Bitcoin Gearing for a “Big Move” with $7,000s “More Likely”
- Bitcoin price drops to $9,785 level
- Economist: A 50% crash is “extremely unlikely” if BTC goes down
- XRP, IOTA, and XTZ leading the market gains
Bitcoin keeps on sliding lower and lower.
Starting the day above $10,000 after Bakkt was launched — the volume of Bitcoin monthly futures having risen from 3 BTC, in the first half an hour of the launch to the current 56 BTC contracts — Bitcoin price went down to today's lowest level at $9,682.
However, since then we have recovered and are now struggling around $9,800.
At the time of writing, Bitcoin has been trading at $9,784 with 24 hours loss of 1.89 percent.
Altcoins, meanwhile, are in the mix while BTC dominance stays below 70% at 69.8%, as per TradingView.
Just like last week, XRP is the top performing coin in the top 10 cryptocurrencies with 2.73% gains. IOTA and Tezos are also enjoying the greens by 3.60% and 3.72% respectively. According to Coincodex, other coins in the green are Litecoin (0.46%), EOS (1.45%), Cardano (1.27%), LINK (1.61%), Maker (1.18%), and BAT (2.31%).
50% crash “extremely unlikely”
Bitcoin’s trading volume in the last 24 hours is still low at just $465 million. Declining volume and volatility, analyst Jacob Canfield says means a “big move is coming.” If we break down, BTC will find support at $9500, $8800, and $7000, he added.
From a volume profile perspective, economist and trader Alex Kruger said the probability of price breaking out downwards is higher when the price is below $10,260 — $10,260 is the most traded price of 2019 just like $6,400 was of 2018 — and upwards if the price is above this level.
However, if the price does breaks downwards, Kruger believes a crash of 50% like that of in 2018 is “extremely unlikely” because “there's considerably more support below.” $7000s, he said is more likely.
A high volume node is present at $7,870 which Kruger notes coincides with one of the fib levels he is paying attention to. “A run at $8000 would likely provide a great long,” he added.