{"id":437223,"date":"2020-09-03T12:32:20","date_gmt":"2020-09-03T12:32:20","guid":{"rendered":"https:\/\/wncen.com\/?p=437223"},"modified":"2024-06-11T13:30:45","modified_gmt":"2024-06-11T13:30:45","slug":"bitcoin-breaks-below-11000-how-deep-will-the-selloff-go","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-breaks-below-11000-how-deep-will-the-selloff-go\/","title":{"rendered":"Bitcoin Breaks Below $11,000, How Deep Will The Selloff Go?"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> just two days ago was trading above $12,000, but a failure to hold above the key resistance level has sent the cryptocurrency tumbling. Moments ago, the crypto asset fell below $11,000 for the first time in over a month. Can bulls hold this important support, or is this just a pit stop on the way down further?<\/p>\n<h2>Bitcoin Falls Below $11,000 Momentarily, Bulls Attempt To Build Support<\/h2>\n<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> continues to struggle now that its broken above resistance at $10,000. Much like that critical level prevented the cryptocurrency from trading higher until several attempts at getting through, $12,000 may prove to do the same.<\/p>\n<p>The last trip to $12,000 could be the last for some time, now that just days later the cryptocurrency is trading at $1,000 below it. The reasons for the sudden and sharp decline in Bitcoin include a strong rebound in the dollar, growing uncertainty surrounding the upcoming US election, and several mining pools moving large sums of BTC to exchanges.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |<a href=\"https:\/\/wncen.com\/2020\/08\/29\/current-bitcoin-price-action-closely-follows-textbook-distribution-pattern\/\"> Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern<\/a><\/strong><\/em><\/p>\n<p>It has caused the cryptocurrency market as a whole to become a sea of red, with nearly all assets suffering in the greater market collapse. Stocks also sank, and gold is trading lower, suggesting that there&#8217;s potentially a change in the tide ahead.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-437225 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-btcusd.png?fit=860%2C860\" alt=\"bitcoin btcusd\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Daily $1000 Drop | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p>Historically, September has not been a strong month for Bitcoin or cryptocurrencies. Additionally, heading down from here over the next several months could bring Bitcoin and other assets to a December bottom <a href=\"https:\/\/wncen.com\/2020\/08\/19\/same-indicator-that-called-march-plunge-raises-chances-for-big-bitcoin-drop\/\">projected by the Donald Bradley Siderograph<\/a>. The unorthodox financial timing tool recently called the Black Thursday collapse, Bitcoin&#8217;s halving rally, and potentially an August peak. The next key &#8220;turn date&#8221; is on December 2nd.<\/p>\n<p>This theory also lines up well with post-election recovery. With the United States in extreme political unrest, and two parties more opposed than ever, the election is especially pivotal. A Joe Biden win could cause markets to further collapse, while a Trump win could lead to a rally.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/09\/02\/monthly-macd-bearish-divergence-warns-of-imminent-bitcoin-crash\/\">This Monthly MACD Bearish Divergence Warns Of Imminent Bitcoin Crash<\/a><\/strong><\/em><\/p>\n<p>A worst-case scenario could lead to disagreement over polling results, which could run into issues considering the current state of restrictions due to the pandemic.<\/p>\n<p>Whatever the reason, markets are turning bearish, and its causing <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> to fall. As for how deep the correction could go, a retest of $10,250 at this point seems likely and is a mere $500 away after the drop to nearly $10,650 at the low.<\/p>\n<p>That level acted as the final resistance before this latest rally took place. Below there, $9250 could act as support, or potentially deeper at $8,500. Below any of those levels, the cryptocurrency could be in great danger of a more serious correction, as it would take the price per BTC significantly below the cost of production.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price just two days ago was trading above $12,000, but a failure to hold above the key resistance level has sent the cryptocurrency tumbling. Moments ago, the crypto asset fell below $11,000 for the first time in over a month. Can bulls hold this important support, or is this just a pit stop on the way down further? Bitcoin Falls Below $11,000 Momentarily, Bulls Attempt To Build Support Bitcoin price continues to struggle now that its broken above resistance at $10,000. Much like that critical level prevented the cryptocurrency from trading higher until several attempts at getting through, $12,000 may prove to do the same. The last trip to $12,000 could be the last for some time, now that just days later the cryptocurrency is trading at $1,000 below it. The reasons for the sudden and sharp decline in Bitcoin include a strong rebound in the dollar, growing uncertainty surrounding the upcoming US election, and several mining pools moving large sums of BTC to exchanges. Related Reading | Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern It has caused the cryptocurrency market as a whole to become a sea of red, with nearly all assets suffering in the greater market collapse. Stocks also sank, and gold is trading lower, suggesting that there&#8217;s potentially a change in the tide ahead. BTCUSD Daily $1000 Drop | Source: TradingView Historically, September has not been a strong month for Bitcoin or cryptocurrencies. Additionally, heading down from here over the next several months could bring Bitcoin and other assets to a December bottom projected by the Donald Bradley Siderograph. The unorthodox financial timing tool recently called the Black Thursday collapse, Bitcoin&#8217;s halving rally, and potentially an August peak. The next key &#8220;turn date&#8221; is on December 2nd. This theory also lines up well with post-election recovery. With the United States in extreme political unrest, and two parties more opposed than ever, the election is especially pivotal. A Joe Biden win could cause markets to further collapse, while a Trump win could lead to a rally. Related Reading | This Monthly MACD Bearish Divergence Warns Of Imminent Bitcoin Crash A worst-case scenario could lead to disagreement over polling results, which could run into issues considering the current state of restrictions due to the pandemic. Whatever the reason, markets are turning bearish, and its causing Bitcoin price to fall. As for how deep the correction could go, a retest of $10,250 at this point seems likely and is a mere $500 away after the drop to nearly $10,650 at the low. That level acted as the final resistance before this latest rally took place. Below there, $9250 could act as support, or potentially deeper at $8,500. Below any of those levels, the cryptocurrency could be in great danger of a more serious correction, as it would take the price per BTC significantly below the cost of production.<\/p>\n","protected":false},"author":517,"featured_media":437224,"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":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-437223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Breaks Below $11,000, How Deep Will The Selloff Go?<\/title>\n<meta name=\"description\" content=\"Bitcoin price just two days ago was trading above $12,000, but a failure to hold above the key resistance level has sent the cryptocurrency tumbling.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-breaks-below-11000-how-deep-will-the-selloff-go\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Breaks Below $11,000, How Deep Will The Selloff Go?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price just two days ago was trading above $12,000, but a failure to hold above the key resistance level has sent the cryptocurrency tumbling.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-breaks-below-11000-how-deep-will-the-selloff-go\/\" \/>\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=\"2020-09-03T12:32:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:30:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-price-crash-11000-Depositphotos_10952398_xl-2015-scaled.jpg?fit=2560%2C1707\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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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. 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