At the start of June, Bitcoin saw a crucial rejection at one of the most pivotal price levels: $10,500.
After surging to that region, the cryptocurrency plunged by $1,000 in the days that followed. It was a retracement that liquidated tens of millions worth of BitMEX longs in the process.
This drop was seen as bearish by many, with some traders likening the recent price action to February’s highs. After all, BTC experienced rejection at $10,500 in February, then crashed to $3,700 in the month that followed.
A pseudonymous analyst posted the chart below, drawing eerie parallels to BTC’s price action in February and in June. The insinuation is that Bitcoin could be about to see yet another dramatic crash.
Bitcoin analysis by trader “Il Capo of Crypto” (@CryptoCapo_ on Twitter). Chart from TradingView.com
Yet an analyst has explained that derivatives data shows that Bitcoin’s underlying market is anything like February.
Analyst Explains Why He’s Being a “Stubborn” Bitcoin Bull
There may be similarities between the recent price action and February but derivatives data shows underlying differences.
A cryptocurrency technician recently shared the image below, showing largely unseen differences between the two time periods.
It shows that in February, the derivatives market was screaming that Bitcoin was overbought. At the time, OKEx traded at a heavy premium to BitMEX, Coinbase traded at a premium to BitMEX, and funding was positive.
This confluence suggested that there were heavy futures and spot buying. This was likely done by traders building leveraged longs and retail investors buying into the Bitcoin hype.
BTC derivatives data/market analysis by crypto technician “Byzantine General” (@ByzGeneral on Twitter). Chart from TradingView.com
Now, there is a lack of premium between markets and periods of mostly negative funding rates. To the analyst that shared this data, this is a sign that Bitcoin is not currently overleveraged and overbought. This means it does have room to sustainably rally.
“Here’s why I’m being a stubborn bull. At the peak of the last rally in February, there were a lot of very clear signs that the market was overleveraged and overbought. But at the moment we don’t really have that.”
Other Market Signs Beg to Differ
Other market signs suggest that a retracement is likely, though.
Blockchain analytics firm IntoTheBlock is reporting that Bitcoin is “mostly bearish” per on-chain and exchange data. Namely, the momentum of traders in profit is suggesting a bear trend is in place.
Furthermore, network growth is currently stagnant while whale addresses are neither buying nor selling coins.
Also adding to the cautious sentiment, a trader said that Bitcoin’s recent price action is textbook distribution. He said on the matter:
“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume. We break to the downside, I’m not interested in $7ks. Much lower.”
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Chart from TradingView.com
Analysts Say Bitcoin Looks Like February's $10k High. Key Data Shows Otherwise origin »
It was a sea of red in the cryptocurrencies industry on Sunday as Bitcoin plunged below the resistance at $65,000. Bitcoin has plunged hard, a few days after it moved to an all-time high of $73,000.
Bitcoin surged past $12,000 on Monday morning, rallying as certain altcoins plunged. The move brought the cryptocurrency as high as $12,100. Just as fast as BTC rallied, though, it dropped. Just hours after $12,000 was tapped, Bitcoin plunged around $500 in the span of an hour, forming a “Bart” formation.
Over the past few days, Bitcoin has been subject to heavy volatility. After surmounting $10,000 on the weekend, the cryptocurrency plunged by 4% earlier this week, falling from $10,200 to $9,700 in a matter of minutes.
Bitcoin plunged deeply a day after it climbed above the $10,000 milestone. And according to one top market analyst, the cryptocurrency could still fall back towards $6,000. Full-time trader PentarhUdi confirmed that bitcoin is trending in a giant triangle since it established an all-time high of circa $20,000 in December 2017.
Earlier this week, Yahoo Finance and Investing. com both posted and shared an article that falsely claimed Bitcoin’s price plunged almost 56 percent in a single day. The article has most likely been written by a bot in a bit to drive ad revenue to the website due to the popularity of the topic.
Earlier this week, Yahoo Finance and Investing. com both posted and shared an article that falsely claimed Bitcoin’s price plunged almost 56 percent in a single day. The article has most likely been written by a bot in a bit to drive ad revenue to the website due to the popularity of the topic.
