Bitcoin Flash Crashes To New H2 2023 Lows, $20,000 Incoming?
11 Setembro 2023 - 7:00PM
NEWSBTC
Bitcoin, the world’s most valuable cryptocurrency, is free-falling,
looking at price action on September 11. From the daily chart, BTC
is trading at $25,135, a marginal improvement after dropping to H2
2023 lows of $24,951 minutes earlier following an unexpected dump
in the early trading hours of the New York trading session.
The Bitcoin Sell-Off Takes Form The crash on September 11 saw the
coin drop below the consolidation of the past few trading days with
the bearish breakdown, looking at price action, canceling bulls of
August 31, and setting an increased selling pressure on August 17.
The September 11 sell-off has seen a wide-ranging bear candlestick
form. Even though it continues to print, it has relatively high
trading volume, indicating high participation levels. Since the bar
has above-average volumes, BTC will likely edge lower in the
direction defined by the conspicuous bear bar of August 17, when
the coin fell 12%, forcing BTC to trend below the $28,700 support
level. Related Reading: Dogecoin Future In Question: What’s Next
After Today’s Price Drop? Looking at price action, Bitcoin bears
are in control and are actively reversing gains posted between June
and July 2023. Then, Bitcoin prices rose from around the $20,000
level to as high as $31,800 by the end of July 2023. Afterward, the
coin peaked and began falling as talks of a spot Bitcoin
Exchange-Traded Fund (ETF) faded following the Securities and
Exchange Commission’s (SEC) decision to put off their
decision. At spot rates, Bitcoin is down 20% from July 2023
lows but trading at critical Fibonacci retracement levels of the
June to July 2023 resistance levels. Even though BTC and crypto
prices tend to post deep retracements, the coin may find support at
around $25,000. However, further losses from spot rates in
continuation of the August 17 bear bar may see sellers press on
rewind gains and force BTC towards June 2023 lows at around
$20,000. The Death Cross On The Bitcoin Chart Based on technical
candlestick arrangements, one analyst notes that the coin
closed below the $25,600 mark after the close of last week’s bar.
With this dip, the Ichimoku Cloud indicator has printed a “Death
Cross.” Related Reading: Pro-XRP Lawyer John Deaton Reveals The
Countries Topping The 75,000 Holder List Technical analysts note
that Bitcoin prices tend to dump when this pattern forms before
eventually rebounding over several weeks. Previous instances of the
“Death Cross” occurred in June 2021 and January 2022, which saw BTC
drop 19% and 23%, respectively. Based on this, if a “Death
Cross” prints, BTC may dump by 21%, forcing the coin back to the
$20,000 level or June 2023 lows. Before then, BTC has to breach
strong support levels at $25,600, $24,000, and $23,200 before
retesting the $20,300 zone. Feature image from Canva, chart from
TradingView
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024