• 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
  • 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
    • 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

Here’s Why Some Traders Remain Long on Bitcoin Despite Ongoing Plunge

Cole Petersen by Cole Petersen
8 months ago
in Bitcoin
Reading Time: 2min read
Here’s Why Some Traders Remain Long on Bitcoin Despite Ongoing Plunge
Advertisement
Listen to Article

Bitcoin bore witness to an intense overnight decline that led it down to the sub-$9,000 region for a short while.

This dip was quickly absorbed by an intense influx of buying pressure that helped send the cryptocurrency surging back into the lower-$9,000 region – which is where it has been consolidating at for the past several days.

Bitcoin is likely to see some volatility in the near-term as it hovers around its key mid-term support level.

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

How it reacts to this level in the coming hours should offer significant insights into the state of the macro uptrend it has been caught within since rebounding from its mid-March lows of $3,800.

Analysts do believe that buyers still have the upper hand over sellers, and they may be able to catalyze a sharp upswing that erases the losses incurred in this latest overnight movement.

One trader is pointing to the fact that BTC’s recently formed price structure is strikingly similar to that formed in May just before the crypto rallied up towards $10,400.

Bitcoin’s Strength Falters Amidst Overnight Decline, But Macro Trading Range Persists

At the time of writing, Bitcoin is trading down just over 2% at its current price of $9,220.

Overnight, sellers pushed the crypto down to lows of $8,900, but the dip below its $9,000 support was enough to stop it from seeing any type of capitulatory decline.

As long as it remains above $9,000, buyers still have the ability to catalyze a movement and reclaim its latest trading channel between $9,400 and $9,800.

Because BTC has yet to post any sustained decline below its near-term support, this could be a sign of underlying strength amongst its buyers.

Josh Rager – a popular cryptocurrency analyst on Twitter – also explained that Bitcoin’s mid-term trading range is much larger than this, existing between $8,500 and $9,800.

He believes that BTC remains without a clear trend until one of these levels is surmounted in the near-term.

“BTC Price had a consistent $9400-$9500 range over the weekend without getting back over $9600 before the drop. I’ll look to scalp short a retest of resistance above $9250. Still not bullish unless $9800 is reclaimed. Still in one giant range, not big bear until sub $8500,” he said.

Here’s Why BTC Could Soon See a Sharp Rebound 

Another analyst recently mused the possibility that the price action seen over the past week is similar to that posted by Bitcoin in May before it rallied from the mid-$8,000 region to highs of $10,400.

“And one chart for the BTC bulls. Similar structure to the last sell off that produced the low before the range high. Rising demand and consistent pressure against $10k? Or the beginning of the distribution markdown…” he noted while pointing to the below chart.

Bitcoin

In order for this pattern to be confirmed, it is imperative that buyers step up and begin catalyzing some major momentum.

Featured image from Shutterstock.

Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
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
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Trouble for Bitcoin as 3 On-Chain Indicators Point to Potential Sell-Offs

19 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Severe Liquidity Shock Ahead for Bitcoin Market, Warns JPMorgan

21 hours ago
Bitcoin Heads Towards $35,000 as Biden Stimulus Hurts US Dollar

Bitcoin Heads Towards $35,000 as Biden Stimulus Hurts US Dollar

2 days ago
MicroStrategy Boss: No-One Can Take Your Bitcoin, Not Even The Taxman

MicroStrategy Boss: No-One Can Take Your Bitcoin, Not Even The Taxman

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin En Route to $30,000 After Price Falls ~12% in a Day; Here’s Why

6 days ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

1 week 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

Coinbase Custody to Support Dvision Network (DVI)

January 26, 2021

A New Year – New Opportunities in Crypto

January 26, 2021

1xBit Introduces New Live Casino Tournament DEAL OR NO DEAL

January 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 +
  • 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.