• 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
    • What is Bitcoin?
    • 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
  • Play GamesTry
  • BUY BITCOINTry
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
    • What is Bitcoin?
    • 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
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Could Fall Another $1,000 According to This Textbook Indicator

Yashu Gola by Yashu Gola
8 months ago
in Bitcoin, Technical analysis
Reading Time: 3min read
bitcoin, btcusd, cryptocurrency, crypto

Bitcoin Could Fall Another $1,000 According to This Textbook Indicator

Advertisement
Nexo Logo
Listen to Article
  • Bitcoin plunged by 18.79 percent after closing above $10,000 late Friday.
  • The cryptocurrency found a short-term support area above $8,000, prompting traders to predict a $10,000-top retest.
  • But a conflicting technical indicator sees bitcoin continuing its bearish correction.

The “Bitcoin Halving” euphoria helped the cryptocurrency rise from its mid-March low of $3,858 to as high as $10,079 this Friday. But the so-called bullish event failed to convince traders about sustaining the price above the market’s latest top.

The benchmark cryptocurrency fell by 18.79 percent less than a week after closing above $10,000. Traders seemingly decided to “sell the top” to extract short-term profits, causing the deep price pullback. Data provided by CryptoDiffer showed that exchanges liquidated about $1.22 billion worth of bitcoin positions on May 10 alone.

bitcoin, btcusd, cryptocurrency, crypto
$1.22 billion liquidated off Bitcoin exchanges | Source: CryptoDiffer

The liquidations pinched a hole in Bitcoin’s inflating price balloon. The BTC/USD pair recovered in early New York session on Monday – the day of the halving – after Paul Tudor Jones, a billionaire hedge fund manager told CNBC about the 1-2 percent bitcoin holdings in his $22 billion fund. Nevertheless, the price fell at closing hours.

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

Bitcoin 1D Support

The downside correction over the weekend and the beginning of this week failed to extend below $8,100 – twice in a row. The price tested the said level – once leading to a sharper upside pullback above $9,100. But bears showed an equally-strong resilience as they kept the jump from flourishing into a price rally.

bitcoin, btcusd, cryptocurrency, crypto
BTCUSD bounces after testing $8,100 as support | Source: TradingView.com, Coinbase

The support level (blued) also coincided with bitcoin’s 200-daily moving average (orange), providing an additional layer of flooring to defend the prevailing bullish bias. Meanwhile, a long-term descending trendline (blacked) held an equally protective stance for bears.

But, according to top analysts, bitcoin has every reason to continue its prevailing bull run. Macroeconomic factors, including central banks’ open-ended stimulus programs and “halving” itself, has led bulls to predict a seven-figure bitcoin scenario.

“Bitcoin could hit $115,212 in Aug 2021 based on the change in the stock-to-flow ratio across each halving,” said Dan Morehead, CEO of Pantera Capital, as he referred to a popular scarcity-based price model.

Near-term Breakdown

Meanwhile, there is a string of prevalent market risks that equally engulfs the Bitcoin market.

A further rise in the Coronavirus pandemic, for instance, could lead both retail and institutional investors to dump their risk-on assets for cash, as they had done in March 2020. And based on the latest evidence, coronavirus cases are emerging again in countries that claimed to have “flattened the curve.”

Away from fundamental narratives, the bitcoin price could still crash by $1,000 only on technical sentiments. A popular but pseudonymous crypto trader made that prediction on Tuesday via a graph that showed bitcoin trending inside a bear flag.

bitcoin, btcusd, cryptocurrency, crypto
BTCUSD trending inside a bear flag, eyeing a breakdown | Source: CryptoHamster

“Sometimes [the] bitcoin price follows the simplest patterns,” the trader stated. “Here is a bear flag with the target around $7,650, which also matches a high trading volume/support zone and the 38.2% Fibonacci retracement level.”

Photo by Muzammil Soorma on Unsplash


Since you’re here… Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tags: bitcoinbtcusdcryptocryptocurrency
TweetShare21
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
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Ethereum

TA: Ethereum Smashes Key Resistance: Why ETH Could Rally To New ATH

13 mins ago
Bitcoin

TA: Bitcoin Remains At Risk, Why $38K Holds The Key For Fresh Surge

2 hours ago
xrp ada salt crypto

XRP At Risk Of Falling Out Of Crypto Top Five For First Time Since 2013

10 hours ago
Bitcoin

Altcoins Fly as Bitcoin Ranges: What Analysts Think Comes Next for BTC

14 hours ago
Chainlink (LINK)

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

21 hours ago
Ethereum

TA: Ethereum Steadies Above $1,150: Why ETH Could Outperform BTC

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

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
CryptoSlots

CryptoSlots

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

Robonomics Winter School 2021 Master Classes And Lectures Open For Attendees

January 18, 2021

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 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
    • What is Bitcoin?
    • 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 +
  • Play Games
  • BUY BITCOIN

© 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.