Zoran Kole, a millionaire bitcoin trader, stated that a 5 percent drop is expected overnight, and dominant cryptocurrency bottom isn’t in yet.
On the 8th of November, the price of bitcoin dropped from $9,100 to $8,600 in just a few hours and has hit its lowest point as it continued to recover to $8,800.
In the past two weeks, it is noticeable that both the alternative cryptocurrencies XRP and Ethereum are doing well. Still, now it could slow down due to the technical analysts opting to head towards the short-lived trend of bitcoin.
Positive Outlook of Bitcoin, XRP, and Ethereum Reversed
The technical analysts were moving favorably on the upside before the sudden drop of the bitcoin price from $9,00 to $8,600.
After that, the sideways alliance has caused the movement after the bitcoin being stable for a few weeks.
Also, a series of long contract liquidations have occurred in many bigtime cryptocurrency margin trading platforms due to the broke down of the BTC. It also caused the weakening of the support level $9,200 in just a short time.
Now that the BTC is below $9,000, and technical analysts are finding it challenging to look for fundamental and technical factors that can help in catalyzing a bitcoin. It is their only hope to recover quickly from the pullback this week.
In an interview with JJ Kinahan, a TD Ameritrade executive, told Bloomberg that the downside of the bitcoin would continue to be range-bound for a few weeks. Albeit he has no idea what kind of stimulus would pull them outside of the range, it is already familiar to him, and to what he sees in the overall crypto market.
There are alternative cryptocurrencies that have a high chance of getting an edge over the bitcoin for the upcoming days. If the price drops below its support levels, the XRP and Ethereum would still lose against the U.S. dollar.
Bakkt is a Minor Variable
The continued increase of Bakkt volume is considered a minor variable. It is a bitcoin futures market under the NYSE parent company ICE.
The company stated that they had reached a new record of high daily volume, just in time when the bitcoin price dropped last November 8.
Its volume will continue to increase once the brokers start to incorporate it into their system. It also remains a mystery if the market would charge in such expansions.