NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

“Weak Hands” Have Been Shaken Out On The Bitcoin Crash To $10,000

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin weak hands

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.

Bitcoin price this past week collapsed from the 2020 high of over $12,400 to under $10,000. More than seven distinct drops to below $10,000 have been bought up already.

During each plunge down, however, some of the weakest hands in the crypto market may have been shaken out, according to one uncommon metric. If that’s the case, and bulls can hold support, the last chance to buy the dip before new highs may already be upon us.

Weak Hands: Could The Latest Bitcoin Crash Be A Shakeout Before The Bull Run?

The term HODL, or hold on for dear life, was coined – no pun intended – to help crypto investors cope with the extreme price swings the asset class is known for.

Rather than risk being shaken out, or trying to trade BTC for a profit with mixed results, long-time crypto investors advocate simply holding strong for the long-term.

Since the Black Thursday market collapse, more and more investors had been doing just that, taking their BTC off of exchanges and moving them into cold storage or other means.

Related Reading | Don’t Panic: Crypto Market Collapse Was “Profit-Taking” and “Rebalancing”

Various metrics exist that pay attention to how much BTC is stored where, along with when and at what price it was purchased at. One such metric, the Spent Output Profit Ratio measures overall market profit and loss, and “represents the profit ratio of coins moved on-chain, measured through the variation between purchase price and sale price.”

Essentially, this metric tracks if any Bitcoin’s moved are doing so at a loss or gain. The SOPR indicator on glassnode, fell below Bitcoin price itself for the first time since April. This could indicate that “weak hands” were shaken out at a “small” loss, according to data scientist Rafael Schultze-Kraft.

1/ #Bitcoin SOPR (entity-adjusted) dipped below 1 for the first time since April.

This means bitcoins moved on-chain at a (small) loss, potentially shaking out some weak hands.

Imo it is very crucial to hold this level here so a bearish trend reversal doesn't get confirmed. pic.twitter.com/1i1uA9i1Yn

— Rafael Schultze-Kraft (@n3ocortex) September 7, 2020

Here’s Why Holding Strong Here Could Lead To A New Crypto Market Uptrend

While the selloff most certainly brought a return to fear across the crypto space, the price action could be a bullish retest of resistance turned support. SOPR holding at the same level as price action itself could confirm a trend change in favor of a bull market.

Related Reading | Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand 

This would suggest that the most recent crash was nothing more than a shakeout. Other analysts agree and say that the correction was healthy, and nothing more than regular profit-taking and portfolio rebalancing after such substantial returns in 2020.

If Bitcoin can hold, fundamental metrics like the SOPR and even technical analysis indicates a new, long-term uptrend taking shape.

bitcoin bullish market structure

BTCUSD Monthly Bullish Market Structure and Levels To Watch | Source: TradingView

Monthly Bitcoin price charts show that the recent shakeout is actually a bullish retest in progress. Not only is the cryptocurrency retesting horizontal resistance at $10,000 as support, but it’s also working on confirming the bear market downtrend line as support as well.

A breakdown and close below $9,250 could cause a full bearish reversal and a fall towards the bottom triangle trendline. This would also suggest that the breakout above the triangle trendline, was a false breakout and things could get dangerous.

False breakouts often lead to a breakdown in the other direction. A fall to below $4,500 could be the final nail in the crypto market’s coffin. However, with stats like the SOPR and dozens of technical indicators and chart formations so bullish, more signs point to a shakeout of weak hands, than smart sellers catching the top.

Tweet123Share196ShareSend
Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Close

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.

Related News

Bitcoin

Bitcoin Dominance Hits New Cycle High Above 66% – How This 4-Year ATH Affects Altcoin SeasonBitcoin Dominance Hits New Cycle High Above 66% – How This 4-Year ATH Affects Altcoin Season

The Bitcoin dominance has hit a new cycle high, providing a bearish outlook for altcoins and any potential altcoin season....

Scott Matherson 4 hours ago

The Role Played by Liquidity Providers in Powering Crypto Markets

Ask your favorite AI what liquidity providers do for crypto markets and the first sentence they’ll spit out will invariably...

News BTC 4 hours ago
Care criptomonedă are mai multe șanse să creeze milionari Solana vs Ethereum

Care criptomonedă are mai multe șanse să creeze milionari: Solana sau Ethereum?

Investitorii în căutare de câștiguri care pot schimba vieți în lumea criptomonedelor se confruntă cu o alegere tot mai comună....

Munteanu Cristian 5 hours ago
Load More

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.

Related News

Dogecoin price news

Dogecoin Crash Far From Over? Analyst Reveals The Target

Jake Simmons 1 hour ago
Bitcoin Battles Key Support: Daily EMA-100 Must Hold to Prevent Deep Correction

Bitcoin Battles Key Support: Daily EMA-100 Must Hold to Prevent Deep Correction

Sebastian Villafuerte 2 hours ago
Solana vs Ethereum

Solana alebo Ethereum – ktorá kryptomena má väčšiu šancu urobiť z vás milionára?

Kováč Martin 2 hours ago

Premium Sponsors

Top Brands

Press Releases

  • Dogecoin Mining’s New Era: How HashJ Cloud Mining Turns...

    1 hour ago
  • ico 仮想通貨注目!Solana価格急落でもSolaxy(SOLX)ico 仮想通貨プレセール残りわずか数時間

    ico...

    1 hour ago
  • Solaxy SOLX

    ...

    1 hour ago
  • Bitcoin

    ...

    1 hour ago
  • REEF CHAIN ANNOUNCES LANDMARK PRINCIPAL PARTNERSHIP WITH...

    5 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

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.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.