{"id":414091,"date":"2020-02-10T06:48:47","date_gmt":"2020-02-10T06:48:47","guid":{"rendered":"https:\/\/wncen.com\/?p=414091"},"modified":"2024-06-11T13:41:44","modified_gmt":"2024-06-11T13:41:44","slug":"bitcoin-plunges-4-percent-bounces-back-10000-bull-trend-intact","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-plunges-4-percent-bounces-back-10000-bull-trend-intact\/","title":{"rendered":"Is the Bitcoin Price&#8217;s Bull Trend Intact After the 4% Flash Crash?"},"content":{"rendered":"<p>Wow. After days of extremely low volatility, with <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> grinding higher without much downward price action, BTC suddenly dropped 4% in twenty minutes just last hour, plunging from $10,100 to $9,700 in a rapid sell-off. This move filled a CME gap formed this weekend, which is actually a more bullish sign than it is bearish.<\/p>\n<p>Though, as fast as the price dropped, it recovered. As of the time of writing this, Bitcoin is trading at $9,999.92, having effectively recovered the entire drop, save for a few dollars to the upside.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/aDPs1R1I\/\" width=\"831\" height=\"493\"><\/p>\n<p>This move caught crypto traders with their pants down, there&#8217;s no doubt about that. In fact, data from Skew.com revealed that around $50 million worth of long positions were liquidated in this flash move lower, though few short positions were liquidated on the way back up.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2020\/02\/10\/ripple-xrp-huge-achievement-strong-price-surge\/\"> Ripple\u2019s XRP Makes \u201cHuge\u201d Achievement, Setting Stage for Strong Price Surge<\/a><\/h6>\n<p>Despite this, Bitcoin purportedly remains bullish on a short-term to medium-term basis. Here&#8217;s why analysts think so.<\/p>\n<h2>Despite 4% Flash Crash, Bitcoin Remains Bullish<\/h2>\n<p>Prominent cryptocurrency trader Parabolic Thies remarked that Bitcoin&#8217;s recent drop is expected, referencing the idea that assets retrace after strong rallies upward.<\/p>\n<p>He added, that there&#8217;s no reason to start worrying because the trend low of $8,800 remains intact on a daily and weekly basis, suggesting this flash crash was but a small retracement in a larger bull trend for Bitcoin.<\/p>\n<p>Thies <a href=\"https:\/\/twitter.com\/KingThies\/status\/94980096\" rel=\"nofollow\">added in a later tweet<\/a> that there remain &#8220;strong support&#8221; on the three-day and one-week charts from $9,400 to $9,600, boding well for the bull argument.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> dropping from $10.2k &#8211; $9.8k as of now. This is expected. No need to start worrying unless support at $8.8k is breached.<\/p>\n<p>&mdash; Crypto Thies (@kingthies) <a href=\"https:\/\/twitter.com\/kingthies\/status\/94980096?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 10, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Indeed, legendary cryptocurrency trader Filb Filb wrote in his <a href=\"https:\/\/decentrader.com\/\" rel=\"nofollow\">newsletter<\/a> that since Bitcoin passed $9,500 on a weekly basis, <a href=\"https:\/\/wncen.com\/2020\/02\/06\/bitcoin-will-surge-over-20-if-price-captures-this-level-eerily-accurate-analyst\/\">a move to $11,500 could be had<\/a>.<\/p>\n<p>A number of analysts have echoed this cheery sentiment over the past few days, making statements like &#8220;dips are for buying.&#8221;<\/p>\n<p>Bitazu Capital&#8217;s Mohit Sorout, for instance, <a href=\"https:\/\/twitter.com\/singhsoro\/status\/29307136\" rel=\"nofollow\">wrote<\/a> on February 6th that &#8220;dips are for buying,&#8221; referencing a chart showing that Bitcoin&#8217;s 100-day moving average was just crossed by the 50-day, suggesting the BTC trend is starting to heavily favor bulls.<\/p>\n<p>Of course, this statement was made before today&#8217;s flash crash, though the bull cross remains intact.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">G O L D E N  C R O S S<\/p>\n<p>Dips are for buying.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/5I776BwWbJ\" rel=\"nofollow\">pic.twitter.com\/5I776BwWbJ<\/a><\/p>\n<p>&mdash; MS\ud83d\udcc8 (@singhsoro) <a href=\"https:\/\/twitter.com\/singhsoro\/status\/29307136?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 6, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Wow. After days of extremely low volatility, with Bitcoin grinding higher without much downward price action, BTC suddenly dropped 4% in twenty minutes just last hour, plunging from $10,100 to $9,700 in a rapid sell-off. This move filled a CME gap formed this weekend, which is actually a more bullish sign than it is bearish. Though, as fast as the price dropped, it recovered. As of the time of writing this, Bitcoin is trading at $9,999.92, having effectively recovered the entire drop, save for a few dollars to the upside. This move caught crypto traders with their pants down, there&#8217;s no doubt about that. In fact, data from Skew.com revealed that around $50 million worth of long positions were liquidated in this flash move lower, though few short positions were liquidated on the way back up. Related Reading: Ripple\u2019s XRP Makes \u201cHuge\u201d Achievement, Setting Stage for Strong Price Surge Despite this, Bitcoin purportedly remains bullish on a short-term to medium-term basis. Here&#8217;s why analysts think so. Despite 4% Flash Crash, Bitcoin Remains Bullish Prominent cryptocurrency trader Parabolic Thies remarked that Bitcoin&#8217;s recent drop is expected, referencing the idea that assets retrace after strong rallies upward. He added, that there&#8217;s no reason to start worrying because the trend low of $8,800 remains intact on a daily and weekly basis, suggesting this flash crash was but a small retracement in a larger bull trend for Bitcoin. Thies added in a later tweet that there remain &#8220;strong support&#8221; on the three-day and one-week charts from $9,400 to $9,600, boding well for the bull argument. $BTC dropping from $10.2k &#8211; $9.8k as of now. This is expected. No need to start worrying unless support at $8.8k is breached. &mdash; Crypto Thies (@kingthies) February 10, 2020 Indeed, legendary cryptocurrency trader Filb Filb wrote in his newsletter that since Bitcoin passed $9,500 on a weekly basis, a move to $11,500 could be had. A number of analysts have echoed this cheery sentiment over the past few days, making statements like &#8220;dips are for buying.&#8221; Bitazu Capital&#8217;s Mohit Sorout, for instance, wrote on February 6th that &#8220;dips are for buying,&#8221; referencing a chart showing that Bitcoin&#8217;s 100-day moving average was just crossed by the 50-day, suggesting the BTC trend is starting to heavily favor bulls. Of course, this statement was made before today&#8217;s flash crash, though the bull cross remains intact. G O L D E N C R O S S Dips are for buying.$BTC pic.twitter.com\/5I776BwWbJ &mdash; MS\ud83d\udcc8 (@singhsoro) February 6, 2020 Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":413994,"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":[428,956,1155,3504],"class_list":["post-414091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitmex","tag-bullish","tag-price"],"acf":[],"yoast_head":"\n<title>Is the Bitcoin Price&#039;s Bull Trend Intact After the 4% Flash Crash?<\/title>\n<meta name=\"description\" content=\"Wow. 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