Analyst Who Called Bitcoin’s Brutal Crash to $7,500 Thinks This is Next
[NEWS BLOG]: Analyst Who Called Bitcoin’s Brutal Crash to $7,500 Thinks This is Next
It’s not a secret that Bitcoin hasn’t done well over the past few days and weeks; since the weekend’s $9,200 peak, the cryptocurrency has lost nearly 18%, and since the $10,600 peak in February, BTC has shed over 25%. In the process of this brutal move, hundreds of millions worth of leveraged positions have been liquidated.
Furthermore, with a harrowing macro outlook and Bitcoin seemingly becoming correlated with the stock market, some have been wondering if BTC could enter back into a bear market. One analyst, in fact, warned of a potential return to $4,000.
Despite these fears, many are staying optimistic. In fact, the trader who called the return to $7,500 when investors were by and large expecting a further rally above $10,000 recently floated the scenario that BTC is in the midst of bottoming
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Bitcoin Falls Through Key Average as Traditional Markets Hit Record Highs
- Strong performances in traditional assets and a lack of new reasons to buy crypto is suppressing BTC’s price.
- A loss of the 50-day moving average exposes the $8,000 price level.
- The daily RSI shows that momentum slowing, which could hint at greater selling pressure in the short term.
Bitcoin (BTC) is at risk of another sell-off after its price fell beneath a key moving average on Nov. 15, as a relatively strong performance by traditional assets caught investor attention.
According to Jeff Dorman, CIO at Arca, an investment management firm dealing in digital assets, BTC’s drop in price - read more.
Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches
Bitcoin’s recent price action comes as a breath of fresh air for crypto traders, which had to deal with BTC flatlining in the $9,000s for around two and a half months. The leading crypto asset is attempting to pass the local highs of $11,500 as this article is being written.
Despite the strength of the breakout, Bitcoin’s macro volatility indicators remain at historically low levels. This may suggest, according to Bitazu Capital’s Mohit Sorout, that BTC has room to rally to the upside as ongoing volatility seems to be favoring bulls.
This latest rally in the crypto market has brought - read more.
Ripple (XRP) Is Primed To Correct Higher Despite Recent Sell-off
Ripple remained in a major downtrend from well above the $0.2650 level against the US Dollar. XRP price tested the $0.2240 support area and it could correct higher in the short term.
- Ripple price is down close to 6% and it broke the $0.2350 support area against the US dollar.
- The price tested the $0.2240 support area and it is currently consolidating losses.
- There is a contracting triangle forming with resistance near $0.2300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price must climb above the $0.2300 level to start a recovery towards the - read more.