That Bitcoin SV (BSV) price rally is appearing to hit an end. The fifth-largest cryptocurrency by market capitalization suffered huge losses during the Friday trade as its rate plunged by up to 12. 36 percent.
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Bitcoin is looking to repeat a technical pattern that crashed its price to $3,120 in late 2018. The leading cryptocurrency by valuation made a rebound from levels near $13,920 during June 2019. It plunged by more than 53 percent in the later sessions, falling to establish a local bottom towards $6,410.
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Just minutes ago as of the time of writing this article, Bitcoin (BTC) plunged 3% within a few minutes’ time, falling from $8,750 to as low as $8,460 in a short time period. On some exchanges, this marked a new low for the day’s price action, traditionally a bearish sign.
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In the past few hours, the price of Bitcoin (BTC) has crashed, falling from the daily high of around $8,910 to a local low of $8,585, the lowest the cryptocurrency has traded at in around 18 hours. This represents a 3% drop in a matter of a few hours, which honestly isn’t that surprising considering... The post appeared first on NewsBTC.
After a strong uptrend that brought Bitcoin from $6,800 to $8,450 in a matter of a few days, the cryptocurrency market has started to take a massive breather. Since peaking at the key $8,400 resistance just the other day, the price of BTC has plunged by 8%, tumbling to $7,800 as of the time of... The post appeared first on NewsBTC.
Bitcoin continued to decline lower, while equities registered gains, after the tensions in the Middle East cooled. The benchmark cryptocurrency plunged 2. 44 percent to establish a new intraday low of $7,852.
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Earlier this month, Bitcoin (BTC) plunged as low as $6,400, marking a new multi-month low for the leading cryptocurrency. But as fast as the crypto dropped, it reversed, with BTC surging to $7,700 just last weekend on the back of bulls looking to buy in the $6,000s.
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Total bitcoin and crypto market capitalization has plunged below $200 billion a few hours ago. It is the first time these low levels have been seen for over six months. Signals of a return to crypto winter are strong.
Bears are back, and they’re back with a vengeance. As of the time of writing this, Bitcoin (BTC) is trading at $7,100, having plunged as low as $6,800 — an extremely important long-term price level.
Bitcoin’s bears roared last night after the cryptocurrency plunged below its key near-term support level at $8,700, although this BTC dip was met with decent buying pressure that allowed it to once again reclaim this support level.
Bitcoin just moved below $9,000 and is bringing the rest of the market down with it. Over the last 40 hours, Ethereum plunged over 6 percent, while XRP plummeted nearly 14 percent. The following technical analysis will evaluate where these three cryptocurrencies could be heading next.
The Friday before last, the Bitcoin futures contract on the Chicago Mercantile Exchange (CME) closed the week at $8,715. It was a strong performance, especially considering that on Wednesday of that week, the leading cryptocurrency had plunged to $7,300 in a flash crash event.
Yesterday, Bitcoin (BTC) plunged by $300 in literal minutes, falling to as low as $9,200 after consolidating in and around $9,500. There were many saying that this flash crash-esque move validated their bearish analyses, which...
Over the past 30 minutes, Bitcoin (BTC) has plunged by $300 from $9,515 to $9,200. As such, the cryptocurrency is now trading 3% down on the day. While this wasn’t a decisively bearish move in and of itself, a sentiment that “the rally is over” is starting to bubble in trading circles.
Last Friday, the Bitcoin futures contract on the Chicago Mercantile Exchange (CME) closed the week at $8,715. It was a strong performance, especially considering that on Wednesday, the leading cryptocurrency had plunged to $7,300 in a flash crash event.
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Crypto markets are again under pressure. After a short stabilization yesterday, Bitcoin resumed its slide and briefly plunged below $8000. The rest of the market followed suit, most coins showing single-digit losses with few exceptions.
This week’s big bitcoin dump has been largely anticipated by traders and analysts. The ominous looking technical triangle played out how they expected and BTC plunged 20%. The altcoin situation however is worsening as crypto winter threatens to return for many of them, this will not make pleasant reading.
Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.
Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone.
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone.
Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.
Elon Musk’s crypto investments have soared to staggering new heights, with the combined Bitcoin holdings of Tesla and SpaceX reaching an estimated value of $2 billion.
