Current Bitcoin Pullback Unlike 2018 Bear Market – Analyst Explains Why

Current Bitcoin Pullback Unlike 2018 Bear Market – Analyst Explains Why
фото показано с : zycrypto.com

2020-9-7 12:52

Bitcoin has been on a continuous downtrend in the last 48 hours, losing 5% in just 24 hours. This has led to panic across the crypto community as uncertainty looms. Several key levels have been broken for several cryptocurrencies and Bitcoin isn’t left out. One analyst says however that this is a different pullback from that of 2018 which was majorly a severe bloodbath.

According to Rekt Capital, 2018 was a bear market in which Bitcoin’s movement was downward while the current one is only a pullback in an upward trend.

“This #Bitcoin retrace is going to be much different compared to the 2018 retraces. In the bear market, $BTC was in a macro downtrend with relief rallies on the way to new yearly lows. In this bull market, BTC is in an overall uptrend with small pullbacks on the way to new highs”

While the BTC/USD chart looks pretty ugly on lower time frames, a little zoom out would make one agree with Rekt Capital. One of the key indicators, the Moving Average suggests the asset is still strong against the dollar in the long term. The 20, 50, and 100 MA are still basically serving as support on the one-week chart although they have all turned to resistances on the daily chart and hourly charts.

Will things get worse?

The $10,000 psychological point is a key line for Bitcoin in both bear and bull markets. Though Bitcoin was below this level for a while, it crossed the level on its way up in July. Since then, it has flown above $12,000 but has mostly been just under until 24 hours ago when the price started a rapid downward trend.

The question many are asking is if the price will break below the key $10,000. Although the price is dangerously approaching this level, an analyst had earlier this year said Bitcoin will never trade at 4 figures ever again. At this time, the crypto community is hoping that his parlances become valid because according to a Forbes article, it will be over for bitcoin if it crashes below $10k again.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 70929.96 (-0.12%)
Объем 24H $27.308b
Изменеия 24h: 0.05 %, 7d: 4.78 %
Cегодня L: $70824.16 - H: $71243.75
Капитализация $1397.893b Rank 1
Цена в час новости $ 10192.19 (595.92%)

bitcoin several hours looms uncertainty across crypto

Источник: zycrypto.com

bitcoin several → Результатов: 126


Фото:

Institutional Bitcoin Traders Think That the Top Is In; Factors to Consider

Bitcoin’s price has been flashing signs of overt weakness throughout the past several days and weeks The cryptocurrency is now rapidly approaching its critical support at $9,000 The buying pressure here appears to have been degrading over the past several days and weeks Institutional investors and professional traders on the CME appear to believe that the Bitcoin top is in, as most have flipped short on the benchmark digital asset This comes as a bear-favoring […]

2020-6-30 02:00


New Bloomberg Report Shows Wall Street Banks Shun Bitcoin, Distance Away from Crypto Markets

In a recent report released by Bloomberg, recognized Wall Street firms such as Goldman Sachs, Morgan Stanley or Barclays, are still far from launching crypto-related products. During 2018, several analysts believed that these institutions were going to release crypto-related products to the market as soon as in the first part of 2019. Nevertheless, these products […]

2018-12-24 21:31


Here’s A Refresher On How To Explain Bitcoin At Christmas As Crypto Interest Remains High For The Holidays

Interest For Bitcoin Remains High Around The World Although Bitcoin (BTC) and virtual currencies did not have a positive year, the interest in virtual currencies remains high. There are several retail investors and people that are very interested in understanding how cryptocurrencies work and which is the future potential they have. According to a new […]

2018-12-21 20:26


Фото:

Crypto Millionaire Literally ‘Airdrops’ $100 Bills From Rooftop in Hong Kong

A Bitcoin millionaire and cryptocurrency loud mouth was arrested in Hong Kong over the weekend for causing mass hysteria after an airdrop of several HK $100 bills from an apartment rooftop. Hong Kong Style ‘Air Drop’ On Saturday (December 15, 2018), Wong Ching-kit; a cryptocurrency promoter caused a stir when he tossed several HK$100 from an apartment rooftop in Hong Kong.

2018-12-17 22:00


“Bitcoin will go a lot higher” says Suspected Satoshi Nakamoto who has made several Accurate Predictions

A man who has made several accurate predictions concerning the fate of Bitcoin has appeared again on Youtube saying Bitcoin will surge a lot higher than its current price. The man simply identified as “davincij15” on Youtube said Bitcoin is a reliable crypto asset that has a bright future and anyone saying Bitcoin will go […] The post “Bitcoin will go a lot higher” says Suspected Satoshi Nakamoto who has made several Accurate Predictions appeared first on ZyCrypto.

2018-12-11 15:03


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Turns Green: Poised for a Major Upswing

Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term. Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.

Bitcoin Price Gains Momentum: Bullish Surge Ahead?

Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term. Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.