• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin price featured image

These 4 Trends Suggest Bitcoin’s Bull Trend Is Exhausted After Rally to $10k

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Just two months ago, Bitcoin was trading at $3,700. Amid a liquidation event in traditional finance and growing fears of a recession and a pandemic, global markets were tanking, crypto included.

But just eight weeks and a block reward halving later, BTC just recently traded at $10,000 — just over 170% higher than the March capitulation lows.

It’s a stunning reversal that has analysts anticipating more upside. But according to a leading trader, there are four clear market trends indicating that for the time being, Bitcoin will see a “dip,” likely to the $8,800-9,100 level.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

They are as follows.

#1: There’s a “Thick” Bitcoin Sell Wall Near $10,000

Bitfinex’s order book for its BTC/USD market, as reported by NewsBTC, is currently showing there is a colossal block of resistance around $10,000, which will halt any short-term rally in the Bitcoin price.

The data suggests that from $9,900 to $10,600, there is ~4,200 Bitcoin worth of sell orders, the majority of which are clustered in and around $10,000-10,400.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Chart from Majin (@Majinsayan on Twitter), a crypto trader.
Order book (BTC/USD) screenshot from Majin (@Majinsayan on Twitter), a prominent Bitcoin trader.

Similar sell-side walls were spotted on other top exchanges, indicating that deep pockets don’t want Bitcoin moving past $10,000 just yet.

#2: Funding Rates on Futures Exchanges Are Moving Higher

As reported by NewsBTC, one leading crypto chartist recently shared the data below, indicating that the funding rate of the Bitcoin futures contracts on OKEx — funding being the fee that long positions pay short positions — has “suddenly [trended] very high again.”

Image Courtesy of Byzantine General
Image Courtesy of Byzantine General

High funding rates coincide with market tops as it signals that long positions are overleveraged and, thus, are susceptible to being squeezed out of their positions by bears.

#3: Fear & Greed Index Hits 2-Month High

The Bitcoin “Fear & Greed Index” — which weighs factors like volume, social media sentiment, and more to try and determine how optimistic investors are feeling — recently hit a two-month high of around 50 points, according to the bearish trader.

Bitcoin Fear & Greed Index hitting two-month highs, according to trader Theta Seek.
Bitcoin Fear & Greed Index hitting two-month highs, according to trader Theta Seek.

While the index is not yet in the “greed” side of the gauge, analyses have found that high readings of this index have coincided with short-term and medium-term market tops.

#4: Spot BTC Volume Is Decreasing

Late last month when Bitcoin broke past $10,000 for the first time since February, Bitwise’s volume dashboard registered nearly $5 billion worth of spot trading volume in a single day.

That same dashboard now registers spot trading volume as $1.7 billion in the past 24 hours, indicating a strong decrease in market activity.

Bitwise trading volume dashboard
Bitwise’s trading volume dashboard as of May 18.

This indicates that much of the momentum that the crypto market had to bring BTC from $3,700 to $10,100 has been lost, with derivatives trading accounting for much of the recent price action.

Photo by Elliott Engelmann on Unsplash
Tags: $10000bearishbitcoin pricebtcusdtechnical analysisxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

1 hour ago
Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

12 hours ago
Bitcoin

Bitcoin Back Above $27,600 As US Banking Crisis Is Far From Over

1 day ago
Bitcoin And USDT

Quant Points Out Curious Relationship Between USDT Inflows & Bitcoin Price

2 days ago
Bitcoin

Bitcoin Rally Driven By Record Open Interest In Derivatives Market

2 days ago
Bitcoin price skyrockets

Bitcoin Climbs Above $28,500, Fed Decision Will Fuel The Rally?

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

IBC Group Incubates Chirpley, Pioneering a New Era of Digital Marketing with Nano-Micro Influencer Marketplace

March 24, 2023

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

The Best Altcoins To Get In Early 2023: TMS Network (TMSN), TRON (TRX) and Mask Network (MASK)

March 24, 2023

The Web3.Conference will gather Web3 builders & creators this May in Amsterdam

March 24, 2023

LFi Unveils LFi Smartphone, Providing Unprecedented Access to Decentralized Financial Opportunities

March 24, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 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.