{"id":380183,"date":"2019-04-29T19:00:17","date_gmt":"2019-04-29T19:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=380183"},"modified":"2024-06-11T21:14:32","modified_gmt":"2024-06-11T21:14:32","slug":"bitcoin-btc-under-pressure-reversing-apr-25-losses-critical","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-under-pressure-reversing-apr-25-losses-critical\/","title":{"rendered":"Bitcoin (BTC) Under Pressure, Reversing Apr-25 Losses Critical"},"content":{"rendered":"<ul>\n<li><em>Bitcoin prices may slide below $5,000<\/em><\/li>\n<li><em>To protect investors, an Indian government official suggests banning of cryptocurrencies<\/em><\/li>\n<\/ul>\n<p><em>An Indian official believes cryptos including Bitcoin are Ponzi schemes that the country\u2019s regulator should ban. That is despite the acceptance in Japan and other governments taxing the asset like any other commodity. Even so, Bitcoin (BTC) is under pressure and risk dropping below $5,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>Well, after last week\u2019s debate about BitFinex, USDT and the NY OAG suing iFinex, exchanges are yet to recover. There is a premium of around $300, and after a steady recovery last week, it looks like Bitcoin prices will slide in days ahead.<\/p>\n<p>Not only is Bitcoin (BTC) down 1.6 percent in the previous week, but altcoins like BCH are slipping, with BCH dropping 16.7 percent in the same time frame. Often, Altcoins are leading indicators. Since they have a direct correlation with BTC, prices tend to bust when the former is about to dip and explode hours or days before BTC surge higher.<\/p>\n<p>Even so, our stance on Bitcoin is bullish. Banking on the contrarian effect around India discussion of cryptocurrency trading and whether they should ban the digital assets is a big plus for Bitcoin which is technically in an uptrend.<\/p>\n<p>One Indian government official is adamant that cryptos should be outlawed and was quoted saying crypto is a Ponzi scheme and to protect investors, the country\u2019s regulator should ban the trading of all digital assets.<\/p>\n<blockquote><p><em>\u201cWhen it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned.\u201d<\/em><\/p><\/blockquote>\n<h3>Candlestick Arrangement<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-380184\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-29.png?resize=1280%2C1024\" alt=\"Bitcoin BTC\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-29.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-29.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-29.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-29.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-29.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Bitcoin-Daily-Chart-Apr-29.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Nonetheless, thanks to supportive technical candlestick arrangement and shifting sentiment around Bitcoin, our stance is bullish. Like BCH, there is a correction of BTC prices after the overpricing of <a href=\"https:\/\/wncen.com\/2019\/04\/28\/bitcoin-btc-bulls-firm-even-if-bitfinex-may-refute-ny-ag-fraud-claims\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin (BTC)<\/a> after the close of the week ending Apr-16. Still, visible from the weekly chart, BTC is trading above a multi-month resistance trend line.<\/p>\n<p>From historical price movements, it is likely that prices will consolidate and even retest the main support trend line and $4,500 in a typical retest before bulls flow back, thrusting prices above $5,800 and $6,000.<\/p>\n<p>On the worst-case scenario, our bullish outlook will be null if prices slide below Apr-2 lows, closing below $4,500 complete with high transactional volumes as bears of Q4 2018 flow back driving prices back to $3,200 in a trend continuation phase. On the flip side, gains above $5,500 will cement buyers of Apr-2 and BTC would likely rally towards $6,000.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Our anchor bar as it is Apr-2 bull bar. Despite drawdown, prices are stable, ranging and trading above $5,000. In light of today\u2019s events, our anchor bar is Apr-25 with 21k. Supports stand at last week\u2019s lows of $5,100. Therefore, for our bulls to be in charge, prices must be above spot levels because any drop below $5,100 with high volumes exceeding averages of 12k and 21k could trigger a sell-off towards $4,500.<\/p>\n<p><strong><em>Chart courtesy of Trading View<\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin prices may slide below $5,000 To protect investors, an Indian government official suggests banning of cryptocurrencies An Indian official believes cryptos including Bitcoin are Ponzi schemes that the country\u2019s regulator should ban. That is despite the acceptance in Japan and other governments taxing the asset like any other commodity. Even so, Bitcoin (BTC) is under pressure and risk dropping below $5,000. Bitcoin Price Analysis Fundamentals Well, after last week\u2019s debate about BitFinex, USDT and the NY OAG suing iFinex, exchanges are yet to recover. There is a premium of around $300, and after a steady recovery last week, it looks like Bitcoin prices will slide in days ahead. Not only is Bitcoin (BTC) down 1.6 percent in the previous week, but altcoins like BCH are slipping, with BCH dropping 16.7 percent in the same time frame. Often, Altcoins are leading indicators. Since they have a direct correlation with BTC, prices tend to bust when the former is about to dip and explode hours or days before BTC surge higher. Even so, our stance on Bitcoin is bullish. Banking on the contrarian effect around India discussion of cryptocurrency trading and whether they should ban the digital assets is a big plus for Bitcoin which is technically in an uptrend. One Indian government official is adamant that cryptos should be outlawed and was quoted saying crypto is a Ponzi scheme and to protect investors, the country\u2019s regulator should ban the trading of all digital assets. \u201cWhen it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned.\u201d Candlestick Arrangement Nonetheless, thanks to supportive technical candlestick arrangement and shifting sentiment around Bitcoin, our stance is bullish. Like BCH, there is a correction of BTC prices after the overpricing of Bitcoin (BTC) after the close of the week ending Apr-16. Still, visible from the weekly chart, BTC is trading above a multi-month resistance trend line. From historical price movements, it is likely that prices will consolidate and even retest the main support trend line and $4,500 in a typical retest before bulls flow back, thrusting prices above $5,800 and $6,000. On the worst-case scenario, our bullish outlook will be null if prices slide below Apr-2 lows, closing below $4,500 complete with high transactional volumes as bears of Q4 2018 flow back driving prices back to $3,200 in a trend continuation phase. On the flip side, gains above $5,500 will cement buyers of Apr-2 and BTC would likely rally towards $6,000. Technical Indicators Our anchor bar as it is Apr-2 bull bar. Despite drawdown, prices are stable, ranging and trading above $5,000. In light of today\u2019s events, our anchor bar is Apr-25 with 21k. Supports stand at last week\u2019s lows of $5,100. Therefore, for our bulls to be in charge, prices must be above spot levels because any drop below $5,100 with high volumes exceeding averages of 12k and 21k could trigger a sell-off towards $4,500. Chart courtesy of Trading View &nbsp;<\/p>\n","protected":false},"author":384,"featured_media":379378,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,2429],"class_list":["post-380183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-india"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Under Pressure, Reversing Apr-25 Losses Critical<\/title>\n<meta name=\"description\" content=\"Bitcoin prices may slide below $5,000 To protect investors, an Indian government official suggests banning of cryptocurrencies An Indian official believes\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/wncen.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin (BTC) Under Pressure, Reversing Apr-25 Losses Critical","description":"Bitcoin prices may slide below $5,000 To protect investors, an Indian government official suggests banning of cryptocurrencies An Indian official believes","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-btc-under-pressure-reversing-apr-25-losses-critical\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin (BTC) Under Pressure, Reversing Apr-25 Losses Critical","og_description":"Bitcoin prices may slide below $5,000 To protect 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin (BTC) Under Pressure, Reversing Apr-25 Losses Critical","url":"http:\/\/wncen.com\/news\/bitcoin-btc-under-pressure-reversing-apr-25-losses-critical\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-under-pressure-reversing-apr-25-losses-critical\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin-price-crypto-shutterstock_757373461.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin-price-crypto-shutterstock_757373461.jpg?fit=3840%2C2160"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","india"],"dateCreated":"2019-04-29T19:00:17Z","datePublished":"2019-04-29T19:00:17Z","dateModified":"2024-06-11T21:14:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Under Pressure, Reversing Apr-25 Losses Critical\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-under-pressure-reversing-apr-25-losses-critical\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-under-pressure-reversing-apr-25-losses-critical\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/bitcoin-price-crypto-shutterstock_757373461.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/bitcoin-price-crypto-shutterstock_757373461.jpg?fit=3840%2C2160\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"india\"],\"dateCreated\":\"2019-04-29T19:00:17Z\",\"datePublished\":\"2019-04-29T19:00:17Z\",\"dateModified\":\"2024-06-11T21:14:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin-price-crypto-shutterstock_757373461.jpg?fit=3840%2C2160","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/380183"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=380183"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/380183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/379378"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=380183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=380183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=380183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}