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Bitcoin Carnage: Price Drops Down To $9,345, $8,500 Coming This Weekend?
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Pocket- Bitcoin records the loss of 8.6 percent to $9,345 from today’s high
- Now that everyone finally caught on, analyst says BTC going to $8,500 region
- Bitcoin started its day above $10,000, going to today's highest at $10,235 on Bitstamp. However, it couldn’t stay at this level and within minutes lost more than $500.
The leading cryptocurrency dropped down to as low as $9,345 and is currently trading around $9,400 with 24 hours loss of 4.09 percent while managing the daily trading volume of just above $1 billion.
Bitcoin price slides down to $9,345, Source: TradingView
Altcoins are following Bitcoin, with Bitcoin SV down the most by 7.94% among the top cryptocurrencies. While EOS is down by 6.44%, Ethereum and Litecoin are in the red by over 5%.
Top cryptocurrencies in deep red, Source: Coin360
Market Analyst, Benjamin Blunts says this dump confirms that Ethereum is in w4 and will be making another 5th wave decline.
“If eth looks fucked, the rest are probably fucked as well,”
analyzed Blunts.
Recording The Loss Of 8.6 Percent
As we reported, Bitcoin has been primed for a drop for the past few weeks, coupled with the expiry of CME Bitcoin futures could have affected the prices.
Moreover BitMEX is recording a massive liquidations of more than $100 million worth of Bitcoin. Activity on the exchange, in the last few hours has grown significantly.
Bitcoin might have gone below $9,350, recording the loss of 8.6 percent from today’s high. However, it’s not the end of the decline.
#Bitcoin down as @BitMEXResearch unwinds highly leveraged positions. When I interviewed @CryptoHayes he said the avg. leverage (on a scale of 0-100x) was 20. Extrapolating that number, adding recent outflow data, and you get a (temporary) inferred BTC price of $8,800 – $9,300.
— Max Keiser, tweet poet. (@maxkeiser) July 27, 2019
A potential lower low according to Josh rager is at $8,975 while lower high is set at $10,190 where BTC faces weekly resistance.
“Now That Everyone Finally Caught On,” BTC is Going To $8,500
The current daily support has been present at $9,690 but Bitcoin didn't pay heed to these levels, dropping down to $9,345.
“BTC- broke under the 4H decision point. I think we'll see 8xxx this weekend after all,”
says CryptoGainz.
8.7k is a weekly support level and a diag support level. I like the confluence. Leaving resting bids there. pic.twitter.com/PM3mNBW3l7
— CryptoGainz (@CryptoGainz1) July 27, 2019
Analyst The Cryptomist says, “Now that everyone finally caught on,” the flagship cryptocurrency is going to $8,500 region. But again, it's not the end of the pain still, she says, a drop to an even lower level wouldn’t be surprising.
$8.5k followed by $100k 🙃
— The Cryptomist (@TheCryptomist) July 14, 2019
In order to move upwards, Rager says a close above $10,190 would be a good start. Moreover, we have to have a strong weekly close for a bullish trend.
For him, to get truly bullish, Bitcoin needs to break and close above $10,854.
Failure to break the local resistance, Rager says would lead to another “local high,” this means a move back down to sub $9,000, that we saw today.
For now, in the short term, the trend remains bearish, with a possibility to drop down to below $8,000 for Bitcoin price.
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