• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • 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
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • 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
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
bitcoin price

A Critical Bitcoin Buy Wall Appears in the Low-$9,000s: Win for Bulls

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

It’s been a brutal past 24 hours for Bitcoin.

After attempting to secure $10,000 as support on June 10th, the cryptocurrency failed to do so, diving instead of rallying as most investors were expecting.

The weakness culminated in a $1,000 drop lower on June 11th that took place over the course of approximately eight hours. During the drop, approximately $80 million worth of positions on BitMEX alone were liquidated, crushed as the $9,500 support was rapidly lost.

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!

The bull case is getting a strong boost with the news that a buy wall has appeared on Bitfinex, though.

Bitcoin Buy Walls Appear, Boosting Bull Case

A trader shared the chart below on June 11th, showing that according to the Order Book Dominance Bands indicator, a massive block of buy orders have appeared from $8,600 to $9,000 for BTC.

Although this may suggest that the cryptocurrency has room to drop from the current price of $9,300, such a large confluence of buy orders shows that buyers believe there is upside ahead of Bitcoin.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Bitcoin price chart with OB Dominance Bands indicator shared by crypto trader Coiner-Yadox (@Yodaskk on Twitter). The chart is new.
Bitcoin price chart with OB Dominance Bands indicator shared by crypto trader Coiner-Yadox (@Yodaskk on Twitter). The chart is new.

As indicated below, whenever there has been strong buy support over the past few months, the cryptocurrency has rallied. Furthermore, whenever there was a confluence of sell-side orders, the trend topped.

Long-term Bitcoin chart with OB Dominance Bands

Related Reading: Ethereum Is “Coiling” for a Breakout as ETH 2.0 Nears: Here’s What Analysts Are Saying

Weak Stock Market Could Crush Bull Narrative

The bull case may still be in play, but a tumbling stock market could change the narrative.

Bitcoin’s weakness on June 11th came as the S&P 500 and Dow Jones saw their worse performances since the extreme weakness seen in March and April, both falling around 6%.

As Avi Felman of BlockTower Capital observed, “the tick for tick with the SPX is back baby.” This comment was referring to analyses from March and April that revealed Bitcoin and the S&P 500 were trading in tandem, with prices moving together down to the minute.

Tick for tick with the SPX is back baby ??

— Avi IS RIGHT (@AviFelman) June 11, 2020

Most analysts seem to be bullish on the market, despite the 6% drop.

Yet the underlying economy is painting different signs: as reported by Bloomberg, the World Bank is currently projecting the worse economic loss since World War 2, an annual GDP drop of 5.2%.

It isn’t clear if the stimulus from governments will be enough to stave off a stock market decline related to the poor macroeconomic data.

Should stocks plunge yet again, Bitcoin is unlikely to benefit. As Arthur Hayes of BitMEX explained:

“Bitcoin will be owned unlevered. Could the price retest $3,000? Absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again. As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime.”

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Massive Bitcoin Buy Walls Appear in the Low-$9,000s in Critical Win for Bulls
Tags: bitcoin pricebtcusdBTCUSDTtechnical analysisxbtusd
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

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

6 hours ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

7 hours ago
Bitcoin

Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

2 days ago
Bitcoin crypto liquidations

Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations

2 days ago
Nigerians buying bitcoin

Are Nigerians Really Buying Bitcoin For As High As $34,000?

2 days ago
Bitcoin Bulls

FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 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.

  • Home
  • 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

© 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.