{"id":436185,"date":"2020-08-25T12:46:28","date_gmt":"2020-08-25T12:46:28","guid":{"rendered":"https:\/\/wncen.com\/?p=436185"},"modified":"2024-06-11T14:15:34","modified_gmt":"2024-06-11T14:15:34","slug":"bitcoin-drops-below-11500-as-crypto-market-sees-sharp-collapse","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-drops-below-11500-as-crypto-market-sees-sharp-collapse\/","title":{"rendered":"Bitcoin Drops Below $11,500: Is The Short-Term Crypto Market Uptrend Over?"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> just broke below $11,500 briefly, dragging the rest of the crypto market down with it.<\/p>\n<p>Since last evening&#8217;s daily candle close, the crypto market has lost over $8 billion in value. Is this the start of a greater market correction, or is this yet another opportunity to buy the dip?<\/p>\n<h2>Bitcoin Falls Below $11,500, Prompting Widespread Crypto Market Profit Taking<\/h2>\n<p><a href=\"https:\/\/wncen.com\/2020\/08\/06\/crypto-market-2020-google-trends-search\/\">Since the start of 2020 to the yearly high<\/a>, the total crypto market cap grew by over 100%.<\/p>\n<p>Bitcoin&#8217;s year-to-date returns aren&#8217;t far behind at over 60%. The leading cryptocurrency by market cap is still trading more than triple the Black Thursday low set at $3,800.<\/p>\n<p>After that day, the crypto market and greater financial space have been on a strong uptrend on the back of stimulus money and a mad dash away from cash.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/08\/25\/bitcoin-crossroads-indicator-signals-top\/\">Bitcoin Crossroads: Indicator Signals Short-Term Top, But Final Bullish Impulse Is Possible<\/a><\/strong><\/em><\/p>\n<p><a href=\"https:\/\/wncen.com\/2019\/02\/08\/bitcoin-halving-will-make-it-less-inflationary-and-far-more-valuable\/\">Inflation fears have prompted investors<\/a> to look toward hard assets such as Bitcoin and other cryptocurrencies.<\/p>\n<p>Other top crypto assets, such as Ethereum, <a href=\"https:\/\/wncen.com\/2020\/08\/07\/ethereum-bitcoin-gold-stock-stimulus-check\/\">have performed far better than even Bitcoin throughout the year<\/a>.<\/p>\n<p>But all this could soon come crashing back down, starting with the recent fall.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-436189 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/total-crypto-market-cap-cryptocap.png?fit=860%2C860\" alt=\"total crypto market cap cryptocap\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">Total CryptoCap Daily Average Directional Index &amp; Resistance Zones | <a href=\"https:\/\/www.tradingview.com\/symbols\/CRYPTOCAP-TOTAL\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<h2>Is The Recent Cryptocurrency Uptrend Coming To An End?<\/h2>\n<p>According to the <a href=\"https:\/\/wncen.com\/topic\/how-to-gauge-trend-strength\/\">Average Directional Index<\/a> on the total crypto market cap chart, the recent uptrend has come to an end, and the indicator is beginning to turn downward.<\/p>\n<p>A dip to a reading below 20 indicates that the short-term trend has fully fizzled out, and a new one could soon emerge.<\/p>\n<p>However, the same indicator on higher timeframes suggests that the longer-term uptrend remains intact and is only gaining ground.<\/p>\n<p>This may imply that any corrections, no matter how severe in scope, should be an ideal opportunity to stock up on cheaper crypto assets.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/08\/24\/analyst-the-real-altcoin-party-begins-in-early-2021\/\">Analyst: The \u201cReal\u201d Altcoin Party Begins In Early 2021<\/a><\/strong><\/em><\/p>\n<p>Bitcoin charts show a similar story, with the ADX showing an even weaker trend. <a href=\"https:\/\/wncen.com\/2020\/08\/24\/analyst-the-real-altcoin-party-begins-in-early-2021\/\">Altcoins have recently outperformed Bitcoin<\/a> by a wide margin, so it is not surprising to see the total market cap more bullish than the first-ever cryptocurrency itself.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-436188 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-btcusd-adx.png?fit=860%2C860\" alt=\"bitcoin btcusd adx\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Daily Average Directional Index &amp; Resistance Zones | <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p>Bitcoin&#8217;s big breakout above $10,000 was driven in part by a boost from <a href=\"https:\/\/wncen.com\/2020\/08\/25\/defis-aave-lend-enters-crypto-top-25-on-back-of-regulatory-support\/\">DeFi coins<\/a>, a declining dollar, and renewed interest in the face of coming inflation.<\/p>\n<p>Analysts argue that the next crypto bull run is now upon us, and assets like Bitcoin, Ethereum, and others will be headed toward an extended uptrend and much higher valuations in the months and years ahead.