Bitcoin’s selloff seen yesterday reached a boiling point this morning, as the cryptocurrency has now begun its descent towards the $7,000 region. This decline has led BTC to plummet below $8,300 in a brief movement, leading analysts to widely eye further downside.
This intense movement has also led the crypto to break below multiple key support regions that were previously bolstering its price, with the decisive movement below these levels opening the gates for serious near-term losses.
Currently, the next key support region that analysts are eying sits at roughly $7,700, with the strength of its ongoing downswing suggesting a move to this level is imminent.
Bitcoin Plummets Below $8,300 in Violent Movement
At the time of writing, Bitcoin is trading down 6% at its current price of $8,380, which marks a massive decline from daily highs of $9,200 that were set early yesterday just prior to the selloff that sent BTC reeling down to roughly $8,800.
Bears were able to further extend their momentum today, as they first led the crypto to move down towards the support bulls had established at $8,700, with the break below this level leading it to plummet at low as $8,290.
In the time since visiting these lows, the benchmark cryptocurrency has been able to bounce, suggesting that there is some support in this region.
This movement has sent shockwaves throughout the aggregated crypto market, leading most major altcoins to plummet 10% or more.
BTC Enters Full-Fledged Bear Trend as Bullish Market Structure Degrades
The bullishness that was formed by Bitcoin’s firm 2020 uptrend appears to have dissolved, with the ongoing selloff erasing the bulk of the gains the were incurred throughout January and February.
This has led Bagsy, a prominent cryptocurrency trader on Twitter, to explain that he believes BTC will be firmly bearish until bulls are able to recapture $9,200, further noting that the two regions of interest he is closely watching exist at $8,200 and $7,700.
“Trend is evidently bearish at the moment; not looking for longs on BTC until we flip 9.2, interact with 8.2 or 7.7,” he explained.
Trend is evidently bearish at the moment; not looking for longs on $BTC until we flip 9.2, interact with 8.2 or 7.7 pic.twitter.com/EeNVUbVtbM
— Bagsy (@imBagsy) March 8, 2020
The coming several hours should offer insight into the long-term significance of this ongoing selloff, as further losses could mean a bear-trend is kicking off, whereas a strong bounce here could validate that bulls still have some underlying strength.
Featured image from Shutterstock. origin »
Key Takeaways
Where is Bitcoin trading now?
BTC broke decisively below $90,000 on 20 November, hugging the lower Bollinger Band and testing the S3 pivot zone in the mid-$80K region.
What does the CThe post Bitcoin breaks below $90K as volatility expands appeared first on AMBCrypto.
Bitcoin has slipped below the $87,000 mark once again, extending a painful week for the world’s largest cryptocurrency. The cryptocurrency is facing mounting pressure as a combination of institutional outflows, miner sell-offs, and bearish technical signals weighs on the market.
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Michael Saylor, Executive Chairman of Strategy, denied reports that the firm sold 47,000 Bitcoin as the crypto market leader’s price fell below $96k. Bitcoin hit [...]
Key takeaways BTC is down 1% and is now trading below $104,300 per coin. The bearish performance comes after Bitcoin failed to overcome the $107k resistance level. Bitcoin dips below $105k despite strong start to the week Bitcoin, the leading cryptocurrency by market cap, has underperformed over the last 24 hours despite a positive start […]
The post Bitcoin could dip below $104k as momentum fades; Check forecast appeared first on CoinJournal.
Bitcoin Magazine
Bitcoin Price Plunges Below $100,000 As Extreme Fear Hits the Market
Bitcoin price just tumbled below $100,000, testing levels not seen in months. Bitcoin recently broke below key technical support around $104,000.
A recent wave of corporate Bitcoin buying could trigger a crash if a drop below $90K sparks panic selling, Standard Chartered warned. “Bitcoin treasuries are [...]
Bitcoin falls below $104K amid heavy ETF outflows. Key resistance at $106K–$107K amid rebound attempts. Whale selling is on the rise as retail buys surge. Bitcoin (BTC) has started June on the back foot, dipping below $104,000 to a low of $103,833.
Bitcoin ETF outflows and miner activity signal caution despite a bullish breakout attempt.
Bitcoin Apparent Demand shows early rebound, but sentiment remains below the neutral threshold.
AftThe post Bitcoin ETF holdings dip below warning level, but it may not affect BTC's breakout appeared first on AMBCrypto.
Bitcoin found some support at the $74.5k level.
The price action in late March could repeat itself, based on clues from the liquidation heatmap.
Bitcoin [BTC] fell below the $80k mark on theThe post Bitcoin falls below $80k: Consolidation or drop, what's next? appeared first on AMBCrypto.
This week started rough for Bitcoin. It dropped below $77,000, down more than 8%, and over $1. 3 billion in crypto trades have been liquidated, making this one of the wildest weeks since 2020. Ethereum is also struggling, now trading below $1,500 and reaching its lowest point in almost two years.
