Bitcoin Posts Massive 10% Drop as Altcoins Consolidate; What Analysts are Saying

Bitcoin Posts Massive 10% Drop as Altcoins Consolidate; What Analysts are Saying
ôîòî ïîêàçàíî ñ : bitcoinist.com

2021-1-22 23:00

Bitcoin has seen some immensely bearish price action throughout the past few days, with sellers gaining full control of its price action This has caused buyers to lose their grip over the market, being unable to spark any continued reversals It does appear that the selling pressure seen throughout the past few days may continue hampering its growth, as BTC is now at risk of breaking below a few key levels One analyst spoke about this in a recent tweet, explaining that it is nearing a key support level that may allow it to see a rebound However, an acceleration of this downtrend could invalidate this strength and potentially lead to significantly further downside in the coming days

Bitcoin and the entire crypto market have seen some mixed price action as of late, with bulls being unable to take control of the benchmark cryptocurrency’s trend while many altcoins consolidate well-above their recent lows.

However, the strength seen by BTC in past weeks that allowed altcoins to post massive gains has since disappeared, and it may now begin placing tailwinds on their price action.

One analyst expects it to see further chop in the near-term, noting that its technical structure could be protected if bulls defend a few key levels.

Bitcoin Struggles to Gain Momentum as Selling Pressure Mounts 

At the time of writing, Bitcoin is trading down over 10% at its current price of $31,800. This marks a massive dip from its recent highs of $38,000 set just a couple of days ago.

The entire market is going fully risk-off, but it doesn’t appear that there’s any clear catalyst for this.

Unless BTC stabilizes here or posts a massive rebound in the near-term, it may decline towards its next key support at $30,000 and $28,000 before posting a v-shaped recovery.

Analyst: BTC Reaches Crucial Support, Making a Bounce Critical 

One analyst explained in a recent tweet that BTC is in the process of breaking below a key support level that must be defended in the near-term.

He notes that a break below this level could result in massive losses for the aggregated market.

“BTC: TL broke, back at HTF support. As long as selling doesn’t accelerate further I think Altcoins will perform on their ratio and Bitcoin will chop. Continuation triangle invalidated. With how it looks for now I think more chop is to be expected. (bounce to 34k from here pls)”

Image Courtesy of Smokey. Source: BTCUSD on TradingView.

The coming few days should shine a light on Bitcoin’s price action and whether this move is emblematic of a deeper correction that may be imminent in the near-term.

Featured image from Unsplash. Charts from TradingView.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Action Coin (ACTN) íà Currencies.ru

$ 0.0001401 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.02 %, 7d: 0.04 %
Cåãîäíÿ L: $0.0001401 - H: $0.0001401
Êàïèòàëèçàöèÿ $0 Rank 8535
Äîñòóïíî / Âñåãî 0 ACTN / 2.003b ACTN

throughout action price seen bitcoin past days

Èñòî÷íèê: bitcoinist.com

throughout action → Ðåçóëüòàòîâ: 126


Bitcoin Plunges as Bears Roar, But Here’s Why Analysts Aren’t Too Concerned

Bitcoin has seen some mixed price action as of late, with bulls attempting to push it higher yesterday before it saw a strong rejection that sent it tumbling lower The crypto is still trading firmly within the trading range that it has been caught within throughout the past several weeks, and not much has changed from a structural perspective Despite the apparent intensity of this selloff, one analyst is noting that he isn’t too concerned […]

2021-1-21 21:00


Ôîòî:

Bitcoin is on the Brink of Seeing a Rally to All-Time Highs as It Taps Critical Level

Bitcoin has seen some relatively lackluster price action throughout the past few days and weeks, with the crypto’s price being unable to surge as it inches towards its $40k resistance This has come as its smaller counterparts all see massive momentum, with ETH seeing a monumental rally while many smaller altcoins also surge BTC’s lack of intense upside has come about due to the intense selling pressure it has been facing within the upper-$30,000 region, […]

2021-1-20 21:00


Ôîòî:

