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.
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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.
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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.
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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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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 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.