Bitcoin is at risk of seeing further downside as it tests a key descending trendline
Some top traders are warning of BTC posting major losses in the coming days and weeks
In the time following the tempered signs of weakness Bitcoin showed yesterday when it dipped below its key support at $7,200, the benchmark cryptocurrency has further extended this downtrend as bulls now defending against a dip below $7,000.
This weakness has led BTC down to a key descending trendline that it recently broke above, with the potential loss of this level being a grim possibility.
The test of this level comes shortly after the crypto broke below another key technical level and this alone could potentially be enough to catalyze some immense near-term bearishness.
Bitcoin Weakens as Bulls Fail to Defend Key Support Level
At the time of writing, Bitcoin is trading down just under 2% at its current price of $7,080, which marks a slight rebound from daily lows of under $7,000, and a notable decline from highs of over $7,200.
Prior to losing this level overnight, $7,200 has proven to be key support for the cryptocurrency, and some traders had noted that the crypto could see upside if this previous resistance was flipped into support.
Bulls, however, were not able to successfully do so, and the decline below this level has opened the gates for it to plunge lower.
This also comes shortly after it broke below an ascending trendline that was formed in the time following its capitulatory decline to lows of $3,800 in mid-March.
One popular pseudonymous trader on Twitter pointed to this trendline in a recent tweet, concisely stating that he is “expecting further downside.”
Image Courtesy of TraderXO
BTC Still Defending One Key Technical Support Level
Despite this overt weakness, it is important to note that one analyst recently explained that BTC has so far been able to remain above a descending trendline that it recently broke above, with this current declined marking a back test of this level.
“Worth noticing that price is still: – Above red diagonal resistance – Above the resistance of horizontal range. Bias of greater trend is still bullish, this could just be a ‘retest’ – but we are close to invalidation,” he explained while pointing to the below chart.
Image Courtesy of Teddy
Because BTC is currently teetering above this level, it is possible that the weakness stemming from its recent break below its ascending trendline will be enough to push it down further.
Featured image from Unsplash. origin »
Despite Bitcoin’s recent recovery to the key level of $26,100, signaling a crucial point for its future gains and preventing further decline, there are worrisome signals that could raise concerns for Bitcoin bulls in the short term.
Bitcoin price has once again retreated to the $29,000 level, raising concerns among investors about a further drop. While this may seem like bad news for those invested in Bitcoin, it’s important to remember that volatility is nothing new in the world of cryptocurrencies.
Bitcoin price climbed further higher above $18,500. BTC tested the $19,000 resistance zone and is currently consolidating gains. Bitcoin climbed further higher above the $18,000 and $18,500 resistance levels.
Bitcoin miners have been selling BTC holdings at a rate not seen since early 2021.
The post Could Bitcoin miner sell pressure indicate further upside potential? appeared first on CryptoSlate.
Bitcoin has seen some further upside today despite the intense selloff seen in the stock market This confirms the narrative regarding it now being fully decoupled from traditional assets It has also been able to set new yearly highs this morning when it rallied towards $13,500 If it continues holding above its near-term resistance-turned-support at $13,200, the crypto could soon gain further momentum that leads it up towards $14,000 This is an intense resistance level […]
It’s clear that the bull trend that transpired in the summer is over: Bitcoin, Ethereum, and other top coins have entered a strong consolidation pattern over recent weeks.
The post “Don’t vacation yet”: Stablecoin supply suggests Bitcoin and altcoins could rally further appeared first on CryptoSlate.
Long-time Bitcoin holders have taken advantage of the recent bullish price action to realize profits. Now that prices have retraced, data suggests that further losses are on the way. Bitcoin...
Skeptics will argue against Bitcoin’s success tooth and nail, especially now that the cryptocurrency is stuck in the lower $7,000s with almost panic-instilling further dips every now and then.
A rough week for Bitcoin is turning into a big hangover at the weekend as the sells keep the pressure on. For the first time in over six months BTC dipped below $7k and further losses are looking likely.
