• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • 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
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • 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
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Is bitcoin Going to Crash By Year End?
Nexo

Bitcoin Tumbles Under $7K, More Losses Ahead if Support Fails

Anatol Antonovici by Anatol Antonovici
2 years ago
in Bitcoin, Bitcoin News, Bitcoin Price, News, News teaser
0

Bitcoin has tumbled below $7,000 on Friday, which has surprised many investors. If the current support level at $6,900 doesn’t hold, the chances are that the bearish mood will extend.


Bitcoin Slips on Good Friday

Most of the traditional markets are closed today in observance of Good Friday, but crypto exchanges don’t experience a significant drop in trading volumes. This suggests that the bearish move is genuine and might continue if bulls don’t hold at $6,900.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On April 7, Bitcoin formed a double top, which is often a bearish pattern in technical analysis. Bitcoinist anticipated that the largest cryptocurrency might face a painful correction if it doesn’t break above the double top’s peak. It didn’t happen – Bitcoin had moved sideways within a range between $7,100 and $7,430 until finally giving up.

It seems that the correction has been triggered by whale traders. Since yesterday, Twitter bot Whale Alert posted an unusually high number of large Bitcoin transactions, most of which moved from crypto exchanges to unknown wallets. Some of the largest moves might have been internal transfers, but most of them were too small to be considered internal reshuffles and too large to be ignored.

🚨 🚨 🚨 5,000 #BTC (36,484,419 USD) transferred from #Bitfinex to unknown wallet

Tx: https://t.co/q9SmrKimeO

— Whale Alert (@whale_alert) April 9, 2020

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

🚨 1,500 #BTC (10,892,932 USD) transferred from #OKEx to unknown wallet

Tx: https://t.co/wPstDXwEX2

— Whale Alert (@whale_alert) April 9, 2020

🚨 🚨 3,746 #BTC (27,380,655 USD) transferred from #Bitmex to unknown wallet

Tx: https://t.co/wZNuvEYsaq

— Whale Alert (@whale_alert) April 9, 2020

What’s even more worrying is that some of these large transfers came less than two hours ago after the largest bearish candle. This suggests that the downtrend might get worse as the liquidations continue.

900 #BTC (6,270,023 USD) transferred from #OKEx to unknown wallet

Tx: https://t.co/cVrAZb7Co8

— Whale Alert (@whale_alert) April 10, 2020

1,130 #BTC (7,880,735 USD) transferred from #RenrenBit to unknown wallet

Tx: https://t.co/p2Dw3wsNOx

— Whale Alert (@whale_alert) April 10, 2020

Bulls Will Come Back Stronger

Even if the Bitcoin price will slip to $6,300 or even $6,000, it simply means a discount price for bulls, who will come back much stronger in the medium-term future. Many expected that the Fed’s further stimulus worth $2.1 trillion would push Bitcoin prices, but it seems that the recovery is postponed.

The crypto market will also benefit from the halving, though the bold rally is expected after the event.

Even in these conditions, Bitcoin might break above $7,500 soon if it manages to hold at the current level.

Bitcoin

Do you think Bitcoin will slip to $6,000? Share your thoughts in the comments section!


Images via Shutterstock, Twitter:@whale_alert , BTC/USD chart 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.
Anatol Antonovici

Anatol Antonovici

Related Posts

Argentina

Argentina NGO Spearheads Mission To Educate High Schoolers About Crypto

5 hours ago
Shiba Inu

Shiba Inu Extinction: Finder Panel Predicts SHIB To Have Zero Value By 2030

7 hours ago
Russia

Russia To Legalize Cryptocurrency As Form Of Payment, Minister Says

10 hours ago
Bitcoin

Bitcoin Open Interest Nosedives, But All Hope Is Not Lost

17 hours ago
USDC Exchange Reserves Start Fall, Dry Powder For Bitcoin?

USDC Exchange Reserves Start Fall, Dry Powder For Bitcoin?

21 hours ago
Terra

Terra – A ‘Pyramid Scheme’ – Threatens The Crypto Ecosystem, Billionaire Says

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
  • Crypto Prices from Nomics
© 2022 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
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 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.