Bitcoin’s price fell below $75,000, hitting its lowest since early February. Right now it’s sitting around $74,500, down over 10% in the past day. The steep decline happened after Bitcoin couldn’t stay above the $80,000 support level yesterday.
While panic selling has seen Bitcoin’s price slip below $80,000, whales looking to leverage the potential opportunity have aggressively accumulated over 65,000 BTC. On Mar. 11, as Bitcoin (BTC) struggled near the $80,000 mark, on-chain data and analytics platform CryptoQuant…
Bitcoin plunged below $80K on Monday, March 10, dropping to lows of $77,490 as the crypto market suffered another bloodbath. But despite the potential for Bitcoin (BTC) to dip further, Nigel Green, chief executive officer of global financial advisory giant…
Spot Bitcoin exchange-traded funds in the United States recorded their third consecutive day of outflows this year, as Bitcoin fell below $90,000 amid a broader market risk-off sentiment. According to data from SoSoValue, the 12 spot Bitcoin ETFs logged $284.19…
Bitcoin slipped below the critical $90,000 mark, trading at $89,656 as bearish sentiment grows.
The post Bitcoin Drops Below $90,000 for the First Time in 2 Months appeared first on BeInCrypto.
Bitcoin struggles as waning demand and bearish indicators signal a potential dip below $90,000. Key levels could define its next move.
The post Bitcoin (BTC) Pulls Back from Festive Highs, Risks Falling Below $90,000 appeared first on BeInCrypto.
Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone.
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Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone.
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Bitcoin price is correcting gains below the $96,500 resistance. BTC is now trading below $95,000 and might face hurdles near the $95,750 resistance. Bitcoin started a downside correction from the $98,880 zone.
Bitcoin retained momentum, despite dropping below $70,000
Insights using the MVRV indicator hinted at a possible surge
After several attempts to push beyond $70,000, Bitcoin has once again sThe post Bitcoin below $70,000 - Here's why holders shouldn't lose hope yet! appeared first on AMBCrypto.
Bitcoin price started another decline from the $60,650 resistance. BTC is now at risk of more downsides below the $57,500 support zone. Bitcoin is correcting gains and gaining bearish pace below the $59,000 level.
BTC LTHs are torn between selling and holding amidst price volatility.
Bitcoin remained below $60,000 at press time.
The recent increase in Bitcoin's [BTC] volatility is evident, as its pricThe post Bitcoin exchange reserves drop below 2.
Cryptocurrencies have diverged from American stocks, leading to substantial losses to Bitcoin and altcoin holders. Bitcoin has continued consolidating below $60,000 while the total market valuation of all coins has dropped to $2 trillion.
A look at how Bitcoin is faring in an extreme fear environment.
Why liquidations may have played a role in pushing BTC below $60k.
Bitcoin [BTC] has once again pulled back below the $60,000 The post Bitcoin falls below $60,000 as 'extreme fear' grips the market - What now? appeared first on AMBCrypto.
The rising leverage ratio and Open Interest might be holding Bitcoin back.
The pitchfork and 200 DMA support failure pointed to a price drop below $60k.
Bitcoin [BTC] fell to $49K in the earThe post Bitcoin in danger of falling below $50K: Is BTC's bottom here? appeared first on AMBCrypto.
Bitcoin rose to $70,000 in the previous trading session.
Miner reserve has continued to decrease, but BTC's price has slowed it down.
Recently, there has been a slight rise in the outflow frThe post Bitcoin below $70k: Did miners play a part in the drop? appeared first on AMBCrypto.
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Bitcoin dropped below $64,000 after Mt. Gox sent around $3 billion in Bitcoin to an unknown wallet today, according to Arkham's data.
The post Mt. Gox moves over 47,000 Bitcoin, Bitcoin’s price drops below $64,000 appeared first on Crypto Briefing.
Key takeaways Bitcoin has slipped below $65k, losing more than 4% of its value this week. Memeinator is now trading on MEXC and Uniswap exchanges. Bitcoin could dip below $64k soon Bitcoin, the leading cryptocurrency by market cap, has been underperforming over the last few days.
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Bitcoin continued to trade below $70,000.
Over 1 million addresses acquired BTC at the current price range.
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Bitcoin has a bearish short-term outlook with its series of lower highs in the past month
The drop to $56.5k meant the liquidity below it would likely be tested soon
Bitcoin [BTC] clung to tThe post Bitcoin price prediction: Another move below $56K coming? appeared first on AMBCrypto.
Bitcoin short-term whales are underwater, which likely presented an ideal buying opportunity
Metrics resembled how they were before the previous major bull run
Bitcoin [BTC] sank below the kThe post As Bitcoin sinks below this key zone, what should you do now? appeared first on AMBCrypto.
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