• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee

Bitcoin Posts Massive 10% Drop as Altcoins Consolidate; What Analysts are Saying

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin
0
  • Bitcoin has seen some immensely bearish price action throughout the past few days, with sellers gaining full control of its price action
  • This has caused buyers to lose their grip over the market, being unable to spark any continued reversals
  • It does appear that the selling pressure seen throughout the past few days may continue hampering its growth, as BTC is now at risk of breaking below a few key levels
  • One analyst spoke about this in a recent tweet, explaining that it is nearing a key support level that may allow it to see a rebound
  • However, an acceleration of this downtrend could invalidate this strength and potentially lead to significantly further downside in the coming days

Bitcoin and the entire crypto market have seen some mixed price action as of late, with bulls being unable to take control of the benchmark cryptocurrency’s trend while many altcoins consolidate well-above their recent lows.

However, the strength seen by BTC in past weeks that allowed altcoins to post massive gains has since disappeared, and it may now begin placing tailwinds on their price action.

One analyst expects it to see further chop in the near-term, noting that its technical structure could be protected if bulls defend a few key levels.

Bitcoin Struggles to Gain Momentum as Selling Pressure Mounts 

At the time of writing, Bitcoin is trading down over 10% at its current price of $31,800. This marks a massive dip from its recent highs of $38,000 set just a couple of days ago.

The entire market is going fully risk-off, but it doesn’t appear that there’s any clear catalyst for this.

Unless BTC stabilizes here or posts a massive rebound in the near-term, it may decline towards its next key support at $30,000 and $28,000 before posting a v-shaped recovery.

Analyst: BTC Reaches Crucial Support, Making a Bounce Critical 

One analyst explained in a recent tweet that BTC is in the process of breaking below a key support level that must be defended in the near-term.

He notes that a break below this level could result in massive losses for the aggregated market.

“BTC: TL broke, back at HTF support. As long as selling doesn’t accelerate further I think Altcoins will perform on their ratio and Bitcoin will chop. Continuation triangle invalidated. With how it looks for now I think more chop is to be expected. (bounce to 34k from here pls)”

Bitcoin

Image Courtesy of Smokey. Source: BTCUSD on TradingView.

The coming few days should shine a light on Bitcoin’s price action and whether this move is emblematic of a deeper correction that may be imminent in the near-term.

Featured image from Unsplash.
Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Could Bitcoin Be On The Verge Of New ATH Rally? Analyst Identifies These Conditions

22 hours ago
Bitcoin

Bitcoin Miners On The Defensive: Market Uncertainty Spurs Revenue Diversification – Analyst

1 day ago
Bitcoin

Bitcoin Roadblock Unveiled: Analyst Identifies Barrier Faced By The Top Crypto

2 days ago
Bitcoin ESG

Bitcoin Is The Ultimate ESG Asset, Expert Validates

2 days ago
Bitcoin

Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled

4 days ago
Bitcoin price Fed

How Has The Fed’s Decision Impacted The Bitcoin Price? Crypto CEO Weighs In

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Mercante Technologies to Launch AI-Powered Customer Support...

    1 hour ago
  • While Litecoin (LTC) and Aave (AAVE) try to break key...

    22 hours ago
  • Bitcoin (BTC) and Compound (COMP) At the Market Crossroads...

    23 hours ago
  • Next 10x Crypto Gems: 6 Coins Under $0.50 To Buy Now

    23 hours ago
  • TokenCoin — Guide to Earning Passive Income through...

    23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.