Data Suggests Whales are Keen on Protecting One Key Bitcoin Support Level

Bitcoin has seen some choppy price action throughout the past couple of days, with buyers and sellers largely reaching an impasse Following a swift overnight decline, Bitcoin has posted a strong rebound that has allowed it to surge back to $36,000 Where it trends next will undoubtedly depend on whether or not buyers can flip $36,000 from resistance to support One analytics platform is noting that BTC has yet to test its crucial support level […]

2021-1-19 23:00


Ôîòî:

Bull Case Grows: Millions of Bitcoin are Being Sent to Dormant Accumulation Addresses

Bitcoin’s price action has remained rather stagnant throughout the past couple of days, with bulls being unable to catalyze a break above $40,000 on the first attempt The selling pressure here remains quite significant, and whether or not this level can be firmly broken above could set the tone for its mid-term trend From a technical perspective, Bitcoin’s short-term outlook remains somewhat unclear, as it is currently moving lower despite bullishness amongst altcoins It may […]

2021-1-16 21:00


Ôîòî:

This Trend Channel Suggests Ethereum Could Dip to $500 Before Rallying Higher

Ethereum has seen some brutal price action throughout the past few days and weeks, with the selling pressure seen in the $1,300 region proving to be quite intense It is important to note that Bitcoin has been creating massive headwinds for Ethereum as of late, with buyers being unable to guard against an intense decline One trader is now noting that where the market trends next will likely depend on whether bulls can defend $1,000 […]

2021-1-12 01:00


Ôîòî:

Analyst: Bitcoin Rally is Losing Steam as Key Factors Forecast a Drop

Bitcoin has been caught within the throes of a wild uptrend throughout the past few weeks, with each dip being aggressively bought This has allowed it to see fairly steady gains, with sellers being unable to gain any real control over its price action Just today, the crypto set fresh all-time highs as its price rallied past $25,000, and it is showing few signs of slowing down anytime soon One trader explained in a recent […]

2020-12-27 21:00


Ôîòî:

This Key Ethereum Level Needs to Be Flipped to Support Before ETH Can Rally

Ethereum has been facing some intense consolidation throughout the past few days and weeks The cryptocurrency’s price action has done little to offer investors with insights into where it may trend in the near-term It has been closely tracking Bitcoin’s price action, which makes its fate at least somewhat dependent on that of the benchmark cryptocurrency One trader is now noting that a move higher could be imminent, but this possibility is premised upon it […]

2020-12-12 23:00


Ôîòî:

Bitcoin Breaks Below Key Bullish Trendline as Analysts Eye Move to $18,400

Bitcoin has been showing some serious signs of strength throughout the past few days and weeks Bulls have been in full control of the cryptocurrency’s price action, but are starting to lose their edge over bears as the crypto drifts lower Where it trends in the mid-term will depend largely on whether or not buyers can defend against a break below $18,600 One trader is pointing to this as the first key support level it […]

2020-12-9 21:00


Analyst: Ethereum Likely to Target $780 as Technical Strength Grows

Ethereum has seen some lackluster price action throughout the past few days, which comes as Bitcoin leads the crypto market into a consolidation phase The crypto will likely continue seeing some sideways trading until BTC finds some clear directionality The pivotal level for ETH at the moment appears to be $600, as the selling pressure here has proven to be significant in the past Each break above this level has been short-lived and followed by […]

2020-12-8 23:00


Ôîòî:

Ethereum Could Plunge Below $500 Despite Ongoing Rebound, Claims Analyst

Ethereum has been facing some turbulent price action throughout the past few days and weeks, with the selling pressure seen in the lower-$600 region forcing it lower on multiple occasions This has come about due to its close connections to Bitcoin and its price action, with the benchmark crypto’s inability to break $19,800 hampering the growth seen by ETH as well Despite the strong rebounds seen following every dip, sellers are still trying to fade […]

2020-12-6 01:00


Ôîòî:

