The new cryptocurrency analysis shows that Bitcoin may fall to a level slightly above $8,000 in the short term in line with its historical behavior.
Bitcoin fell below $9k?
Currently circulating on social media is the CME Group's bitcoin futures performance chart, which usually affects bitcoin prices. In these charts, it shows the possibility that the BTC/US dollar will soon reach $8,400.
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This theory emerged in the context of a new wave of volatility in the bitcoin market. As the world's largest cryptocurrency, Bitcoin fell from a local high of over $12,000 and lost support of $11,000 on August 14.
As of press time, bitcoin trading prices hovered around $10,000, and traders are paying close attention to what kind of support the bitcoin price will fall back to four-digit threats.
However, according to Bitcoin futures data, this possibility is quite large. The Twitter account Cryptomist confirmed the gap between the two charts since June, and the Twitter user bet that the bitcoin-dollar transaction price will be between $8,400 and $11,800 in the future.
The analyst concluded: "Don't make a mistake, both spreads will be filled."
"The spread of 1089 is almost filled and there are two spreads that need to be filled – 11.8 k – 8.4 k Don't get it wrong, both will be filled."
The above-mentioned futures spread is the vacuum that occurs when the market opening is higher than the previous trading day's closing high or lower than the previous trading day's low.
In the past, Bitcoin had a habit of “filling in” the spread of futures performance, which made cryptocurrency experts believe that the same model would now appear.
Encrypted traders can easily get $10,000 in support
Bitcoin futures on the Chicago Mercantile Exchange (CME) have put pressure on the bitcoin market. According to reports, traditionally, the CME futures settlement date will bring price pressure to Bitcoin.
At the same time, a number of new futures suppliers will enter the field in 2019, including products from cryptocurrency companies such as currency security.
However, in addition to futures indicators, commentators' attitudes toward bitcoin price movements on Wednesday seem to be generally contradictory, as many seem to have become accustomed to fluctuations between $9,500 and $12,000.
According to a survey conducted by trader and analyst Josh Rager on Twitter, users who believe that the price of Bitcoin dollars will fall below $10,000 will be as much as users who believe Bitcoin will remain above $10,000.
At the same time, the new round of decline provides more arguments for opponents. Peter Schiff, a "golden fan" who is known for not trusting cryptocurrencies, used the news of a brief easing of Sino-US trade wars to criticize the idea that Chinese investors are flocking to Bitcoin.
He said on Tuesday:
"Now, trade tensions between China and the United States have eased, and the pressure on the renminbi has eased. Those who buy bitcoin and speculative safe-haven assets are taking their chips off Bitcoin."
Bitcoin (BTC) has suffered a sharp sell-off in the past few days, causing the cryptocurrency to enter the $10,000 area, which has caused many analysts and investors to worry that Bitcoin may return to 4 in the near future. The price range of the number.
However, some analysts said that Bitcoin may rebound soon.
Now, analysts explain that although Bitcoin has continued to fall in the past few days, it may soon have a considerable rebound, which may allow Bitcoin to find some stability in areas with slightly higher prices.
Bitcoin plunged below $10,000 as selling pressure increased
At the time of writing, Bitcoin fell nearly 6% at a price of $10,026, a sharp drop from the daily high of nearly $11,000 set yesterday.
Importantly, this round of downside pressure marks a continuation of the selling pressure. BTC has repeatedly tried to break above $12,000, but it was quickly and violently rejected.
These refusals indicate that although the Bitcoin bulls have the ability to push the bitcoin price from a low of $3,000 to a high of $13,800, the bitcoin bulls are currently not powerful.
DonAlt is a popular cryptocurrency analyst on Twitter. He explained in a recent tweet that BTC's next major support level is $9,800. If it falls below this level, optimistic about encrypted people may encounter To trouble.
“$BTC Daily Update: Currently in support. The bulls need bitcoin support at 10600, or at least 9800 at the end of the trading day. If these operations fail, I expect the range to continue moving down.” He recently Explained in a tweet.
Bitcoin will soon see a relief bounce?
Although the latest downside pressure signal indicates that the seller is now in full control of the situation, it also means that encryption technology may soon experience a release rebound that may be caused by zeroing.
However, in order to confirm this possibility, Bitcoin may have to rise to $10,800 in the short term.
"$BTC – is currently testing HTF support. This is a good place to bounce. LTF 10.8 – $11,000 response is very important to my argument. I believe this is a bear trap, the late shorts will be squeezed as usual Pressure," UB, another popular cryptocurrency analyst on Twitter, explained in a recent tweet.
With the end of the trading day, according to the BTC's response to the current low of $10,000, analysts are likely to have a deeper understanding of BTC's next move.