BTC Price Prediction

BTC price dropped from $58,000 to $48,000 yesterday. This $10,000 drop was the biggest drop in the history of this asset.


A $10,000 drop is concerning from many angles. Is this the indication of a local top or was this just a healthy pull back? Let us review various charts to find out the implications of this drop and where could BTC price move. This move by BTC took the crypto market cap down by $200 billion in a single day.


First, let us look at the BTC/USD LONGS



There was a significant drop in the number of long positions on BTC as per the data by Bitfinex. Similar drops were found across other exchanges.

BTC Exchange Inflow

exchange inflow

As per the data by CryptoQuant, over 28,000 BTC arrived on spot exchanges making it the single largest inflow in an hour since December 2017.


BTC Bullish Divergence

On the hourly chart it can be clearly seen that the price is falling while RSI is rising. This is a clear indication of a bullish divergence which is technically followed by a rise in price.


BTC/USD Price Prediction


BTC is currently trading just above the support zone of $48,600. Below this support there is another weak support at $46,250. As long as BTC stays above these two support zone, we should see bounce back. In order for BTC to be bullish, it has to quickly reclaim the $53,000 zone. If BTC can do that and flip $53,000 to support, we could start seeing a move towards $67,000. Failure to hold the support at $46,250 could open the door for a drop towards $40,000.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.



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