The Bitcoin price (BTC) has surprised a lot of investors again, proving that its volatility is strong and that its trend is overwhelmingly bearish right now. The latest cryptocurrency news show that BTC is currently consolidating near the $9,500 support and is at risk of more losses.
Since it broke the $9,760 support against the US dollar, Bitcoin continued its downtrend and triggered the altcoins in the altcoin news to post losses, too. The bearish flag which was breached with support near $10,000 transformed into a bloodbath and the price is likely to extend its decline below the $9,500 and $9,480 support levels in the coming sessions.
However, the sharp drop overnight proved that BTC is overwhelmingly bearish. The signs were there, according to analysts, and many best cryptocurrency news sites reported that a breakdown below the key $10,200 and $10,000 support levels was obvious.
More importantly, the coming altcoin news also showed a lot of downsides in Ether, XRP, Binance Coin, EOS and Litecoin. Now that the Bitcoin price is down by around 5% over the past few hours alone, the bearish flag is lifted high and the price of BTC is currently falling below the $9,500 level.
Analysts believe that there are two possibilities – an upward move to $9,720 or further losses extending to the low $9,000 mark. On the downside, immediate support is near the $9,300 level. If there is a downside break below this point, it is likely that BTC is heading to $9,000 or even below this line – again proving its overwhelmingly bearish position.
Looking at the chart, the Bitcoin price is clearly trading in a downtrend that is below $9,800 and $10,000. Any upside recovery will trigger the sellers to stop. On the downside, bears are likely to hunt for a new break below $9,500.
The technical indicators right now are as following:
- Hourly MACD – The MACD is quietly losing its momentum while being in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is right now oversold.
- Major Support Levels – $9,300 and lower at $9,000.
- Major Resistance Levels – $9,400, $9,300 and $9,700.
The total cryptocurrency market cap lost $20 billion due to the overwhelmingly bearish Bitcoin – and the 24 hour trading volume is at a high of $64 billion – something we haven’t seen in a while.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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