{"id":419362,"date":"2020-03-28T01:00:08","date_gmt":"2020-03-28T01:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=419362"},"modified":"2024-06-11T13:46:52","modified_gmt":"2024-06-11T13:46:52","slug":"after-bitcoin-plunged-7-percent-minutes-traders-fear-more-crash","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/after-bitcoin-plunged-7-percent-minutes-traders-fear-more-crash\/","title":{"rendered":"After Bitcoin Plunged 7.5% in Minutes, Traders Fear the Worst Is Yet to Come"},"content":{"rendered":"<p>An hour ago, the price of Bitcoin suddenly faltered after days of non-action, <a href=\"https:\/\/wncen.com\/2020\/03\/27\/the-bitcoin-price-just-plunged-to-6400-after-days-stagnation\/\">crashing from the $6,700 base<\/a> where it had traded at for much of Friday to $6,250 within a few minutes&#8217; time. As a result, at least $20 million worth of long positions on BitMEX were\u00a0<a href=\"https:\/\/www.skew.com\/dashboard\/bitcoin-futures\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow noopener noreferrer\">liquidated<\/a>, while millions more probably bit the dust on other exchanges.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2020\/03\/23\/big-for-bitcoin-house-democrats-propose-digital-dollar\/\"> House Democrats Propose \u2018Digital Dollar\u2019 in Move Big For Bitcoin: Here\u2019s Why<\/a><\/h6>\n<p>While the selling pressure has since subsided, with BTC settling around $6,300, a swath of prominent cryptocurrency traders fearing that the worst is yet to come.<\/p>\n<h2>Bitcoin&#8217;s Sell-off Over Not Over, Analysts Conclude<\/h2>\n<p>Cryptocurrency trader DonAlt \u2014 who called much of Bitcoin&#8217;s recent decline \u2014 <a href=\"https:\/\/twitter.com\/CryptoDonAlt\/status\/81744903\" rel=\"nofollow\">posted<\/a> the below chart while asking why the recent price action &#8220;feels so familiar.&#8221;<\/p>\n<p>As can be seen below, the commentator is referring to his sentiment that the price action that has transpired since March 12th is similar to that seen in late-February to early-March, during which BTC rallied higher to only get rejected at a horizontal resistance.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Why does this feel so familiar <a href=\"https:\/\/t.co\/8mSWsDucA5\" rel=\"nofollow\">pic.twitter.com\/8mSWsDucA5<\/a><\/p>\n<p>&mdash; DonAlt (@CryptoDonAlt) <a href=\"https:\/\/twitter.com\/CryptoDonAlt\/status\/81744903?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 27, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>If Bitcoin is to follow this forming pattern to a T, it will make one more attempt at surmounting $7,000s in the coming days, then fall dramatically, potentially towards the local lows at $3,800.<\/p>\n<p>The expectation that the cryptocurrency market will continue to retrace further has been echoed by Bitcoin chartist Crypto Cactus, who remarked that with the recent move, the cryptocurrency has moved below a key horizontal level and is showing signs it is entering into a textbook &#8220;mark down&#8221; phase, which will likely result in more losses for BTC in the short term.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> LTF Update<\/p>\n<p>So it begins, congratulations to everyone who deployed some patience over the past few days, nice to finally have the expected move to the downside in lower timeframes&#8230;<\/p>\n<p>Apologies the continued bearish LTF posts this week but I just want people to keep profits. <a href=\"https:\/\/t.co\/5t0ot0v5jj\" rel=\"nofollow\">https:\/\/t.co\/5t0ot0v5jj<\/a> <a href=\"https:\/\/t.co\/RJ3P6wQkyc\" rel=\"nofollow\">pic.twitter.com\/RJ3P6wQkyc<\/a><\/p>\n<p>&mdash; Cactus (@thecryptocactus) <a href=\"https:\/\/twitter.com\/thecryptocactus\/status\/82708225?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 28, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Strong Fundamental Trend Remains<\/strong><\/h2>\n<p>Harrowing recent price action aside, many believe that the fundamentals of Bitcoin remain anything but weak.<\/p>\n<p>According to data released Thursday, the Federal Reserve\u2019s balance sheet has reached a record of $5.25 trillion, adding $586 billion worth of assets \u2014 or more than 10 percent of last week\u2019s balance sheet total \u2014 in a mere five business days. This comes after last week\u2019s balance sheet increase of over $300 billion.<\/p>\n<p>The consensus is that this trend is extremely\u00a0<span class=\"glossaryTerm\" data-title=\"Bullish\" data-content=\"A descriptive term borrowed from stock markets to describe a positive market outlook.