• 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
  • Gamble +Try
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
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

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

Nick Chong by Nick Chong
1 year ago
in Bitcoin
Reading Time: 2min read
Bitcoin Price Ready to Fall to Low-$7,000s; Here’s Why
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.

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

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
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
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 Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

2 days ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

2 days ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

3 days ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

3 days ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

3 days ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

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

Press Releases

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 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
  • Gamble +

© 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.