Bitcoin (BTC) has continued inching lower following its recent bearish break below $9,000, which points to the possibility that bears are building strength as bulls fail to propel the crypto while it trades just a hair above its key near-term support level.
As the Bitcoin price is seemingly intent on trending lower over the next few hours and days, there will be other markets reaping the benefits. Altcoins need to rise up in value to thwart Bitcoin’s gravitational pull.
It’s now abundantly clear that Bitcoin and the aggregated crypto markets are in a firm uptrend, with BTC and other major cryptos posting consistent gains on a weekly basis, with each minor pullback only acting as fuel for further gains.
Bitcoin Might Be Poised To Drop Further On Friday, the crypto market was shocked when Bitcoin suddenly flash crashed. Within an hour, the leading cryptocurrency fell from $7,800 to $6,100 on Bitstamp, as one entity.
Bitcoin May Have Further To Fall As Ethereum World News just covered, the cryptocurrency market hasn’t been doing all too hot in the past while. As a result of documents from the New York Attorney.
Cryptocurrency merchant bank Galaxy Digital CEO Mike Novogratz repeated his faith in the Bitcoin price December 18, forecasting no further big losses. Novogratz: ‘This Isn’t Tulips’ In an interview with Bloomberg, the investment mogul said he was “fairly convinced” a “digital store of value” would emerge for the world, and that it would be Bitcoin.
Once known for his extreme pro-Bitcoin views, Calvin Ayre recently come forth and said that he now believes BTC is on its way to touching $0 sometime during 2019. Elaborating further on his comments, Ayre went on to say that the premier altcoin is essentially “worthless” and that moving forward Bitcoin Cash SV will be […]
While most crypto investors are shooting for the moon, Blockstream is focused on things a bit closer to Earth: in the outermost layer of its atmosphere, to be exact.
Fundstrat Global Advisors Head of Research, Tom Lee, holds that the current price of Bitcoin is wrong based on a range of factors. The BTC permabull has also refused to give any further price predictions.
CoinSpeaker
Bitcoin Price Showing Signs of Weakness, Loses $100 to Slip Below $3300
Bitcoin price continues to slip further making new lows. On Friday, Bitcoin corrected over 3. 5% to go below $3300 levels.
Key Points Bitcoin price declined further and broke the $3,295 and $3,200 supports against the US Dollar. There was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTC/USD pair (data feed from Kraken).
BSV/USD Medium-term Trend: Bearish Supply zones: $150, $200, $250 Demand zones: $50, $40, $30 BSVUSD continues in a bearish trend in its medium-term outlook. The bears kept hold of the market and dropped the cryptocurrency further down to $76.
There have been numerous reports of a series of emails that have been sent to various businesses and establishments in the US asking for $20,000 in Bitcoin or else a bomb will be detonated in the building.
Bitcoin’s current value is $3,312 but according to Tom Lee, it should be between $13,800 and $14,800. The ever-so-vocal Bitcoin bull believes that the currency is grossly undervalued and believes last year’s meteoric rise could be one of the reasons.
The U. S. Commodity Futures Trading Commission (CFTC) is looking to the public for further feedback and understanding concerning the cryptocurrency industry, especially regarding ether and its uses on the Ethereum network.
In a December 10, 2018, Reddit post, user timberland outlined the shady practices behind “the world’s largest DNA data and healthcare services platform,” Shivom. Details regarding the departure of the firm’s co-founder missed deadlines, and the technical aspects backing the protocol have all been neglected.
Key Points Bitcoin price remains in a bearish zone below the $3,400 and $3,500 resistances against the US Dollar. This week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
On December 10, 2018, a UK Member of Parliament (MP) spoke out in favor of cryptocurrencies, calling for colleagues to educate themselves further on the technology and, suggested they could be used to pay taxes.
