After the long downtrend bitcoin was experiencing, the number one cryptocurrency is in today’s Bitcoin news for starting a bullish correction and reaching a $3,467-fiat.
The uptrend action followed after a low-volume consolidation movement over the weekend. During the weekend, especially Sunday, BTC looked sharper and the trade volume for the BTC pairs increased. It remained average the entire day today but just a few moments ago the market was in for a surprise when Bitcoin increased in value in just one hour.
The BTC/USD pair charts show that a breakout scenario is possibly forming. The major cryptocurrency was trending inside a pattern which resulted in a breakout scenario that is supposed to last as much as the difference between the upper and lower trendline.
Analysts aren’t expecting for the pair to stay true to the technical definitions but can still see that the pair is attempting to extend its bullish action. The nearest possible resistance level can be at 3546-fiat. The RSI momentum indicator is likely to push the pair into a corrective phase.
If you take a look at BTC/USD shorts could also improve the upward movement. If the volume of the shorts passes 40K, the bulls could trigger a small squeeze. The current rally can lead up to 2.3% of the shorts to get closed. If the percentage increases, Bitcoin is likely to continue its upside correction.
In case an extended selling action occurs, the price could break below its support and can place a new short position at 3343-fiat.
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Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$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.”https://twitter.com/krugermacro/status/1136286134403764225 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.”https://twitter.com/MoonOverlord/status/1136250450615947265 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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