Bitcoin (BTC) Disintegrating, Yielding To Liquidation Pressure

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin (BTC) is down 7.5 percent
Critics say Bitcoin is prone to manipulation citing unattractive volatility

Fronting transparency and trustlessness devoid of intermediaries, Bitcoin is a success. With ultra-high security, the network is robust. Therefore, despite recent blips, BTC is fundamentally bullish. Traders ought to fine-tune entries in smaller time frames as it appears that prices may slip to $9,500 in days ahead.

Bitcoin Price Analysis

Fundamentals

Cryptocurrencies, as we know, are here to stay. In a race favoring the fittest, Bitcoin has been battled tested, and as such, is likely to easily weather future storms. It did so in the past and is ready to quash any resistance in the months ahead, barring that the community gets more divided that is.

After all, Bitcoin is but a child. The world’s most valuable asset is 11 years old. Within this short time, it has caused jitters in the world’s financial system. To its proponents, Bitcoin is an avantgarde asset that is poised to disrupt the status quo. Its technology, they argue, will underpin the decentralized global economy thanks to its systemic stability.

Even so, there are concerns. Bitcoin is a necessary product, borne with the express purpose of making the world more transparent. Imperiled economies suffering from hyperinflation found refuge in Bitcoin and so do those under pressure from external forces as economic sanctions.

Nonetheless, critics are of the view that transparency and trust are missing pillars that are currently missing. Inherently transparent, funds are wary of transacting.

Meanwhile, USDT is emerging to be a tool for market manipulators. Plagued by scandals, Bitfinex, and USDT issuers are under the same parent company. Critics now say USDT is used to manipulate BTC prices, linking price volatility of the last few weeks with the USDT minting.

Candlestick Arrangements

Price wise, Bitcoin (BTC) is flimsy and sliding. After three months of superior performance, BTC fall from grace is highly likely. Although bulls may unexpectedly flow back driving BTC to $14,000 and higher, technical candlestick arrangement favor bears.

Noticeably, despite attempts of bulls to shore prices, bears are pressing lower. As such, the double bar bear reversal pattern is valid thanks to the confirmation of June 30. Because of this, risk-off traders can short BTC on every pull back with a modest target of $9,500.

From previous BTC/USD trade plans, odds are BTC could slide to $7,500 or $5,500 more so if prices slip below $9,500.

Technical Indicators

In line with this projection, June 26 candlestick leads this trade plan. Any confirmation of June 27 losses ought to be with high trading volumes exceeding 82k in a correction of June 26 over-pricing. Similarly, a sharp spike lifting prices to over $14,000 must be with equal or better participation unequivocally confirming bears of Q2 2019.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.