Bitcoin Drops 2% in 30 Minutes as Crypto Market Bleeds

Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses.

Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range.

If Bitcoin manages to immediately rebound to the $7,200 to $7,300 range in the next 12 to 24 hours and finds some stability in the low $7,000 region, then it is possible for the dominant cryptocurrency to avoid a downtrend to mid-$6,000.

However, if BTC falls below the $7,000 support level, as seen in May and July, a drop to the low $6,000 is expected.

Two Outcomes: Major Breakout or Minor Drop

Edward Morra, a cryptocurrency trader and technical analyst, wrote earlier today that a correction is incoming for Bitcoin, unless it shows a trend reversal supported by a spike in volume.

“Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like correction is incoming (if not a reversal). However, we also need to understand that shorting here is being in the vanguard, as there are no clear confirmation of a trend change as of yet,” Morra explained.

Two outcomes were presented to Bitcoin on September 5: a major breakout above the $7,500 mark and a potential run to $8,000 or another correction below the $7,000 mark and testing mid-$6,000 once again.

Given the magnitude of the drop in the price of BTC in a short period of time relative to the stability the dominant cryptocurrency has demonstrated since August 6, it is highly likely that the Bitcoin price will test the mid-$6,000 region in the upcoming days.

As BTC falls, tokens and small market cap cryptocurrencies are expected to bleed out further, deleting their temporary gains throughout early September.

Against BTC, even well-performing tokens like ICON, WanChain, and Ontology have fallen by nearly 70 percent since early 2018 and in the next few weeks, tokens will struggle to find momentum against BTC and ETH pairs.

Tokens in Trouble

The majority of traders in the cryptocurrency community have expected the season of tokens and small market cap cryptocurrencies to arrive in September considering that tokens have seen large losses against major cryptocurrencies for eight consecutive months.

Already, tokens like Nano, WanChain, Aion, Ontology, Waltonchain, and VeChain have dropped by 10 to 20 percent against the US dollar in the past hour.

The rapidly rising volume of both Bitcoin and Tether (USDT) signify the tendency of investors in the cryptocurrency market to hedge their investments to the value of the US dollar to avoid short-term falls. As the volume of USDT rises above the $3 billion mark, it is likely that the minor correction of BTC will be intensified.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.


Author: Joseph Young

Source link

Related posts

12 Thoughts to “Bitcoin Drops 2% in 30 Minutes as Crypto Market Bleeds”

  1. 醫學美容-黑米成分-黑曜石-cosmetic-wiki

    足料一公斤!Cali‐Mex捲餅重量级登場 – STYLE-TIPS.COM Burritos捲餅,是墨西哥的傳統食物,粟米餅皮包裹著豐富餡料,既飽肚又惹味。…

  2. Football Solutions Under-21 2015 - History - San Marino-Lithuania Lineups

    Among those to slam his arrival were Paul Merson and Phil Thompson, with the ex-Arsenal man questioning what does he know about the Premier League while the latter added ‘he’s not got a clue’. Hull manager Marco Silva slams those who questioned his appointment… ‘they didn’t do their homework about my career’

  3. Football Solutions Futsal EURO - Teams

    Bacary Sagna has signed a three-year £150,000-per-week deal at Premier League champions Manchester City after leaving Arsenal on a free transfer. Bacary Sagna joins Manchester City on a three-year £150,000-per-week deal after leaving Premier League rivals Arsenal

  4. Under-21 2013 - History - Slovakia-Kazakhstan Lineups

    New Tottenham signing Steven Pienaar faces two weeks on the sidelines after suffering a head injury in training. The 28-year-old clashed heads with Bongani Khumalo. Heads I lose: Steven Pienaar out for two weeks after being knocked unconscious by fellow South African Bongani Khumalo

  5. Sanctions against Dynamo Kyiv

    Southgate is only too aware of England’s pitiful recent record in knockout competition and believes his side cannot afford to start looking beyond their next game in Kaliningrad on Thursday night. ‘I’m amused when people are plotting the route’: Gareth Southgate not looking beyond Belgium clash as he claims youthful and diverse team ‘represent modern England’

  6. Describe Yourself Essay Example Sample

    … [Trackback]

    […] There you can find 14866 more Info to that Topic: […]

  7. Essay Starters Examples

    … [Trackback]

    […] Read More Information here on that Topic: […]

  8. สล็อตวอเลท

    … [Trackback]

    […] Read More on that Topic: […]

  9. nova88

    … [Trackback]

    […] Find More on that Topic: […]

  10. marijuana gummies edibles

    … [Trackback]

    […] Here you can find 50578 more Information to that Topic: […]

  11. cliquez pour plus

    … [Trackback]

    […] Read More here on that Topic: […]

  12. where to buy golden teacher mushrooms

    … [Trackback]

    […] Find More on that Topic: […]

Leave a Comment