Jan 02, · Bitcoin benefited from the frenzy, but its “dominance,” or share of the overall crypto market, fell off a cliff as interest in “altcoins” surged. It all ended in tears, of course. A mere week after. Bitcoin suffered a price crash earlier on Thursday, having missed record highs by a narrow margin earlier this week. The top cryptocurrency by market value fell from over $19, to $16, during. Nov 30, · In brief The price of Bitcoin hit its all-time high today. The last time Bitcoin approached $20, per coin, the price crashed hard a month later. Can we expect the same this time around?
Bitcoin crushedBitcoin Crash Scenario, Sellers Target January | Finance Magnates
January has always been a volatile month for the cryptocurrency market. Investors are expecting a similar trend in as well because of the growing demand. The cryptocurrency market has not seen substantial selling pressure in recent months because of institutional accumulation.
But, is it possible for the market to continue the bullish momentum without a dip? Maybe not. The momentum was so strong that the cryptocurrency consistently traded above its day moving average MA throughout the ascent, despite an overbought reading on the day relative strength index RSI. Assets seldom see a degree rally, as speculators tend to book profits at regular intervals, pushing prices down to their short-term moving averages. The price drop seen today has taken the cryptocurrency well below its day average and allowed the RSI to realign in a more bull friendly-manner.
According to chart analysts, price rallies with regular pullbacks are more sustainable than the near degree ascents. Some traders had positioned for the pullback by buying put options, or bearish bets, as noted by Deribit Insights. OKEx suspended withdrawals on Oct. The path of least resistance for bitcoin remains on the higher side. Indeed, bullish macro factors such as increased institutional participation, record money printing by central banks, and the search for yield remain intact despite the price drop.
Holding sentiment remains strong on Thursday, with the number of coins held on cryptocurrency exchanges at 2,,, the lowest level since Aug. With the cost of holding long positions normalized, bitcoin can now chart a more sustained rally to record highs. These are healthy positions because they are not going all-in, but adding funds when it goes up or down. Subscribe to Blockchain Bites , our daily update with the latest stories. Bitcoin perpetuals funding rate. Bitcoin daily chart.