MANCHESTER, United Kingdom – The bears declared control in the cryptocurrency market as the price of Bitcoin (BTC) goes down to $8,000. The price decrease was after a multi-week clash. Currently, it’s at $7,450, which is 6% down in the previous 24 hours.
Analysts and traders stated that the recent point downward might be the beginning of long-term bearish drift. Moreover, this trend could drive Bitcoin under $7,000, or into the $6,000s.
In the previous month, Bitcoin had a 42% shot in a single day, which marked as the fourth largest move in the history of cryptocurrency. Several traders thought that this status would reverse the trend that distressed the cryptocurrency market for months.
After the 42% jump, the price went nearly back to its starting price. It’s as if the price action in the recent month didn’t take place.
Peter Schiff, a prominent gold advocate, shared on his Twitter account what he thinks about Bitcoin. According to him, this cryptocurrency may tend to drop its price to $1,000.
Blockonomi shared that a Bitcoin event called “Miner Capitulation” took place, as per Hash Ribbons. This event is when miners are required to trade their earned Bitcoin all at once. It’s to cash out or to upgrade their methods.
Hash Ribbons indicated that the last miner capitulation happened in 2018, which are days before Bitcoin had its 50% crash. The smash reported was at $6,000 to $3,000. Furthermore, Hash Ribbons also stated a capitulation in 2016, which was before the 30% drop.
The Block advised that Binance closed the location’s doors. Employees were told to be relocated to Singapore or to work remotely. Binance denied the report, and it called the stated a rumor. Furthermore, they cited their assertion that there’s no office in Shanghai.
Some say that China fears a severe crackdown on their startups in the cryptocurrency realm. This country fears it even if they don’t offer any services. It may cause a marketing pressure in the upcoming weeks, and it’s additional on what the cryptocurrency market has for its depositors.
Despite the drop in its price, there’s hope for bulls. However, hope is limited.
Prior this week, the indicator from Tom Demark Sequential printed “buy nine” candles on the Grayscale’s Bitcoin Trust charts. It also included CME. Also, it recommended a relief rally.
The Tom Demark Sequential is a known cryptocurrency community. Tone Vays, a Wall Street expert, popularize it. Moreover, it utilizes prices and time to define setback points and trends.