• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Plunges Following Failed Breakout; Miner Selling Pressure Ramps Up

Cole Petersen by Cole Petersen
8 months ago
in Technical analysis, Bitcoin
Reading Time: 2min read
Chainlink Just Broke Its Bullish Market Structure for the First Time in Ages
Advertisement

Bitcoin has been caught in the throes of some immense turbulence throughout the past few days.

This volatility has primarily favored sellers, and today’s price action has only further enhanced the notion that further downside may be imminent for the benchmark cryptocurrency.

Following a speech from the Federal Reserve Chairman earlier today regarding the US Dollar’s inflation, Bitcoin and most other macro assets rallied higher, with BTC surging from lows of $11,200 to highs of $11,600.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This movement was short-lived, however, as the rejection it posted at $11,600 caused it to see a rapid decline back towards its recent lows.

This has resulted in the cryptocurrency flashing some intense signs of technical weakness, with one analyst now noting that a movement towards $10,500 is imminent in the coming few days.

Any potential downtrend in the near-term may be further bolstered by heightened selling pressure from miners. Data suggests that miners are beginning to move Bitcoin into exchanges at a rapid pace.

Bitcoin’s Technical Outlook Degrades Following Latest Rejection 

At the time of writing, Bitcoin is trading down just under 2% at its current price of $11,300. This marks a notable decline from recent highs of $11,600 that were set at the peak of the fleeting early-morning rally.

Analysts are noting that the rejection posted at these local highs was a grave sign for the crypto’s near-term outlook, as it shows that bulls don’t have enough strength to invalidate the heavy selling pressure that has been slowing its ascent.

The key support levels to watch in the near-term sit at $11,000 and $10,500. If BTC posts a strong reaction to either of these levels, then it may be able to continue its mid-term uptrend.

A break below both of these levels, however, would put it at risk of seeing a decline beneath $10,000.

One trader spoke about Bitcoin’s technical outlook in a recent tweet, noting that he expects to see $10,500 in the near-term.

“BTC: Clean sweep of the high into supply / OTE. We caught a short at $11506. Think we see accelerated to the downside soon,” he explained while pointing to the chart seen below.

Bitcoin

Image Courtesy of George. Chart via TradingView.

Heightened Selling Pressure from Miners May Perpetuate BTC’s Decline 

Analytics platform CryptoQuant explained in a recent tweet that a total of 280 Bitcoin was just moved to an exchange from a wallet associated with miners.

Although in isolation 280 BTC may not be enough to cause the crypto to slide lower, it may be a sign that further selling pressure from miners is imminent.

“280 BTC ($3,186,868) aggregated flows from miners to exchanges 2 hours ago. Be careful BTC downside risk from miners’ selling,” they noted.

How the market trends in the coming few hours should provide insight into the near-term significance of this latest rejection.

Featured image from Unsplash.
Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Ethereum

TA: Ethereum Corrects Losses, Here’s Why $2,300 Is A Major Hurdle

21 hours ago
Bitcoin

Bitcoin Price Nosedives $5K, Why BTC Could Extend Losses

24 hours ago
Bitcoin BTC

Why A Central Bank of China Official Said Bitcoin Has Major Role in the Future

1 day ago
Bitcoin BTC BTCUSD Dogecoin DOGE

How r/WallStreetBets Triggered DOGE Rally – Reasons for Bitcoin Sell-off

2 days ago
bitcoin price prediction

Bitcoin At $100,000: Estimating The Chance Of Six Figure BTC In 2021

3 days ago
bitcoin

Two Patterns, One Coin: Is Bitcoin Currently Bearish Or Bullish?

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Fly to the Moon and Win One of Three Tesla Cars with New Bitcasino Game, Live Crash

April 19, 2021

Cryptocurrency Exchange Gate.io Celebrates 8th Anniversary

April 19, 2021

eToro Adds Chainlink and Uniswap Amid Investor Surge For Crypto

April 19, 2021

Newsletter Signup


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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 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.