A few days ago, a Trader’s expected that Bitcoin would exceed the $10,000 mark. Now the crypto-currency are trading flat at $9,000 and crashes since it is for the bulls after almost eight weeks, the profits do not succeed, the Momentum.
Bitcoin price chart the price action of the last days of TradingView.com.
While Bitcoin was already yesterday’s weakness, surprised the recent drop in price of the BTC of 9,500 $ 9,000$, some traders off guard.
According to the crypto-derivatives-data-Tracker Skew.com Long positions in value of about $ 25 million of BitMEX were resolved during this decline. Millions more were also liquidated other Margin eligible stock exchanges, such as alternative crypto-data sources suggest.
The Liquidation of BitMEX in the last three days. The right side contains the liquidations that took place during the recent crash.
What is Bitcoin expected now?
Analysts are after the recent losses in the case of Bitcoin, currently short-term bearish.
A Trader observed that BTC is flirting now, for the first Time in a month, the middle Bollinger Band as the to lose support. The drop of BTC below this level in March, confirmed a crash of over 50% last Time.
Chart of the “Big Chonis” (@BigChonis on Twitter).
Other Top analysts share a similar bearish sentiment and point to the loss of other more important support levels as a reason for their theses.
The characters were present
Millions were liquidated during this retreat to the bottom, but the data suggests that the signs of an upcoming Retracements were crystal clear.
As seen in the image below, watching the crypto-analysis organization into theblock yesterday, that the underlying Bitcoin network was “mostly bearish”.
On-chain data for Bitcoin from the Blockchain-a news service company into theblock. The data show that the crypto-currency one-On-Chain-perspective on “mostly bearish”.
Three out of seven of the company’s own indicators, including the net-network growth, large transactions (patterns in the “whale”-Bitcoin transactions) and in-the-money (the profitability of the Trader) – printed “bearish signals” from.
While bearish fundamentals do not coincide in the Chain is always with the decline of Bitcoin, it confirms the sentiment, that a downward form trend.
Also in the past, the analysis company, The TIE has found that the sentiment indicator has reached in the social media, the “highest” value, the “he has achieved since 2017”.
In the past, there have been a number of cases, in which the indicator is moved to this level around, and the prices went down – suggesting that the same could happen again.