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.

Source: Coin360

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.

Live Bitcoin (BTC) Price:

1 BTC/USD =$45,380.9895 change ~ 1.34%

Coin Market Cap

$849.21 Billion

24 Hour Volume

$32.65 Billion

24 Hour VWAP

$44.51 K

24 Hour Change


Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.

1 comment

by Newest
by Best by Newest by Oldest
Bitcoin Exchange Guide