After rallying 5% from the weekly lows, the Bitcoin bull trend has petered out once again. This weakness culminated in a drop below $9,000 just minutes ago, marking the lowest price BTC has traded at in approximately three days.
Bitcoin price chart from TradingView.com
While the price action has been weak, few bulls have been liquidated.
Data shared by Skew.com, a crypto derivatives tracker, indicates that less than $1 million worth of long positions on BitMEX were liquidated over the past hour. Millions more worth of longs were liquidated multiple hours ago, but they were far from the volatile liquidation events seen earlier this week.
Chart of BitMEX liquidations over the past three days from Skew.com
Bitcoin’s latest leg lower has caused some to reaccess the BTC bull case, with one trader going as far as to say that the price action looks “ugly.”
Bitcoin Analysts Fear the Worst Is Yet to Come
In response to the latest bout of weakness from the $9,300 weekly highs, one popular crypto trader said that “bulls need to really step up,” or else risk a retracement towards the low-$8,000s.
His chart indicated that the latest move lower is forcing BTC below three support levels: an uptrend formed in April, the equilibrium of the $7,200 to $10,500 range, and an Ichimoku Cloud level.
Data from blockchain intelligence firm IntoTheBlock shares an equally-as-harrowing outlook.
Five of seven of the site’s core signals — Smart Price, Net Network Growth, In The Money, Bid-Ask Volume Imbalance, and Large Transactions — are currently printing “bearish signals.”
They show that users of the Bitcoin blockchain, along with traders of BTC, are currently indicating that there is more downside in the market.
Data from IntoTheBlock
Fundamental Factors Still Favor Bulls
Contrasting the bearish technical outlook are fundamentals.
Mike McGlone — senior commodities strategist at Bloomberg Intelligence — recently opined that “key indicators support Bitcoin’s ability to sustain above $10,000” in the near future. These include but are not limited to:
The growth in active Bitcoin addresses, which normally occurs in bull markets as it signals an increased number of users. An analysis of BTC’s active addresses earlier this month by McGlone found that Bitcoin could be sustainably trading as high as $12,000.
There is a record amount of open interest in the CME’s Bitcoin futures market, likely due to the introduction of Paul Tudor Jones.
Grayscale Investments is holding more assets under management than ever before, showing Bitcoin is experiencing Wall Street and institutional adoption.
Key indicators support #Bitcoin's ability to sustain above $10,000. Increasing addresses used, record-high futures open interest and assets under management (AUM) of GBTC support the digital version of gold's value and the crypto's similar direction to the advancing metal. pic.twitter.com/jMWw6Cz97u
— Mike McGlone (@mikemcglone11) May 21, 2020
Featured Image from Shutterstock origin »
Bitcoin (BTC) is currently under pressure from macro risks and any retracement below $90,000 presents a “medium-term” buying opportunity, according to Standard Chartered head of digital assets research Geoffrey Kendrick.
Bitcoin’s drop to below $50,000 on Aug. 5 marked the largest drawdown in the current cycle, resulting in substantial profit losses and liquidations. And while BTC has shown solid signs of recovery since then, consolidating around $60,000, the market still remains cautious as it recently dipped below this psychological support.
The rising leverage ratio and Open Interest might be holding Bitcoin back.
The pitchfork and 200 DMA support failure pointed to a price drop below $60k.
Update - Within hours of publication,The post Will Bitcoin fall below $50K again? Assessing where BTC's bottom is appeared first on AMBCrypto.
Bitcoin has remained below the $60,000 price range.
Accumulation has increased after months of distribution.
Bitcoin [BTC] has been persistently trading below the $60,000 mark, and recent daThe post Bitcoin below $60K: A magnet for major market players? appeared first on AMBCrypto.
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In a turbulent 24-hour trading session, the cryptocurrency market saw nearly $200 million wiped out in liquidations as Bitcoin price dropped below $61,000. This sharp decline triggered a wave of liquidations, affecting many investors and traders.
The new week has been quite bearish for bitcoin, with the price witnessing major crashes below multiple support levels. After losing its footing above $71,000, it has plunged further below $67,000, signaling the start of a downtrend.
Bitcoin price took a hit and even spiked below $60,000. BTC could gain bearish momentum if there is a daily close below the $60,000 support zone. Bitcoin started another decline and traded below the $61,200 zone.
Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels. Bitcoin is moving lower and showing bearish signs below $27,000.
Bitcoin price is still struggling below the $29,650 zone. BTC could gain bearish momentum if there is a close below the $29,100 support. Bitcoin is showing a few bearish signs below the $29,650 zone.
Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone. Bitcoin is gaining bearish momentum below the $29,500 support.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
BCH failed to reclaim the $300 psychologicaThe post What next as Bitcoin Cash drops below $300? appeared first on AMBCrypto.
Bitcoin price is moving lower below the $30,500 pivot level. BTC could decline heavily if there is a close below the $29,800 support zone in the near term. Bitcoin is moving lower below the $30,500 support zone.
After witnessing some recovery in the past week, Bitcoin topped out at resistance and initiated a heavy drop below the previous low. It lost 6% in the dip and has shown no sign of stopping at the moment.
