{"id":423175,"date":"2020-05-08T09:00:13","date_gmt":"2020-05-08T09:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=423175"},"modified":"2024-06-11T13:48:25","modified_gmt":"2024-06-11T13:48:25","slug":"bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/","title":{"rendered":"Bitcoin&#8217;s Massive Flip after Hitting $10K Signals Deeper Bearish Correction"},"content":{"rendered":"<ul>\n<li>Bitcoin crossed above $10,000 in late trading Thursday but failed to extend the upside momentum.<\/li>\n<li>Traders sold the cryptocurrency&#8217;s two-month top for short-term profits, driving prices down by 3.17 percent into the Asian session.<\/li>\n<li>A battle between bearish technicals and bullish fundamentals is brewing inside the bitcoin market, with bears looking to win the next round.<\/li>\n<\/ul>\n<p>A string of bullish catalysts drove <a href=\"https:\/\/wncen.com\/2020\/05\/07\/bitcoin-just-surged-to-10000-heres-what-analysts-think-comes-next\/\">bitcoin prices above $10,000<\/a> in late trading Thursday.<\/p>\n<p>The cryptocurrency topped at $10,079 a token after rallying more than 10 percent as of 2300 UTC. It maintained the six-figure valuation ahead of the Asian session open Friday but later fell by more than 3 percent. At its intraday lowest, bitcoin was changing hands for $9,730 a token.<\/p>\n<figure id=\"attachment_423176\" aria-describedby=\"caption-attachment-423176\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/032D2203-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-423176\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/032D2203-5.png?resize=860%2C429\" alt=\"bitcoin, cryptocurrency, btcusd, crypto\" width=\"860\" height=\"429\"><\/a><figcaption id=\"caption-attachment-423176\" class=\"wp-caption-text\">BTCUSD corrects lower after breaching $10,000 | Source: Messari<\/figcaption><\/figure>\n<h2>Bitcoin Fundamentals<\/h2>\n<p>Bitcoin&#8217;s earliest gains came as a part of an extended bull run that began after it <a href=\"https:\/\/wncen.com\/2020\/05\/07\/why-analyst-that-called-bitcoins-3200-bottom-expects-a-face-melting-move\/\">bottomed out below $4,000 in March 2020<\/a>. The cryptocurrency had crashed by more than 50 percent alongside the Wall Street index. It only started rebounding \u00a0\u2013 alongside the U.S. equities \u2013 after the Federal Reserve decided to protect the U.S. economy with a <a href=\"https:\/\/www.cnbc.com\/2020\/05\/04\/us-treasury-seeks-to-borrow-a-record-3-trillion-this-quarter.html\" target=\"_blank\" rel=\"noopener nofollow\">$3 trillion cash liquidity injection<\/a>.<\/p>\n<p>The profits kept coming later into April and May as traders assessed more bullish narratives. That included Bitcoin&#8217;s <a href=\"https:\/\/wncen.com\/2020\/05\/07\/heres-how-big-btc-whales-are-preparing-for-bitcoins-halving\/\">mining reward halving<\/a> on May 12. On the day, the cryptocurrency&#8217;s daily supply rate will go down from 1,800 BTC to 900 BTC. Some top analysts believe that halving would make bitcoin costlier in spot markets.<\/p>\n<p>But bitcoin&#8217;s move from $9,000 to above $10,000 came only after when a famed hedge fund investor announced his interest in the cryptocurrency.<\/p>\n<p>Paul Tudor Jones, the chief executive &amp; co-founder of Tudor Investment Corp, which runs a $22 billion asset management fund, <a href=\"https:\/\/wncen.com\/2020\/05\/08\/here-are-the-macro-factors-driving-bitcoins-explosive-uptrend\/\">said in an investor note<\/a> that he may hold as much as \u201clow single-digit percentage\u201d in bitcoin futures. His reasons mirrored what the bitcoin bulls were propagating for years: That the crypto can act as a hedge against fiat inflation.<\/p>\n<figure id=\"attachment_423177\" aria-describedby=\"caption-attachment-423177\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/tyler-winklevoss-tweet.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-423177 size-medium\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/tyler-winklevoss-tweet.png?resize=460%2C381\" alt=\"bitcoin, cryptocurrency, btcusd, crypto\" width=\"460\" height=\"381\"><\/a><figcaption id=\"caption-attachment-423177\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/twitter.com\/tylerwinklevoss\/status\/02349058\" rel=\"noopener nofollow\">Twitter<\/a><\/figcaption><\/figure>\n<p>Halving FOMO, Jones&#8217; entry, and global media&#8217;s extended coverage on both the fundamentals led bitcoin above $10,000.