Bitcoin Just Plunged to the $6,800s: 3 Reasons Why Price Could Bounce

2020-1-3 05:36

Unfortunately for Bitcoin bulls, the cryptocurrency market isn’t starting 2020 off on the right foot. According to data from CoinMarketCap, the price of BTC has fallen by 3.5% in the past 24 hours, tumbling below $7,000 to trade around $6,800 for the umpteenth time in a few weeks’ time. This latest move to trade in the $6,800s is the second leg of a decline that began on Thursday morning, when Bitcoin suddenly lost the support of $7,000 after trading above that key level through Christmas and New Year’s Day. Despite this bearish price action, analysts are convinced that BTC is ready to bounce. Related Reading: Ethereum is In for a Big Drop, but the Rally That Follows Could Be Massive Why Bitcoin Price May Soon See Strong Bounce On Tuesday, prominent cryptocurrency trader Filb Filb published the below chart to his Telegram feed, showing that he expects for Bitcoin to retrace to see a wave correction to $6,777 in the week following the date of his prediction. The chart notes that after that correction takes place, a nearly 15% bounce could be seen that will bring BTC back to the high-$7,000s by the middle of January. Yes, Filb Filb’s timing on the move to the $6,800s is off per the chart.  However, the trader has been extremely accurate in calling the directionality of this market over recent months, calling the pop-up to $7,500 and the reversal just earlier this week. Also, Filb Filb called the move to the $6,000s in October, further adding credence to his latest forecast that Bitcoin is poised to bounce back to the $7,000s. Secondly, the funding rate on BitMEX has begun to drift well into the negative (predicted funding is -0.0045% in ten hours), implying that a short squeeze could take place that will likely send Bitcoin back above $7,000. And lastly, per previous reports from NewsBTC, Bitcoin’s hash rate — the measure of computational power processing BTC transactions — hit a new all-time high on the 1st day of 2020. The all-time high, 119 exahashes per second, or 119 with 18 zeroes after it. This metric validates the idea that miner capitulation is over, and that now is a prime time to start accumulating the leading cryptocurrency before a recovery higher. Related Reading: 2020 Will Be a Great Year for Bitcoin; These Factors Could Fuel an Insane Bull Run Featured Image from Shutterstock The post appeared first on NewsBTC. origin »

Bitcoin (BTC) на Currencies.ru

$ 97482.97 (+0.26%)
Объем 24H $28.082b
Изменеия 24h: 1.26 %, 7d: 1.63 %
Cегодня L: $96101.31 - H: $97507.38
Капитализация $1932.774b Rank 1
Цена в час новости $ 7300.84 (1235.23%)

bitcoin price time past fallen btc weeks

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30