BItcoin (BTC) falls under a $ 4,000 support on a dime
After days of stagnation at the price level of $ 4,200, Saturday afternoon (EST), Bitcoin (BTC) suddenly dropped below $ 4,000, a highly propagated level of support for the most important cryptosphere resource. It is not clear why this selling pressure occurred, but in a few minutes sell-side orders pushed BTC (on Coinbase) below $ 4,200, then $ 4,100, then $ 4,000, up to $ 3,800, where the digital asset is at the time of writing
Although this is worrisome, in the short term, it seems that a temporary plan (of some types) has been found at $ 3,800, another key level ceaselessly mentioned by cryptocurrency traders. Again, while many have speculated, it is unclear whether there was a catalyst that caused this sudden loss of support, sending the BTC to plunge into its third freefall in a week.
However, many believe that this rapid loss of 10% can be attributed to a number of alleged catalysts: the consequences of Bitcoin Cash's November 15th fork, an influx of institutional sales orders, the delay of Bakkt Bitcoin vehicles, regulation by the SEC E, arguably the most convincing, the last reversal of the capitulation from the "weak hands" of the crypt, so to speak.
Crypto's main commentators have turned to Twitter to comment on this market movement, which comes just a day after Black Friday and in the middle of the American Thanksgiving weekend.
I have to admit, I never thought I'd see him again pic.twitter.com/qnFZiqvYX5
– Ran NeuNer (@cryptomanran) 24 November 2018
Ran NeuNer, counterbalancing his unstoppable bullish on the prospects of this asset class, exclaimed that he never expected to see a BTC incursion under $ 4000 again, evidently referring to the fact that a bull run is behind the angle.
Bitfinex fell to 4k / USDT just as the premium hit 7%. I guess they are trying to keep the premium below 7%. pic.twitter.com/4Gaqjxl8AW
– Bitfinex & # 39; ed (@Bitfinexed) 24 November 2018
Bitfinex & # 39; and, the de facto king of the cryptographic critic, took a bit of time to publicize his anti-Bitfinex sentiment in the middle of the lowest move, claiming that it was suspected that the exchange prize was of the 7%, just like BTC hit $ 4000.
I'm just setting up the Coinbase alert. pic.twitter.com/xmPYhES5e3
– Steven Zheng🦡 (@Dogetoshi) November 20, 2018
Steven Zheng of The Block retweeted an image he sent as a joke, which highlighted a warning for when BTC capitulates below $ 1.00, a nonsensical price target, hence the joke.
The fact of this most recent move is that many believe that the Crypto bear market has not yet been done, or at least not until a $ 3,000 fund is reached, as claimed by many traders, including Tone Vays, Anthony Pompliano and other minors. industry analysts known, but well informed.
Speaking to CoinTelegraph, Pompliano noted that psychological arguments indicate the fact that there was still not enough pain, in the sense that a true bottom / capitulation phase has not yet been reached. The manager of Morgan Creek Digital Assets, a central bank detestor, then explained that from a technical point of view, a probable possibility is from $ 3,000 to $ 4,000 for BTC.
From a historical perspective, Pomp also explained that a lower price of $ 3000 could also be logical, noting that historically, Bitcoin drawdowns were 80% +, before adding that this year was & # 39; only & # 39; of ~ 75%.
Keeping this in mind, $ 3000, or a decline of 85% from the all-time high of 2017, could be in the short-term Bitcoin cards, so to speak. Vays echoed this feeling, explaining that $ 3000 is a price point to watch, telling CoinTelegraph viewers that once BTC reaches the $ 3,000 zone, it would be a good idea to start accumulating.
Provisional image courtesy of Marco Verch Via Unsplash