Just days ago, traders were expecting for Bitcoin to break past $10,000. Now, the cryptocurrency is trading at $9,000 flat, plunging as bulls fail to maintain the momentum after nearly eight weeks of gains.
Bitcoin price chart of the past few days’ price action from TradingView.com.
While Bitcoin already sustained weakness yesterday, the latest drop lower — which has taken BTC from $9,500 to $9,000 — caught some traders off guard.
According to crypto derivatives data tracker Skew.com, approximately $25 million worth of long positions were liquidated by BitMEX during this drop lower. Millions more were liquidated on other margin-enabled exchanges too, alternative crypto data sources suggest.
BitMEX liquidation events over the past three days. The right side contains the liquidations sustained in the recent crash.
What Comes Next for Bitcoin?
Analysts are currently short-term bearish on Bitcoin after the recent losses.
One trader observed that BTC is currently “flirting” with losing the middle Bollinger Band as support for the first time in a month. BTC fall below this level in March confirmed an over 50% crash last time.
Chart from “Big Chonis” (@BigChonis on Twitter).
Other top analysts shared similarly bearish sentiment, pointing to the loss of other key support levels as reasons for their assertions.
The Signs Were There
Millions were liquidated during this move lower, but according to data, the signs of an impending retracement were crystal clear.
As can be seen in the image below, the crypto analytics firm, IntoTheBlock observed yesterday that the underlying Bitcoin network was “mostly bearish.”
On-chain data for Bitcoin from blockchain intelligence firm IntoTheBlock. The data shows that the cryptocurrency is “mostly bearish” from an on-chain perspective.
Three out of seven of the firm’s proprietary indicators — including net network growth, large transactions (patterns of “whale” Bitcoin transactions), and in the money (the profitability of traders) — printed “bearish signals.”
While bearish on-chain fundamentals do not always coincide with Bitcoin falling, it corroborates the sentiment that a downtrend may form.
Also, per previous reports from Bitcoinist, analytics firm The TIE noted that its social media sentiment indicator reached the “highest” it has been “since 2017.”
There were a number of occasions in the past when the indicator was around this level and prices crashed, suggesting the same was going to happen again.
Featured Image from Shutterstock origin »
Coinspeaker Bitcoin Price & Technical Analysis: BTC Returned to FlatOn Thursday, November 7th, the Bitcoin is slightly declining, trading around $9288. 50. The leading cryptocurrency has clearly entered a flat, inside which the market will be waiting for some more or less important news and strong catalysts.
There have been mixed performances in the cryptocurrency market today. The market leader Bitcoin has been trading flat while some altcoins appreciate and others record losses. IOTA, the thirteenth ranked cryptocurrency by market cap, has been one of the cryptocurrencies showing gains today.
The cryptocurrencies markets are mixed today with some altcoins performing well and others showing losses. The market leader Bitcoin mostly trades flat despite the movements being seen in altcoins.
There is a mixed performance from altcoins as the week starts with some performing well and others undergoing losses. Bitcoin traded relatively flat over the weekend and continued this way as Monday develops.
The finance commission in France’s lower house of parliament has reportedly backed plans to decrease taxes on bitcoin sales, putting it on the same level as the standard capital gains tax. 30% Flat Tax on Bitcoin Gains Reuters reports that the finance commission in the lower house of the French parliament has backed plans to ease taxation on bitcoin gains to flat 30 percent.
French lawmakers have adopted an amendment to the 2019 budget bill that will cut capital gains tax on bitcoin sales to 30 percent from 36. 2 percent. This will bring cryptocurrency transactions in line with other non-real estate assets, which are taxed at a flat rate of 30 percent.
The past few months have been relatively stable ones for Bitcoin and the rest of the cryptocurrency market. Enthusiasts and experts alike have theorized what has the market in a calm and flat period, and many wonder if dormant wallets are a contributing factor.
Bitcoin, the original cryptocurrency, has had a tough year, and is presently resting on its $6,200 support level as it celebrates its 10th birthday. Despite having a fundamentally successful year filled with countless examples of increasing adoption, the markets are still weak, and have been unable to break through their September highs.
