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bitcoin crypto capitulation iStock-658516626
Nexo Logo

Lack Of “Capitulation” Volume Suggests Bitcoin Is Doomed To More Downside

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
Reading Time: 2 mins read
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Bitcoin price along with the rest of the crypto market plummeted today in a shakeout of epic proportions. The highly speculative asset class dropped by as much as 50% from highs, some plunging that much today alone due to the market extreme volatility.

The top cryptocurrency by market cap is now up more than $8,000 from today’s low, however, there’s something missing from the asset’s price chart that suggests that more downside could be coming. Is the Bitcoin bull run doomed for the time being?

Bitcoin Bull Market Hangs In The Balance After Ruthless Collapse

Bitcoin’s bull run has been widely publicized, making headlines around the world and changing the minds of many. Celebs, CEOs, athletes are all now into crypto, but the booming demand hasn’t been able to ward off a massive selloff this week.

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Related Reading | Bear Phase Fractal Warns Of Pain, Bitcoin Bull Market To Remain Unbroken

A change in sentiment around Bitcoin and related energy concerns has spiraled into full blown bearish trend. There’s also now been a 50% drop to shake bulls to the bones, and out of their long-term positions.

The top crypto asset is now reeling, and has rebounded by as much as $10,000 from the low. Such fear in the market could suggest a low is already in for the recent wave of downtrend, but there’s a missing ingredient according to one highly accurate crypto analyst.

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bitcoin capitulation volume

Where is the breakout capitulation volume? | Source: BTCUSD on TradingView.com

Missing “Capitulation” Volume Could Suggest More Downside For Crypto

Today in the crypto market, there was a little bit of FUD, a dash of devastation, and a few drops of liquidations. But there’s still a missing ingredient that would suggested the selloff is finished to perfection: capitulation volume.

Take note in the chart above the massive volume on the Black Thursday candle – that’s what capitulation looks like. There were even a decent amount of coins changing hands in January 2021, but overall volume has been somewhat abysmal by comparison.

Related Reading | Bitcoin Loses Crucial Support Never Broken During Last Bull Run

Even with the mass liquidations across crypto today to the tune of billions of dollars lost, there’s a distinct lack of trading volume across exchanges.

Holders might not be convinced yet that the uptrend is over, or that Bitcoin will fall any lower, resulting in fewer coins to sell. What could get them to sell is another push much lower, causing that spike in volume that would essentially act as the icing on the cake.

The shock of seeing Bitcoin back at much lower prices, could be the capitulation event and the change of hands from weak to diamonds that propels the cryptocurrency higher in due time.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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