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

These Factors Suggest Bitcoin is Building Pressure to Make a Massive Move

by admin
September 8, 2020
in Bitcoin
0
These Factors Suggest Bitcoin is Building Pressure to Make a Massive Move
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter



  • Bitcoin is once again teetering on the brink of seeing some serious downside, as the cryptocurrency is struggling to hold above its key $9,900 support
  • The benchmark crypto has yet to plunge beneath this level, but the chances of it being broken do appear to be growing by the hour
  • Most investors are anticipating this to result in a move down towards its CME gap at $9,700, which has yet to be filled
  • Filling this gap could lead many bears to flip bullish, thus boosting the crypto’s price higher
  • That being said, one analyst is looking towards a variety of factors that suggest Bitcoin is building up pressure to make a massive movement

Bitcoin and the entire cryptocurrency market is currently experiencing some immense weakness, with BTC struggling to hold above its key support at $9,900 while most major altcoins post sizeable losses.

This comes after a long-held bout of sidewards trading between $10,000 and $10,300 and could simply mark an extension of this consolidation – if bulls can reclaim the five-figure price region.

One trader is pointing to a few factors that may indicate that a massive movement is on the horizon.

Bitcoin Struggles to Hold Above Crucial Support as Selling Pressure Ramps Up

At the time of writing, Bitcoin is trading down over 4% at its current price of $9,970. This is around the price at which it has been trading throughout the past several days, with sellers being unable to shatter its $9,900 support.

That being said, the multiple tests that this level has undergone in recent times does indicate that a break below it may be imminent.

All eyes are now closely watching to see how BTC reacts to $10,000, as a break and hold above this level could be bullish, whereas a sustained bout of trading beneath it could result in it seeing further downside.

These Factors Suggest BTC is Building Up for a Massive Movement: Analyst

While speaking about Bitcoin’s current bout of trading above its key support, one analyst noted that Bitcoin’s sideways trading seems to suggest that a large movement is brewing.

He pointed to rising open interest on BitMEX as one factor supporting this notion.

“BTC grinding down in the 4 digits. Bitmex open interest significantly risen showing a lot of position taking. Not sure where we head next, it simply hints pressure is building and larger move likely, no directional bias. Bit scared if we don’t get a momentum break, react mode…”

How Bitcoin reacts to $10,000 should provide significant insight into its near-term trend.

Featured image from Unsplash.
Pricing data 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: BitcoinBuildingfactorsmassiveMovePressuresuggest
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

DeFi’s PoolTogether Crowdfunds Legal Defense With NFT Collection

DeFi’s PoolTogether Crowdfunds Legal Defense With NFT Collection

May 26, 2022
Real Estate DAO, indaod.io, Enters the $100 Billion Vacation Rental Market

Real Estate DAO, indaod.io, Enters the $100 Billion Vacation Rental Market

March 26, 2022
Brutal Month for Bitcoin as June Ends With Biggest Drop in 11 Years

Bitcoin termina un junio fatídico con su caída más grande de los últimos 11 años

July 1, 2022
Ninja Fantasy Trader Announces Its First Trading Contest of NFTraders or Samurais

CryptoProfit Gains Traction in Mining World After Launching Quick ROI Mining Hardware

March 23, 2022

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%