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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Price Drops 7% Due to Weak Technicals, Intensifying Sell Pressure

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

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  • Bitcoin (BTC) is down 7.7 percent from last week’s close.
  • Steven Mnuchin, the U.S. Secretary of Treasury, is calling for unity amongst regulators.

The U.S. Attorney’s Office of the Southern District of New York has charged Jon Barry Thompson of Volantis Escrow Platform LLC, for lying and stealing $7 million from clients. Meanwhile, BTC prices are consolidating above $9,500.

Bitcoin Price Analysis

Fundamentals

The principal owner of Volantis Escrow Platform LLC, Jon Barry Thompson, has been charged by the U.S. Attorney’s Office of the Southern District of New York for fleecing clients off $7 million, CoinDesk reports.

Charging Jon against two counts, each of commodity and fraud, the court found the owner of the Bitcoin escrow company culpable. The plaintiff accuses him making a false representation on the extent of his custody over digital assets.

In a statement, the prosecution team said:

“As his clients soon realized, however, Thompson’s representations were false, and these cryptocurrency investors ultimately lost all of the money they had entrusted with him because of his lies.”

While at it, Steven Mnuchin, the U.S. Secretary of Treasury, has reiterated his concerns that Bitcoin is a tool for money laundering. He is now urging for regulatory collaboration, he said:

“We’re looking at all of the crypto assets. We’re going to make sure we have a unified approach, and I guess that there are going to be more regulations that come out from all these agencies.”

Ironically, for all his criticism of Bitcoin, Mnuchin is one the many businessmen and politicians accused of tax evasion as per the bombshell Paradise Papers of 2017.

Candlestick Arrangement

Bitcoin BTC

At the time of writing, BTC is under pressure. Dropping 2.9 percent and 7.7 percent respectively in the last day and week, bears are back. From the chart, BTC price is in consolidation mode above $9,500.

As such, and in sync with previous BTC/USD trade plans, aggressive traders can short the coin while aiming at $9,500 and $7,500 in days ahead. Advising this preview are technical factors. One of them is the inability of bulls to be consistent and reverse losses of July 16.

From previous mentions, this is bearish if the analysis is from a top-down approach or even from the effort versus result point of view. Therefore, although bulls have a chance above $11,200, risk-off traders can liquidate their holdings with targets as aforementioned.

In light of this, the best course of action is to maintain a neutral stance until prices either surge above $11,200 igniting buyers, or dump below $9,500 in a sell-off.

Technical Indicators

Leading this price action will be July 16 bear candlestick. Unique and wide-ranging, the bar has above-average trading volumes of 43k. Any definitive breakout above $11,200 or $9,500, therefore, ought to be with high participation exceeding 43k. Only then will traders either short the retracement or buy the dips with targets at $14,000 or $7,500 respectively.

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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