{"id":417439,"date":"2020-03-09T04:24:17","date_gmt":"2020-03-09T04:24:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=417439"},"modified":"2020-10-07T11:26:46","modified_gmt":"2020-10-07T11:26:46","slug":"bitcoin-collapses-below-8000-sandp-futures","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-collapses-below-8000-sandp-futures\/","title":{"rendered":"Bitcoin Collapses Below $8,000 as S&P Futures Post 5% Loss: What’s Next?"},"content":{"rendered":"

After closely hugging $8,000 for three or four hours<\/a>, Bitcoin finally lost the support of $8,000 just minutes ago, plunging as low as $7,900 as of the time of this article’s writing and per data from TradingView<\/a>.<\/p>\n

Per data from Skew.com<\/a>, this latest leg lower, which is the fifth of its kind in the past day, has seen $20 million worth of BitMEX longs liquidated, meaning that over $200 million worth of such positions have been liquidated within the past 24 hours. Ouch.<\/p>\n

<\/p>\n

This move comes as global markets have fallen off a cliff, so to say, with the futures of the S&P 500 and Dow Jones already down 5%, stopping at this level of loss because of limits. Oil is down 30%<\/a>, falling as a price war begins between the world’s largest oil producers, including Saudi Arabia and Russia.<\/p>\n

Gold, unsurprisingly, has rallied amidst this weakness in global equities and commodities, surmounting $1,700 for the first time in years. Though, Bitcoin has been falling, showing that there may be some flaws in the digital gold narrative.<\/p>\n

What’s Next for Bitcoin?<\/strong><\/h2>\n

Analysts are currently divided over where Bitcoin will head next. Right now, most seem to be expecting lower prices, though, namely because BTC is currently trading like a risk-on asset, meaning that it should continue to fall in tandem with the stock market and other leading assets.<\/p>\n

Some, however, are expecting the asset to soon find support. Josh Rager, a prominent cryptocurrency trader, recently remarked that Bitcoin has a Point of Control and a level of horizontal support between $7,700 and $7,995, meaning that it could catch a bid in this region, adding that a bounce to a $8,550 could be had.<\/p>\n

Also, just prior to this latest leg lower, CryptoHamster remarked that Bitcoin is looking extremely oversold, with a number of bullish divergences forming on the one-day chart with the Stochastic, MACD, MFI, EFL, Fisher, and other key indicators.<\/p>\n

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#Bitcoin<\/a> is oversold.
Also, there is a high potential for bullish divergencies on a daily TF:
\u2013\u00a0Stoch.
\u2013 Stoch. RSI
\u2013\u00a0MACD
\u2013 MFI
\u2013\u00a0EFL
\u2013\u00a0Fisher Transform
\u2013 Klinger Oscillator
Let's wait for a daily candle close \u2013 8000$ should hold, otherwise divergences are invalid.$BTC<\/a> $BTCUSD<\/a> pic.twitter.com\/azXghbOBMI<\/a><\/p>\n

— CryptoHamster (@CryptoHamsterIO) March 9, 2020<\/a><\/p><\/blockquote>\n