After rallying as high as ~$10,100 on leading exchanges this week, Bitcoin plunged off a proverbial cliff. Within 12 hours after hitting the highs, the cryptocurrency dipped by almost $1,000, crushed as long orders cascaded BTC lower.While this was a bearish rejection at a crucial level, analysts are still bullish. They cite a confluence of…
The crypto market has seen some intense turbulence throughout the past few days, with Bitcoin firmly guiding most altcoins’ price action over the past few weeks.BTC’s lackluster price action has caused the market to range sideways throughout the past several weeks. This stability did show some signs of degrading yesterday, although the decline sparked by…
While history never repeats, history often rhymes for the Bitcoin market.Each of the asset’s market cycles seems to have periods of eerily familiar price action, marked by common chart formations and technical signals that appear time and time again. This allows analysts to predict what comes next by looking at the past.An analyst recently observed…
Bitcoin price continues to consolidate above $9,000 but has repeatedly failed to break above $10,000. The lower the asset’s value gets, the more it falls below the cost of production for many miners.A key metric measuring the impact price action has on miner operations, is signaling that more miners are capitulating during the current price…
Bitcoin’s recent volatility has done some damage to its underlying market structure, despite it being able to post an ardent defense of the lower boundary of its long-established trading range.Yesterday, the crypto plunged to lows of $9,000 before finding any strong support, but it has since been able to rebound from these lows.Despite its ability…
Bitcoin is back in the spotlight of the cryptocurrency market after taking a nearly 10% dum. The sudden bearish impulse saw the asset’s price drop from a high of $9,970 to a low of $9,050.Alongside the price slump, over $80 million worth of long and short BTC positions were liquidated on BitMEX alone.From a technical…
Bitcoin is down more than 5% and it broke the key $9,300 support zone against the US Dollar. BTC traded as low as $9,089 and it is currently correcting higher towards hurdles.Bitcoin declined sharply after it was rejected one more time near the $10,000 level.There was a break below many key supports near $9,500 and…
Bitcoin saw a sharp drawdown today that led its price to the lower end of its long-held consolidation channel. This decline came about unexpectedly and appears to be the result of the rejection seen at $10,000 yesterday.The cryptocurrency is now showing some signs of weakness as it struggles to garner any upwards momentum, but analysts…
Although Bitcoin has been incessantly swinging between $9,000 and $10,000 over the past few days, the cryptocurrency is technically still in a consolidation pattern.Ever time BTC attempts to deviate from the range, it is rejected — on both sides. Case in point, when the asset rallied to $10,400 last week, a $1,500 drop followed suit.An…
Most major stock indices have collapsed under the pressure of the struggling economy. Whether it is due to the continued correlation between Bitcoin and stocks, or just general market sentiment turning bearish, the leading cryptocurrency by market cap has also started to decline.With the rest of the market in a sea of red, and Bitcoin’s…