Here’s How Bitcoin Could Spark a Massive Move Higher for Smaller Altcoins

Bitcoin has seen some wild price action throughout the past few days and weeks, with the selling pressure seen at its all-time highs sparking multiple rejections Neither of the rejections seen at this level have done much to change the crypto’s trend, as it continues pushing higher each time Where the entire market trends next will depend largely on whether or not BTC can stabilize within the lower-$19,000 region Each visit to its highs degrades […]

2020-12-2 02:00


Ethereum’s Technical Outlook Strengthens as Market-Wide Recovery Begins

Ethereum has been closely tracking Bitcoin’s price action throughout the past few days and weeks, which has led it to see some immense turbulence as of late Just two days ago, the benchmark cryptocurrency faced a rejection at its all-time highs that resulted in it reeling from $19,500 to $16,400 This selloff was the most intense one seen since this uptrend first got started a handful of weeks ago Where it trends next will depend […]

2020-11-29 22:00


Bitcoin Pushes Towards Highs as Spot Market Gains Full Control

Bitcoin has seen some incredibly strong price action throughout the past few days and weeks, with the selling pressure seen at its key resistance levels not slowing it down Overnight it was able to rally up towards its previous all-time highs, stopping just short of them when bears stepped up the selling pressure at $19,500 The rejection here was quite intense and caused it to briefly break below $19,000 It does appear to be entering […]

2020-11-26 21:22


Ôîòî:

There Have Never Been This Many Ethereum Long Positions on Bitfinex

Ethereum has been mirroring the price action seen by Bitcoin throughout the past few days and weeks This has mainly worked in its favor, but BTC’s immense momentum has not been enough to pull ETH past its crucial $500 resistance level The selling pressure here is quite significant, and whether or not the cryptocurrency can surmount this should shine some light into its near-term trend It is important to note that Ethereum has reclaimed a […]

2020-11-21 23:00


Ôîòî:

Bitcoin OTC Deals on the Rise; Suggesting Large Buyers are Entering the Market

Bitcoin has been flashing signs of immense strength throughout the past few days and weeks, with buyers taking full control of its price action Where it trends in the near-term will likely depend largely on whether or not the crypto can gain a stable footing within the lower-$17,000 region If the selling pressure here proves to be too much for the crypto to handle, it could enter a consolidation phase and trade below this level […]

2020-11-18 02:00


Ôîòî:

Ethereum Could Be in a Precarious Position as Buyers Fail to Break Key Level

Ethereum has been underperforming Bitcoin throughout the past couple of days, drifting lower while the benchmark crypto nears its 2020 highs Higher risk assets like ETH may be seeing tempered price action because investors fear the sustainability of BTC’s latest push higher If it can stabilize and see a continued bout of sideways trading, then assets like Ethereum may be able to push significantly higher One trader is noting that until $460 is flipped back […]

2020-11-16 23:00


Yearn.finance’s YFI Could Soon Rally Past $20,000 as Technical Strength Grows

Yearn.finance’s YFI governance token has been struggling to gain any momentum throughout the past few days and weeks, with buyers aiming at sending the cryptocurrency significantly higher. YFI’s token has been flashing immense signs of strength throughout the past few weeks, with buyers taking control of its price action after massive inflows of selling pressure […]

2020-11-16 01:00


Ôîòî:

Legendary Trader Calls DeFi Bullish, Claims Ethereum Could Soon Rally

The DeFi sector has been screaming higher throughout the past couple of weeks, with the ongoing stability seen by Bitcoin boosting its price action Ethereum, which remains the backbone of this sector, has also been stable, closely tracking BTC as of late If ETH can push higher in the near-term, it could create further tailwinds that bolster the DeFi sector and help the tokens within it see further gains He specifically notes that ETH could […]

2020-11-16 22:00


Here’s the Current Political Event That’s Driving Bitcoin Higher: Economist

Bitcoin has rapidly become a macro asset throughout the past few weeks and months, with the crypto trading largely based on global economic trends and events This has greatly benefited the cryptocurrency as of late, with a combination of stock market strength, weakness in the Dollar, and some economic uncertainty in the future all bolstering it One economist is now noting that there is one crucial economic event that will likely guide Bitcoin’s price action […]

