According to analysts featured in our latest cryptocurrency news, Bitcoin is vulnerable as it is still correcting below the $8,000 mark. Despite the stability of BTC over the past 24 hours, there are changes that the pullback could accelerate – mostly because BTC failed to close above $8,000 yesterday. Right now, a lot of traders and analysts are looking at the next major buying zones.
As we can see from Bitcoin’s performance over the past 24 hours, the dominant cryptocurrency has been relatively flat. It suffered a drop to $7,600 before retracing to the current level at $7,750 which showed that Bitcoin is vulnerable. The intraday high for BTC has been established around the $7,900 level but started consolidating around $7,800. The daily volume is also on the decline as Bitcoin dropped to $20 billion on the day trading activities.
Traders and analysts are viral on many best cryptocurrency news sites for their current outlook as the path of resistance is slowing down. With this, it is certain that Bitcoin is likely to fall back to support at $7,600. One of the analysts featured in the crypto currency news was Alex Kruger, who has been looking at the current possibilities. As he wrote on Twitter:
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400.
6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”
$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400.
6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level. pic.twitter.com/x7qfk5Ojgr
— Alex Krüger (@krugermacro) June 5, 2019
A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”
Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range – which may lead to another volatile move very soon.
The crypto trader ‘Moon Overlord’ also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”
If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates.
The largest dip was barely -40%, most are in the -30%'s.
A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000's low 6000's pic.twitter.com/zsEr4HnuKz
— Moon Overlord (@MoonOverlord) June 5, 2019
It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
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“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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