• 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
    • 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
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • 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
    • 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
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Bitcoin
Advertisement

Why Peter Brandt Believes Bitcoin’s Downtrend Was Engineered

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Bitcoin
0
Advertisement

After a brutal weekend for the bulls, Bitcoin is yet to stabilize around the high area of its current levels. As of press time, BTC’s price trades at $48,727 with a 2% profit in the past 24 hours and a 14.9% loss during the past week.

Related Reading | Bitcoin Trends To Downside, Why The Stock Market Could Be A Bull Problem

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
Bitcoin BTC BTCUSD
BTC trends to the downside in the 4-hour chart. Source: BTCUSD Tradingview

Data from Material Indicators suggest Bitcoin (blue line below) has major support at $46,000 as over $26 million in bid orders (below the price in yellow) sit at this level. To the upside, BTC’s price has several levels of resistance at $50,000 and $51,500, as seen in the chart below.

Bitcoin BTC BTCUSD
Source: Material Indicators

Further data provided by Material Indicators suggest big players have been behind Bitcoin’s recent price action reacting to macro-economic factors. As seen below, the announcements made by the U.S. Federal Reserve Chairman Jerome Powell last week almost immediately translated into movements in BTC’s order book.

JPow speech translated into pulled order + added resistance.

Acknowledging rampant inflation means they won't continue to add to the problem (=> tapering).

Market spoke.#BTC pic.twitter.com/vzoP2mLNDz

— Material Scientist (@Mtrl_Scientist) November 30, 2021

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The chart above also shows high levels of resistance at $70,000 and support at $50,000, the range BTC’s price was stuck in until this past Friday. Over the past week, there have been several bid and ask orders place in a fashion attribute to large and institutional players, according to Material Indicators.

This coincides with QCP Capital’s speculation that a whale or institutional players were bringing down Bitcoin’s rally as it moved into the $60,000 area.

Another veteran trader Peter Brandt seems to share the same thesis. Via his Twitter account, Brandt showed the image below to demonstrate that BTC’s price recent downtrend saw significantly less selling volume than during May’s crash from $65,000 to $30,000. The legendary trader added:

We have not seen the type of panic selling volume that characterizes market bottoms. Not that such volume spikes are necessary, but to date the volume profile more resembles a bear trend engineered by big operators.

More Blood In Bitcoin’s Future? Why The Crypto Market Could Have Changed

Still trading above $40,000, selling pressure could still increase to retest the support in the $30,000, leading to another consolidation phase as the one experienced after May’s crash.

For the time being, the crypto market sits at high uncertainty as the violent moved needs time to settle in. This goes against the expectations of those waiting for BTC to behave similarly to 2013 and 2017.

At that time, Bitcoin did a massive rally into December that preceded a multi-year bear market. However, new market participants could be changing its dynamics. Thus, affecting the inner cycles that are embedded into veteran operators.

Related Reading | New Study Says Ethereum May Become A Better Inflation Hedge Over Bitcoin

As a consequence of adoption by institutions, Bitcoin seems to be more susceptible to their influence. Pantera Capital CEO Dan Tapiero and analyst William Clemente stand amongst that believe BTC’s market dynamics have changed.

Have talked about this for a while but really think there’s a good chance 4yr cycles are over. Why? The type of market participants we now have.

Could very well see rounded tops/bottoms from now on.

Invalidation would be having a blowoff top, would then expect prolonged bear.

— Will Clemente (@WClementeIII) December 6, 2021

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Reynaldo Marquez

Reynaldo Marquez

Related Posts

Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

2 hours ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

15 hours ago
Bitcoin Lightning Network POS Clover

Major Adoption News For Bitcoin: POS Giant Clover Starts Lightning Trial

1 day ago
Bitcoin

These Metrics Hint At Massive Bitcoin ‘Buying Opportunity’, Says Analyst

2 days ago
Bitcoin Whale

Bitcoin Exchange Whale Ratio Surges, What Does It Mean?

2 days ago
Bitcoin Accumulation And Distribution: Which Cohort Is Taking Part In What

Bitcoin Accumulation And Distribution: Which Cohort Is Taking Part In What

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Altcoins For Massive Gains In 2023: Hedera (HBAR)...

    15 mins ago
  • Bitcoin Cash (BCH) to become legal tender of St. Kitts and...

    44 mins ago
  • Axie Infinity (AXS) Is Down 11.5% and Shiba Inu (SHIB) is...

    1 hour ago
  • Aptos (APT) and Avalanche (AVAX) Are Among The Top Losing...

    1 hour ago
  • Orbeon Protocol (ORBN) Surges, While Litecoin (LTC) and...

    1 hour 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
© 2023 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
    • 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
  • Bet & win BTC

© 2022 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.