Bitcoin fell 0.31 percent in the early Monday session.
The cryptocurrency’s plunge followed a similar downside move in the S&P 500, validating its growing correlation with the U.S. index.
It now awaits a bumpier weekly session ahead as investors measure the resurgence of virus cases in the U.S. against critical economic reports releasing this week.
Bitcoin investors should buckle up.
The drive from here could become bumpier after Bitcoin logged its third consecutive weekly session in the red. Again, the cryptocurrency opened the new week in negative territory, falling by 0.32 percent in the early Monday trade.
Bitcoin price chart showing its three back-to-back negative weekly sessions. Source: TradingView.com
So it seems, Bitcoin acted on cues from Wall Street. The cryptocurrency’s downside moves past week matched the one pursued by the S&P 500. The positive correlation visibly left Bitcoin at the mercy of the benchmark U.S. index for the new week.
The S&P 500 closed 2.86 percent lower on Friday while its futures hinted to continue the prevailing downtrend after the New York opening bell Monday.
The plunge appeared as the U.S. Federal Reserve decided to curb its share buybacks and dividends by the country’s largest banks. The S&P 500 also fell as a resurgence in COVID cases in Texas and Florida dampened investors’ risk-on sentiment – and sent them to the safety of cash.
Moving forward into the week, the downside risks for the S&P 500 are holding intact. It leaves Bitcoin under a similar turbulent spell. That said, there are at least three potential factors that could exacerbate volatility in the cryptocurrency market.
#1 U.S. Jobs Report
Traders and investors are waiting for the release of the U.S. Labor Department’s monthly jobs report on Thursday. Last month’s data showed a drop of 2.5 million unemployment claims. The news helped the S&P 500 head higher into the day, taking Bitcoin alongside.
Analysts expect that the U.S. economy had added 3 million more jobs in June. If true, the metric would reduce the unemployment rate from 13.3 percent to 12 percent. It would, in turn, allow the S&P 500 and Bitcoin to move higher to the same degree that sent them north after May’s report.
The optimistic prediction, nevertheless, appears little against a bulk of 30 million jobless claims. Ryan Detrick of LPL Financial stated in a Friday research note that it could take years for the U.S. economy to add the lost jobs back. He recalled that recessions typically take an average of 30 months to normalize the unemployment data.
U.S. job recovery after every recession since 1950. Source: LPL Research
Meanwhile, the rising number of COVID infections may keep investors from making big bets even on an optimistic jobs report. That may cap the S&P 500 and Bitcoin’s upside attempts to a certain extent.
#2 Rebalancing Portfolios
Market observers predict investors could shift billions of dollars of equities and bonds in their portfolios. In totality, more capital would flow out of the stock market and move into bonds. Brian Price, head of investments for Commonwealth Financial Network, told MarketWatch:
“Given the significant rally in global equities that we’ve seen in the second quarter, it is natural to believe that there will be some quarter-end rebalancing out of stocks and into bonds.”
A separate CNBC report states that the quarter-to-quarter rebalancing of pension funds could range between $35 billion and $76 billion. Overall, the move could extend the downside correction in the S&P 500, spilling a similar sentiment on the Bitcoin market.
#3 Technicals
The S&P 500 on Friday closed below its long-term moving average (defined by 200-day MA via the orange wave). With fundamentals indicating a conflicting bias, traders may perceive the 200-DMA as their support. That should follow by a small pullback, followed by consolidation.
S&P 500 chart showing it breaking below its long-term moving average. Source: TradingView.com
That would leave Bitcoin, at best, above $9,000, a level it has tested repeatedly as its support since May 2020. Therefore, a minor pullback in the S&P 500 could prompt Bitcoin to retest $9,300. Conversely, if the index breaks further below its 200-DMA, bitcoin could fall towards $8,600. origin »
The Bitcoin [BTC] narrative that has prevailed in the last few weeks is that it was still trading at a discount between the $20,000-$22,000 price range. Despite this, it still experienced a lot of selThe post Will Bitcoin continue crashing, what's the source of its latest downside appeared first on AMBCrypto.
The Bitcoin [BTC] narrative that has prevailed in the last few weeks is that it was still trading at a discount between the $20,000-$22,000 price range. Despite this, it still experienced a lot of selThe post Will Bitcoin continue crashing; what's the source of its latest downside appeared first on AMBCrypto.
Today’s Bitcoin price analysis is positive, as a dip to $29,000 was met with solid support and rejection, indicating that additional downside is unlikely. As a result, BTC/USD is expected to rise further in the next days, most likely above the $31,000 resistance level.
Bitcoin, for the first time, did not lead the market into downfall as the reason behind cryptocurrencies’ price crash was twofold. One was the rising fear surrounding the rising inflation and a poteThe post Bitcoin: How are investors reacting with BTC breaching $30k on the downside appeared first on AMBCrypto.
Bitcoin price started a downside correction from the $68,500 zone against the US Dollar. BTC might start a fresh increase unless there is a break below $64,000. Bitcoin started a downside correction below the $68,000 and $67,000 levels.
