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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Blood In The Streets: Crypto Market Becomes Fearful As Bitcoin Dives

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin with two red downwards pointing arrows behind it on top of a crypto chart

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Making its way up to the higher levels of its current range, Bitcoin records a 5.6% profit in 24 hours. BTC’s price took a heavy loss, as the implementation of its legal tender status in El Salvador became a “buy the rumor, sell the news” event.

At the time of writing, the first cryptocurrency by market cap trades at $46,529 with an 11.8% loss in the 7-day chart.

Bitcoin BTC BTCUSD
BTC with moderate profits in the daily chart. Source: BTCUSD Tradingview

Previous to this event, Bitcoin made a quick move to the $52,000 zone. This moved the Fear & Greed Index back to the green area, as the general sentiment in the market turned bullish.

Related Reading | TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $46K

According to a recent Arcane Research report, the Index has flipped red, back to fear levels once again. Bitcoin has experienced a week of volatility, mostly to the upside, but the violent bearish price action has made investors fearful, as seen below.

Bitcoin BTC BTCUSD
Source: Arcane Research

Arcane Research found that most of the action is taking place in the derivatives sector. The BTC Spot to Futures Volume indicates a decline in the trading volume for the spot market.

This doesn’t necessarily suggest a rise in the trading volume for futures, but a steady dropped in spot trading over a period of 5 months, as derivatives trading volume remains stable.

Bitcoin BTC BTCUSD
Source: Arcane Research

As NewsBTC reported, much of the recent price action and volatility is related to an increase in over-leverage positions for futures. This correlates with periods of bearish momentum, retail futures traders fuel the liquidation cascade that leaves the crypto market open for downside risk.

Two Possible Scenarios For Bitcoin As Fear Re-Enters The Market

On the other hand, analyst Ben Lilly from Jarvis Labs recently examined Bitcoin’s price action. The cryptocurrency has been trading in a crap-like PA indicating before yesterday’s sudden move to the upside and downside, almost immediately.

This corresponds with an increase in liquidity around those levels. Thus, Ben Lilly argued that market movers or large players attempt to push BTC’s price into a specific direction to grab the liquidity and eventually exhausted.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

The market is currently at that stage, as seen below, “bone dry” out of liquidity. In this case, the analyst recommended trading in the spot market, as derivatives could continue moving without a clear direction.

BTC BTCUSD
Source: The Kingfisher via Ben Lilly

This is the best-case scenario, a sustain crab-like PA for a few weeks, as Bitcoin prepares for another retest of the $50,000 mark. Before that, the market could see another sweep at yesterday’s low:

And this scenario is currently the one we are leaning towards. Meaning we think a retest of $42kish might be in the cards.

The worst-case scenario could occur by the end of this month with a return to BTC’s previous range in the $30,000 mid-area. Ben Lilly said:

This type of price action would be vicious. It will create a lot of liquidity lower very fast. It’s often times known as exit liquidity.

BTC BTCUSD
Late 2020 to 2021 sell-off fractal. Source: Jarvis Labs via Ben Lilly
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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