• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Saturday, June 10, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Analysts Set Their Sights on a Move to $9,600 as Selling Pressure Mounts

3 September 2020
in Bitcoin
Reading Time: 2 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



  • Bitcoin has been facing unusually strong selling pressure throughout the past few hours, which appears to be coming from multiple large mining pools
  • This caused the price of BTC to crater, dropping as low as $10,700 before finding some support that allowed it to climb significantly higher
  • One analyst is now noting that this latest decline struck a blow to its technical outlook, leading him to set his sights at $9,600
  • A decline to these lows would be significant but may be followed by massive upside

Bitcoin and the entire cryptocurrency market have been flashing some signs of weakness throughout the past several hours, with BTC plunging 5% while the rest of the market tanks in tandem.

This latest decline struck a heavy blow to the market’s strong uptrend seen throughout the past several days and weeks.

Analysts are now noting that the cryptocurrency may need to decline significantly further before its descent is able to slow, which could mean that a movement to the sub-$10,000 region is imminent in the near-term.

Bitcoin Plunges Below $11,000 as Selling Pressure from Miners Grows

At the time of writing, Bitcoin is trading down nearly 5% at its current price of $10,850. This is around the price at which it has been trading throughout the past few days.

Analysts are noting that where it trends in the near-term may depend largely on whether or not it can push back above $11,000, as a move above this level would be technically significant.

If this level is flipped into support in the near-term, it may provide the benchmark cryptocurrency with a launchpad for a sharp rebound.

Much of this selling pressure does appear to be coming from miners, as multiple large pools began transferring their holdings to exchanges today.

BTC to Target $9,600 – Claims Fund Manager 

One bearish near-term scenario for Bitcoin is if it rejects at $11,000, as this would confirm that its previous support has flipped to resistance.

This may be a realistic possibility, as one fund manager is now noting that he is watching for a movement to $9,600 before he flips long on the cryptocurrency.

“We’ll get a glorious BTC long in at 9.6k okay?” he said while pointing to the below chart, which shows the lack of support directly below BTC’s current price.

Image Courtesy of Mohit Sorout. Chart via TradingView.

Whether or not Bitcoin can push towards – and above – $11,000 in the near-term may be the factor that determines where it trends next.

Featured image from Unsplash.
Charts from TradingView.





Source link

Related articles

Bitcoin Price Set To ‘Sprint’ Toward $40,000, This Prominent Trader Claims

Bitcoin Price Set To ‘Sprint’ Toward $40,000, This Prominent Trader Claims

10 June 2023
Bitcoin Takes Center Stage As A Hedge Mechanism, Backed by Robert Kiyosaki

Bitcoin Takes Center Stage As A Hedge Mechanism, Backed by Robert Kiyosaki

9 June 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: AnalystsMountsMovepressuresellingsetSights
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

New Crypto Derivatives Let You Bet on (or Against) Tether’s Solvency- CoinDesk

Next Post

XRP Falls 10% In Selloff By Investing.com

Related Posts

Bitcoin Price Set To ‘Sprint’ Toward $40,000, This Prominent Trader Claims

Bitcoin Price Set To ‘Sprint’ Toward $40,000, This Prominent Trader Claims

10 June 2023
0

Bitcoin price has been a topic of great interest and speculation in the financial world, with investors eagerly watching its...

Bitcoin Takes Center Stage As A Hedge Mechanism, Backed by Robert Kiyosaki

Bitcoin Takes Center Stage As A Hedge Mechanism, Backed by Robert Kiyosaki

9 June 2023
0

Bitcoin (BTC) has once again found a vocal advocate in Robert Kiyosaki, the renowned author of the best-selling book “Rich...

Bitcoin Investors Get Robust Returns In May

Bitcoin Investors Get Robust Returns In May

7 June 2023
0

Bitcoin (BTC) investors witnessed a lucrative month in May, as the world’s most renowned cryptocurrency showcased its resilience and delivered...

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

6 June 2023
0

Rare satoshis have the potential to become the next major frenzy in the world of cryptocurrency, following the recent hype...

Bitcoin Sharks & Whales Buy 93,000 BTC Since April Top: Data

Bitcoin Sharks & Whales Buy 93,000 BTC Since April Top: Data

30 May 2023
0

On-chain data from Santiment shows that Bitcoin sharks and whales have gone on a 93,000 BTC buying spree since the...

Load More
Next Post

XRP Falls 10% In Selloff By Investing.com

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Shiba Inu’s Shibarium Best Timing Hinted by Shiba Ecosystem Official
  • How Does it Rank Saturday on Long-Term Trading Metrics?
  • Altcoin More Phenomenal Than Dogecoin

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,471.00-0.13%
  • ethereumEthereum(ETH)$1,839.74-0.37%
  • tetherTether(USDT)$1.00-0.01%
  • binancecoinBNB(BNB)$261.99-0.38%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.531.46%
  • staked-etherLido Staked Ether(STETH)$1,838.76-0.32%
  • cardanoCardano(ADA)$0.308533-4.97%
  • dogecoinDogecoin(DOGE)$0.0689841.86%
  • solanaSolana(SOL)$18.50-1.12%
  • matic-networkPolygon(MATIC)$0.76-1.76%
  • tronTRON(TRX)$0.0782071.03%
  • litecoinLitecoin(LTC)$89.541.46%
  • polkadotPolkadot(DOT)$5.030.31%
  • avalanche-2Avalanche(AVAX)$13.990.54%
  • binance-usdBinance USD(BUSD)$1.000.05%
  • shiba-inuShiba Inu(SHIB)$0.0000080.12%
  • daiDai(DAI)$0.99-0.58%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,474.00-0.23%
  • uniswapUniswap(UNI)$4.62-0.08%
  • leo-tokenLEO Token(LEO)$3.530.49%
  • chainlinkChainlink(LINK)$6.000.41%
  • cosmosCosmos Hub(ATOM)$9.30-1.64%
  • okbOKB(OKB)$44.950.94%
  • moneroMonero(XMR)$141.97-0.79%
  • ToncoinToncoin(TON)$1.690.69%
  • ethereum-classicEthereum Classic(ETC)$16.990.30%
  • stellarStellar(XLM)$0.0878380.35%
  • bitcoin-cashBitcoin Cash(BCH)$110.97-0.47%
  • true-usdTrueUSD(TUSD)$1.000.15%
  • lido-daoLido DAO(LDO)$2.19-0.04%
  • internet-computerInternet Computer(ICP)$4.272.46%
  • filecoinFilecoin(FIL)$4.09-0.63%
  • quant-networkQuant(QNT)$108.16-3.64%
  • hedera-hashgraphHedera(HBAR)$0.0484290.58%
  • AptosAptos(APT)$7.60-0.46%
  • crypto-com-chainCronos(CRO)$0.058179-1.71%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • ArbitrumArbitrum(ARB)$1.130.24%
  • nearNEAR Protocol(NEAR)$1.40-0.87%
  • vechainVeChain(VET)$0.017193-3.75%
  • apecoinApeCoin(APE)$2.88-1.04%
  • the-graphThe Graph(GRT)$0.111854-1.53%
  • paxos-standardPax Dollar(USDP)$1.000.01%
  • fraxFrax(FRAX)$1.000.10%
  • BSCEXBSCEX(BSCX)$262.6184.43%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.902.00%
  • rocket-poolRocket Pool(RPL)$47.340.20%
  • blockstackStacks(STX)$0.65-1.35%