The Bitcoin price has fallen by almost 30 percent, since he is risen in October to $ 10,600. Technical analysts draw a further retreat in the high is $6,000-Region.
21. October rose of the Bitcoin price due to a cascade of Short-liquidations on the major Margin-Trading-platforms such as BitMEX through the psychological key level of $10,000.
Since then, Bitcoin is struggling to gain momentum again. In the past two days BTC has fallen below an important support level of 7,700 $ and, therefore, vulnerable to a bigger correction in the range of 6,300 to 6,800 the $.
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How likely is a decline of 7,000 $ for Bitcoin is now?
If the volume on the cryptocurrency market has not recovered, and the selling pressure increases more, the Bitcoin is an increased risk of a short-term slump.
In the past week, the bulls, despite the growing number of Shorts on the Margin-Trading could not respond platforms to the growing pressure to sell.
As the key rate was on BitMEX is negative (an indication that the stock market more Short contracts than Long contracts open), this has led in the past to frequent the so-called Stop-hunting, where the price is set by “Chasing” after the liquidation or stops of Short-rise contracts.
Possibly, the Bitcoin has shown the price, however, due to the low volume and the intensity of the selling pressure, no significant short-term upward spikes, in order to test important resistance levels.
Short-term relief rally for Bitcoin expected
Technical analysts is that Bitcoins failure, a key level will hold at its 7,700 $ to, to lead in the near future are likely to decline in the Region is $ 6,000, with traders 6.800 $ as the upcoming goal.
Analyst Josh Rager for this purpose:
“Bitcoin price is in a key area with monthly support area at $7.725 and the current VWAP (Volume weighted average price) at $7.717
This marks a more realistic value for Bitcoin & I am confident, as long as the price is $7,700 – if not, I see that the price is $6ks achieved.“
As factors for the decline, and the potential Drop analysts point to BTCs fall below the Break-even price, Mining is a (supposedly over 8,000 $) and the noticeable decline in Volume in General.
Altcoin market is more affected
After the fall of the Bitcoin price, the price of Ethereum is decreased from 180 to 155 US dollars, approximately 14 per cent against the US Dollar.
Both Bitcoin as well as against the US Dollar is the main alternative crypto currencies like XRP, ETH Zurich and the Bitcoin Cash in the last few days, bad.
Bitcoin, currently, by market capitalization, the number 1 has fallen in the last 24 hours 6.8%. BTC has a market capitalization of 129,58 billion $ in the case of a 24-hours-a volume of 29,12 billion $