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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Spot-Driven Retail Selling Sparked Sunday’s Bloody Bitcoin Selloff

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin bloodbath crypto btcusd

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Yesterday, Bitcoin price collapsed from a high of $9,300 to a low of $8,650 just ahead of an important weekly close.

The selloff, according to data, was primarily driven by spot markets, specifically the popular cryptocurrency exchange Coinbase.

Coinbase Users Lead Sunday Bitcoin Bloodbath Ahead of Weekly Close

Starting in the early hours of Sunday night, users of the San Francisco based crypto giant Coinbase kicked off a market-wide selloff last night.

According to data from Coinmetrics, smaller selling of BTC started overnight, but a massive 75+ BTC sell order caused a cascade of sell orders to hit and the price of Bitcoin to dump to local of $8,650.

Related Reading | BTC Dominance Signals Abrupt End to Crypto Altcoin Season

Bitcoin failed once again to reclaim $10,000 and fell back to support that held two weeks prior. If the support fails to hold a second time, the leading crypto asset by market cap is in danger of a deeper drop and fall back into a downtrend.

Low liquidity around holidays and weekends lead to larger moves in the cryptocurrency market. The US Memorial Day holiday was thought to benefit Bitcoin as other markets are closed on the holiday.

Tonight's selling brought to you by a massive dump in the spot markets on @coinbase pic.twitter.com/2jHVptD4iA

— Jon Geenty (@geenty) May 25, 2020

Retail Crypto FOMO Is a No-Go

Retail buyers, which Coinbase acts as one of the most popular fiat onramps for, have been largely behind the recent rally from lows.

Stimulus checks and low prices may have helped propel Bitcoin price higher, but a lower low on higher timeframes could spell disaster for the first-ever cryptocurrency if it cannot breach above $10,500.

Related Reading | Bitcoin Hash Ribbons Indicate Post-Halving Miner Capitulation Has Begun

$10,000 has long been heralded as the key “FOMO trigger” level that would reignite retail interest and restart a bull market. But Bitcoin continues to struggle to break above the resistance level.

Another attempt at highs is not out of the cards, but a fall lower could soon turn extremely dangerous.

The initial drop may be fueled by spot exchanges, but it could be driven by miners next. This latest fall has brought the price of Bitcoin even lower below the cost of producing each BTC.

According to the Hash Ribbons, Bitcoin miners are only just beginning to capitulate. If this picks up in severity, the abundance of weak miners selling off their holdings to cash out and close up shop could result in steep downside.

Bitcoin price continues its downtrend, and not even the halving, an economic crisis, and hyperinflation have pushed the asset into a new bull trend. What actually sparks the next bull market remains to be seen, but it could begin with a clean break of $10,000 that holds for more than a mere matter of days.

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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

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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.

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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.

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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.

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