The largest exchange by trading volume, Binance, is having their own cryptocurrency being traded on eToro for fiat. It was announced on Monday that Binance coin, BNB, would start trading on eToro’s platform.
Overnight, Bitcoin fell to the bottom of its long-established trading range, finding stability in the mid $6,300s. Bitcoin’s drop is not unexpected, and is far less severe than many analysts had foreshadowed, following a period of incredibly flat trading.
Two weeks ago the "October effect" appeared to be gripping both the stock market and the crypto markets with the S&P index moving in lockstep with bitcoin. However, this week bitcoin has been more stable than the equity markets, flat on the week, while the stock market rout erased the gains made since the start of the year.
Two weeks ago the "October effect" appeared to be gripping both the stock market and the crypto markets with the S&P index moving in lockstep with bitcoin. However, this week bitcoin has been more stable than the equity markets, flat on the week, while the stock market rout erased the gains made since the start of the year.
Two weeks ago the "October effect" appeared to be gripping both the stock market and the crypto markets with the S&P index moving in lockstep with bitcoin. However, this week bitcoin has been more stable than the equity markets, flat on the week, while the stock market rout erased the gains made since the start of the year.
Overly, the market is flat and the lack of solid price movement after Oct 15 could hint at a lower level price accumulation and potential BCH bulls as long as trend above $400. Rallies above $550 and $600 could lead to surges towards $850, our first ideal bull target.
FOMO Moments Little movement in the markets; Bitcoin Diamond gets a boost, Ravencoin is dumping. As the week rolls on the movement remains minimal on crypto markets. There have been a few spurts here and there on a couple of the altcoins but in general the market is still flat and hovering around $210 billion.
FOMO Moments Another flat Saturday as markets are stagnant; Only BAT and DGTX heading higher. The weekend has brought no joy to crypto markets which have remained immobile for the past few days. The slow downward slide seems to have halted just below $210 billion market capitalization where things remain for another day.
Bitcoin is back to consolidation after a sharp drop last Thursday and a spike this Monday. The sharp drop seen on Thursday was preceded by about two weeks of consolidation where price traded on low volume and volatility reached 2018 lows.
FOMO Moments Markets are flat again today; Ox surging, XRP and Tezos recovering slowly. It seems that things are back to horizontal territory for crypto markets as very little has moved over the past 24 hours.
In the financial industry, transaction fees are always considered to be a very big problem. Although Venmo always had relatively low transaction fees, that has now come to change. The company will charge a flat 1% on all amounts, which makes the following six cryptocurrencies a lot cheaper to use.
FOMO Moments Crypto markets are horizontal today; Only Digitex Futures is pumping. Cryptocurrency markets are still at the bottom following their mid-week dump. There has been no sign of a bounce back to previous levels as total market capitalization is still hovering just above $200 billion.
As Bitcoin’s price continues to trade sideways amidst a bout of low trading volume, investors are becoming increasingly keen to know which direction Bitcoin will move next. This will likely signal the continuance or reversal of the persisting bear market trend.
FOMO Moments Markets flat this Friday morning; Tron, EOS, Nexo moving up. There is still very little going on in crypto land as we round out the week. Since yesterday markets have barely moved and have remained at a little under $220 billion total capitalization.
Last week, the price of Bitcoin Cash underwent huge appreciation. However, with markets trading flat and the original Bitcoin trading at its lowest volatility of 2018, Bitcoin Cash is also undergoing a tight consolidation this week.
While Bitcoin continues to consolidate, Litecoin has been forming a series of higher highs and higher lows in both price action and RSI. Its MACD has been trading positively and diverging to the upside.
Bitcoin prices have been relatively flat over the past seven days, ranging between $6,300 and $6,700, and altcoins have been doing incredibly well during this stability. Across the board, multiple altcoins are up 10% or more, with the markets once again being led by XRP, which is up nearly 20% over the past 24 hours.
FOMO Moments Markets are pretty flat this Saturday; Tezos, Monero, and Nano are having a good start to the weekend. Crypto markets have remained steady as we enter the weekend. No more gains have been made but they haven’t dumped again either.
