Bitcoin Plunges Towards $11,000 as Bull Trend Reverses; Factors & Trends Behind This Move

Bitcoin and the aggregated crypto markets have continued to extend the downwards movement that they incurred yesterday, and BTC is now approaching its next region of psychological importance that exists around $11,000.
Although some bulls may believe that this downwards move could simply be a flash in the pan that traps bears and fuels a short squeeze, one prominent analyst is now explaining that this move could persist for the rest of 2019.
Bitcoin Plunges as Selling Pressure Ramps Up 
At the time of writing, Bitcoin is trading down 7% at its current price of $11,185, which is down significantly from its daily highs of $12,200.
This downwards descent first began on Wednesday evening when Bitcoin rapidly surged to over $13,000, which sparked a significant amount of selling pressure that has extended into today’s trading session.
It now appears that Bitcoin is going to continue dropping further in the near-term and may revisit its July lows of $9,900 before it finds any real buying support that helps it climb higher.
Don Alt, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s price action in a recent tweet, explaining that how it finishes the week is critical, as a red weekly candle could contribute to technical weakness that leads BTC significantly lower in the near-term.
“$BTC update: Uhhh, this is what I expected without the wick. With the wick on top, this looks utter garbage. Pray to god this weekly doesn’t close like this, if it does I’ll be looking for 8000 minimum,” he noted, referencing the below chart.

Bitcoin (BTC) In Slow And Steady Decline, $8.2K Likely Target
Friday November 15, 2019

Bitcoin price is currently declining below the $8,600 support area against the US Dollar. A new monthly low was formed near $8,457 and the price is currently correcting higher. There is a key declining...

The post Bitcoin (BTC) In Slow And Steady Decline, $8.2K Likely Target appeared first on 12bitplay - Bitcoin Play.

$BTC update:
Uhhh, this is what I expected without the wick.With the wick on top, this looks utter garbage.Pray to god this weekly doesn't close like this, if it does I'll be looking for 8000 minimum. pic.twitter.com/q5Iu0NpbAF
— DonAlt (@CryptoDonAlt) July 11, 2019

Crypto Market And Bitcoin Might Decline Further: BCH, EOS, TRX, ADA Analysis
Monday November 18, 2019

The total crypto market cap is following a bearish pattern below the $230.0B level. Bitcoin price is facing an increase in selling pressure below $8,600 and $8,500. EOS price is currently struggling to stay...

The post Crypto Market And Bitcoin Might Decline Further: BCH, EOS, TRX, ADA Analysis appeared first on 12bitplay - Bitcoin Play.

Could Bears Control BTC For the Rest of 2019
Although it is clear that bears are in control of Bitcoin at the current moment, one prominent analyst who has been cautioning about the possibility of a drop like the current one for several weeks is now noting that bears could control BTC for the rest of 2019.
Dave the Wave, another popular cryptocurrency analyst, shared his thoughts on this possibility in a recent tweet, noting that it is possible that this correction extends as long as the parabolic rise that BTC has incurred over the past several months.
“If the correction is as long as the parabolic rise, looking at the end of the year,” he said.

Former ECB President’s Statement Shows Bitcoin Does Have Impact on the Economy
Thursday November 14, 2019

While many enthusiasts offer a bullish assessment of the future of cryptocurrencies like bitcoin and the ways it can be used to replace or supplement fiat currency, the coins have received mixed reactions from...

The post Former ECB President’s Statement Shows Bitcoin Does Have Impact on the Economy appeared first on 12bitplay - Bitcoin Play.

If the correction is as long as the parabolic rise, looking at the end of the year. pic.twitter.com/0sT4B2s1Rs
— dave the wave (@davthewave) July 11, 2019

Currently, it does feel as though BTC is resting on the edge of a precipice that could result in a massive drop back into the four figure price region, but investors should remember that the cryptocurrency has been in a massive uptrend over the past several months, and it will require a significant shift in tides in order for this long-term trend to reverse.
Featured image from Shutterstock.
The post Bitcoin Plunges Towards $11,000 as Bull Trend Reverses; Factors & Trends Behind This Move appeared first on NewsBTC.

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