• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick

Bitcoin Technical Analysis: Bitcoin Cash Civil War Drives BTC to a 1-Year Low

Eustace Cryptus
by Eustace Cryptus
6 years ago
·
Posted in Uncategorized, Bitcoin, Bitcoin Price, Markets and Prices, News, News teaser, Trading
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Holy mackerel! Out of the blue, Bitcoin dropped to a new 12-month low with little notice. Anyone hoping for a Santa Claus rally had better drop to their knees and start the Hail Marys.


Market Overview

Today Bitcoin (BTC) [coin_price] got nuked. In fact, the entire cryptocurrency market took a direct hit from a 50 megaton hydrogen bomb — and it looks like it’ll take a while for the smoke to clear. Novogratz was wrong, Tom Lee was wrong, everyone who thought $6,000 was the bottom was wrong. Analysts will probably spend the rest of the week attempting to determine the sources responsible for the turmoil.

Currently, the most digestible explanations suggest that the current sell-off was kicked off by a combination of $6,000 representing a stop loss trigger, as well as the current Bitcoin Cash hard fork exerting pressure on an already fragile Bitcoin price.

Today’s sharp correction took Bitcoin to a 12-month low and the market cap has now dropped below $100 billion for the first time since November 2017. The total cryptocurrency market cap also dropped below $200 million for the first time this year.

Weekly Chart

The weekly chart broke bearish after a lengthy series of sideways trading. Any oversold bounce under $6,540 is just a lower high, meaning a nearly 15% bounce is needed to restore BTC [coin_price] back to where it was yesterday. Fairly unlikely given the last 4 – 6 months of trading. Although, as mentioned yesterday with the upcoming Bitcoin Cash hard fork, ANYTHING could happen.

The MACD made a bearish cross, and the RSI has also broken from its persistent flatline and now dips toward oversold territory. A number of investors and analysts are attributing the current volatility to the BCH fork — but it should be noted that Bitcoin frequently dipped below $6,200 and $6,100 and BTC’s inability to overcome overhead resistances highlights an underlying weakness. So while surprising, today’s dip below $6,000 seemed inevitable.

$4,500 and $3,000 are the next supports to watch and the market and its multitude of analysts will decide which prices in between this range will function as psychological supports and resistances.

4-Hour Chart

There’s not too much to say here that hasn’t already been said. The lack of resistances below the $6,200 – $6,100 zone allowed BTC to drop like a blade through butter, and BTC price is now lower than it was on November 12 of 2017.

Traders might think twice about playing oversold bounces as bears are clearly in control and the current downtrend is still young. The RSI, Stoch, and MACD could easily become extremely oversold and given that a family feud over BCH might be fuelling the entire market downturn, analysis of charts may provide limited value for time being.

The wisest thing to do might be to watch from the sidelines and enjoy the free BCH-SV coins that will be earned by BCH holders. Alternatively, savvier traders might take note of the spread between USD and stablecoin (USDT, Paxos, TrueUSD) or the $300 Bitcoin [coin_price] premium that exists between Bitfinex and Coinbase.

Bon Arbitrage, Mes Amis!  

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]

Why do you think Bitcoin dropped 15%? Share your thoughts below!


Images courtesy of Shutterstock, Trading View. Market data sourced from Bitfinex.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Eustace Cryptus

Eustace Cryptus

Follow

Educator by day, crypto zealot at night. I scour charts, swing trade & ponder blockchain’s ability to transform cities, commerce and the entire banking system as we know it!

Full Profile

Related Posts

cours-or-nouveau-record-chute-btc

Record de l’or et chute du Bitcoin : que se passe-t-il ?

5 hours ago
Đồng tiền điện tử hàng đầu nên mua trước khi tăng 3.500%

Đồng tiền điện tử hàng đầu nên mua trước khi tăng 3.500% – Theo Cathie Wood của ARK Invest

10 hours ago
Top 3 Altcoin Đang Được Cá Voi Tích Lũy Ngay Lúc Này

Top 3 Altcoin Đang Được Cá Voi Tích Lũy Ngay Lúc Này

11 hours ago
Metaplanet

Metaplanet Pushes Bitcoin Holdings Over $2 Billion With New Purchase

19 hours ago
solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

1 day ago
Bitcoin

Bitcoin Mining Can’t Keep Up: Companies Buying At Quadruple Pace – Report

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    20 minutes ago
  • From Institutional to Individual Investors: How XRP and...

    39 minutes ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    1 hour ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    3 hours ago
  • XRP Price Plummets from $3.65 to $2.72, but GMO Miner Still...

    4 hours ago

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

Buy Neo Pepe

Bitcoin

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

Altcoins

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

Categories

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

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • 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
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 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.