Topic: Bitcoin Price Abruptly Drops 4%, 12 Hours after Fresh 2019 High at $5,450 - page 2. (Read 253 times)
April 11, 2019, 11:32:04 AM
Bitcoin doing bitcoin things
April 11, 2019, 11:23:33 AM
Bitcoin Price Abruptly Drops 4%, 12 Hours after Fresh 2019 High at $5,450 – Here’s Why
On April 10, the bitcoin price achieved a new 2019 high at $5,450 in major markets including the U.S., accompanied by an increase in demand for bitcoin from accredited investors.
Consequently, the premium of the Bitcoin Investment Trust (GBTC), a regulated bitcoin investment vehicle overseen by Grayscale, a cryptocurrency investment company with $1.2 billion under management, surged to 10 percent.
The bitcoin price fell by about 4 percent in less than 12 hours (source: coinmarketcap.com)
However, within minutes, the bitcoin price slipped from over $5,400 to $5,200 and in less than 12 hours, the asset fell by nearly 4 percent to $5,170.
Bitcoin Fall Was Mostly Technical
On a daily basis, bitcoin is only down about 1.2 percent and on a weekly basis, the asset is still up 6.8 percent as it added $332 since April 5.
Throughout the past two weeks, ever since bitcoin initiated its initial 20 percent rally from $4,200 to $5,000, it has shown several minor retracements in the 1 to 5 percent range.
On April 4, for instance, after BTC surpassed $5,261, it dropped by more than 7 percent.
The dominant cryptocurrency is likely facing some retracements as it engages in an upside movement because of the presence of resistance levels above the $5,000 region.
When bitcoin first broke out of $4,200 earlier this month, it was considered as a major resistance level and above $4,200, there was less resistance and as such, BTC moved to the $5,000 mark relatively fast.
As said by economist and global markets analyst Alex Krüger, bitcoin faces resistance at $5,300, $5,500, $5,750, and $6,000, all of which need to be tested in a technical sense for the asset to engage in another rally.
CCN | https://www.ccn.com/bitcoin-price-abruptly-dropped-4-fresh-2019-high
On April 10, the bitcoin price achieved a new 2019 high at $5,450 in major markets including the U.S., accompanied by an increase in demand for bitcoin from accredited investors.
Consequently, the premium of the Bitcoin Investment Trust (GBTC), a regulated bitcoin investment vehicle overseen by Grayscale, a cryptocurrency investment company with $1.2 billion under management, surged to 10 percent.
The bitcoin price fell by about 4 percent in less than 12 hours (source: coinmarketcap.com)
However, within minutes, the bitcoin price slipped from over $5,400 to $5,200 and in less than 12 hours, the asset fell by nearly 4 percent to $5,170.
Bitcoin Fall Was Mostly Technical
On a daily basis, bitcoin is only down about 1.2 percent and on a weekly basis, the asset is still up 6.8 percent as it added $332 since April 5.
Throughout the past two weeks, ever since bitcoin initiated its initial 20 percent rally from $4,200 to $5,000, it has shown several minor retracements in the 1 to 5 percent range.
On April 4, for instance, after BTC surpassed $5,261, it dropped by more than 7 percent.
The dominant cryptocurrency is likely facing some retracements as it engages in an upside movement because of the presence of resistance levels above the $5,000 region.
When bitcoin first broke out of $4,200 earlier this month, it was considered as a major resistance level and above $4,200, there was less resistance and as such, BTC moved to the $5,000 mark relatively fast.
As said by economist and global markets analyst Alex Krüger, bitcoin faces resistance at $5,300, $5,500, $5,750, and $6,000, all of which need to be tested in a technical sense for the asset to engage in another rally.
CCN | https://www.ccn.com/bitcoin-price-abruptly-dropped-4-fresh-2019-high
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