Bitcoin Price Slides $500 Overnight, But Is A Steeper Selloff Brewing?

2020-12-8 17:07

Bitcoin price is now trading under $19,000, after repeated failure to sustain above its former all-time high and flip the former record from resistance to support. Since then, the leading cryptocurrency by market cap has fallen $500, but it could be the beginning of a short bearish phase to reset market sentiment, indicators, and more, before moving higher toward new highs once again.

Bitcoin Loses $19,000: Is This The Start Of A Chaotic Correction?

Bitcoin price closed its daily candle last night above $19,150, and this morning the price per BTC dove to as low as $18,650. Support at that level has held thus far, but with the bullish momentum starting to fade, the first-ever cryptocurrency has begun to look a little heavy.

Bitcoin price dropped $500 in the early overnight hours, but more downside is possible | Source: BTCUSD on TradingView.com

The seemingly unstoppable cryptocurrency is still far ahead of nearly every other mainstream financial asset in terms of 2020 returns, even with the $500 per BTC pullback. And even if the momentum does turn downward, any downside is likely to be short-lived, bought up with fury, and the cryptocurrency will be right back chugging along in its bull market in no time.

Related Reading | “Most Profitable Buy Signal” Triggers As Bitcoin Consolidates Below ATH

But not even Bitcoin can go up in a straight line, and although it has for several weeks now, when momentum turns it isn’t easy to stop – as the asset has shown toward the upside recently.

Bitcoin corrections can get deadly fast, is this time really different? | Source: BTCUSD on TradingView.com

Crypto investors shouldn’t forget, that although Bitcoin is as bullish as it gets right now, it is still the same cryptocurrency that crashed from $20,000 to $6,000 in two months, then from $10,000 to under $4,000 in less than a month in 2020.

The fact that the market isn’t considering this factor, could be its undoing, as traders step in to long the “dip” and create an environment for a “long squeeze” downward.

Related Reading | “Cyclical Nature Of Bitcoin” Could Provide Clues On Continuation Or Correction

Bitcoin very well could correct extremely hard, yet still rise after to the predictions analysts are making for next year, ranging from $100,000 BTC to $400,000 BTC.

The message here is don’t rule out anything and considering how volatile Bitcoin can get, and be ready for all potential outcomes. It also is wise at this point not to trade the cryptocurrency, or risking learning the true value of the phase “HODL.”

Featured image from Deposit Photos, Charts from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market former price bitcoin 500 cap fallen

Источник: newsbtc.com

market former → Результатов: 126


Фото:

Why Former Donald Trump’s Honcho Thinks Bitcoin’s Boom Won’t Hold Up For Long

A former White House worker is currently throwing jabs at the Bitcoin market. Gary Cohn is a former economic chief who worked in the Trump administration until April 2018 when he quit the job after disagreeing with some of the people within the administration who opposed his proposals about tariffs. Before working at the White […]

2020-12-3 22:09


US Dollar Will Crash “Faster and Harder,” Says Pro-Bitcoin Economist

A recent sharp pullback move in the US dollar market is insufficient to log a full-fledged upside breakout. So says Stephen Roach, the former chairman of Morgan Stanley Asia. The pro-Bitcoin economist wrote in an op-ed that the US dollar could fall by as much as 35 percent by the end of 2021 due to strengthening foreign currencies, rapid macroeconomic imbalances in the US, and the end of the American hegemony over global reserve assets. […]

2020-9-29 11:16


Фото:

Bitcoin Poised To Embark On A New Bull-Market Cycle Amid Lackluster Market Environment

The first quarter of 2020 for Bitcoin was as promising as it was unencouraging. Although the former was largely the mantra as regards forecasts, and while most predictions have been withdrawn or amended, the third quarter of the year is expected to present more favorable conditions for the Bitcoin market. While the first two months […]

2020-7-11 10:16


Фото:

Wirecard $2 Billion Scandal: Firm Files for Insolvency, Ex-CEO Arrested, User Funds Safe

Scandal-hit crypto card issuer Wirecard AG, a firm that has filed for insolvency because of its missing $2. 1 billion – but customer funds appear to be safe, for now. The news comes just two days after former chief executive officer Markus Braun was arrested by German police on allegations of falsifying accounts and market manipulation.

2020-6-26 00:30


Фото:

Renowned Crypto Analyst Teeka Tiwari Positively Highlights Crypterium’s CRPT Token, Calls for 700% Growth

Crypterium, the award-winning crypto bank founded by former VISA GM Steven Parker, and its native token CRPT, just received a resounding recommendation from respected market analyst, Teeka Tiwari.   The Palm Beach Letter editor’s nod comes directly from his detailed, 28-page investment report called The 2020 Phenomenon Playbook, where he ranks CRPT as the #1 crypto investment in the space among other top tokens.

2020-5-15 17:41


Former Bakkt CEO Dumped Up to $3.1M in Stocks Ahead of Market Crash After Covid-19 Briefing

The newest member of the Senate, Kelly Loeffler (R-GA) sold a million dollars worth of stock shares in the days after a private meeting on coronavirus (Covid-19) that hammered US equities. Appointed to her office by the Georgia state’s governor, Loeffler then put money into a technology company that sells telecommunicating software. On January 24, […]

2020-3-20 20:03


Horizen (ZEN) ranked first by active nodes, while Bitcoin (BTC) second

A renowned analyst is making a compelling case for ranking cryptocurrencies. Instead of taking into account their market capitalization, he puts emphasis on the number of nodes instead. CoinMarketCap rankings are “nonsense” Aat de Kwaasteniet, a former electrical designer at Vialis, explained in a Medium post that the way CoinMarketCap ranks cryptocurrencies is “highly questionable.

2019-12-1 21:19


Latest Numbers Show Bitcoin Derivatives Preferred by Institutional Investors

The Crypto Fear and Greed Index (CFGI) shows that retails investors are extremely fearful of the massive downturn the crypto market has taken over the past week, with Mark Dow, the former economist for the US Treasury and International Monetary Fund saying on Twitter that the Bitcoin is dying during the period of the sell-off. […]

2019-11-28 01:00


Фото:

Bitcoin ETF Could Help Stabilize the Market: Paul Atkins Backstage at The Capital

Paul Atkins, the former commissioner of the U.S. Securities and Exchange Commission, and Robert Greene, a visiting research fellow at the Center for Digital Financial Assets at Tsinghua University, spoke to The Capital backstage yesterday, during day two of CoinMarkCap’s […] The post Bitcoin ETF Could Help Stabilize the Market: Paul Atkins Backstage at The Capital appeared first on CoinMarketCap.

2019-11-14 08:06


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average.

Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.

Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average.

Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average.

Bitcoin Price Eyes Further Gains: Can It Keep Climbing?

Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone. Bitcoin started a fresh increase from the $65,200 zone. The price is trading above $67,500 and the 100 hourly Simple moving average.

Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?

Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and aiming for more upsides above the $67,500 resistance. Bitcoin extended losses and tested the $65,200 zone. The price is trading below $67,500 and the 100 hourly Simple moving average.