Bitcoin price started a downside correction after it broke $39,000 against the US Dollar. BTC tested the key $35,000 support and it is currently consolidating losses. Bitcoin started a downside correction below the $39,000 and $38,000 support levels.
Bitcoin's dramatic fall in the month of March elated many who were critical of the king coin's store-of-value and safe-haven characteristics. In fact, a recent paper highlighted the same, while also sThe post Investing in Bitcoin might mean increased downside risk appeared first on AMBCrypto.
Bitcoin has come a long way since its inception. While there are concerns regarding Bitcoin having strayed away from its original ideals, in comparison to traditional forms of finance, cryptocurrencieThe post Coin swap may increase Bitcoin's privacy, but here's the downside appeared first on AMBCrypto.
Bitcoin appears to be looking at a little more downside before it becomes a reasonable buy again, according to a pair of crypto industry commentators. Having recently rebounded from what most traders are considering the ultimate bottom of the 2018 bear market, we could be looking at a further drop then sideways trading for a.
Bitcoin price is currently declining after it failed to surpass the $8,400 resistance against the US Dollar. The price is trading near the $8,000 support level, with a minor bearish angle. There is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC/USD pair (data feed from.
Coinspeaker Bitcoin Price Tanks Below $8000 in Another Market BloodbathBitcoin price fails to hold the $8000 level support and slips below as the mounting selling pressure hint towards further downside ahead in the short term.
Liquidity decline caused by BitMEX’s exchange policy is the main reason behind the latest bitcoin (BTC) price crash, latest analysis suggests. The bitcoin market bloodbath has continued today, with BTC testing the $7750 support a few hours back.
With every passing day, cryptocurrencies are being widely included in the business offerings of firms, offerings based on the fact that many prospective individuals are growing more inclined towards digital assets.
Bitcoin price is consolidating yesterday’s losses above the $8,200 support against the US Dollar. The price is clearly trading with a bearish bias and remains at a risk of more losses below $8,000.
Bitcoin’s long-held support at $9,750 gave way on September 24, 2019 in a swift and violent 15 percent move to the downside.
The post Bitcoin Price Analysis: Macro Support Gives Way During Strong Sell Off appeared first on Bitcoin Magazine.
Today’s massive bitcoin price crash was largely expected by analysts. The bearish descending triangle formation was bound to break out to the downside so it has been no real surprise. What the move has revealed however is huge price discrepancies between various crypto exchanges.
In the last three hours, the BTC price dropped 15 percent breaking out to the downside of a technical pattern that predicts a further decline to $6,500. The drop coincides with a Bitcoin hashrate drop of over 30 percent and a ruling on the Bitfinex Tether investigation.
Coinspeaker Bitcoin Price Loses $500 in Minutes to Plunge Under $10KMany commentators predicted a downside Bitcoin move and they seem to have been correct all along as BTC price lost 5% in an hour.
Following a week of consolidation in an ever tightening channel Bitcoin finally made its move today. Many had been predicting it would be to the downside and they were correct as the king of crypto slumped 5% in an hour plunging back into the mid-$9,000 zone.
Bitcoin price inched lower on Tuesday as investors waited for the outcome of the Federal Reserve’s two-day meeting on monetary policy. The benchmark cryptocurrency slipped by $44. 70, or 0.
Bitcoin was trading in negative territory on Tuesday as attacks on Saudi Arabia’s crude oil processing facilities weighed on the global economy. The benchmark cryptocurrency dwindled by $74.
There was a downside correction from the $10,954 swing high in bitcoin price against the US Dollar. The price is holding the $10,000 support and it could bounce back in the near term. There is a major bullish trend line forming with support near $10,140 on the 4-hours chart of the BTC/USD pair (data feed.
Bitcoin price is under pressure and it recently declined below the $10,500 support against the US Dollar. The price is struggling to climb higher and is approaching the $10,200 support area. There is a key bearish trend line forming with resistance near $10,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
There was a steady rise in bitcoin price above the $10,500 resistance against the US Dollar. The price is currently correcting lower after it traded to a new monthly high close to $11,000. There is a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC/USD pair (data feed.
Bitcoin has been trading around $10,500 for the last few days as price levels begin to form rising support. The question remains as to whether enough volume will enter Bitcoin in order for price levels to break up-wards through key resistance at $11,00o.
Bitcoin price is following a negative angle and is trading well below $10,200 against the US Dollar. The price is likely setting up for a downside break below the $10,000 support area. Yesterday’s highlighted rising channel or a bearish flag is intact with support near $10,050 on the hourly chart of the BTC/USD pair (data.
The total crypto market cap is following a bearish path below the $265. 0B and $270. 0B resistances. Bitcoin price failed to break the $10,500 resistance and is currently under a lot pressure. Litecoin (LTC) price is trading with a bearish bias below the $75.
