• About us
  • Contact Us
  • Privacy & Policy
CryptoCoinNewsHub.com
No Result
View All Result
Monday, July 13, 2020
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
CryptoCoinNewsHub.com
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
No Result
View All Result
CryptoCoinNewsHub.com
No Result
View All Result
Home Bitcoin

Bitcoin Price Retraces 6% in Spiralling Weekend Dump — CCN.com

September 9, 2019
in Bitcoin
4 min read
0
Bitcoin Price Retraces 6% in Spiralling Weekend Dump — CCN.com
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
bitcoin price, bitcoin
Bitcoin price makes a retreat on Sunday’s trading. | Source: Shutterstock

The bitcoin price dropped from $10,968 to $10,252 over the weekend within a two-day span by more than six percent against the U.S. dollar.

Bitcoin price dropped by more than six percent since weekly high at over $10,900
Bitcoin price dropped by more than six percent since weekly high at over $10,900 (source: coinmarketcap.com)

Previously, when the bitcoin price initially made its way to $10,900, a level that has been considered to be a heavy line of resistance since early August, some technical analysts expected the asset to test higher levels in the range of $11,400 to $12,000.

As $10,900 acted as immediate resistance, the bitcoin price fell to $10,200 and after attempting to recover to $10,900, it retraced to the low $10,000 region once again.

Bitcoin price still technically at a standstill

On September 3, DonAlt, a technical analyst and cryptocurrency trader noted that bitcoin has been moving in between a large range since July, with $12,600 as the top of the range and $9,400 as the bottom.

While bitcoin tested $12,600 regularly from July to mid-August, over the past three weeks, it has demonstrated signs of struggle in overcoming $10,900.

Earlier this month, DonAlt emphasized that bitcoin is likely to range throughout the foreseeable future and whichever support or resistance that breaks first is likely to determine the short term direction of the dominant cryptocurrency.

“Seems like a lot of people felt the same way. Both shorts & longs stacked & once it moved back above $10000 a squeeze followed. Daily candle took us straight from the bottom to the top of the range. Both 9k and 12k are old levels, whichever breaks first decides direction,” he said.

Traders have said that the breakdown of the $9,000 support level, which has acted as a strong level of defense for bitcoin, could result in a larger pullback for the asset, possibly to the $8,000 region.

RELATED  Peter Schiff Reveals Crypto Holdings, Community Sends Him Bitcoin

Still, it is too early to determine the short to medium term trend of bitcoin and if it continues to move in between $9,400 to $12,600 range in a larger time frame, there is opportunity for both bulls and bears to turn around the trend to either direction.

$BTC is looking good at the moment. Always be cautious with ascending triangles – they often turn to bear flags. pic.twitter.com/vsbaZfjhrI

— The Wolf Of All Streets (@scottmelker) September 7, 2019

In the near term, if bitcoin fails to recover swiftly back to the $10,900 level, traders anticipate the retest of the range support of bitcoin between $9,400 to $9,700.

$BTC Update

? pic.twitter.com/LiWgZln78E

— Hsaka (@HsakaTrades) September 6, 2019

There are several fundamental variables including the emergence of highly anticipated trading venues in the likes of Bakkt that may become a potential catalyst to reverse the short term trend of BTC.

Adam Back, a prominent cryptographer and the inventor of hashcash, said that the halvening of bitcoin in 2020 and increasing uncertainty in the global economy could also lead to an increase in interest towards the asset.

Back added:

“Bring it on, 2020 halvening, lots of geopolitical uncertainty, $15tril of -ve interest bonds, MMT excuses being tested to bring an even more imprudent USD inflation regime. With a $50k BTCUSD price, $1tril market cap, would be as Tuur Demeester says not far off.”

Click here for a real-time bitcoin price chart.


Credit: Source link

  • Trending
  • Comments
  • Latest
Fortress Offers to Buy Mt. Gox Bitcoin Claims at $900 a Piece

Fortress Offers to Buy Mt. Gox Bitcoin Claims at $900 a Piece

July 9, 2019
Huobi Group is Developing a Public Blockchain For Decentralised Finance (DeFi)

Huobi Group is Developing a Public Blockchain For Decentralised Finance (DeFi)

July 2, 2019
Bitcoin Price Loses $10.5K Support as US-China Trade War Tensions Cool

Bitcoin Price Loses $10.5K Support as US-China Trade War Tensions Cool

August 14, 2019
Top 5 Crypto Performers: BTC, EOS, ETH, TRX, ETC, MHC*

Top 5 Crypto Performers: BTC, EOS, ETH, TRX, ETC, MHC*

July 4, 2019

Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet

February 7, 2020

XRP Beats Ethereum and Bitcoin as the Best Performing Crypto

February 1, 2020

Robin Hood- Problems in more than just Sherwood Forest

January 28, 2020

One Wallet Has 27% of Ether in Old MakerDAO Network

January 26, 2020
CryptoCoinNewsHub.com

CryptoCoinNewsHub.com is an online news portal which aims to provide latest trendy crypto news around the world with real time updates.
Email us hello@cryptocoinnewshub.com

Topics to Cover

  • Bitcoin
  • Blockchain
  • Business
  • Crypto News
  • Ethereum
  • Ripple
  • Tech
  • Trading

Whats New Here!

  • Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet
  • XRP Beats Ethereum and Bitcoin as the Best Performing Crypto
  • Robin Hood- Problems in more than just Sherwood Forest

Subscribe to get more

Simply subscribe to our newsletters and we will be in touch. Don't worry, we won't spam you

© 2019 CryptoCoinNewsHub.com - All rights reserved

No Result
View All Result
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading

© 2019 CryptoCoinNewsHub.com - All rights reserved

  • bitcoinBitcoin(BTC)$8,152.26-0.70%
  • ethereumEthereum(ETH)$175.30-1.63%
  • rippleXRP(XRP)$0.252799-0.58%
  • bitcoin-cashBitcoin Cash(BCH)$242.68-2.16%
  • tetherTether(USDT)$1.000.27%
  • litecoinLitecoin(LTC)$55.01-1.92%
  • eosEOS(EOS)$3.11-2.39%
  • binance-coinBinance Coin(BNB)$18.56-2.84%
  • cardanoCardano(ADA)$0.042556-2.10%
  • stellarStellar(XLM)$0.064655-3.04%
  • tronTRON(TRX)$0.016891-2.25%
  • moneroMonero(XMR)$58.64-0.32%
  • neoNEO(NEO)$11.682.51%
  • iotaIOTA(MIOTA)$0.245122-1.96%
  • dashDash(DASH)$65.431.15%
  • nemNEM(XEM)$0.039494-0.75%