• 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

This Newly Formed Structure Could Cause Bitcoin to See Major Losses

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin
0
  • Bitcoin and the aggregated cryptocurrency market are currently in a precarious position following the series of strong rejections seen yesterday evening
  • The selling pressure incurred as a result of these rejections has not yet been enough to force BTC or other assets below their crucial support levels
  • That being said, analysts are growing increasingly cautious on BTC’s near-term outlook
  • One trader explained that a recently emerged technical pattern seems to indicate downside is imminent
  • It is important to note that there is one fundamental development that could invalidate this pattern

Bitcoin rallied up to highs of $11,500 overnight before facing an influx of selling pressure that slowed its ascent.

The cryptocurrency is now trading just above its crucial support at $11,000.

Although buyers have been in firm control of Bitcoin throughout the past few weeks, ever since it posted a rejection at $12,000, its momentum has been slowing.

This may indicate that it needs to undergo another consolidation phase before it can push higher.

One pattern resulting from this recent price action is quite bearish, suggesting that the benchmark crypto could be poised to see notable downside.

Bitcoin Struggles to Maintain Momentum as Selling Pressure Grows 

At the time of writing, Bitcoin is trading down just over 1% at its current price of $11,100.

Buyers tried to spark a fresh leg higher yesterday, but only led BTC as high as $11,500 before it lost its strength and reeled lower.

This is the second firm rejection seen in the past several days – the first being BTC’s massive selloff seen when it tapped $12,000 on Saturday evening.

Analysts are now noting that the cryptocurrency could be well-positioned to see further near-term downside.

While speaking about this possibility, one trader said that the selloff recently seen at $12,000 is not “momentum to disregard.”

“I expected a stronger Monday session for BTC to be bullish, disappointing, it even dumped late Western session hours before the close. We dumped over 1’500$ [on] Sunday after tapping 12.2k, it’s not momentum to disregard, could very well be rolling in our faces.”

Bitcoin

Image Courtesy of SalsaTekila. Chart via TradingView.

Here’s What Could Work to Invalidate This Weakness

Bitcoin is in a precarious position now, but the tides may quickly shift back into buyers’ favor in the coming days.

The same trader later noted that one development that could invalidate the sentiment he shared is a $120 million Tether mint that just took place.

He even went so far as to note that this fresh stablecoin supply could help propel BTC significantly higher.

“Closed my BTC short on 11,110$: woke up to a 120MM$ tether mint, which changes my [perspective] altogether: new highs much more likely just because of it IMO. Side lined for now.”

How Bitcoin trends throughout the coming couple of hours as its daily close approaches may provide investors with greater insight into its near-term trend.

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

1 day ago
Bitcoin

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

2 days 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

3 days ago
Bitcoin

Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled

5 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

  • Ripple (XRP) And Solana (SOL) Making an Attempt to Break...

    8 hours ago
  • 3 Penny Cryptos That Could Reach $5: $QUBE, $XLM, and...

    12 hours ago
  • Bitcoin Spark Breathes New Life Into Crypto As Litecoin...

    12 hours ago
  • Mercante Technologies to Launch AI-Powered Customer Support...

    14 hours ago
  • While Litecoin (LTC) and Aave (AAVE) try to break key...

    1 day 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.