Bitcoin Continues to Correct as Crypto Markets Bleed Billions
Yesterday’s Bitcoin pullback has extended into Friday as further losses are mounting. The selloff has slowed however as BTC searches for its short term bottom and traders seek buying opportunities. The overall trend for the past few weeks however has been sideways.
Bitcoin Slides 14% in Two Days
From a touch of $13,000 on Wednesday BTC has hit a low of $11,200 a couple of hours ago during Asian trading. The initial dump was triggered late on Wednesday and continued into Thursday after Bitcoin hit the bottom.
BTC price 24 hours. Coinmarketcap.com
From there it managed to creep back up to resistance at $11,700 but could not hold that and continued to decline today. Daily volume has fallen back to $26 billion and market capitalization is in danger of dropping below $200 billion once again.
As usual crypto traders and analysts are eyeing the charts looking for areas of support and resistance as Bitcoin starts to form a longer term channel of consolidation. Josh Rager has noted support just below $11k and predicts further consolidation:
“$BTC weak buying today with mostly ranging in the mid to low $11ks. Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move. Flat/neutral atm”
Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”
Monday November 11, 2019
Last week, speaking at the New York Times DealBook Conference, David Marcus, the head of Facebook’s cryptocurrency projects, called Bitcoin “digital gold,” while simultaneously arguing that the coin is not a good currency for...
The post Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold” appeared first on 12bitplay - Bitcoin Play.
$BTC weak buying today with mostly ranging in the mid to low $11ks
Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move
Boring market, no wonder everyone is talking Trump pic.twitter.com/NhnExIdny6
— Josh Rager (@Josh_Rager) July 12, 2019
Bitcoin (BTC) Price Sighting Downside Thrust Before Higher?
Wednesday November 13, 2019
Bitcoin price is struggling to recover above $8,800 and $8,840 against the US Dollar. The price is slowly moving lower and it is likely to decline sharply below $8,600. Morning’s bearish trend line is...
The post Bitcoin (BTC) Price Sighting Downside Thrust Before Higher? appeared first on 12bitplay - Bitcoin Play.
The one day support lies at around $11k and the range bound channel is between current prices at $11,300 and $11,700. The predictions are starting to flow again and the double top pattern is an indicator of further losses. Chart guru ‘dave the wave’ added: “If the pattern holds, two days of sideways then down to 10K,” with a comparison of s similar pattern from 2017.
Analyst Claims $8,700 Marks Good Long Opportunity for Bitcoin Despite Overnight Plunge
Monday November 11, 2019
After surging towards $9,300 yesterday, Bitcoin’s bulls have once again surrendered to bears, leading BTC to plummet back below its key support level at $9,000. This overnight movement has once again led the cryptocurrency...
The post Analyst Claims $8,700 Marks Good Long Opportunity for Bitcoin Despite Overnight Plunge appeared first on 12bitplay - Bitcoin Play.
A comparison of the 2017 top to the possible top here. pic.twitter.com/dcJjvyC4Ln
— dave the wave (@davthewave) July 12, 2019
Trump’s comments are the talk of the crypto town today however as markets continue to cool off.
Altcoins Axed Again
Total crypto market capitalization has declined by over $45 billion since the recent market peak of $357 billion. Currently hovering around $310 billion, daily volume has also dumped back to $80 billion but compared to the depths of crypto winter six months ago, that is still sky high.
As usual it has been the altcoins that have borne the brunt of Bitcoin’s retreat. Market dominance is still over 65 percent as the rest of the crypto assets get pounded.
In two days Ethereum has dumped over 14 percent plunging ETH prices back down to $270. XRP has collapsed 20 percent as it slides back to a monthly low of below $0.33. Litecoin halving fomo seems to have completely dried up as LTC falls back towards $100 and Bitcoin Cash has crashed to below $350 again.
Bitcoin may be correcting but altcoins are clearly hemorrhaging once again.
Image from shutterstock
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