After managing to retake $7,200 on the weekend, Bitcoin tumbled lower on Monday morning, falling in tandem with global markets as the coronavirus continues to ravage economies. As of the time of this article’s writing, BTC is trading at $6,840 — just under 7% below the weekend’s highs of $7,300 and nearly 9% below the $7,470 highs seen two weeks back at the highs.
The cryptocurrency is currently trying to hold $6,700-6,800, a key level as pointed out by many traders.
Due to this latest bout of weakness, long positions on BitMEX have been affected by the move. Per skew.com, which tracks the size of liquidations that take place on BitMEX, approximately $40 million worth of Bitcoin longs has been liquidated in the past ten hours, over the course of the move from $7,250 to just above $6,800.
Simultaneously, open interest on BitMEX’s Bitcoin futures market has increased, suggesting traders are taking advantage of this move to lever themselves again. The predicted BitMEX funding rate is predicted to be negative, suggesting a short skew.
Bitcoin is Falling In Tandem With S&P 500, Oil
It seems once again that Bitcoin’s price action is basically a derivative of that of the U.S. stock market, which itself is being influenced by oil prices at the moment.
The S&P 500 is down 1.5% as of the time of this article’s writing, reversing from the local highs as demand for oil has evaporated, resulting in the price of light oil futures (for the May 2020 delivery), falling to a low of -$40 — yes, a negative price.
If stocks fall further from here, Bitcoin is unlikely to benefit. After all, the cryptocurrency, as found by the Federal Reserve’s Kansas City branch, has a running positive correlation with the S&P 500.
A Reversal Is Just Starting
Unfortunately, this may be just the start of a bigger reversal in the crypto market.
Avi Felman — a trader and analyst at crypto-asset fund BlockTower — observed two signs that a bearish reversal after the rally from $3,700 to $7,400 is likely:
The Tom Demark Sequential just printed a “9” candle on the three-day chart for BTC. Previous “9” candles on this chart marked the mid-March bottom and the December 2019 bottom, but front-ran the $10,500 top seen earlier this year.
Bitcoin has failed to break its three-day 50 and 200 simple moving average.
Furthermore, a trader noted that the average miner cash flow indicator, which predicts at which point miners are profitable, is currently acting as resistance for the BTC price. The same level marked the Bitcoin bottoms in 2019 and the one in 2018 down to a margin of error that only amounted to a couple of percentage points.
Photo by Matthew Henry on Unsplash origin »
The price of Bitcoin on spot exchanges is currently trading around $6,750 after sliding below $7,000 over the weekend. Some extremely bearish predictions are even calling for fresh lows. However, the good thing is Bitcoin has found a “higher floor” and given that currently, the cash on exchanges is at all-time highs and sentiments are […]
Just before the weekend, we fell below the $7,000 level and dropped around $6,750. Although we made our way back above $7,200 on Sunday, we only extended the losses as today we went just under $6,550.
Ethereum price continued to fall this morning after a weekend slide saw all of last week’s gains wiped out. The number two cryptocurrency even briefly dipped below $200, before recovering to around $205 at time of writing.
After falling as low as $8,400 on the weekend, Bitcoin has mounted a strong recovery over the past few days. Just recently, the cryptocurrency breached $9,000 for the first time in days, now trading at $9,130 as of the time of this article’s writing (TradingView chart can be seen below illustrating this price action).
Bitcoin price slid away from $10,000 over the weekend inviting renewed predictions of how low the price could go if the correction continues. Bitcoin Broke Toward $9,500, Resparking Deep Correction Fears Bitcoin has started breaking below support levels, most recently crashing below $9,700, as previous price levels once again turn into areas of resistance.
Bitcoin and the aggregated crypto markets have seen some turbulence over the past couple of days, with bears gaining firm control over the entire market after BTC broke below $10,000 this past weekend. Analysts are...
Over the weekend, Bitcoin broke back above $10,000 for the first time in 2020, but an abrupt selloff caused an over $250 drop in less one minute and pushed the crypto asset back below the important psychological level.
Ever since Bitcoin hit $9,200 on the weekend, Bitcoin has been hovering around $8,600. Yesterday, BTC dropped just below $8,500 to get back up to $8,600. Today, we surged about $8,900 level before going back up again to $8,600.