Ripple price is struggling to climb higher above the $0. 2750 and $0. 2800 resistances against the US dollar. Bitcoin price failed to climb above the key $10,500 resistance level and declined recently.
As Bitcoin bulls have failed to maintain the momentum seen from April to late-June, fear has started to grip the cryptocurrency market. Related Reading: Bitcoin Price Rallies On Latest Trump Volley, Analysts Expect Further Upside Analysts are starting to suspect that BTC has further downside, despite the fact that it has already collapsed 35% from.
There was a downside extension in bitcoin price below the $10,000 support against the US Dollar. The price is currently consolidating and is facing many hurdles on the upside near $10,400. There is a crucial bearish trend line forming with resistance near $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
Chainlink Price Analysis (LINK/USD) Yesterday decline continues today as the market of LINK/USD pair records a down surge. LINK seemed to have succumbed to the selling pressure that has formed a strong bearish trend line over the last 24hrs.
The total crypto market cap failed to surpass the key $280. 0 resistance area. Bitcoin price started a downside correction and traded below the $10,800 support. Litecoin (LTC) price is struggling to correct higher and is testing the $75.
ETH price started a downside correction after testing the $202 resistance area against the US Dollar. The price is currently trading below $198 and is trading near the $194 support area. This week’s followed key bullish trend line with support near $194 is active on the hourly chart of ETH/USD (data feed via Kraken).
The recent sell-off in the bitcoin market has brought the price down by more than 15 percent in just five days. The downside action has appeared against the backdrop of a dwindling global economy, shaking the beliefs of many who consider bitcoin as a safe-haven asset against gloomy macroeconomic sentiments.
Over the last 48 hours, Bitcoin price has broken support at $11,000 mentioned in my previous analysis and has since dropped back to support around $10,100. High selling volume indicates further downside over the coming days.
Last night saw the weekly close in Bitcoin price charts. All eyes were on the important weekly close, as Bitcoin price hovered right around weekly resistance that has kept Bitcoin in a downtrend since the start of 2018 – a downtrend that the leading crypto asset is very close to finally breaking out of for.
The total crypto market cap started a downside correction from the $315. 0B swing high. Bitcoin price declined below $11,500 and tested the $11,200 support area. BCH price is gaining momentum and it is currently trading above the $330 resistance.
The total crypto market cap corrected lower after a solid run towards $215. 0B. Bitcoin price is currently trading above the $11,500 support after a strong downside correction. Litecoin (LTC) price is now trading below the $95.
Bitcoin Cash has a neutral short-term bias, with the BCH / USD pair trading towards its key 200-period moving average on the four-hour time frame The bearish head and shoulders pattern on the four-hour time frame has now reached its full downside projection The daily time frame continues to show the BCH / USD pair […]
The post Bitcoin Cash Price Analysis BCH / USD: Lifting Itself Up appeared first on Crypto Briefing.
Bitcoin is one step away from testing $6,700 as support, according to prominent analyst DonAlt. The crypto trader on Monday measured the current bitcoin bias on a three-day timeframe, believing it gave better clarity about the cryptocurrency’s expected price behavior.
The BTC price was depreciated by 12. 55% of its capitalization in July 2019. On the downside, if the price continues its fall and the $9,000 price level is broken, the coin will further depreciate to the low of $8,000 price level.
Bitcoin has close above the $10,000-level in its interim upside correction, but that does not guarantee an explosive price rally. Noted market analyst Josh Rager said on Thursday that bitcoin could continue trending upwards until it hits $10,854.
Bitcoin Cash has a bearish short-term bias, with the BCH / USD pair still trading below its key 200-period moving average on the four-hour time frame The bearish head and shoulders pattern on the four-hour time frame has yet to reach its full downside projection The daily time frame shows that Bitcoin Cash has performed […]
The post Bitcoin Cash Price Analysis BCH / USD: Clutching At Straws appeared first on Crypto Briefing.
The bitcoin price on Monday slipped below the $10,000 level as benchmark China data eased concerns about gloomy monetary outlook. The spot bitcoin rate was down 3. 2 percent at $9,857. 27 as of 02:15 UTC.
On the upside, if more buyers are introduced at the upper price level, the BTC price will rise. On the downside, if the bears break the $11,000 support level the crypto will be in a downtrend. BTC/USD Long-term Trend: Ranging Resistance levels: $10,500, $11,000, $11,500 Support levels: $11,000, $10,500, $10,000 The BTC/USD pair is in […]
On the downside, if the $320 support level is broken, the BCH coin may depreciate to the previous low at $280 price level. On the other hand, if the $320 support level holds, the downward correction may have ended.
What’s Next For Bitcoin? Bitcoin (BTC) has continued to slip into Friday, falling to $11,200 as of the time of writing this. While the selling momentum has undoubtedly slowed, with bulls managing to push back.
The most recently formed rising wedge shown in my previous bitcoin price analysis broke to the downside less than 24 hours ago. Despite the bearish break-down there seems to be no real bearish momentum, despite the large selling volume.
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.