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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin (BTC) Correcting to $5,600 On the Table, Buyers Beware

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • BTC down 6.3 percent
  • Law enforcement could be behind Bitcoin Blender’s closure

In a week, Bitcoin Blender is the second BTC mixing service to close shop. It comes at a time when bulls are losing traction, casting doubt on the overall strength of the underlying momentum.

Bitcoin Price Analysis

Fundamentals

In a day that saw crypto assets, including Bitcoin (BTC), register losses, investors are unfazed. Their optimism stems from a firm conviction that fundamental factors will end up supporting prices. In turn, the foundation will be the springboard from where prices will rally to $10,000 and beyond.

According to Tom Lee, real FOMO is after prices inch past $10,000. It is a psychological mark, a base from where bulls will swing from even clearing the $20,000 mark. But even then, there is active liquidation as visible from Bitcoin trading charts.

After several attempts, it appears as if BTC at $9,000 is “expensive” with yesterday’s dump a testament. Unless there is strong momentum and bulls stem liquidation, absorbing sell shocks preventing drawdown below $7,500, bulls will be in control.

While at it, Bitcoin Blender, a BTC mixing service, is willingly shutting down. For those unaware, Bitcoin Blender is “a hidden service that mixes your Bitcoins to remove the link between you and your transactions. It adds an essential layer of anonymity to your online activity to protect against ‘Blockchain Analysis.’”

A report from Bleeping Computer reveals that users were given short notice to withdraw their funds. It is also the second mixer to fold in a week following BestMixer shutdown.

Candlestick Arrangement

Bitcoin BTC

At the time of writing, Bitcoin (BTC) is down 6.3 percent but up 6.8 percent from last week’s close. All the same, the uptrend is solid unless otherwise there is further sell-off by today’s close.

As it is, support is at $7,500, and because of May 30th losses slowing down the match to $10,000, BTC is back to the $1,000 range with limits at $7,500 and $8,500. Accordingly, and drawing our conclusion from the chart, any dip below $7,500 could see prices slide to $6,600 and even $5,600. That is if the breakout bar has above-average trading volumes.

Conversely, any spike, erasing gains of May 30th and invalidating the three-bar bear reversal pattern ought to be with high trading volumes cementing bulls.

Technical Indicators

With a three-bar bear reversal bar, May 30th’s bear bar remains a reference bar. It has high trading volumes of 31k exceeding May 26th of 19k affirming bears.

As such, if today ends up bearish or with a long upper wick, odds are prices could slide to $7,500 or lower as aforementioned.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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