• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
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
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
bitcoin btc price drop

Bitcoin Slides Back to Four Figures as Crypto Markets Dump $28 Billion

Martin Young by Martin Young
4 years ago
in Bitcoin Price, News, News teaser
0

The big purge has begun as bitcoin revisits four figures for the fourth time in as many months. The slump has resulted in a massive exodus from crypto markets which have shrunk by almost $30 billion in 24 hours.


Bitcoin Tumbles to Support

BTC has lost over a thousand dollars in the past 24 hours sliding from $10,600 to the $9,500 support level. The move has been a steady decline as opposed to the typical big red hourly candle as sell positions are triggered. It is the fourth time bitcoin has dropped to this level since the rally began in April and analysts are eyeing its next move.

bitcoin
BTC price hourly chart – Tradingview.com

Daily volume has cranked up to $20 billion but it is all outflow at the moment. The 10% purge has kept BTC within its range bound channel but further declines are expected. At the time of writing bitcoin was still falling, currently priced at [coin_price].

Analyst and swing trader ‘Financial Survivalism’ has eyed a support level which lies in the mid-$8k range.

This is where I am seeing support. $BTC pic.twitter.com/O4dV54C946

— Financial Survivalism (@Sawcruhteez) August 15, 2019

Bitcoin has dumped below the 200 moving average on the four hour chart which could lead to a reversal of the golden cross which occurred on this time frame last week.

Crypto trader going by the handle ‘CryptoHamster’ has also noted a fall below the 100 day moving average.

Bitcoin is below a 100 days moving average.
It is one of the biggest hope until 21EMA.

Bitcoin is below a 100 days moving average.
It is one of the biggest hope until 21EMA. $BTC $BTCUSD #bitcoin pic.twitter.com/GLcUWJwikP

— CryptoHamster (@CryptoHamsterIO) August 15, 2019

The big dump has caused a number of industry experts to question the safe haven status of bitcoin. Ikigai Asset Manager Travis Kling noted:

Lots of talk about BTC as a safe haven lately. Hasnt acted like that last few days. Why?
Could be crypto specific mkt structure issues. We see those right now.
Could also be BTC is strong enough to act as a safe haven to an extent and for certain types of stress, but not all.

Altcoins Rekt

In the time tested correlation that has failed to break this year, the altcoins are getting smashed again today. Total crypto market capitalization has crashed by 10% in an epic purge which has seen around $28 billion leave the space since this time yesterday.

Most altcoins are suffering a lot more than bitcoin at the moment. Ethereum has dumped a whopping 14% back below $180 and XRP a similar amount in a fall to $0.25. Bitcoin Cash has lost 17% as it retreats below $290 while Litecoin is melting, with a 13% crash below $75.

It is all pain on crypto markets this Thursday, only South Korean ICON (ICX) is in the green with a gain of 16% at the moment.

Will bitcoin fall back to $8,500 this time? Add your thoughts below.


Images via Shutterstock, Twitter @Sawcruhteez, @CryptoHamsterIO, BTC/USD charts by 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.

Martin Young

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

Related Posts

Genesis

Genesis And DCG Bury The Hatchet In $620 Million Legal Showdown

1 week ago
Charlie Munger

Bitcoin’s Fierce Opponent Charlie Munger Breathes His Last At 99

1 week ago
Bitcoin

$57,000 Beckons: Bitcoin Ascent Hinges On Pending ETF Approval, Analyst Says

2 weeks ago
The Demise Of Inferno Drainer: Accomplice In $70 Million Fraud Uncovered

The Demise Of Inferno Drainer: Accomplice In $70 Million Fraud Uncovered

2 weeks ago
Ripple

Ripple Sets Sights On Dominating $300 Trillion Payment Sector

2 weeks ago
Sam Altman

Bizarre Twist: Sam Altman Makes A Surprise Return To OpenAI As CEO

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Weekend Crypto Watch: Bitcoin, Dogecoin & Borroe...

    3 hours ago
  • Four Reasons Why Investors Have Piled Into $CHMPZ After...

    4 hours ago
  • Decoding Market Strategies With Binance Trade Data

    7 hours ago
  • Ethereum (ETH) and Retik Finance (RETIK) are the only two...

    7 hours ago
  • RETIK VS MATIC – Here’s why the utility of DeFi...

    7 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
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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
  • Casinos
  • Play Games
  • Play Casino Games
  • 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.