Rajarshi Mitra
Independent Analyst
- BTC/USD crumbles under intense selling pressure.
- Bulls try to recover the price following the crash.
BTC/USD has had a very interesting Thursday so far. After crossing $9,000 for the first time since November 2018, BTC/USD crumbled under intense selling pressure. BTC/USD went down by 8.25% within seven hours, going down from $8,945 to $8,205, achieving a low of $8,005 in the process. At one point, BTC/USD lost $400 in just 45 mins. This Thursday’s price crash happened after three days of price consolidation. Currently, the bulls are in the recovery phase as they have managed to pull the price up to $8,315.
BTC/USD daily chart
-636948526449743529.png)
- After BTC/USD’s price went above the upper curve of the 20-day Bollinger band, the bears immediately took over and brought it down.
- The market has currently found support on the 20-day simple moving average (SMA 20).
- The narrowing of the Bollinger jaw indicates decreasing market volatility.
- As per the moving average convergence/divergence (MACD) indicator, the MACD line has crossed over with the signal line, indicating bearish momentum.
- The latest price movement was so bearish that the Elliot oscillator had a bearish session after four consecutive bullish sessions.
- The relative strength index (RSI) indicator has dropped out of the overbought zone and is currently trending at 62.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume
Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price.
Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt
Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.
Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium
Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective.
XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference
XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.