Cryptomustar
Sunday, July 3, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Retail Interest in Bitcoin Peaked Just Before 13% August Flash Crash

by admin
October 12, 2020
in Bitcoin
0
Data Shows “Smart Money” is Looking to Buy Bitcoin at $8,800
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter



  • Bitcoin’s price has rebounded following a brief selloff seen earlier today that caused it to dip as low as $11,200
  • The cryptocurrency’s recent strength has come about due to the confluence of multiple factors that have all been helping to drive it higher
  • It remains roughly $1,000 below its 2020 highs that were set in August, however, and there’s still a plethora of underwater investors
  • Data reveals that retail interest in buying Bitcoin seemed to peak on August 1st, which is just one day before the 13% “flash crash” that sent BTC plunging lower
  • Although it has since recovered from these post-crash lows, it remains down from its highs

Bitcoin and the entire crypto market rebounded from their recent lows this morning, signaling that bulls are not ready to surrender the gains that they had amassed throughout the end of last week.

The strength seen by the aggregated market over the past few days has been promising, as BTC and many altcoins were able to close their weekly candles above multiple key levels.

One interesting trend to observe is retail interest in Bitcoin, as it seems as though this metric’s peak coincided closely with a sharp decline in BTC’s price.

This could be intentional manipulation by so-called “whales” – claims one analyst.

Bitcoin’s Price Rebound After Overnight Selloff 

At the time of writing, Bitcoin is trading up over 2% at its current price of $11,500. This marks a notable surge from recent lows of $11,200 set earlier this morning when bears stepped up and tried to revert its recent uptrend.

It is important to note that this slight retrace was short-lived and appears to be what helped spark the latest push higher.

The key resistance to watch now sits at $11,600, as a break above this level would be technically significant and help catalyze further momentum.

Analyst: Retail Interest Tends to Peak Before BTC Tops 

One analyst observed that throughout the Summer, retail interest in Bitcoin grew up until August, at which point its price peaked and kicked off its multi-month consolidation phase.

He also notes that the 13% August flash crash that Bitcoin experienced came about just one day after retail interest peaked.

“Retail interest spiked on the 1st of August, the day before that 13% flash crash… BTC whales have no chill. Welcome to the community new bagholders,” he said while referencing Google Trend data.

Image Courtesy of Byzantine General. Chart via TradingView.

This trend, if it holds strong in the future, could signal that bouts of rallying retail interests precede large selloffs induced by profit-taking from larger investors.

Featured image from Unsplash.
Charts from TradingView.





Source link

RELATED POSTS

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

Tags: AugustBitcoinCrashFlashinterestPeakedretail
ShareTweetShare

Related Posts

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

by admin
July 3, 2022
0

Bitcoin has a strong ally in Mexico. The crypto must be accepted as a legal tender, a Mexican senator...

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

by admin
July 3, 2022
0

The Oslo Freedom Forum offers another perspective.  Seen from the standpoint of activists like these or these, the value...

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

by admin
July 2, 2022
0

On-chain data shows Bitcoin funding rates have sunk into deep negative values, something that could pave way for a...

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

by admin
July 2, 2022
0

FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed...

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Bitcoin Bulls Face $750m in Liquidations During Latest Selloff

Bitcoin Could See an Epic Short-Squeeze Once This Key Level is Broken

December 14, 2020
SBI Coin, The World's Leading Cryptocurrency Trading Platform: Creating a New Generation of Intelligent Trading System

SBI Coin, The World's Leading Cryptocurrency Trading Platform: Creating a New Generation of Intelligent Trading System

May 26, 2022
Belgian regulator mandates registration for companies providing crypto-related services

Belgian regulator mandates registration for companies providing crypto-related services

May 2, 2022
Chainalysis Sees Raising $100M in Venture Capital at $1B Valuation: Report

Chainalysis Sees Raising $100M in Venture Capital at $1B Valuation: Report

November 20, 2020

About

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.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition
  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%