After attempting to break past $10,000, Bitcoin has been on a gradual decline. The cryptocurrency recently fell as low as $9,475 on leading exchanges, crushed as buyers distribute coins at the crucial $10,000 resistance level.
Bitcoin price chart from TradingView.com
Bitcoin’s weakness comes as the U.S. dollar has bounced strongly from yesterday’s lows.
The U.S. Dollar Currency Index (DXY), a basket of foreign currencies against the dollar, is up approximately 1% from yesterday’s lows.
BTC underperforming on this price action may suggest that the cryptocurrency trades like gold — which is somewhat influenced by moves in the U.S. currency.
Bitcoin’s weakness also coincides with a strong drop in the stock market. The S&P 500 index is down 4% in the ongoing trading session, while the Dow Jones is down 4.6%.
This comes in spite of the Federal Reserve’s Jerome Powell announcing that its policy interest rate will be held at 0.00% for the next two years. This theoretically should be a boost to risk assets, but scarce investments like gold and Bitcoin should strongly benefit due to their limited supply.
Only $17 Million Worth of Bitcoin Contracts Liquidated
This move was not futures driven, according to data shared by derivatives tracker Skew.
According to the site, a mere ~$17 million worth of positions has been liquidated on BitMEX over the five-six hours that this drop from $10,000 to $9,500 took place.
$17 million, when discussing BitMEX liquidation events, is relatively small. The lack of liquidations and the lack of futures sell pressure is due to the relatively slow nature of the retracement, which was gradual rather than the rapid surges and crashes that Bitcoin is known for.
BitMEX liquidation data shared by crypto derivatives tracker Skew
Futures holders were not largely involved in this move lower, but they’re seemingly betting on upside.
According to Skew, the funding rate of Bitcoin futures contracts and the basis remained relatively high during this drop lower, suggesting investors were buying the dip in anticipation of upside.
Bulls Still In Control
The drop hasn’t been welcomed by Bitcoin investors but that’s not to say that the cryptocurrency is now decisively in a bearish state.
As reported by Bitcoinist previously, an analyst noted that Bitcoin just printed two macro indicators last seen at the start of the rally to $20,000 in 2016.
Bitcoin price chart shared by Certified Technical Analyst “Crypto Birb” (@CryptoBirb on Twitter).
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Millions Liquidated on BitMEX as Bitcoin Dives $500 From $10,000 Resistance origin »
Open Interest was rising across most assets, with BTC now approaching the next major OI resistance at $99K.
Bitcoin’s next move depends on breaking above the descending trendline that has rejThe post Bitcoin battles THIS resistance after 3 failed breakouts! - What next? appeared first on AMBCrypto.
Bitcoin price started a fresh rally above the $64,500 resistance zone. BTC is now consolidating and might struggle to surpass the $66,400 resistance. Bitcoin is up over 5% and now faces hurdles near the $66,400 zone.
BTC was approaching its resistance near its 200-day simple moving average.
Selling pressure on the coin increased in the last 24 hours.
Bitcoin [BTC] has been on a rising trend, and the The post Will Bitcoin enter a bull market? $64K resistance holds the answer! appeared first on AMBCrypto.
On-chain data suggests minimal resistance for Bitcoin, which could facilitate a rally toward a new all-time high (ATH). Almost All Bitcoin Investors Are Back In The Green With Latest Recovery According to data from the market intelligence platform IntoTheBlock, resistance looks light in the price ranges ahead.
Bitcoin price is correcting gains from the $52,500 resistance. BTC must stay above the $50,500 support to remain in a bullish zone this month. Bitcoin price is struggling to clear the $52,800 resistance zone.
Bitcoin price finally cleared the $36,000 resistance. BTC is showing positive signs and might continue to rise toward the $37,500 resistance. Bitcoin gained pace for a move above the $36,000 resistance zone.
Quick Take Information drawn from recent data analysis underscores the significant resistance that Bitcoin is encountering, with a price range from $26,419 up to $26,773. This resistance is critical because three different cohorts of average withdrawal prices are currently tagged as underwater, meaning that the current price is below the average price at which the […]
The post Bitcoin faces crucial resistance as submerged cohorts of hodlers affect market sentiment appeared first on CryptoSlate.
Bitcoin price is still consolidating above $29,500. BTC must settle above the $30,400 resistance zone to start a steady increase in the near term. Bitcoin is struggling to clear the $30,000 resistance level.
Bitcoin price is correcting lower from the $27,400 resistance. BTC could start a fresh increase if it is able to clear the $26,600 resistance zone. Bitcoin started a fresh decline after it failed to clear the $27,400 resistance.
Bitcoin price surged over 10% and cleared the $22,000 resistance. BTC must surpass $22,600 and $22,800 to continue higher in the near term. Bitcoin started a strong increase above the $21,500 resistance zone.
Bitcoin price is struggling to clear the $23,650 resistance. BTC must clear the $24,000 resistance to move into a positive zone in the near term. Bitcoin is struggling to gain pace for a move above the $23,600 resistance zone.
Bitcoin price is attempting an upside break above the $25,000 resistance. BTC could gain pace and rally if it settles above the $25,000 resistance zone. Bitcoin is struggling to clear the key $25,000 resistance zone.
Bitcoin price gained pace and cleared the $17,000 resistance. BTC is showing positive signs and might rise towards the $18,000 resistance. Bitcoin started a fresh increase above the $16,800 and $17,000 resistance levels.
Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC could start a strong surge if it clears the $20,500 resistance. Bitcoin is gaining pace above the $19,800 and $20,000 resistance levels.
Bitcoin is making another attempt at breaking out above a descending resistance line. If successful, it could increase towards $22,000.
The post Bitcoin (BTC) Potentially Targetting a Test of Resistance Near $22,000 appeared first on BeInCrypto.
Bitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing a strong resistance near the 100 hourly SMA. Bitcoin started a minor upside correction and climbed above the $20,000 resistance.
Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone. Bitcoin started a fresh increase and climbed above the $23,000 resistance.
Bitcoin (BTC) is on track for its first consecutive seven-week decline – a sign of negative price momentum. The relief bounce could stall with resistance nearby.
Bitcoin is facing resistance near $38,200 against the US Dollar. BTC remains at a risk of more downsides unless there is a move above the $39,000 resistance. Bitcoin is facing a major resistance near the $38,200 and $39,000 levels.
Bitcoin gained pace above the $47,000 resistance against the US Dollar. BTC is showing positive signs and might rally towards the $50,000 resistance zone. Bitcoin saw a major technical breakout above the $45,500 resistance zone.
Bitcoin (BTC) remains in a tight trading range, although buyers maintained support above $37,500 over the weekend. Upside appears limited given strong resistance beyond $40K.
Bitcoin (BTC) struggled to break above the $44K resistance level, although lower support at $40K could stabilize the current pullback. Stronger resistance is seen at $46K, although downside momentum could continue into the Asia trading day.
While the longer-term trend remains uncertain, the Bitcoin dominance rate (BTCD) is likely to break out above its short-term resistance.
The post Bitcoin Dominance Rate (BTCD) Makes Second Breakout Attempt Above Short-Term Resistance appeared first on BeInCrypto.
Bitcoin price broke the key $50,000 resistance zone against the US Dollar. BTC could continue to rise and it might soon clear the $52,000 resistance. Bitcoin started a fresh increase above the $49,500 and $50,000 resistance levels.
Bitcoin will continue its bull run that started in August, and after standing successfully to the recent psychological resistance at the $50,000 mark, it may cruise to the $100,000 mark with minimal resistance.
Bitcoin (BTC) broke out from a descending parallel channel on Sept 1 and is making an attempt at moving above the $51,200 horizontal resistance area.
The post Bitcoin (BTC) Breaks Out Towards $51,200 Resistance appeared first on BeInCrypto.
Bitcoin (BTC) is approaching a crucial resistance level created by a confluence of Fib resistances between $46,800-$47,800.
The post Bitcoin (BTC) Confidently Moves Toward $47,000 Resistance appeared first on BeInCrypto.
Bitcoin price started a fresh increase above the $40,000 resistance zone against the US Dollar. BTC tested the $45,000 resistance zone before it started a downside correction. Bitcoin gained traction above the $40,000 and $43,500 resistance levels.
The bitcoin (BTC) price has created a higher low after the May 19 crash and is currently approaching the first significant resistance area found at $41,200.
The post Bitcoin (BTC) Resumes Ascent Toward Resistance Zones appeared first on BeInCrypto.
Bitcoin price failed to clear the $37,500 and $37,800 resistance levels against the US Dollar. BTC is currently moving lower and it could continue to move down towards $34,000 or $33,000. Bitcoin is facing a strong resistance near the $37,800 and $38,000 resistance levels.
While a short-term decrease could occur, Bitcoin Cash is expected to eventually be successful in breaking out above this resistance line. Long-Term Bitcoin Cash Resistance The weekly chart shows that BCH has moved above the previous resistance area at $318, created by the 0.
Whether or not the Bitcoin Dominance Rate is able to break out above this resistance will be a major factor in determining the future trend. Bitcoin Dominance Attempts to Clear Resistance The BTCD was rejected on Nov.
Bitcoin price gained bullish momentum and it broke the $16,500 resistance against the US Dollar. BTC is likely to continue higher towards $17,000 as long as it is above $16,200. Bitcoin regained strength and it broke the $16,500 and $16,600 resistance levels.
The Bitcoin Dominance Rate (BTCD) is struggling to move above an important horizontal level, the reaction to which is crucial in determining the future trend. Breakout From Resistance The Bitcoin dominance rate has been declining alongside a descending resistance since reaching a high of 64.
Bitcoin price is slowly gaining momentum and it broke the $10,700 resistance against the US Dollar. BTC is up 5%, but it is still facing a major resistance near $10,800 and $11,000. Bitcoin is rising and it broke the $10,500 and $10,700 resistance levels.
Bitcoin has struggled immensely at the $12,000 resistance over the past two weeks. On at least four separate occasions over this time frame, the leading cryptocurrency has been cleanly rejected at $12,000.
Bitcoin rallied over 10% and it broke the key $10,500 resistance against the US Dollar. BTC is now trading nicely above $11,000 and it seems like the bulls are aiming a test of $12,000. Bitcoin extended its rally above the $10,000 and $10,500 resistance levels.
Bitcoin gained around 2% and it broke the $9,500 resistance against the US Dollar. BTC is currently consolidating gains and indicators suggest high chances of more upsides above $9,600. Bitcoin is up close to 2% and it surpassed the key $9,500 resistance level.
Throughout the month of June, there’s been a very high degree of correlation between the S&P500 (SPX) and Bitcoin (BTC). The former is approaching a significant resistance area, while the latter has already reached its own resistance.
Bitcoin broke a major resistance zone near $9,000 and $9,100 against the US Dollar. BTC price is gaining momentum and it could soon climb above $9,500 and test $10,000. Bitcoin started a strong rise and broke the key $9,100 resistance zone.
Bitcoin saw a notable overnight upswing that allowed it to rally past the heavy resistance that had previously been established around $9,200. The break above this level has led investors to become increasingly bullish as it grows ever more likely that BTC is about to start forming another leg up.
On April 2, the Bitcoin price broke out above an important resistance area found at $6,800. Afterward, it validated this level as support and has been increasing since, breaking through the $7,000 resistance level without difficulty.
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.