2020-11-7 02:00


Ôîòî:

Traders Express Caution Regarding Bitcoin as Election Day Arrives

Traders have long been looking towards election day as a potential catalyst for Bitcoin volatility that helps shapes the cryptocurrency’s future trend That day is now here, and BTC is actually seeing some positive price action so far this morning Bulls are in the process of pushing the crypto up towards its $13,800 resistance that has held strong throughout the past few weeks One trader is not expecting this momentum to last for too much […]

2020-11-4 21:00


Ôîòî:

Ethereum’s Macro Outlook is “Ultra Bullish” Despite Recent Turbulence

Ethereum has been closely tracking Bitcoin’s price action throughout the past couple of days This has caused it to see a notable selloff, with bulls and bears now reaching an impasse as it trades just above its crucial $380 support level A continued defense of this level is key if bulls want to fuel a move higher in the near-term One analyst is now noting that the cryptocurrency’s macro outlook is ultra-bullish despite the recent […]

2020-10-30 23:00


Ôîòî:

Bitcoin Shatters Key Resistance as Bulls Attempt to Take Out “Pivotal Level”

Bitcoin saw a strong upsurge this morning that allowed it to break above its $11,600 resistance level This resistance has been suppressing its price action throughout the past few days and weeks, with bulls being unable to spark any sustainable moves above it Where it trends next will likely depend on how sustainable this ongoing move higher is, and whether or not it can lead it to a key resistance One trader is now watching […]

2020-10-20 02:00


Ôîòî:

This Whale Trend Indicates a Flood of Retail Investors Will Soon Launch Bitcoin Higher

Bitcoin’s price action as of late is finally beginning to reflect the fundamental strength incurred throughout the past several months Virtually all on-chain metrics are currently playing in bulls’ favor, while other fundamental developments – like the adoption of BTC as a reserve asset – also give it a boost This fundamental strength may be what helped lead the cryptocurrency up from recent lows of $9,900 to highs of $11,700 that were tapped just days […]

2020-10-14 02:00


Ethereum is About to Rocket Higher as Bulls Break Multiple Key Levels

Ethereum’s price has been moving in lockstep with Bitcoin’s throughout the past few days Although this previously caused it to see a prolonged period of boring and lackluster price action, it eventually worked in ETH’s favor The cryptocurrency is now rallying higher and approaching its crucial $380 resistance as buyers take full control of its short-term price action The ongoing upswing is significant, as it has allowed both ETH and BTC to shatter the selling […]

2020-10-11 22:00


Bitcoin Just Broke Its Downtrend as Analysts Eye Extension of Momentum

Bitcoin’s price action throughout the past 24 hours has been overwhelmingly bullish Following a prolonged period of range-bound trading between $10,200 and $11,200, the benchmark cryptocurrency was finally able to buck this trend and rally up to $11,400 Its ascent has been slowing as it pushes further into the $11,000 region, but it still remains overwhelmingly strong at the moment Analysts are now noting that this latest move higher broke the cryptocurrency’s multi-week downtrend This […]

2020-10-10 19:00


Ôîòî:

Ethereum Just Closed Beneath These Critical Levels; Here’s What May Come Next

Ethereum’s price action throughout the past few days and weeks has been rather lackluster The cryptocurrency has been underperforming Bitcoin and even some of its altcoin counterparts This trend is shifting slightly today, as the entire crypto market is starting to move higher One analyst is noting that ETH is bearish from a purely technical standpoint, as it is currently trading below multiple key technical levels Yesterday, it closed beneath both its 50 and 100-day […]

2020-10-9 23:00


Bitcoin Could See a Massive Squeeze as Funding Rates Flip “Extremely Negative”

Bitcoin’s price action has been lackluster as of late, providing investors with few insights into the cryptocurrency’s near-term outlook as it consolidates Although from a technical perspective, it remains unclear as to where it might trend in the near-term, there are a few factors that may provide investors with some guidance One such factor that could have some influence over the digital asset is its funding rates, which have flipped negative throughout the past few […]

2020-10-8 02:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru