• About
  • FAQ
  • Landing Page
Saturday, January 16, 2021
  • Login
  • Register
CryptocoinPress
No Result
View All Result
  • Latest
  • Blockchain
  • Bitcoin
  • Ripple
  • Ethereum
  • Contact Us
  • Latest
  • Blockchain
  • Bitcoin
  • Ripple
  • Ethereum
  • Contact Us
Saturday, January 16, 2021
  • Login
  • Register
No Result
View All Result
Cryptocoinnews.co.uk
No Result
View All Result
Home Bitcoin

Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What’s Next?

N.N (Neon Network) by N.N (Neon Network)
April 10, 2020
in Bitcoin
58 1
0
Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What's Next?
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


After days of consolidation after rallying 100% from the March bottom, Bitcoin tanked under $7,000 just minutes ago, reaching a local low of $6,920 as of the time of this article’s writing. With this downward move, the cryptocurrency is down 6% from Thursday’s peak and down nearly 8% from the highs at $7,470.

Bitcoin’s drop comes after stocks have seen an extremely healthy week, with both the S&P 500 and the Dow Jones rallying hard as the coronavirus curve starts to flatten and despite record-level unemployment claims in the U.S.

Related Reading: Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi

The crypto market’s ongoing correction was somewhat to be expected.

As reported by NewsBTC previously, the Tom Demark (TD) Sequential on Wednesday printing a sell “9” candle on the charts of Bitcoin, Ethereum, Ethereum Classic, Cardano, Binance Coin, Litecoin, Ontology, OmiseGo, Tron, Stellar, and Tezos.

The so-called 9 candles, per the time-based indicator, are often seen at reversal points in markets. Case in point: 9 candles were seen at the $6,400 Bitcoin bottom in December 2019 and at the local $10,500 top in February of this very year.

Furthermore, this outlet also observed that the Stochastic indicator, a trend/momentum-based indicator, recently printed a sign that Bitcoin was overbought. A top analyst observed that it has been accurate up to 86% for BTC.

What’s Next for Bitcoin?

Traders expect Bitcoin to breakdown further if it fails to maintain current levels.

Tyler D. Coates, a technical analysis author and a popular Bitcoin trader, remarked that the recent price action has seen BTC “threaten to breakdown a bull trendline” that has held since March’s bottom. The breakdown, Coates wrote, could see the cryptocurrency return to the “mid $5ks.”

Coates’ bearish sentiment was echoed by others, like a trader who suggested that Bitcoin’s recent price action is looking so much like the start of the 2018 bear market that it is “uncanny.”

Despite the potentially harrowing short-term outlook, many remain optimistic about Bitcoin’s long-term prospects.

In the latest edition of  “Crypto Trader Digest,” Arthur Hayes of BitMEX remarked that while Bitcoin has the potential to retest $3,000 yet again if global markets roll over, his year-end price target “remains $20,000,” which is a 180% rally from the current price.

As to why he thinks this is the case, he cited that the monetary and fiscal solutions that governments and central banks are enlisting to stave off precision:

“Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.”

As of the time of this article’s writing, BTC is trading for $6,952 and seems poised to print the lowest one-hour candle since April 6th.

Featured Image from Shutterstock





Source link

Related articles

Chainlink (LINK)

Chainlink (LINK) Revisits $18, Why It Could Soon Break $20

January 15, 2021
1.5k
DOT

Polkadot (DOT) Surges 35%, Key Resistance Turned Support at $10.5

January 14, 2021
1.5k
Share76Tweet48

Related Posts

Chainlink (LINK)

Chainlink (LINK) Revisits $18, Why It Could Soon Break $20

by N.N (Neon Network)
January 15, 2021
0
1.5k

Chainlink (LINK) is up 15% and it broke many hurdles close to $16.20, just like bitcoin and ethereum. The...

DOT

Polkadot (DOT) Surges 35%, Key Resistance Turned Support at $10.5

by N.N (Neon Network)
January 14, 2021
0
1.5k

Polkadot’s DOT began a robust surge after it broke the $10.00 resistance towards the US Greenback. It's up over...

Ethereum Just Hit a Key Support Level: Here’s the Next Level to Watch

Here’s the Next Level to Watch

by N.N (Neon Network)
January 13, 2021
0
1.5k

Ethereum has confronted a robust correction after peaking close to $1,350 final week. The cryptocurrency at present trades for...

Bitcoin Just Recovered to $35,000 After Yesterday's 25% Crash

Bitcoin Just Recovered to $35,000 After Yesterday’s 25% Crash

by N.N (Neon Network)
January 12, 2021
0
1.5k

Bitcoin is ripping larger regardless of yesterday’s correction. The cryptocurrency plunged as little as $30,000 yesterday as shopping for...

Ripple (XRP)

Ripple (XRP) Dives Below $0.30, Why 100 SMA Is The Key

by N.N (Neon Network)
January 11, 2021
0
1.5k

Ripple began a robust decline after it failed close to $0.3700 towards the US Greenback. XRP value is at...

Load More
  • Trending
  • Comments
  • Latest
Chinese Govt. Inks Partnership With Huawei To Speed Up Blockchain Adoption

Chinese Govt. Inks Partnership With Huawei To Speed Up Blockchain Adoption

April 14, 2020
Why $6,600 is the Level To Watch During Bitcoin's (BTC) Weekly Close 17

Why $6,600 is the Level To Watch During Bitcoin’s (BTC) Weekly Close

April 12, 2020
Why a Central Bank Digital Currency (CBDC) Will Be Launched Soon 18

Why a Central Bank Digital Currency (CBDC) Will Be Launched Soon

April 10, 2020
XRP Poised for a Massive Movement if it Confirms This One Technical Pattern

XRP Poised for a Massive Movement if it Confirms This One Technical Pattern

April 10, 2020
Large Players are in Full Bitcoin Accumulation Mode as On-Chain Activity Grows

Large Players are in Full Bitcoin Accumulation Mode as On-Chain Activity Grows

0
XRP Poised for a Massive Movement if it Confirms This One Technical Pattern

XRP Poised for a Massive Movement if it Confirms This One Technical Pattern

0
An Indicator That Called Every Bitcoin Top With 86% Accuracy: Big Drop is Imminent

An Indicator That Called Every Bitcoin Top With 86% Accuracy: Big Drop is Imminent

0
Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What's Next?

Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What’s Next?

0
Polkadot Flips Litecoin To Become Fourth-Largest Cryptocurrency

Polkadot Momentarily Flips XRP as Bullish Run Continues

January 15, 2021
Chainlink (LINK)

Chainlink (LINK) Revisits $18, Why It Could Soon Break $20

January 15, 2021
Polkadot Flips Litecoin To Become Fourth-Largest Cryptocurrency

Polkadot Flips Litecoin To Become Fourth-Largest Cryptocurrency

January 14, 2021
DOT

Polkadot (DOT) Surges 35%, Key Resistance Turned Support at $10.5

January 14, 2021
bitcoin

Bitcoin (BTC)

$ 35,991.00
ethereum

Ethereum (ETH)

$ 1,164.65
ripple

XRP (XRP)

$ 0.278346
cardano

Cardano (ADA)

$ 0.305643
litecoin

Litecoin (LTC)

$ 141.26
bitcoin-cash

Bitcoin Cash (BCH)

$ 478.71
stellar

Stellar (XLM)

$ 0.281403
tron

TRON (TRX)

$ 0.029652
Cryptocoinnews.co.uk

© 2020 Cryptocoinnews Crypto Coin News UK.

Navigate Site

  • Contact Us
  • Bitcoin
  • Blockchain
  • Ethereum
  • Ripple

Follow Us

No Result
View All Result
  • Contact Us
  • Homepages

© 2020 Cryptocoinnews Crypto Coin News UK.

Welcome Back!

Sign In with Facebook
Sign In with Google
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
Sign Up with Linked In
OR

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • YAMYAM(YAM)$1.27-98.65%
  • bitcoinBitcoin(BTC)$35,819.00-7.00%
  • ethereumEthereum(ETH)$1,162.56-4.42%
  • tetherTether(USDT)$1.00-0.08%
  • PolkadotPolkadot(DOT)$14.603.90%
  • rippleXRP(XRP)$0.277904-5.15%
  • cardanoCardano(ADA)$0.304639-3.48%
  • litecoinLitecoin(LTC)$140.78-5.98%
  • bitcoin-cashBitcoin Cash(BCH)$477.92-6.19%
  • chainlinkChainlink(LINK)$21.4517.89%