Bitcoin (BTC) Plunges Below $7,500, Is This A Chance For The Bulls To Re-accumulate?

2019-5-17 14:29

After a fruitful couple of days for the market, the dreaded pullback has finally hit. In the last couple of hours, the market has been hit hard by the bears and has since seen a significant drop in prices. Bitcoin has dropped from highs of $8,000 and at the time of press has slipped further below the $7,500 mark to $7,281.

This has marked a drop of more than 8% from the last 24 hours. Over the last 24 hours, the market leader has dropped as low as $7,100 before finally finding support and bouncing back again. For now, remaining above the $7,000 support position is crucial.

Despite this significant drop, the coin remains bullish with the recent drop a mere pullback after a dramatic surge in the last couple of days.

What Triggered The Freefall?

According to reports, the plummet comes in the wake of several thousand bitcoin sell orders on crypto exchange Bitstamp. For analyst and product developer at Gnosis, Eric Conner, this is exactly the reason that triggered the sell-off. He stated:

“For reference, someone put a 5,000 BTC sell on Bitstamp, which BitMEX uses for 50% of its feed and it appears to have tripped some algorithms which made a cascade on BitMEX,”

While the sell is usual in the market, many traders and enthusiasts were hoping that given the market is on a positive trend, there would be a quick buy-back, keeping prices up. This was not the case and the delay could have seen prices drip. However, the recent plummet might just have given market bulls a chance to reaccumulate and make another dashing move over the next couple of days.

With the bottom in and the only way now for prices looking like up, this dip could be the chance for those looking to accumulate or re-accumulate to buy before the market can regain momentum and forge ahead in its previous trend. If this is the case, the next momentum should see prices breach the $10K position.

Altcoins Also Taking A Dip

Altcoins have also in the last couple of hours been taking a beating following in the trend of Bitcoin. In the last couple of hours, losses among top altcoins have spanned from 5% to 15%. From Ethereum and XRP, two of the largest altcoins, they have dropped by 12% and 11% respectively at the time of press. The total market value now stands at a little over $228 billion.

The post Bitcoin (BTC) Plunges Below $7,500, Is This A Chance For The Bulls To Re-accumulate? appeared first on ZyCrypto.

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

bitcoin couple hit market re-accumulate bulls 500

bitcoin couple → Результатов: 126


Bitcoin is the Asset Class Leader in 2019 Returns: BTC Blasts Past the Old-Guard Competition in Q1

With the beginning and end of the first quarter of 2019, we have seen more than enough fiscal forecasting to demonstrate a couple of things – the market is picking up some more space for one. And two – Bitcoin is bouncing back in a big way, outpacing its mainstream opponents in comparison. 2019 Returns…Bitcoin […]

2019-5-6 08:42


‘Super Interesting’ Bitcoin Needs US Govt Backing Before We Support Crypto: Goldman Sachs

By CCN. com: Goldman Sachs is waiting to throw its hat in the cryptocurrency ring until the U. S. government gives the asset a thumbs-up, American Banker reports. At the DTCC conference this week, Martin Chavez, global co-head of the securities division at Goldman, outlined that we shouldn’t expect to see the investment bank get more involved with crypto until it has solid backing.

2019-5-1 22:20


Though Bitcoin Scavenger Hunt Satoshi’s Treasure Just Begun, Side Quests Are Already Planned for Participants

Satoshi’s Treasure is a Bitcoin-fueled scavenger hunt that is helping the world to learn more about the crypto world, while cooperating their work with other players. The game was only launched a couple of weeks ago, but there is already a player that has created software that will give a significant advantage in this cooperation, […]

2019-4-30 02:01


Market Update: Bitcoin (BTC) Rallies Above $5,500, Key Target Achieved And On To $6,000

Bitcoin has secured one of its most key targets. In the last couple of hours, Bitcoin has crossed over above $5,500, breaking its most recent resistance positions of $5,400. With this achieved, the coin is currently aiming at a position above $6,000 and the new wave of green suggests that this will be done in […] The post Market Update: Bitcoin (BTC) Rallies Above $5,500, Key Target Achieved And On To $6,000 appeared first on ZyCrypto.

2019-4-23 15:44


Bitcoin (BTC) Holding On To $5,200 Position Firmly, Bulls Now Eye $5,400 With Max Keiser Predicting The Next Rally Will Be Triggered By “State Actors”

After a few days of marginal losses, the market has turned green again. In the last couple of hours, most coins have recorded gains although the numbers for most remains very low. Bitcoin (BTC) is at the time of press up by around 3%, a climb that has seen it find stability above $5,230.

2019-4-17 17:40


Bitcoin Finds Stability Above 5,200 as Analysts Claim BTC is Likely to Continue Surging

Bitcoin (BTC) has been able to continue maintaining stability in the lower-$5,000 region after experiencing some large and overwhelmingly positive volatility over the past couple of weeks. This price action has allowed most major cryptocurrencies to see major price gains that harken back to the massive gains seen in late-2017, with many cryptos surging 50%.

2019-4-10 03:00


Фото:

Algo-Based Trading Might Have More Impact on Crypto Prices Than Expected

According to a report published by Bloomberg on April 3, 2019, algorithmic hedge funds might be the agents that have caused the price of bitcoin to skyrocket in the past couple of days. Algorithms May Have Caused Potential Price Jump Bitcoin, the premier cryptocurrency which accounts for roughly 50 percent of the total market capRead MoreRead More.

2019-4-4 21:00


Bitcoin Killer? What’s New And Old With BitTorrent Inventor Bram Cohen’s ‘Chia’

If you ask its official website, Bram Cohen’s Chia project is the first “enterprise” digital currency. Forget Ripple, Stellar, or the host of stablecoins launched over the past couple years. It’s Chia – the “green” crypto project developed in answer to the question of Bitcoin’s high resource usage, which is the first enterprise-grade cryptocurrency.

2019-4-3 11:30