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Bitcoin Price Key Highlights
- Bitcoin price resumed its drop as price is now breaking past the mid-range area of interest.
- This could put it on track towards testing the range floor at the $6,550 level.
- Technical indicators are confirming that selling pressure is still in play.
Bitcoin price seems poised for more losses as it reeled from Kashkari’s remarks and is setting its sights on the range bottom.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff is more likely to continue than to reverse.
The 100 SMA also seems to have held as dynamic resistance and would likely keep further gains in check in another pullback. The gap between the two moving averages is also widening to reflect strengthening bearish pressure.
RSI is pointing down to confirm that sellers are in control and could further weigh on bitcoin price. Similarly stochastic is on the move down to show that bearish momentum is present. In that case, bitcoin price could make it all the way down to the bottom of the range.
However, both oscillators are also nearing oversold conditions to reflect bearish exhaustion. If buyers return as the oscillators pull up, the middle of the range could attract some buyers and lead to a bounce back to the top.
Market Factors
FOMC member Neel Kashkari had some negative remarks on the cryptocurrency industry this week, and the lack of positive catalysts left these altcoins vulnerable to selling pressure. He noted:
It’s a clever idea that some people came up with, but now it’s being taken to ridiculous extremes. The barrier to entry to creating a new cryptocurrency is zero.
Furthermore Kashkari mentioned:
If you can dupe enough people to buy it, you can pretend that you’ve launched something. And you can say, ‘Look, I’m a billionaire because I sold you one. And I own the other 999 million of them, so that means I’m a billionaire! So it has become a farce…I’m seeing more noise and more fraud than I’m seeing anything useful.
Hello Man 
person5020 
CS41Y 
AssFirstNews 
Joe Bloggs 
critical_thinker 
james lisborn 
I don’t see the correlation between 1 fudder and massive selling. Who cares what he thinks, it’s an opinion. Not everyone likes crypto and not everyone thinks the coins can be a real use case, we know that. But in the future they will all adapt to the changing times or be left behind.
I sometimes wonder if not only this recent sell-off, but most of btc woes this year, was simply due to the Mt. Gox whale selling off coins. We all like to find a pattern in things, blame some remark or some possible regulation for a price drop … but thinking logically, most of the ‘negatives’ that have dropped the market this year barely mattered. And some of the good things didn’t have the positive impact one would expect either. If a whale out there has an endless supply of coins to dump, it could explain everything… much simpler explanation than thinking fud from so and so caused a major drop.
That argument doesn’t seem very logical or coherent. I can’t actually make out what he is exactly referring to. And he seems overly focused on someone claiming to be a billionaire for some reason. In either case it doesn’t really say anything meaningful. He sounds like a toddler throwing a tantrum.
NEWS FLASH:
Satoshi Nakamoto is coming forward for the first time in history with the intention of liquidating 100% of his Bitcoin stash, which is estimated at somewhere around one million coins. His goal is to completely implode the entire crypto market; and he expects that by the time he’s done selling everything, a single Bitcoin will be back down to about a nickel apiece…
So why would you care, you just need to make sure you don’t own any, ever, please promise me you will never buy crypto… I look forward to any chance to buy at lower levels.
I actually still have 30 of them. I had acquired 83 for about $59 each back when it was trading at around $2,200 apiece. Do you think say 20 or so will make me a few million anyway in the next couple 2 or 3 years or so? I’m currently selling it off at a rate of 0.01 BTC per day, 5 days a week, which is obviously not much of an income at the current price. I still haven’t given up hope that I might be able to land another 100 to 300 coins “on the cheap” again in the coming months to a year or so, but I’m not counting my chickens there yet. Anyway, thanks for your help and all the encouragement…
So why the fake Satoshi story and how can you get such a cheap BTC price with luckily someone making a sell error or without scamming people? You deserve worse coming out with fake statements.
