Cryptocurrency

Despite Bitcoins crash to $1,500, and: The upward trend in BTC is intact – the Charts – Coin Update show

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Only 24 hours ago, Bitcoin has risen for the first Time in weeks, over 10,000 dollars, which has shocked the market. During the rally, Short positions in excess of $ 100 million were reversed as the Asset jumped within an hour to almost $ 1,000 higher.

But just as quickly, as BTC has recovered, he has also Vice versa.

The Asset was hit by a flood of sell orders, which caused its value to BitMEX to only 8,600 $ drop. The sales orders brought in Bitcoin within three minutes of more than $ 1,500 to the bottom and liquid for more $ 100 million exported in derivatives positions.

Image of Skew.com that shows the value of BitMEX-liquidations in the last few days.

Bitcoins uptrend is intact: Analyst

The current decline in Bitcoin was for the bulls is devastating. The crypto-currency fell back below the psychological support of $10,000, while the bull went to the lost Momentum from the previous day.

Nevertheless, as a prominent Chartist, “looks like the upward trend is intact”.

To illustrate this, Nunya Bizniz has shared the following image. It shows that today’s price decline was over exactly where the low in March 2020 at $3.700 a technical has formed stands upward trend and this suggests that the bulls will retain in the medium term the control.

The Bitcoin price chart of the popular Chartistin Nunya Bizniz (@pladizow on Twitter) shows that Bitcoin is still in an upward trend.

While the upward trend may be intact, is Bitcoin still a crucial resistance level: $10.500.

$ 10,500 is the point at which Bitcoin in the past 12 months, twice higher could increase: once during the “Xi-Pumps” and a second Time during the recovery to $ 10,500 in February.

The fact that BTC has not broken through this level, after successive Takes, shows that the crypto market is still on the mountain.

Robert Sluymer of Fund Global Advisors occurred as follows, for example, commented recently on the importance of the levels:

“The next change of direction for BTC is because of the Beliefs of the bull and the bear are put to the test. Bears can point to the downward trend in 10-10,5 K. Cops have a long-term upward trend (the 200-week Sma) in the back and the resilience of the past week, since BTC from its 200-dma has quickly recovered.

Fundamentals are still bullish

Be that as it may, The fundamentals of Bitcoin remain bullish.

Financial analyst and author Preston Pysh identified such fundamental factors pointing to a further recovery of the Bitcoin price. These factors are as follows:

The Grayscale Bitcoin Trust institutional investors have accumulated since the halving, and even before that, a large amount of Bitcoin attached.The Chinese Yuan has started due to the tensions in Hong Kong, compared with the U.S. Dollar falling to all-time lows, which have not been observed since 2019. The United States are eager to impose sanctions against China because of a new law threatening the autonomy of Hong Kong, analysts say. BTC could act in this scenario as a safe haven, just like in the case of the devaluation of the Yuan in the year 2019.The US Dollar and the financial system could reach a point where you are due to macro-trends “to break,” said Pysh. This would force the creation of a new financial system.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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