<\/p>\n<h2>Deeper Correction Ahead?<\/h2>\n<p>The latest price rally smashed a popular bearish narrative. As NewsBTC <a href=\"https:\/\/wncen.com\/2020\/04\/30\/fears-of-bitcoin-dump-intensify-as-price-fails-to-break-2017-2020-resistance\/\">earlier covered<\/a>, bitcoin was eyeing a much-needed technical downside correction after painting eight green weekly candles in a row.<\/p>\n<p>The analysis took cues from the cryptocurrency&#8217;s positioning under a long-term\u00a0resistance trendline \u2013 the same that stopped it from closing above $20,000 in 2017 and $14,000 in 2019. Bitcoin retested the same level more than ten times since February 2020 but closed above it only for a shorter-timeframe.<\/p>\n<figure id=\"attachment_423179\" aria-describedby=\"caption-attachment-423179\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/bitcoin-price-08052020-1.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-423179\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/bitcoin-price-08052020-1.png?resize=860%2C509\" alt=\"bitcoin, cryptocurrency, btcusd, crypto\" width=\"860\" height=\"509\"><\/a><figcaption id=\"caption-attachment-423179\" class=\"wp-caption-text\">BTCUSD looking to retest the falling trendline as support | Source: TradingView.com, Coinbase<\/figcaption><\/figure>\n<p>More than twelve hours into the rally, the bitcoin price is now above the Descending Trendline, as shown in the chart above. But the latest downside corrective attempts are similar to pullback moves of February 2020, July 2019, and June 2019. That means bitcoin&#8217;s break above the trendline could be a fake breakout.<\/p>\n<p>The Relative Strength Indicator (RSI) says the same. Its readings are now above 70, which means bitcoin is currently overbought \u2013 and is in need of a dire correction to neutralize its market sentiment.<\/p>\n<p>Traders could keep the price afloat, nevertheless, owing to strong fundamentals. But stretching the rally any further would lead bears to short the top, thereby crashing the market back below the Trendline. Should it happen, <a href=\"https:\/\/wncen.com\/2020\/05\/07\/halving-wont-save-bitcoin-from-falling-to-7-5k-heres-why\/\">bitcoin could fall towards $7,500<\/a>.<\/p>\n<p><em>Photo by <a href=\"https:\/\/unsplash.com\/@ussamaazam?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Ussama Azam<\/a> on <a href=\"https:\/\/unsplash.com\/s\/photos\/go-down?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin crossed above $10,000 in late trading Thursday but failed to extend the upside momentum. Traders sold the cryptocurrency&#8217;s two-month top for short-term profits, driving prices down by 3.17 percent into the Asian session. A battle between bearish technicals and bullish fundamentals is brewing inside the bitcoin market, with bears looking to win the next round. A string of bullish catalysts drove bitcoin prices above $10,000 in late trading Thursday. The cryptocurrency topped at $10,079 a token after rallying more than 10 percent as of 2300 UTC. It maintained the six-figure valuation ahead of the Asian session open Friday but later fell by more than 3 percent. At its intraday lowest, bitcoin was changing hands for $9,730 a token. Bitcoin Fundamentals Bitcoin&#8217;s earliest gains came as a part of an extended bull run that began after it bottomed out below $4,000 in March 2020. The cryptocurrency had crashed by more than 50 percent alongside the Wall Street index. It only started rebounding \u00a0\u2013 alongside the U.S. equities \u2013 after the Federal Reserve decided to protect the U.S. economy with a $3 trillion cash liquidity injection. The profits kept coming later into April and May as traders assessed more bullish narratives. That included Bitcoin&#8217;s mining reward halving on May 12. On the day, the cryptocurrency&#8217;s daily supply rate will go down from 1,800 BTC to 900 BTC. Some top analysts believe that halving would make bitcoin costlier in spot markets. But bitcoin&#8217;s move from $9,000 to above $10,000 came only after when a famed hedge fund investor announced his interest in the cryptocurrency. Paul Tudor Jones, the chief executive &amp; co-founder of Tudor Investment Corp, which runs a $22 billion asset management fund, said in an investor note that he may hold as much as \u201clow single-digit percentage\u201d in bitcoin futures. His reasons mirrored what the bitcoin bulls were propagating for years: That the crypto can act as a hedge against fiat inflation. Halving FOMO, Jones&#8217; entry, and global media&#8217;s extended coverage on both the fundamentals led bitcoin above $10,000. Deeper Correction Ahead? The latest price rally smashed a popular bearish narrative. As NewsBTC earlier covered, bitcoin was eyeing a much-needed technical downside correction after painting eight green weekly candles in a row. The analysis took cues from the cryptocurrency&#8217;s positioning under a long-term\u00a0resistance trendline \u2013 the same that stopped it from closing above $20,000 in 2017 and $14,000 in 2019. Bitcoin retested the same level more than ten times since February 2020 but closed above it only for a shorter-timeframe. More than twelve hours into the rally, the bitcoin price is now above the Descending Trendline, as shown in the chart above. But the latest downside corrective attempts are similar to pullback moves of February 2020, July 2019, and June 2019. That means bitcoin&#8217;s break above the trendline could be a fake breakout. The Relative Strength Indicator (RSI) says the same. Its readings are now above 70, which means bitcoin is currently overbought \u2013 and is in need of a dire correction to neutralize its market sentiment. Traders could keep the price afloat, nevertheless, owing to strong fundamentals. But stretching the rally any further would lead bears to short the top, thereby crashing the market back below the Trendline. Should it happen, bitcoin could fall towards $7,500. Photo by Ussama Azam on Unsplash<\/p>\n","protected":false},"author":50,"featured_media":423179,"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":[428,1144,6664,1558],"class_list":["post-423175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin&#039;s Massive Flip after Hitting $10K Signals Deeper Bearish Correction<\/title>\n<meta name=\"description\" content=\"Bitcoin crossed above $10,000 in late trading Thursday but failed to extend the upside momentum. 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Traders sold the cryptocurrency&#039;s two-month top for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-08T09:00:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:48:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/bitcoin-price-08052020-1.png?fit=2696%2C1596\" \/>\n\t<meta property=\"og:image:width\" content=\"2696\" \/>\n\t<meta property=\"og:image:height\" content=\"1596\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Yashu Gola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yashu Gola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/\"},\"author\":{\"name\":\"Yashu Gola\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/5525937b173cfbe70c9793968201315f\"},\"headline\":\"Bitcoin&#8217;s Massive Flip after Hitting $10K Signals Deeper Bearish Correction\",\"datePublished\":\"2020-05-08T09:00:13+00:00\",\"dateModified\":\"2024-06-11T13:48:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/\"},\"wordCount\":585,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/bitcoin-price-08052020-1.png?fit=2696%2C1596\",\"keywords\":[\"bitcoin\",\"btcusd\",\"crypto\",\"cryptocurrency\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/\",\"name\":\"Bitcoin's Massive Flip after Hitting $10K Signals Deeper Bearish Correction\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoins-massive-flip-after-hitting-10k-signals-deeper-bearish-correction\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/bitcoin-price-08052020-1.png?fit=2696%2C1596\",\"datePublished\":\"2020-05-08T09:00:13+00:00\",\"dateModified\":\"2024-06-11T13:48:25+00:00\",\"description\":\"Bitcoin crossed above $10,000 in late trading Thursday but failed to extend the upside momentum. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin's Massive Flip after Hitting $10K Signals Deeper Bearish Correction","description":"Bitcoin crossed above $10,000 in late trading Thursday but failed to extend the upside momentum. 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