The past 12 hours were painful for the Bitcoin price, which dropped to as low as $7,432 on exchanges like Bitstamp and many best cryptocurrency news sites. This marked a 19% Bitcoin drop in a span of nine days, after the yearly peak on May 29 which was the BTC price surging to as high as $9,096 with a 140% year-to-date gain against the US dollar.
The steep Bitcoin drop price has triggered a lot of analysts to foresee the crypto asset continuing its pullback in the near term, despite their optimism about the macro landscape of the cryptocurrency market.
One of them was DonAlt who is always viral in the Bitcoin and altcoin news sections. He commented the Bitcoin drop, expressing his cautious stance towards the trend in the past week. As he said, he has become net short on Bitcoin for the first time in 2019. He said:
“Took both of these, my own stop loss is a little tighter (And R:R better) but I’d rather not disclose it, slippage is bad when people copy it. I’ll monitor the trade depending on the monthly close tomorrow and price movements. First-time net short BTC this year.
Very happy with having sold my spot exposure at 8700 now. Net short and still targeting the same area. Bounced higher than I expected but that’s what sensible stop losses are for. I’ll go net neutral at 6000 or if I get a bull setup – Until then a bear.”
Since then, the Bitcoin drop was even stronger and the BTC price fell by more than $1,000 and has shown a sign of a pullback. However, Bitcoin is still declining and analysts are showing their expertise.
“Longer term, if $BTC could see a retrace to $6,400 where the fireworks began in Oct 2018, it would be a healthy retrace and only fill the gap back to the 10-week moving average. From there new 2019 highs might take the rest of the year (hopefully).”
Despite the possibility of a pullback, a lot of traders remain optimistic about the Bitcoin drop and the macro landscape of the market. Currently, Bitcoin is trading at $7,821 with a $138 billion market cap and a dominance of 55.6%.
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