\" data-url=\"\/glossary\/bullish\">bullish<\/span>\u00a0for scarce assets, Bitcoin included. BitMEX Research wrote in a recent report that the record influx of monetary and fiscal stimulus will give Bitcoin one of its \u201cbiggest opportunities yet,\u201d as the potential inflation that will come will prove the necessity for a disinflationary asset:<\/p>\n<blockquote><p>\u201cIn our view, in this changed economic regime, where the economy and financial markets are set loose, with no significant anchor at all, not even inflation targeting, it could be the biggest opportunity Bitcoin has seen, in its short lifetime.\u201d<\/p><\/blockquote>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>An hour ago, the price of Bitcoin suddenly faltered after days of non-action, crashing from the $6,700 base where it had traded at for much of Friday to $6,250 within a few minutes&#8217; time. As a result, at least $20 million worth of long positions on BitMEX were\u00a0liquidated, while millions more probably bit the dust on other exchanges. Related Reading: House Democrats Propose \u2018Digital Dollar\u2019 in Move Big For Bitcoin: Here\u2019s Why While the selling pressure has since subsided, with BTC settling around $6,300, a swath of prominent cryptocurrency traders fearing that the worst is yet to come. Bitcoin&#8217;s Sell-off Over Not Over, Analysts Conclude Cryptocurrency trader DonAlt \u2014 who called much of Bitcoin&#8217;s recent decline \u2014 posted the below chart while asking why the recent price action &#8220;feels so familiar.&#8221; As can be seen below, the commentator is referring to his sentiment that the price action that has transpired since March 12th is similar to that seen in late-February to early-March, during which BTC rallied higher to only get rejected at a horizontal resistance. Why does this feel so familiar pic.twitter.com\/8mSWsDucA5 &mdash; DonAlt (@CryptoDonAlt) March 27, 2020 If Bitcoin is to follow this forming pattern to a T, it will make one more attempt at surmounting $7,000s in the coming days, then fall dramatically, potentially towards the local lows at $3,800. The expectation that the cryptocurrency market will continue to retrace further has been echoed by Bitcoin chartist Crypto Cactus, who remarked that with the recent move, the cryptocurrency has moved below a key horizontal level and is showing signs it is entering into a textbook &#8220;mark down&#8221; phase, which will likely result in more losses for BTC in the short term. $BTC LTF Update So it begins, congratulations to everyone who deployed some patience over the past few days, nice to finally have the expected move to the downside in lower timeframes&#8230; Apologies the continued bearish LTF posts this week but I just want people to keep profits. https:\/\/t.co\/5t0ot0v5jj pic.twitter.com\/RJ3P6wQkyc &mdash; Cactus (@thecryptocactus) March 28, 2020 Strong Fundamental Trend Remains Harrowing recent price action aside, many believe that the fundamentals of Bitcoin remain anything but weak. According to data released Thursday, the Federal Reserve\u2019s balance sheet has reached a record of $5.25 trillion, adding $586 billion worth of assets \u2014 or more than 10 percent of last week\u2019s balance sheet total \u2014 in a mere five business days. This comes after last week\u2019s balance sheet increase of over $300 billion. The consensus is that this trend is extremely\u00a0bullish\u00a0for scarce assets, Bitcoin included. BitMEX Research wrote in a recent report that the record influx of monetary and fiscal stimulus will give Bitcoin one of its \u201cbiggest opportunities yet,\u201d as the potential inflation that will come will prove the necessity for a disinflationary asset: \u201cIn our view, in this changed economic regime, where the economy and financial markets are set loose, with no significant anchor at all, not even inflation targeting, it could be the biggest opportunity Bitcoin has seen, in its short lifetime.\u201d Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":419363,"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":[679,1144,4078],"class_list":["post-419362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-price","tag-btcusd","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>After Bitcoin Plunged 7.5% in Minutes, Traders Fear the Worst Is Yet to Come<\/title>\n<meta name=\"description\" content=\"An hour ago, the price of Bitcoin suddenly faltered after days of non-action, crashing from the $6,700 base where it had traded at for much of Friday to\" \/>\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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