Crypto News

Bitcoin Just Plunged Under $9,000: Here’s What Analysts Are Saying

Bitcoin has collapsed under $9,000 for the umpteenth time in the past few weeks.

Minutes ago, the leading cryptocurrency slipped under $9,000 for the second time in the past week. As of the time of this article’s writing, BTC trades for $8,960, having bounced $50 or so from the daily lows.

Bitcoin price chart from TradingView.com

Bitcoin slipping under $9,000 comes ahead of the weekly candle close and a few days after the monthly candle close.

Considering the timing of this drop, it may suggest that investors expect the S&P 500 and other global markets to open in the red. After all, the price of BTC has traded in tandem with the S&P 500 over recent months as global markets enter a period of uncertainty.

Bitcoin’s Drop Under $9,000 Did Not Spur Massive Liquidations

The ongoing drop has not spurred a massive liquidation even thus far.

According to data shared by crypto derivatives tracker Skew.com, approximately $5.5 million worth of Bitcoin longs on BitMEX were liquidated in the past hour.

This may sound like a lot, but it’s far below the dozens of millions worth of liquidations normally seen during drops to the downside.

The low level of liquidations can be attributed to the fact that Bitcoin barely moved from a macro perspective, falling a mere $100.

What Are Analysts Saying?

As Bitcoin’s move below $9,000 took place just minutes ago, analysts are still reacting to it.

According to Blockroots founder Josh Rager, a move below $8,900 would spur a move to even lower levels. He stated last week in a separate analysis that Bitcoin losing the $8,900 support is likely to result to a drop to $8,500.

Image

Bitcoin price chart from trader Josh Rager (@Josh_rager on Twitter). Chart from TradingView.com

Fortunately for bulls, the cryptocurrency has yet to lose that level. But considering that this move is still ongoing, it could happen.

Stepping back, others are more optimistic.

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, wrote on July 2nd:

“Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices.”

This came shortly after he released an extensive report indicating Bitcoin will head higher due to fundamentals.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Chart from TradingView.com
Bitcoin Plunges Under $9,000: Here's What Analysts Are Saying

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Write a Comment

Related Crypto News

Monero’s Hashrate Experienced Its Largest Single Day Gains Ever
Monero has experienced its biggest single day gain in hashrate since its creation back in 2014. August 6, Monero...
Bitcoin Plunges Under Pivotal $11.5k Support: What Do Analysts Think Is Next?
Bitcoin is slipping lower after peaking at $11,950 just the other day. This marked the second major rejection at...
Price Analysis 8/7: BTC, ETH, XRP, BCH, BSV, LTC, ADA, LINK, BNB, CRO
Bitcoin and altcoins might consolidate or correct marginally for a few days before a possible breakout to the upside....
California’s Attorney General Warns People to Be Wary of Crypto Scams
California authorities recently came out with a fresh cautionary statement on crypto crime. Xavier Becerra, California’s attorney general, recently...
California’s Attorney General Warns People to Be Wary of Crypto Scams
California authorities recently came out with a fresh cautionary statement on crypto crime. Xavier Becerra, California’s attorney general, recently...
German Authorities Confiscate $30 Million in Bitcoin From Pirate Movie Site
German authorities, with the help of the U.S. Federal Bureau of Investigation (FBI), have confiscated about $30 million in...

Featured Crypto News

BTC Averages Over 1 Million Active Addresses as ETH Transaction Fees Hit $2M Daily
Bitcoin averaged over a million daily active addresses in the past week for the first time since January 2018....
Two Macro Calls That Could Propel Bitcoin to $14,000 This Year
Bitcoin may hit $14,000 in the coming quarter. The analogy appears out of two extremely bullish calls made for...
Investors Dollar-Cost Averaging Bitcoin Since 2017 Made a 61.8% Return
Data shows investors who dollar-cost averaged into Bitcoin even since the $20,000 peak are profitable. Researchers at Coin Metrics...
Grayscale Investments’ Ethereum Trust Filed With the SEC to Obtain Reporting Status
The digital currency asset manager Grayscale told investors on Thursday that the firm has publicly filed a Registration Statement...
This Bitcoin Metric Just Dropped 4%—And It’s Bullish For The Market
Bitcoin has rallied by approximately 25% over the past two weeks as Ethereum has wrested the market higher. The...
Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback
The price of Bitcoin spikes to $11,200 but three key factors suggest that a short-term pullback is likely as...