Bitcoin price is down 5% and trading below the $26,000 level. BTC is now at risk of a move toward the $25,000 support in the near term. Bitcoin started a sharp decline below the $27,000 level. The price is trading below $26,500 and the 100 hourly Simple moving average.
Bitcoin price started a fresh decline below the $27,500 support. BTC is now showing a lot of bearish signs below the $27,400 pivot level. Bitcoin started a fresh decline and tumbled below the key $27,500 support zone.
Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500. Bitcoin is moving lower and trading below the $28,200 pivot level.
Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500. Bitcoin is moving lower and trading below the $28,200 pivot level.
Bitcoin price is moving lower and trading below $25,000. BTC remains at a risk of a downside break if it stays below the $25,200 resistance zone. Bitcoin started a downside correction below the $25,500 support zone.
Regulatory crackdowns, selloffs in equities, concerns over higher interest rates, and the proposed tax on electricity used in cryptocurrency mining have contributed to Bitcoin's recent decline below $20,000
Bitcoin price is moving lower below the $22,200 level. BTC could take a hit if there is a close below the $22,000 support zone in the near term. Bitcoin is showing bearish signs below the $22,500 resistance zone.
Bitcoin price is consolidating below the $22,000 resistance. BTC could decline heavily if there is a daily close below the $21,500 support. Bitcoin is showing a few negative signs below the $22,000 resistance.
The Bitcoin price has struggled below $17,000 for multiple weeks now, and it recently dipped below the $16,900 mark. This downward move on the Bitcoin chart could be attributed to the recent Federal Open Market Committee (FOMC) minutes.
Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels. Bitcoin extended its decline below the $17,000 and $16,500 support levels.
Bitcoin price declined heavily and traded below $17,000. BTC is consolidating losses and remains at a risk of more losses below the $16,500 support. Bitcoin started a fresh decline below the $17,200 and $17,000 support levels.
Bitcoin price is struggling below the $19,200 support against the US Dollar. BTC remains at a risk of more losses below the $18,500 support in the near term. Bitcoin is showing bearish signs below the $19,200 and $19,500 levels.
Bitcoin price is slowly moving lower below the $19,200 support against the US Dollar. BTC could slide further if there is further escalation in Russia-Ukraine war situation. Bitcoin is slowly moving lower below the $19,200 and $19,000 levels.
Recent on-chain metrics suggest that a Bitcoin (BTC) bottom might be forming, but the chances of the flagship asset dropping below its lowest value are increasing due to weak volume.
The post Research: Persistent low volume could cause Bitcoin price to plummet to $12k if it falls below $17.5k appeared first on CryptoSlate.
Bitcoin settled below the $21,000 support zone against the US Dollar. BTC is showing bearish signs and remains at a risk of a major breakdown below $20,000. Bitcoin struggled to correct higher and stayed below the $21,000 resistance zone.
Bitcoin (BTC) has closed two consecutive bearish weekly candlesticks and has nearly fallen to a new yearly low below $20,000.
The post Bitcoin (BTC) Closes Second Consecutive Bearish Week, Falling Below $20,000 appeared first on BeInCrypto.
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Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels. Bitcoin is slowly moving lower and trading well below the $25,000 level.
Bitcoin is slowly moving lower below $24,500 against the US Dollar. BTC could drop in the short-term if it stays below the 100 hourly SMA. Bitcoin started a downside correction after it failed to settle above $25,000.
According to CoinGecko, the most prominent cryptocurrency in the world plummeted by 3. 5% in the last 24 hours. Bitcoin gave up all of its gains from last week as it fell below $20,000. BTC’s price on the market right now is $19,750, and the weekly gain is in the red with a 2.
Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone. Bitcoin started a fresh decline from the $31,750 region. The price is now trading below the $30,000 level and the 100 hourly simple moving average.
Bitcoin (BTC) reached a high of $32,399 on May 31 but fell the next day and has dropped below $30,000 once more.
The post Bitcoin (BTC) Fails to Sustain Upward Movement and Drops Below $30,000 appeared first on BeInCrypto.
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Bitcoin slipped below $32,000 on Monday and is dangerously close to breaking the $32.5k…
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Bitcoin started a strong decline below the $37,500 support against the US Dollar. BTC even traded below $35,000 and might continue to move down towards $32,000. Bitcoin started a strong decline below the $36,500 and $35,500 levels.
Bitcoin, the flagship cryptocurrency has remained below $40,000 over the past few days. The broader market correction has pushed altcoins to trade below their key support levels. Ethereum was priced below $3000 as the coin was rejected from the aforementioned price level.
Bitcoin, the flagship cryptocurrency has remained below $40,000 over the past few days. The broader market correction has pushed altcoins to trade below their key support levels. Ethereum was priced below $3000 as the coin was rejected from the aforementioned price level.
Bitcoin started another decline below the $40,000 level against the US Dollar. BTC could extend losses if it stays below the $40,000 resistance zone. Bitcoin started another decline after it failed to clear the $40,000 resistance zone.
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.