It has been another rather unruly day for all cryptocurrencies. Further losses for Bitcoin have taken their toll on most of the other currencies and assets on the market as well. In the case of Dogecoin not much has changed, although the altcoin has successfully surpassed the 60 Satoshi level once again.
At press time, bitcoin is trading for just over $3,300, meaning there’s no change since our previous price article. At least we can be grateful that bitcoin, albeit temporarily, is exhibiting enough strength to withstand any further needs to drop lower.
After watching the price of Bitcoin going through its roughest month for seven whole years, many in the space appear to be bracing themselves for a more brutal “crypto winter” than they ever thought possible.
The markets are back on a downward trajectory after the market leader Bitcoin reversed its weekend gains and heads towards forming a new 2018 low. Ripple’s XRP is also on a downward trajectory as it dropped below the key $0.
FOMO Moments Crypto markets are sliding again; Bitcoin SV, EOS, Monero and Tezos getting hit. Crypto markets are turning south again as minor gains get wiped out. Total market capitalization dropped below $110 billion during the morning’s Asian trading session as red dominates the charts at the moment.
INTRODUCTION
We want to build an exchange website known as Bittrader where many coins will be listed and the main pair will be the TRD Coin. Similar to Binance, some of the notable features of Bittrader include strong security, privacy, and untraceable features.
Key Points The total crypto market cap extended declines below $107. 00B and it could slide further. Monero (XMR) price is under pressure below $50 and it could test $40. Bitcoin SV price is declining towards the $90 support level.
Bobby Lee, the co-founder and former CEO of the former Chinese cryptocurrency exchange BTCC, predicts that bitcoin would further fall in price. But in 2019, he sees opportunities for bitcoin's growth.
The price of bitcoin dropped by over 15 percent versus last week’s close after it became clear that the crypto markets will have to wait longer for a potential Bitcoin ETF to be approved in the U. S.
CoinSpeaker
Bitcoin Price Analysis: BTC/USD Trends of December 10–16, 2018
A breakout below the support level of $3,094 will further decline in Bitcoin price towards $2,261 - $1,500 price level.
The U. S. Securities and Exchange Commission (SEC) has postponed its decision to approve or disapprove the VanEck/SolidX bitcoin exchange-traded fund (ETF). Per an official document published by the agency, the new deadline to review the VanEck proposal has been shifted to February 27, 2019, which the regulator claims would afford it the time needed to review the potential rule change further.
Key Points Bitcoin price declined further and broke the $3,550 and $3,420 support levels against the US Dollar. There is a major bearish trend line formed with resistance at $3,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
It has become more than apparent the current cryptocurrency price momentum is not doing too many people any favors. With Bitcoin getting battered, things start to look progressively worse for Ethereum as well.
Expectedly, the US Securities and Exchange Commission has once again delayed its decision on the commodity-backed VanEck/SolidX bitcoin ETF proposal. The Commission is left with no room for further delays and the absolute final decision will come on February 27, 2019.
According to MIT Technology Review’s on December 4, 2018, security researchers have discovered a machine learning algorithm that can spot cryptocurrency pump-and-dump schemes in advance, which can help prevent and stop any pump-and-dump projects from developing further.
The Bitcoin price was hovering near its lowest levels in 14 months December 6 a fresh downturn continued to take its toll on investors. Another Grim Day For Bitcoin Traders Having lost support at $4000 Tuesday, slipped further towards lows set last month around $3500, reaching $3680 before appearing to claim new support at $3700.
Crypto market still looks red Further sales pressure in the Asia Session put a heavy strain on the entire crypto market. Bitcoin (BTC), king of the crypto currencies, almost all coins and tokens are in red.
Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.
Bitcoin (BTC) is under significant pressure after experiencing a substantial 14% retrace from $65,103 to $55,602. This downturn is occurring amidst a climate of fear and uncertainty impacting both the cryptocurrency and US stock markets.
Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]
Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.
On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]
Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]
An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.