Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Bitcoin

Bitcoin Is in “Do or Die” Territory After $500 Correction: Here’s Why

NewsBTC by NewsBTC
August 26, 2020
in Bitcoin, Bitcoin Price, btcusd, BTCUSDT, Technical, xbtusd
0
0
SHARES
1
VIEWS

Bitcoin has embarked on a strong correction over the past 24 hours. After peaking at $11,850 earlier this week, the asset slipped as low as $11,150 on Tuesday as selling mounted on spot exchanges, evidenced by a negative predicted funding rate with OKEx’ BTC perpetual futures market.

While the asset has bounced back to $11,300 as of this article’s writing, the asset remains $500 lower than it was just the other day and below pivotal technical support levels.

Analysts say that Bitcoin is now in do or die territory, where it needs to bounce or else risk a stronger correction than the one already seen.

Bitcoin Should Bounce Here Or Risk a Stronger Correction

Bitcoin’s ongoing correction has not pleased bulls, but not all hope is lost for the ongoing cryptocurrency uptrend.

One digital asset trader shared the chart below on August 25th, noting that Bitcoin is now trading below a pivotal technical level on its four-hour chart. According to him, BTC must bounce here, meaning it must hold around $11,300 because there is the 200-period moving average, monthly open, and a relevant swing point all around this price point.

If Bitcoin closes below this level and tests it as resistance, the analyst suggested, a move towards $10,500 will be possible.

“Do or die time for $BTC. If we’re going to bounce, now is the time. Confluence with 200MA, Monthy Open and Relevant Swing Point. Lose this level and 10.5k is on the table.”

Image

Chart of BTC's recent price action (since the end of July) with analysis by crypto trader Inmortal Technique (@inmortalcrypto on Twitter). Chart from TradingView.com

Analysts remain adamant, though, that the fundamentals of the crypto market remain skewed in favor of bulls in the longer run.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Is in "Do or Die" Territory After $500 Correction: Here's Why
0
0

Related posts:

No related posts.

Previous Post

Chainlink is Poised to Plunge Towards $12.50 as Selling Pressure Mounts

Next Post

Why Are Small Cap Altcoins Outperforming Bitcoin And Other Major Crypto Assets?

NewsBTC

NewsBTC

Next Post
Why Are Small Cap Altcoins Outperforming Bitcoin And Other Major Crypto Assets?

Why Are Small Cap Altcoins Outperforming Bitcoin And Other Major Crypto Assets?

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In