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Analysis

Bitcoin Goes Below $8,000 Overnight: What Is The Reason?

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The Bitcoin price has plunged by 14% overnight and visited the $7,700 region – before correcting to $7,900 which is its current price as the latest cryptocurrency news show. The market has been in red over the past 12 hours and as it stands, Bitcoin goes on declining.

Analysts believe that the steep fall for BTC from $8,500 to $7,700 occurred in a relatively short frame and was with a high magnitude. If Bitcoin goes to visit lower regions, it may test support in the $7,100 range.

Analysts shared their opinions on many best cryptocurrency news sites this morning. They believe that the abrupt drop in the BTC price was caused by manipulation by whales or investors which are holding large amounts of the dominant cryptocurrency – from hundreds to millions of dollars.

One Redditor commented on the BTC decline, stating:

“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”

In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales – and the market cap of $253 billion is solid proof for that.

What’s fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red.

The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:

“Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way.”

On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.

 

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Analysis

Ethereum Could Climb Above $200 According To Analysts

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The past week, Bitcoin and Ethereum were some of the cryptocurrencies that declined heavily below the $10,000 and $200 levels, respectively. And as Bitcoin is preparing to climb to $11,000, Ethereum could climb above $200 too, analysts predict. The latest cryptocurrency news show that the ETH/USD pair even broke the $190 support line recently, settling well below the 100 simple moving average (4 hours). There was also a push below the $185 support level and the price traded as low as $174. As of recently, it also started an upside correction and managed to recover above the $180 levels. Ethereum could climb above $200, mostly because of the break above the 23.6% Fib retracement level and the major decline from the $217 high to the $174 swing low. There are many resistances backing up this factor. The positioning on the upside is near the $192, $195 and $200 levels - and there is a crucial bearish trend line forming with resistance near $195 on the 4 hours chart of ETH/USD. The most important resistance, as the coming altcoin news show, is near the $200 and $202 levels which acted as the previous supports. Therefore, any successful break above the $195 resistance plus a follow through above $200 is needed for a fresh increase. The next key resistance, according to analysts, is near the $207 level and the 100 simple moving average of 4 hours. Conversely, if there is no upside break above $195 or $200, the price of ETH could resume its decline. However, analysts think that Ethereum could climb above $195 or $200 easily. The pessimistic side shows that if ETH breaks below $174, we can see a $162 price as well. All of this shows that the Ethereum price is currently consolidating below its key resistances such as the $192, $195 and $200. In order to start a strong recovery and an upward move, the price of ETH must settle above $200 in the next few days. The technical indicators on many best cryptocurrency news sites show the following:
  • 4 hours MACD – The MACD for ETH/USD is currently placed in the bullish zone, with neutral signs.
  • 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
  • Major Support Level – $174
  • Major Resistance Level – $200
The total cryptocurrency market cap right now is at $270 billion - a number that has been here for 2 or 3 days.
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Analysis

What Drives BTC Below $10k This Summer: Analysis

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If you are following our latest cryptocurrency news, you probably know that Bitcoin is in a vulnerable situation - again. While many of you are asking what drives BTC below the $10,000 point numerous times this summer, an analyst decided to list all of the factors influencing the price of Bitcoin. At the time of writing, Bitcoin is recouping some losses as it heads to five digits again. BTC is now at $9,980 but is still down by 6% in the past 24 hours. The fact that the market lost $40 billion this week due to corrections like these is also a frightening one. So, if you are wondering what drives BTC and its constant losses, analysts agree that despite the losses the medium-term prospects of Bitcoin are looking surprisingly bullish. This is what one Goldman Sachs analyst recently noted when commenting the latest Bitcoin and altcoin news. Even more recently, analysts have been calling for BTC to bounce at $10,000. Users wondering what drives BTC below this margin got an answer from one trader - who explained that $9,900 is where the 0.786 Fibonacci retracement and 1..6 times the 350-moving average sits - implying that it is a strong bounce zone for Bitcoin. In a recent impassioned Twitter thread, an analyst named Dovey Wan with roots in China, said that the sell-off is a result of a monumentally large Ponzi scheme - which is what drives BTC to go lower and lower. The Primitive Crypto founding partner revealed that PlusToken, a Chinese seeming pyramid scheme, managed to take away with more than 200,000 BTC and more than 800,000 in Ether (ETH). https://twitter.com/DoveyWan/status/1161686134314848256 The scam apparently saw the individuals (as shared in his tweet above) creating fake wallets with "high yield investment return" which resulted in 10 million investors sending capital to the platform. As featured on many best cryptocurrency news sites, what's strange is that not all of these involved in this scheme have been caught and jailed. Wan said that there remain “some people who hold the keys." In short, this Chinese cryptocurrency insider thinks that the recent sell-offs are caused by PlusToken which is what drives BTC to a four digit bottom. This may also explain why the cryptocurrency has yet to bounce.  
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Altcoin News

Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts

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Bitcoin Cash
The coming altcoin news show Bitocin Cash (BCH) in the focus. According to analysts, Bitcoin Cash is a wounded animal because of its recent downs, but could still surge and post gains near 150%. In times when there is only one mover and shaker in the world of cryptocurrencies and it is evident which one it is (Bitcoin), Bitcoin Cash is volatile and seen as one of the smaller siblings while the other altcoins remain in deep hibernation. In fact, there are no major updates in the recent altcoin news and BCH is one of the cryptocurrencies with gains in the past 24 hours. Speaking of, Bitcoin Cash is now at $331 with gains of more than 1% on the day. What is interesting is that it started the weekend with a low of $308 and surged over 10% to hit an intraday high of $340 during the Sunday trading session. On Monday, we saw a major pullback which took BCH to around $330 which is still a good position - and one that is outperforming most of the other altcoins. Bitcoin Cash is now at the fourth place once again, reclaiming the spot in terms of its market capitalization which is currently below $6 billion. According to the famous cryptocurrency trader DonAlt who is featured on many best cryptocurrency news sites for scouring the altcoin charts, BCH has big potential right now.
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.
https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.
https://twitter.com/maxkeiser/status/1160712205849059328
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Analysis

Messari Report: BTC Could Copy Gold’s Behavior And Drop Dramatically

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Messari report shows that Bitcoin could drop incredibly in short term before it experiences a historic rise to new highs as we read more about it in the coming altcoin news below. According to the messari report, the current discussion over bitcoin’s utility versus gold adds weight on the behavior of the cryptocurrency. Dan McArdle, the co-founder of the analytics company stated that the cryptocurrency could copy how the gold reacts in the coming year. Also, he stated back a few days ago that the BTC/USD pair might repeat what gold did after the 2008 financial crisis:
 “I would not be surprised if BTC performs like gold did 2008-2011.’’
McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
 “Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’
As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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