Bitcoin Approaches Local Bottom Amid Recent Massive BTC Sell-Offs – Bitfinex
Bitcoin continues to struggle with regaining its upward momentum after dropping from the $62,800 level about a week ago, fueling speculations of an imminent further decline. However, Bitfinex, a leading Hong Kong-based cryptocurrency exchange, in a recent analysis report has predicted that Bitcoin could be nearing a potential local bottom, suggesting that its recent decline […]
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Bitcoin price continues scratching out a non-committal path around $420 and 2800 CNY. Another attempt at advance is not out of the question, but the prospect of a labored decline looms. The outlook for bitcoin price is bearish. In the coming days we will cover the three pillars of analysis with respect to the bitcoin chart: technical, sentimental and fundamental. Today’s article considers the chart technicals. The 4-hour chart shows a repeating pattern of price action since mid December: the market cautiously approaches a down-sloping ceiling and then sells off rapidly. The last three....
Bitcoin finally broke below the $40K point this past weekend. This had sent the cryptocurrency back towards six-month lows. One thing though was that liquidations or the digital asset remained lower than expected. The current liquidation volumes lay well below the volumes that have accompanied previous crashes like this one. This could be a very important indicator for the market. Bitcoin Liquidations Remain Low In Shakeout Previously, whenever the price of bitcoin had dumped this hard, liquidation volumes have quickly risen. This is due to the massive sell-offs that follow such crashes as....
There have been multiple sell-off trends recorded in bitcoin since the crash in December 2021. These sell-offs have been responsible for the decline in prices recorded in the digital asset over the last couple of months. Naturally, sell-off trends can be recorded on their magnitude depending on when the trading hours of a particular region are open. This time around, it seems that macro pressure on the U.S. market has been the culprit. U.S. Traders Drive Sell-Offs The sell-offs of the past two months have been especially brutal and have dragged down the year-to-date values. However, it....
In the last week we have witnessed sell orders of more than 1000 bitcoins at a time pushing the Bitcoin price downwards. The Bitcoin price has fallen from a stable 590 USD per Bitcoin (August 10th) to now 450 USD per Bitcoin. There have been no recent negative news or happenings that could explain the big sell offs, and one might start to wonder. I've recently written a few theories of why the Bitcoin price has crumbled while Venzen wrote about BitFinex' "shorting" function. The Bitcoin price has still been falling today with more than 50 USD per Bitcoin. Is this Tim Draper getting cold....
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