Since 2017, the price of XRP has held up well above an important long-term support level at $0. 19. However, earlier this week, the XRP price was at risk of breaking below this key support level for the second time this year.
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 has managed to hold on above $9,000 for another day but it is slowly weakening and likely to drop below that support level by the weekend. The altcoins meanwhile are already sliding further and may well dump all recent gains.
The weekend brought a little hopium as Bitcoin prices topped $8,200 briefly, however the doom and gloom has returned on Monday morning as BTC has dumped back into the $7k region again. The longer term chart indicators are mounting up and they are all screaming bear market.
The bitcoin price fell below $8,000 during a low volume weekend as traders foresee a steeper drop to lower support levels. When the bitcoin price was initially hovering at around $8,500 following a strong recovery, technical analysts anticipated a rebound to the $9,000 area.
This weekend has been more tumultuous than usual. Bitcoin briefly crashed back below $8000, touching a low of $7700 before recovering back today. The other coins find themselves following Bitcoin through varying degrees of correlation, with the notable exceptions of XRP and Algorand.
A little hopium filled the crypto community over the weekend as Bitcoin (BTC) price attempted a push higher. Sunday saw it evaporate however as all gains were lost again and this morning has been even worse with a fall back below $8,000 again.
Bakkt is finally open for futures trading, but Bitcoin’s spot market doesn’t seem to have taken notice. Average spot prices for the leading cryptocurrency have again fallen below $10,000.
The last week was dull and boring. Bitcoin price didn’t move above $10,460 and below $9,950 since hitting them in the middle of last week. Moving into the weekend, this range has only gone tighter.
Monday morning usually begins with tales of woe for ethereum and its altcoin brethren but things are looking a little brighter today. ETH has had a solid weekend with momentum building while its big brother has remained consolidating.
Bitcoin has failed to make meaningful gains during the weekend. A strong downwards push on Friday dropped BTC dangerously close to $10,000, though the support held. Prices stabilized during the weekend, but significant altcoin action during this period has rolled back some of Bitcoin’s dominance gains, which have now fallen below 70%.
Last week, Bitcoin price fell below $10,000 yet again, and with the break of support, much of the market turned bearish and began calling for lows around $8,000 to be tested. However, before the long Labor Day weekend concluded, Bitcoin price was back well above $10,000, and is already closing in on $11,000 not even.
There has been very little activity on crypto markets over the weekend. Since its big dump last week, Bitcoin price has recovered a little but remains rooted below five figures at the moment. Longer-term technical indicators are mounting up and they are mostly bearish.
Bitcoin (BTC) has now further extended its period of consolidation around the key $10,000 support level and has failed to post any sustainable bounce since dipping below this critical support level over the weekend.
The cryptocurrency market is continuing its sideways trading dynamic. After falling just above the $10,000 mark, Bitcoin has staged a small recovery, rolling back its weekend losses, currently staying at $10,300.
Cryptocurrency markets are bleak leading into Wednesday, August 21. Bitcoin has reversed all of its hard-fought gains since the start of the week, falling back below the $10,000 mark. The overall market is also seeing strong losses, most notably ETH, which has fallen back to its weekend price.
Bitcoin price has remained in five figures as we begin another weekend. There appear to be enough buyers in the high $9000 range to prevent the asset from falling further, and for the second time in as many days, BTC has pushed back over the $10,000 mark.
The simmering trade tensions between the US and China have threatened to spark a full-blown currency war after Beijing lets the yuan weekend past the psychologically important point of 7 to the American dollar for the first time in over a decade.
The weekend has been a positive one for bitcoin price which has cranked a further 10 percent as it heads towards $12,000. The move makes BTC a better performing asset than stocks by a factor of ten so far this year.
The Bitcoin pullback that started over the weekend has accelerated as we hit mid-week. During yesterday’s US trading session BTC dropped below the highly critical $10,000 level and has failed to reclaim it as we roll into another day’s trading.
On July 11th, the president of the United States went on a Twitter tirade speaking about his distaste for cryptocurrency, bitcoin, and Facebook’s Libra. Following this announcement, bitcoin prices remained unaffected.
