

— Imperator (@imperator_v2) August 22, 2019

So, the BTC bull rally has formed something of a trend line.

The bottom trend line is also the bottom of a symmetrical triangle that has formed over the last few months after the Bitcoin price topped out at $13,800. Since then, it has bounced back and forth between peak and trough, forming a newly formed geometrical chart pattern.

Beyond the break of the trend line, a bearish breakdown from here could cause a widespread panic across the shaken crypto market which is now at the lowest level on the Fear and Greed Index since the history of the metric. Some analysts even predicted this earlier this week, seeing the index and its new lows.

The market at this point seems fearful. Many best cryptocurrency news sites report that a drop in Bitcoin could either cause altcoins to rally – or further drag down their USD values if they fall further.