The Bitcoin price is since the 8. March fell into one of the strongest sales the last few months, to 16 percent. After the brutal slump in the mood of the Top traders remain on the short-term price trend for BTC divided.
The Bitcoin Trend is initially bearish
Bitcoins slump in the amount of $ 1,500 led overnight to the Liquidation of approximately $ 185 million.
Leveraged long positions were forced to re-Orient themselves or to sell on the market, as the price began to fall rapidly, creating a massive selling pressure on the market was exercised.
Although there is a lack of or inverse correlation between Bitcoin and the broader financial market, Bitcoin-Trader, in relation to the current environment of both crypto-currencies and other risky assets such as individual stocks carefully.
Alex Krueger, an Analyst for global markets, believes that the Bitcoin price might fall in the midst of heightened uncertainty and an unprecedented level of fear in a short period of time by 20 percent.
In comparison to the established safe haven assets such as Gold, the market capitalization of Bitcoin is still only $ 145 billion. A significant change in mood in unexpected ways, could change the market’s trend abruptly.
“BTC can fall in this environment within an hour by 20%. It could come from Nothing, because large whales to panic or decide to liquidate positions to Margin Calls to cover or to hunt for bargains in other asset classes. No analysis of the past will reveal.“
Since the beginning of February, analysts say, as Nik Yaremchuk of Adaptive Fund, that the Bitcoin price is likely to test the 7,500-Dollar Region, as he has served for a longer period than the liquidity pool.
An important level of support is made (such as in the range of 7,500 to 7,700 dollars), this is often a strong reaction of the buyer.
The Bitcoin price saw a recovery to about $ 8,000, but it’s since gone on to the low value of 7,900 $ back.
A prominent crypto-traders is estimated that after the opening of the 8.200-dollars-support the main support at a lower level is still at 7,300 and 7,500 dollars. The Trader for this purpose:
“And not even $8.200 offer support. Now it looks as if a recovery would be overdue, but it is not expected that the $8.500 to be broken. As discussed yesterday, the main areas of $7.350-7.500 to $8.200.“
The well-known Trader Romano writes that the range of 7,700 to 8,200 dollars is still a favorable Region for long-term purchases. It is not clear whether the 7.670 billion, which were reached at the beginning of the day, are a low point.
“I’m not quite convinced that this is the low point. The dream is to be bored between 7.7 k to 8.2 k and if possible, up to new highs. Sad for the people who were close to your desires so longed for, and not in the hope of a new all-time highs without a pullback. Had the same last bull run in the summer.“
Significant volatility in the coming
Joe007, according to the largest individual Bitcoin whale on Bitfinex, the Bitcoin price will never the risk of an actual recession or a global financial market crash.
In such a period, the price development of BTC could be based more on sentiment in the global markets as on the technical and fundamental conditions of the crypto market.