The cryptocurrency markets are relatively flat, with most of the major cryptocurrency prices including Bitcoin trading up or down less than 1% on a 24-hour chart. Regardless of the current stability, there are some major events around the corner that will likely result in major volatility.
The cryptocurrency market may have experienced a flat run over the course of 2018 thus far with Bitcoin prices failing to break through the $10,000 barrier since early March, but new research published by ING demonstrates that adoption rates are rising rapidly.
Cryptocurrency markets have been pretty flat over the weekend with no major movements for the top two, Bitcoin and Ethereum. A couple the altcoins have done very well however and one of them is ICON.
FOMO Moments Markets are still flat this Sunday; Nano and Icon making moves. There has still been very little movement in crypto markets as the weekend progresses. Total market capitalization hasn’t moved since Friday and is currently around the $215 billion level.
As the old maxim asserts: those who made the most money in the gold rush were those who sold shovels. With our own digital gold rush in a downturn, however, the shovels aren’t selling so well, as mining companies themselves are struggling to move hardware because miners are struggling to turn a profit.
Altcoins are suffering steep losses today with some in the double digits. Bitcoin is trading flat, but confidence is being lost in altcoins as money moves out and into either Bitcoin or fiat. EOS has returned to sub $5 levels with yesterdays daily candle forming a marubozu candle.
Apple may have become the world’s first trillion-dollar company — but in Bitcoin terms, its performance is as flat as an iPhone 8. Apple’s Valuation In ‘Debased’ Fiat Data uploaded to social media this week by BloombergTV host Joe Weisenthal suggests that, despite the technology giant making history in US dollars, the event says more about the dollar than it does Apple’s performance.
Smart TV’s are becoming the norm. Gone are the days of the big old CRT screen sat on a cabinet, and seemingly, gone are the days of the LCD flat screen. The future of the television is now connectivity, ultra HD quality and slimline ergonomics.
FOMO Moments Markets are flat this morning with few coins moving; ChainLink doing well but Aelf, TenX and Bitcoin Gold suffering. As we start another working week crypto land remains flat after a weekend of inactivity across the markets.
FOMO Moments Markets are flat this Sunday; Altcoins still climbing include Bitcoin Gold, VeChain, ChainLink and TenX. Another pullback has occurred as markets failed to hold the $300 billion level.
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FOMO Moments Crypto land is pretty flat; altcoins recovering slightly are Stellar, Tezos and 0x, but Bitcoin Diamond is pumping The weekend has been quiet in crypto land with no major gains or losses.
It was to be expected this weekend would be relatively interesting for all cryptocurrency markets. Even though the momentum is not overly positive, there is no outspoken bearish trend either. With Bitcoin losing a bit of ground, it seems most altcoins are keeping losses to a minimum. The Ethereum price may very well be the […]
On the daily timeframe, Bitcoin is forming its second consecutive tight-ranged candle indicating that there is some indecision in the market. Typically, it takes less volume to move the market on the weekend, but with significant price drops during the week, Bitcoin has been trading flat over the past two days.
Data from Cointelegraph’s price indices and Coin360 show a rebound from weekly lows of $6,180 for Bitcoin, which had hit highs of $6,792 July 8. Bitcoin’s general price pattern continues to reflect a curious pattern of sudden losses followed by de facto flat performance, a cycle which commentators have failed to fully explain. Bitcoin price
CEO of Binance, Zhao Chengpeng, issued a statement reminding Bitcoin users not to be overly concerned by the current level of volatility in the market. He also pointed out that Bitcoin hasn’t seen a ‘flat’ price chart to date.
The CEO of Binance, Changpeng “CZ” Zhao compared the current movement of the Bitcoin market to that of 2014’s with his recent tweet. He provided a side-by-side analysis of these time frames. The tweet in question said: “Many people seems to think BTC price was flat before this year, as they appear to be on […]
Генеральный директор крупнейшей криптовалютной биржи Binance Чанпен Чжао назвал текущее падение биткоина, которое длится уже 6 месяцев, обычной ежегодной коррекцией. Об этом он написал в своём Твиттере, прикрепив графики цен за прошлые годы.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.