- After Bitcoin was able to break through the $7,200 mark in the last few hours, a sudden sell-off followed, which pushed Bitcoin briefly below $6,600.
- Ethereum (ETH) and Ripple (XRP) are currently following the volatile market trend of Bitcoin and are also recording losses.
The price of Bitcoin yesterday broke through the important mark along the $7,000 mark and traded above this psychological price point for more than 5 hours. In the meantime, BTC even reached $7,200, but then suddenly plunged to $6,580 USD within a short time. At the time of writing, Bitcoin has settled at $6,700.21.
Experienced Bitcoin trader Josh Rager describes that Bitcoin is still trading above the important level of $6,650, but the next support is located along the $6,200 mark. In his opinion, Bitcoin’s recent price movements have been driven mainly by whales, which have briefly pushed the price up and then liquidated their positions. Overall, he thinks that Bitcoin will be drawing deeper highs and lows in the coming hours.
Zooming in to 4hr, price is still above point of control but a close below $6650, imo, leads to $6200s support as the next stop
Price was never able to close above value area high – $7450 and looks like could be the start of lower-highs and lower-lows on lower time frames pic.twitter.com/FkrKbbo0E9
— Josh Rager 📈 (@Josh_Rager) April 13, 2020
According to the data of the analysis company Skew.com, in the last 3 hours on the derivatives exchange BitMEX long positions worth $35 million were liquidated and may have contributed to the fall in the price of Bitcoin. In the past, BitMEX has often been suspected of influencing the price of Bitcoin by selling large-volume long positions.
The well-known crypto trader “Mac” has predicted a Bitcoin price drop to $6,600 and describes that this price movement had to take place before BTC will start a new rally to $7,600 in the coming days. He advises his followers not to re-enter the market now, but to look at the price developments in the coming hours.
$BTC looking at something aka this, will re-evaluate on weekly close pic.twitter.com/hQfK2KoKJ8
— Mac ❄️🐺 (@MacnBTC) April 12, 2020
Crypto analyst “Mayne” shared a chart with his community showing that Bitcoin is in the middle of a rising wedge. Bitcoin has left the rising wedge towards the bottom, so this could be a sign that a bearish trend is starting. Bitcoin showed this same pattern at its February high of $10,500, after a price drop of more than 50% to below $4,000.
#Bitcoin pic.twitter.com/bIFek9JpHN
— Mayne (@Tradermayne) April 13, 2020
The Altcoin market continues to show a strong correlation with BTC, so that Ethereum (ETH) and also Ripple (XRP) have fallen. ETH recorded a decline of 2.82 % in the last 24 hours to a price of $152.78. Some industry experts continue to be bullish for ETH. Three Arrows Capital has observed that on April 10th buy orders for 250,000 ETH were placed on Bitfinex along the price range $159 USD to $162.
XRP has fallen by 2.82% in the last 24 hours to a price of $0.18. Despite Ripple’s continued expansion in the Southeast Asian region, XRP’s price is not showing much impact and is instead following the volatile development of Bitcoin.
Can money printing solve the current financial crisis?
Many central banks around the world have announced coherent measures to pump billions and even trillions of dollars into the market to stimulate the economy. However, experts in the industry see this as a mere protraction of the crisis, as it causes inflation to rise rapidly and the money still in circulation to lose a lot of its value and thus purchasing power.
Multiple billionaire Mike Novogratz describes that Bitcoin must show that it is the new digital gold. If Bitcoin can’t rise in times like these, he will pull out of Bitcoin completely.
if it doesn’t go all out by the end of the year, I think I might just hang my spurs. Because if it doesn’t go up now, you know, I’m not sure when it will…
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