The Satoshi story is OBVIOUSLY faked to anyone with any wits. I was “joking,” dude! If you can’t perceive an obvious joke, then you’re a fool. As far as HOW I managed to acquire the Bitcoins at $59 apiece when the retail price was at $2200, I had purchased several different “altcoins” at dirt cheap prices before the big boom in altcoin prices that started taking place in January 2017 and peaked during May a week before Memorial Day (this same time last year). Then I exchanged all those altcoins BEFORE they crashed for Bitcoins and ended up with 83 BTC for an investment of LESS than $5,000. For instance, I had purchased 130,000 of the Ripple (XRP) coin when the price was at a HALF PENNY! Then later on the price went to FORTY CENTS and I ended up selling those at THIRTY CENTS. Does that tell you anything, smart ass? You best watch your mouth, boy, going around accusing people of shit that might get you into trouble…
I laugh in your general direction, you seem to be unable to use clear and concise English and have an inability to understand fundamental concepts too. A joke is not very comedic if only you know that it’s a pseudo anecdote!? Furthermore, your changing point of view and tone doth not butter my parsnips…
You clearly stated that you acquired 83 BTC for $59 each, you clearly did not, there is a big difference between exchanging tokens through ‘pump and dump’ and re-exchanging them for BTC than simply acquiring them in a Fiat transaction as you implied. F.Y.I. I’ve been using BTC since 2012.
Hmmm… Yes, I used the word “acquire,” which Webster’s defines as — “buy or obtain (an object or asset) for oneself.” So I did not use the word “acquire” out of context.
Otherwise, my “effective” cost per Bitcoin was $59. But no, I didn’t pay cash. Sorry I didn’t spell it all out for you in verbatim terms.
I’m not really getting what you are referring to in terms of “pump and dump,” but it appears you’re referring to where I bought different altcoins at a low price, waited for those coins to appreciate in value over a course of like six (6) months, and then exchanged them for Bitcoins. That is called “investing long” on an asset, as opposed to short-term trading such as with “day-trading” in the stock market. So if you didn’t know, long-term investing and short-term investing of assets also takes place in the stock market.
It’s not called pumping and dumping. Pump-and-dump schemes are when a group of people get together and simultaneously work as team to buy up an asset, which could be either a cryptocurrency or a stock, with the goal of artificially inflating the asset’s value so they can sell off quickly at a profit, which in turn causes the value of the asset to crash.
That is not what I personally was doing. As far as why the Ripple coin, for instance, went from a half-cent to 40 cents in the course of just a few months, I don’t know know the answer to that. All I know is that I had “acquired” 130,000 of them at an “effective” cost of $0.0065 and later exchanged them for approximately 17 Bitcoins valued at about $39,000. So I made a (taxable) profit of about $38,000 on an $845 investment. I had taxable income from cryptocurrency trading of $490,000 in 2017.
Anyway, if you want to believe I was pumping & dumping coins then that is OK with me. I actually sort of like the sound of that.
As far as you stating that you’ve been involved with using Bitcoin since 2012, I honestly find that amazing! I actually envy that, becsuse I didn’t become introduced to it until 2015; and even then, I didn’t make any investments in cryptocurrencies until December of 2016.
So I congratulate for evidently being something of an early adopter of Bitcoin. I would also sort of hope to think you’ve managed to become a multi-millionaire from Bitcoin since 2012, but my impression right now anyway is that you have not made even close to as much money as I’ve made. Of course, you can feel free to correct me if I’m wrong there.
All I know for sure is that if I had become educated about Bitcoin in 2012, I would be exceedingly rich right now.
Anyway, good luck with your endeavors in the future. No hard feelings. And take care…
This info is categorically false.
it’s cycling up and down nicely in the 6k-10k range. Three times this year. Perhaps a 4th. A nice little pump and dump earner.
It was nice of him to convey to the world that he either knows nothing about the fundamentals of Bitcoin and the other 10% of important cryptocurrencies or that he is misrepresenting what he knows in order to manipulate the market. In both cases it represents the quality of people who are a the top of this old economic system. If confirmation was needed, then there you have it, clueless and or corrupt…
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