NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Here’s Why Analysts Are Bullish After Bitcoin Price’s Rapid 7% Plunge

Nick Chong
Nick Chong
1 year ago
2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Earlier Sunday, Bitcoin (BTC) suddenly fell off a cliff after its latest bout of bullish price action. Within a few minutes’ time — yes, literally a few minutes — the leading cryptocurrency slipped by 7%, plunging from $9,150 to $8,600 (as low as $8,450 on some crypto exchanges). Altcoins followed suit, posting equally as harrowing losses, with Ethereum and XRP tumbling 6% themselves.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

Despite this strong drop, which comes as BTC was trying to flip the key $9,000 psychological and technical resistance into a support level on a macro basis, analysts have remained bullish on Bitcoin. Here’s why.

Bitcoin’s 6% Drop Is A Bullish Sign, Kinda 

Prominent cryptocurrency trader The Boot, who famously turned 0.6 Bitcoin into millions of dollars worth of the cryptocurrency in just over a year, noted that the selling volume seen after the 6% drop seemed “low AF.”

With this in mind, the trader asserted that it may be wise to “scale into buying the dip until proven wrong,” further explaining that a bearish setup, constituting a lower high and breaking support, has yet to form on the short-term charts.

sell volume after that 5m candle is low af. Imo – scale into buying the dip until proven wrong (via making a lower high and then breaking support established in between)

— TheBoot (@TheBootMex) January 19, 2020

Related Reading: Watch Out, This New Bitcoin Scam Is All Over Youtube

An analyst going by Thrillmex echoed this optimism, posting a tweet in the wake of the dramatic collapse. He showed in his tweet the BTC quickly wicked higher on the four-hour chart after briefly tapping the key supports at $8,463 and $8,577, implying something of a swing failure pattern or a “long liquidity hunt.”

While this long bottom wick isn’t indicative of a reversal, the fact that BTC managed to close the candle above the aforementioned supports shows that not all hope is lost for bulls.

Similarly, another trader pointed out that while the 200-day moving average was lost in this drop, the 9-day moving average has decisively held. This is important as Bitcoin has ridden the nine-day moving average higher over the past 10 days.

The fact that it is trying to hold this level could suggest that this drop is just a short-term correction before another push higher towards the $10,000s.

$BTC pic.twitter.com/1k498RLr1T

— Jonny Moe (@JonnyMoeTrades) January 19, 2020

Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain Beta
Featured Image from Shutterstock
Tweet123Share226ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

Dormant Bitcoin Wallet Moves $1.2B in BTC: Is A Major Sell-Off Coming?

Dormant Bitcoin Wallet Moves $1.2B in BTC: Is A Major Sell-Off Coming?

Bitcoin’s recent price momentum has encountered a pause following the latest US Consumer Price Index (CPI) release, which showed inflation...

Samuel Edyme 1 hour ago

Bitcoin Profit-Taking Spikes Without Price Drop – Strong Demand Or Delayed Reaction?

Bitcoin’s (BTC) on-chain activity has accelerated over the past few days, with the leading cryptocurrency by market cap hitting successive...

Ash Tiwari 2 hours ago
Bitcoin price whale news

Bitcoin OG Whale Moves 40,000 BTC To Galaxy, Triggering Market Shock

A single wallet that has sat untouched since 2011 jolted the market overnight, wiring 40,009 BTC—worth roughly $4.68  billion at prevailing prices—to...

Jake Simmons 4 hours ago
Load More

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Altcoins, alt season, crypto, Tron, SUI, Polygon

SUI Eyes 140% Move As Price Reclaims $4 – New ATH Imminent?

Rubmar Garcia 32 minutes ago
Crypto news Jerome Powell firing

Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Jake Simmons 48 minutes ago
비트코인 하이퍼, 프리세일서 250만 달러 유치… BTC 레이어 2모멘텀 가속

비트코인 하이퍼, 프리세일서 250만 달러 유치… BTC 레이어 2모멘텀 가속

Soyeon Lee 52 minutes ago

Premium Sponsors

Press Releases

  • e 3 coiny poniżej 1 dolara mogą zamienić 200 dolarów w...

    10 hours ago
  • ミームコインの価格急騰が続く中、注目の仮想通貨プレセールが50万ドルを突破し、次の100倍コインになる可能性がある。

    ...

    16 hours ago
  • 仮想通貨おすすめ|ビットコイン強気派の一休み中に買うべき銘柄

    ...

    16 hours ago
  • 2025年注目の新しい仮想通貨|Solana発 次世代ミームコインが投資家の期待を集める

    2025年注目の新しい仮想通貨|Solana発...

    17 hours ago
  • 2025年7月第2週にクジラが購入した注目のアルトコイン

    ...

    17 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.