• 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 Ready to Fall to Low-$7,000s; Here’s Why

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

Bitcoin bears have continued to flex their muscles into Monday morning. After closing the week at a massive loss, with BTC posting its worst performance since November 2018’s capitulation event, bulls failed to make their presence known.

As of the time of writing this, the Bitcoin price has started to collapse yet again, falling as low as $7,700 after trending above $8,000 for days on end. This latest collapse, analysts say, are putting the cryptocurrency market in a precarious position — a position that perhaps may precede yet another precipitous plunge.

Related Reading: Bitcoin to Bottom at $6,000, Surge to All-Time High by Halving: Analyst

Bitcoin Ready to Move Lower

Ouch. Over the past 24 hours, Bitcoin has shed 4%, with bears taking control once again.

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!

According to analyst Data Dater, this recent downturn has seen Bitcoin’s latest descending triangle chart formation break down on the one-hour chart. The measured move of this triangle is -10%, meaning that Bitcoin could sink as low as $7,000 before establishing yet another range.

Prominent analyst Cantering Clark has echoed this short-term cynicism, calling for a move to the “lows of May-June”, which are in the low-$7,000s.  While he did admit that BitMEX position funding marginally favors bulls, Bitcoin is looking poised to see a further price collapse due to a number of factors.

This, he claimed, includes a lack of extreme negative funding, “increasingly negative delta at range support”, a perceived exhaustion in buying support, and large volume imbalances all implying that Bitcoin has a bearish skew heading into coming daily trading sessions.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

BTC

-Funding negative but not extreme yet

-Increasingly negative delta at range support.

-Buyers already look exhausted.

-10x+ volume imbalances between bids hit versus offers lifted while progressing lower.

Bring on the lows of May-June.

(7250-7500)

— Cantering Clark (@CanteringClark) September 30, 2019

And, as Don Alt has noted, with Bitcoin’s recent loss of $9,300, the nearest support level on the downside is currently sitting in the  low-$7,000s, a few percentage points lower than the current price of $7,800.

Related Reading: Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average

A Bounce Will Happen… Eventually

While the charts sure seem harrowing at the moment, showing that Bitcoin has further to fall, the cryptocurrency market is seemingly preparing for an eventual bounce.

Crypto Hamster recently laid out a number of reasonings why this may be. These include the fact that the Daily Fisher Transform, which indicates when the price of an asset has moved to an extreme, has hit its lowest value since 2018’s capitulation event; BitMEX funding is heading deeper negative, meaning that a bounce should arrive eventually; and a number of technical oscillators are as oversold as they were during late-2018.

Daily Fisher transform is at -3.7!
The lowest value from the 6k-to-3k drop…
IMO, a nice entry for a long-term buy.$BTC $BTCUSD #bitcoin pic.twitter.com/AlEXvg8kik

— CryptoHamster (@CryptoHamsterIO) September 30, 2019

Related Reading: Can Bitcoin Bulls Fend Off a BTC Drop to $6,000? Yes, and Here’s Why

Per an analysis by Josh Rager, the lowest such a bounce may take place is $6,300, recently arguing in a chart that there exists a confluence of buying interest and historical importance.

Featured Image from Shutterstock
Tags: analysisbitcoincryptocurrency
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

2 hours 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

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

Cardano (ADA) and Polkadot (DOT) Prices Reach a Crucial Juncture, While TMS Network (TMSN) Attracts Investors in Stage 2 of Presale

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.