These are the key levels to watch following Bitcoin’s insane flash crash

2020-2-20 20:30

Yesterday, investors witnessed one of Bitcoin’s largest-ever hourly price declines, with the benchmark cryptocurrency plummeting from highs of $10,200 to lows of $9,200, which is where BTC was able to find some intense buying pressure that helped climb to its current price of $9,600.

This sharp and sudden decline muddied the clarity that many investors had regarding where Bitcoin is heading next, and analysts are now closely watching to see how BTC reacts to a few key support levels in the near-term.

Furthermore, one key set of data also seems to indicate that $9,800 is a key resistance level for the cryptocurrency, with a break above this opening the gates for significantly further upside.

Bitcoin remains above key support levels, but a further downside could spark a massive selloff

At the time of writing, Bitcoin is trading down just over five percent at its current price of $9,600, which is around where it has been trading at in the time since it bounced from intra-crash lows of $9,200.

Bitcoin’s ability to maintain stable at this level seems to bolster bulls, as it shows that they have enough strength to defend a few critical support levels that lie just a hair below its current price region.

Josh Rager, a prominent cryptocurrency analyst on Twitter, spoke about these support levels in a recent tweet, explaining that the first area of interest he is watching exists at $9,300.

“You should be aware of potential price-levels if the BTC pullback continues. Areas of interest include: $9300 – $8600 to $8700 – $7900 to $8200. Since May 2019, the most buying/selling volume occurred between $7900 to $8200. With $8200 being a key horizontal support on weekly chart.”

This data shows $9,800 is now a critical resistance level 

As for where Bitcoin’s key near-term resistance is, data from blockchain analytics firm IntoTheBlock elucidates that there are one million BTC wallet addresses with positions around $9,800 – meaning that investors who bought the crypto at this price could be looking to break even.

“A look at the IOMAP model for Bitcoin shows 1m addresses with positions around the $9800 mark. This could be seen as the level of resistance for $BTC to get to $10,000.00 as a percentage of investors that previously bought at this price may be looking to break-even.”

Image Courtesy of IntoTheBlock

How Bitcoin’s current bout of sideways trading resolves, and which of these levels is tested first, should provide insights into where the aggregated market is heading next.

The post These are the key levels to watch following Bitcoin’s insane flash crash appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68638.54 (-1.03%)
Объем 24H $29.164b
Изменеия 24h: 2.15 %, 7d: 2.27 %
Cегодня L: $67324.36 - H: $69474.84
Капитализация $1352.566b Rank 1
Цена в час новости $ 9557.16 (618.19%)

bitcoin price 200 btc lows able intense

Источник: cryptoslate.com

bitcoin price → Результатов: 126


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

BTC surges 6% to touch $70k as Ethereum ETF rumors cause market frenzy

Bitcoin (BTC) surged past the $70,000 mark on May 21, marking a significant milestone driven by a flood of investment into spot Bitcoin exchange-traded funds (ETFs) and a broader market rally. Bitcoin’s price climbed to $70,325, a 6% increase over 24 hours, before settling at $68,700 as of press time, based on CryptoSlate data.

Scaramucci says institutional adoption of Bitcoin set to accelerate

SkyBridge Capital founder Anthony Scaramucci believes institutional adoption of Bitcoin has begun in full force and will accelerate rapidly in the coming quarters. Scaramucci made the statement during an interview on CNBC, where he highlighted the growing acceptance of Bitcoin among major financial institutions and pension funds.

Tether holds more US Treasuries than Germany, ranks 19th globally

Quick Take Tether reported a massive $4. 52 billion profit in the first quarter of the year. Notably, the stablecoin issuer’s consolidated financial figures revealed that as of March 31, it held a staggering $91 billion in direct and indirect US treasury bill holdings.

Challenging the notion of ‘Stag’ or ‘Flation’

Quick Take Federal Reserve Chair Jerome Powell dismissed concerns about stagflation following the release of the latest US economic data. In his speech following the Fed’s decision to keep fed funds rates at 5.