Cryptocurrency

Bitcoin struggling to reach the $ 12,000

Bitcoin (BTC) begins his attempt to break the mark of $ 12,000, despite the rapid fall of prices in a 12.52% of the Sunday. After breaking the strong resistance at $ 10,000 on the 27th of last July, Bitcoin has risen since then to $ 12,000. The king of the cryptocurrencies around $ 11.800 currently, up 63% this year to date.

Situation with Bitcoin (BTC)

Following the consolidation, Bitcoin was the long-awaited breakup of $ 10,000, in the midst of the news of the generous offer of stimulus of $ 1 trillion of united States. In addition, the business intelligence, cryptographic, Intotheblock, revealed that 91% of all the hodlers of BTC have benefited from the increase of prices.

BTC/USD is pointing to a resistance of $ 12,000 (daily chart). Source: PrimeBit WebTrader

Five days later, Bitcoin experienced a sudden blow, falling approximately a 12,52% in price in less than an hour. That was a price difference of about $ 1,500. The sudden slip certainly took to the operators with the guard down, liquidating almost $ 1.4 billion in positions in the major exchanges encryption.

BTC/USD falls on a 12,52% in an hour (hourly chart). Source: PrimeBit WebTrader

Analysis of the situation

The price fall last Sunday was allegedly caused by a whale asian, which was profitable when the price of Bitcoin reached $ 12,000. Then, it produced an effect in an undulating, which has caused an enormous fall of prices.

The investors of Bitcoin are quick to shake off the bad news. As reported by Glassnode, a firm analysis of the Blockchain, the exchange of encryption saw 4.264 BTC withdrawn on Sunday, it is a strong impulse of 436 BTC registered a day before. The data imply that the investors trust in Bitcoin long-term, ignoring the collapse.

On August 5, BTC/USD quickly recovered with a gain of 4,96%, erasing the previous fall. According to analysts, it is likely that the price of Bitcoin moving forward with the programs of pumping liquidity of the government and the central bank, and the trade war between the united States and China as the main catalysts. The technical of the market see signals bullish for BTC/USD as it moves across the lines simple moving averages of 50, 100 and 200 days.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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