As we reported during the weekend, the market has come under fire. Virtually all cryptocurrencies have been recording losses for more than 48 hours. While some analysts remain optimistic and state that this is merely a correction that will see the market come back stronger, for some investors, panic is setting in.
The Bitcoin price collapsed below $10,000 on Sunday night in yet another stormy weekend session for the world’s largest cryptocurrency. Bitcoin briefly hit $9909 on Coinbase, marking an 13 percent drop in 24 hours.
The bitcoin price pullback has continued into Monday morning. The weekend saw BTC and it’s crypto brethren plunge back below key support levels, many altcoins have dumped double digits. Bitcoin Price Hits Four Figures BTC price has declined ten percent in less than 24 hours.
In a dramatic twist, Bitcoin has in the last couple of days turned bearish. In its latest trend, the coin went into the weekend struggling to stay above $11K. This was evident as it slipped below this position on Saturday before recovering and getting back above it.
Crypto currency markets have slumped almost $20 billion as bitcoin and its brethren continue to slide this weekend. The digital avalanche picked up pace around an hour ago when BTC fell through resistance and $11,000 dragging all of the altcoins into the quagmire with it.
Another buy the dip opportunity might be coming A bullish week nonetheless, a good week to be a Bitcoiner Another week is coming to an end as we make it to the weekend and we are right where we started.
Bitcoin and crypto markets have been mostly sideways over the weekend. There has been little movement in either direction for BTC and most of the high cap altcoins and all eyes have been on the close of the weekly candle.
Bitcoin price spent the weekend consolidating as the action has all gone sideways for the time being. There was another dip down below $11,000 yesterday but BTC recovered back as it heads towards resistance once again.
After a strong rejection at $14,000, Bitcoin’s parabolic rally has been cut short, and the leading crypto asset by market cap is taking a much needed pause and correction after bringing investors over 300% gains since the start of 2019.
Over the weekend, Bitcoin price yet again shocked the crypto market and breached the important psychological resistance at $10,000, and soon after tested above $11,000 before a pair of violent rejections below.
The week is opening on a high note for Bitcoin as the top cryptocurrency makes a dash for the highs. Over the weekend, Bitcoin rose in price to break above the $8 mark, a level the crypto had slumped below as a result of a recent retracement that followed a daring spike to $9k.
The cryptocurrency community is once again on their toes wondering if Bitcoin can surge past $9,000 this weekend. It’s also worthy to note how fast the market sentiment has changed given that two days ago, a decline below $7,400 was expected.
Since Bitcoin was rejected at the $9,000 position late last week, the digital asset has had a troubling weekend. However, the slow drop during the weekend and at the start of the week has culminated in the early hours of Tuesday.
The market seems set to end the weekend on a bearish note. At the time of press, most cryptocurrencies have slipped into the red zone and particularly for Bitcoin has dropped below the $8,000 position yet again.
In the past 24-hours, the Bitcoin price has dropped 4 percent as it fell down to $7,535 level at one point today. Just on the weekend, Bitcoin price recovered to $8,100 and then went to about $8,300 this week.
Bitcoin and the entire crypto markets incurred some volatility over the weekend that allowed BTC to climb to highs of nearly $8,300 yesterday before quickly reeling back down to below $8,000. Today’s drop further confirms that Bitcoin isn’t quite ready to stabilize within the $8,000 region and may signal that a further pullback to $7,300.
Cointelegraph analyst and writer Marcel Pechman explains why the cryptocurrency market has lost 60% of its market cap, with the S&P 500 only about 15% from its all-time high.
Coinspeaker
Bitcoin Becomes Best Performing Asset in 2023 as BTC Consolidates Above $30K
Popular coin Bitcoin is up 80% in 2023 and is by far the year’s best-performing asset compared to gold and others.
Data shows Bitcoin has been more stable than gold, DXY, Nasdaq, and S&P 500 recently, here’s what history says could follow next. Bitcoin 5-Day Volatility Has Fallen Below That Of Gold, DXY, Nasdaq, And S&P 500 According to the latest weekly report from Arcane Research, BTC has been more stable than these assets for a record duration already this year.