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: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
  • 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: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Could Fall Another $1,000 According to This Textbook Indicator

Yashu Gola
Yashu Gola
1 year ago
3 mins read
bitcoin, btcusd, cryptocurrency, crypto

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.

  • Bitcoin plunged by 18.79 percent after closing above $10,000 late Friday.
  • The cryptocurrency found a short-term support area above $8,000, prompting traders to predict a $10,000-top retest.
  • But a conflicting technical indicator sees bitcoin continuing its bearish correction.

The “Bitcoin Halving” euphoria helped the cryptocurrency rise from its mid-March low of $3,858 to as high as $10,079 this Friday. But the so-called bullish event failed to convince traders about sustaining the price above the market’s latest top.

The benchmark cryptocurrency fell by 18.79 percent less than a week after closing above $10,000. Traders seemingly decided to “sell the top” to extract short-term profits, causing the deep price pullback. Data provided by CryptoDiffer showed that exchanges liquidated about $1.22 billion worth of bitcoin positions on May 10 alone.

bitcoin, btcusd, cryptocurrency, crypto
$1.22 billion liquidated off Bitcoin exchanges | Source: CryptoDiffer

The liquidations pinched a hole in Bitcoin’s inflating price balloon. The BTC/USD pair recovered in early New York session on Monday – the day of the halving – after Paul Tudor Jones, a billionaire hedge fund manager told CNBC about the 1-2 percent bitcoin holdings in his $22 billion fund. Nevertheless, the price fell at closing hours.

Bitcoin 1D Support

The downside correction over the weekend and the beginning of this week failed to extend below $8,100 – twice in a row. The price tested the said level – once leading to a sharper upside pullback above $9,100. But bears showed an equally-strong resilience as they kept the jump from flourishing into a price rally.

bitcoin, btcusd, cryptocurrency, crypto
BTCUSD bounces after testing $8,100 as support | Source: TradingView.com, Coinbase

The support level (blued) also coincided with bitcoin’s 200-daily moving average (orange), providing an additional layer of flooring to defend the prevailing bullish bias. Meanwhile, a long-term descending trendline (blacked) held an equally protective stance for bears.

But, according to top analysts, bitcoin has every reason to continue its prevailing bull run. Macroeconomic factors, including central banks’ open-ended stimulus programs and “halving” itself, has led bulls to predict a seven-figure bitcoin scenario.

“Bitcoin could hit $115,212 in Aug 2021 based on the change in the stock-to-flow ratio across each halving,” said Dan Morehead, CEO of Pantera Capital, as he referred to a popular scarcity-based price model.

Near-term Breakdown

Meanwhile, there is a string of prevalent market risks that equally engulfs the Bitcoin market.

A further rise in the Coronavirus pandemic, for instance, could lead both retail and institutional investors to dump their risk-on assets for cash, as they had done in March 2020. And based on the latest evidence, coronavirus cases are emerging again in countries that claimed to have “flattened the curve.”

Away from fundamental narratives, the bitcoin price could still crash by $1,000 only on technical sentiments. A popular but pseudonymous crypto trader made that prediction on Tuesday via a graph that showed bitcoin trending inside a bear flag.

bitcoin, btcusd, cryptocurrency, crypto
BTCUSD trending inside a bear flag, eyeing a breakdown | Source: CryptoHamster

“Sometimes [the] bitcoin price follows the simplest patterns,” the trader stated. “Here is a bear flag with the target around $7,650, which also matches a high trading volume/support zone and the 38.2% Fibonacci retracement level.”

Photo by Muzammil Soorma on Unsplash


Since you’re here… Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tweet123Share217ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

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

bitcoin-consolidation-zone-revealed-hyper-raises-17-5m-layer2-tw

比特幣價格盤整關鍵區間曝光 HYPER預售狂吸1,750萬美元成Layer 2潛力新星

比特幣正在穿越一條不穩定的技術走廊。115,580美元的當前價格看似堅挺,實則處於多重變數的交界處。技術圖上,一個寬幅上升楔形正壓縮著短期走勢,每一次觸碰116,300美元的50日均線,都像是在撞擊市...

Mark Mak 1 hour ago
Bitcoin Price Dips Again

Bitcoin Price Dips Again – Could This Spark Panic Selling Across Crypto Market?

Bitcoin price extended losses after it traded below $115,000. BTC is now moving lower and might even test the $110,500...

Aayush Jindal 1 hour ago
dogecoin-x5-prevente-maxi-doge

Grayscale Files For New Dogecoin ETF Amid Approval Expectations, Is The Next Price Surge Coming?

Grayscale is making a big move with Dogecoin as the digital asset management company has submitted papers to launch a new...

Sandra White 2 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

Bitcoin Faces Bearish Pressure As Exchange Inflows Stay Elevated – Will BTC Lose $112,000 Support?

Ash Tiwari 14 minutes ago
Ethereum Price Drops Hard

Ethereum Price Drops Hard – $4,000 Now Crucial Line Between Bulls and Bears

Aayush Jindal 1 hour ago
Dogecoin

Dogecoin Warning: Double Top Formation Hints At Decline – Analyst

Christian Encila 1 hour ago

Premium Sponsors

Press Releases

  • 5 mincí, které by v kryptobublině v roce 2025 mohly dosáhnout 10 miliard dolarů

    5 mincí, které by v kryptobublině v roce 2025 mohly...

    9 hours ago
  • 5 érme, amelyek 2025-ben elérhetik a 10 milliárd dollárt a kriptobuborékban

    5 érme, amelyek 2025-ben elérhetik a 10 milliárd...

    10 hours ago
  • 5 monet, które mogą osiągnąć 10 miliardów dolarów w bańce kryptowalutowej w 2025 roku

    5 monet, które mogą osiągnąć 10 miliardów dolarów w...

    10 hours ago
  • 5 монети, които биха могли да...

    11 hours ago
  • Pet kriptovaluta koje u kripto balonu 2025. mogu dosegnuti tržišnu vrijednost od 10 milijardi dolara

    Pet kriptovaluta koje u kripto balonu 2025. mogu dosegnuti...

    12 hours ago

Newsletter

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.