Bitcoin Volatility Kicks Into Overdrive After ATH Set, 7% One Hour Drop Follows

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:08 pm

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.

Bitcoin price yesterday shocked the finance world by setting a new all-time high. With resistance around this area still strong, and with so many cryptocurrency investors in profit for 2020, extreme FOMO and profit-taking is causing wild volatility resulting in more than $1,000 intraday moves.

This morning, exactly that happened, when after retesting yesterday’s peak, a rejection sent the price per BTC diving by 7% in less than an hour, shaving over a grand of the price of the top cryptocurrency.

Bitcoin Sees $1,500 Rejection At Retest Of New All-Time High

In the early hours of Tuesday morning, before the US stock market opened, Bitcoin price set yet another peak high – a feat that should be commonplace from here on out.

But a rejection at the high sent the leading cryptocurrency by market cap tumbling down by $1,500 and is now trading at $18,450 at the time of this writing. With volatility so high and prices gyrating out of control, there’s no telling what the price per BTC will be by the time this is published.

Price action is moving so quickly as a result of the enormous buy pressure caused by the world learning Bitcoin set a new record after three years of near market, meeting sizable profit taking by whales sitting in the green.

Bitcoin was rejected from its all-time high, suffering a $1,500 loss in an hour | Source: BTCUSD on TradingView.com

The selloff was caught at mid-timeframe support, at around $18,400. If the key support level can hold, the leading cryptocurrency by market cap will take off toward another high.

High timeframe indicators are becoming extremely overheated and even some of the world’s best analysts are now warning that a top is near. But this is Bitcoin, and it is a bull market, with unique factors this time around that makes the cryptocurrency more bullish than ever.

The perfect storm narrative of an inflating money supply, gold looking archaic by today’s digital standards, and governments losing control over monetary policy, could create a situation where no level of overbought conditions can cause the crypto asset’s price action to reset.

Regardless, as John Bollinger warns, it’s time to pay attention, because if there is potential for a reversal, it happens today with the loss of the support level outlined above.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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.