<\/p>\n<p>Much of crypto analysis is predicated on Bitcoin&#8217;s four-year-cycle theory. If the asset follows a similar trajectory, it could <a href=\"https:\/\/wncen.com\/2020\/08\/21\/analyst-bitcoin-trajectory-ahead-of-schedule-peak-projected-at-325k\/\">reach as high as $325,000 per BTC<\/a> by the end of 2021.<\/p>\n<p>What exactly this means for the rest of the crypto market is anyone&#8217;s guess. But with how bullish <a href=\"https:\/\/wncen.com\/2020\/08\/24\/analyst-the-real-altcoin-party-begins-in-early-2021\/\">altcoins have been<\/a>, the days of complete and utter Bitcoin dominance appear to be in the past.<\/p>\n<p>Is the crypto market heading towards another bull run, and this is just another healthy and needed correction along the way to new highs? Or is this a major rejection back into the troughs of the bear market?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price just broke below $11,500 briefly, dragging the rest of the crypto market down with it. Since last evening&#8217;s daily candle close, the crypto market has lost over $8 billion in value. Is this the start of a greater market correction, or is this yet another opportunity to buy the dip? Bitcoin Falls Below $11,500, Prompting Widespread Crypto Market Profit Taking Since the start of 2020 to the yearly high, the total crypto market cap grew by over 100%. Bitcoin&#8217;s year-to-date returns aren&#8217;t far behind at over 60%. The leading cryptocurrency by market cap is still trading more than triple the Black Thursday low set at $3,800. After that day, the crypto market and greater financial space have been on a strong uptrend on the back of stimulus money and a mad dash away from cash. Related Reading | Bitcoin Crossroads: Indicator Signals Short-Term Top, But Final Bullish Impulse Is Possible Inflation fears have prompted investors to look toward hard assets such as Bitcoin and other cryptocurrencies. Other top crypto assets, such as Ethereum, have performed far better than even Bitcoin throughout the year. But all this could soon come crashing back down, starting with the recent fall. Total CryptoCap Daily Average Directional Index &amp; Resistance Zones | TradingView Is The Recent Cryptocurrency Uptrend Coming To An End? According to the Average Directional Index on the total crypto market cap chart, the recent uptrend has come to an end, and the indicator is beginning to turn downward. A dip to a reading below 20 indicates that the short-term trend has fully fizzled out, and a new one could soon emerge. However, the same indicator on higher timeframes suggests that the longer-term uptrend remains intact and is only gaining ground. This may imply that any corrections, no matter how severe in scope, should be an ideal opportunity to stock up on cheaper crypto assets. Related Reading | Analyst: The \u201cReal\u201d Altcoin Party Begins In Early 2021 Bitcoin charts show a similar story, with the ADX showing an even weaker trend. Altcoins have recently outperformed Bitcoin by a wide margin, so it is not surprising to see the total market cap more bullish than the first-ever cryptocurrency itself. BTCUSD Daily Average Directional Index &amp; Resistance Zones | TradingView Bitcoin&#8217;s big breakout above $10,000 was driven in part by a boost from DeFi coins, a declining dollar, and renewed interest in the face of coming inflation. Analysts argue that the next crypto bull run is now upon us, and assets like Bitcoin, Ethereum, and others will be headed toward an extended uptrend and much higher valuations in the months and years ahead. Much of crypto analysis is predicated on Bitcoin&#8217;s four-year-cycle theory. If the asset follows a similar trajectory, it could reach as high as $325,000 per BTC by the end of 2021. What exactly this means for the rest of the crypto market is anyone&#8217;s guess. But with how bullish altcoins have been, the days of complete and utter Bitcoin dominance appear to be in the past. Is the crypto market heading towards another bull run, and this is just another healthy and needed correction along the way to new highs? Or is this a major rejection back into the troughs of the bear market?<\/p>\n","protected":false},"author":517,"featured_media":436193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[134,142,428,1119,1144,78790,6664,82635,79809,75142,4524,76835],"class_list":["post-436185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-altcoin","tag-altcoins","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-cryptocap","tag-cryptocap-total","tag-total","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Drops Below $11,500: Is The Short-Term Crypto Market Uptrend Over?<\/title>\n<meta name=\"description\" content=\"Bitcoin price just broke below $11,500 briefly, dragging the rest of the crypto market down with it. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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