{"id":547942,"date":"2023-08-18T19:00:43","date_gmt":"2023-08-18T19:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547942"},"modified":"2024-06-11T08:16:13","modified_gmt":"2024-06-11T08:16:13","slug":"more-blood-ahead-why-bitcoin-could-crash-further-if-it-loses-26000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/more-blood-ahead-why-bitcoin-could-crash-further-if-it-loses-26000\/","title":{"rendered":"More Blood Ahead? Why Bitcoin Could Crash Further If It Loses $26,000"},"content":{"rendered":"

The Bitcoin price range has been obliterated as the crypto market was corrected into a final support line. Volatility in the sector was compressed for weeks, and many were expecting some action in the short term, but the drop caught market participants by surprise as BTC kept on pushing lower. <\/strong><\/p>\n

Related Reading: Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout<\/a><\/div>\n

As of this writing, Bitcoin trades at $26,400, with an 8% loss in the last 24 hours. BTC recorded a 10% correction in the previous seven days, while some altcoins experienced a 17% and even 20% loss on BTC\u2019s crash.<\/p>\n

\"Bitcoin
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Ready To Re-Test Support, Your Longs Could Be In Danger<\/h2>\n

Bitcoin\u2019s sudden crash into critical support around $25,000 saw over $1 billion in long liquidations. The number of traders waiting for a breakout at $30,000 provided the downside with a lot of liquidity, as NewsBTC reported<\/a> yesterday.<\/p>\n

Therefore, the selling pressure was exacerbated as BTC kept on dropping. The recent crash was worse than the one experienced when crypto exchange FTX collapsed, and the crypto sector nuked all long positions by collapsing below $30,000.<\/p>\n

Similar to that occasion, the Bitcoin price took some time to recover. According to Material Indicators and its analyst Keith Alan, the same could happen in the current market conditions.<\/p>\n

Via his official X account, Alan stated that the BTC price bottom it\u2019s not in. The chart below shows that the analyst pointed out some key levels to watch while the number one cryptocurrency by market caps hovers at $26,000.<\/p>\n

\"Bitcoin
BTC’s level to watch in case of further downside. Source: Keith Alan from Material Indicators on X<\/figcaption><\/figure>\n
Related Reading: Bitcoin Liquidations Top $500 Million Amid $1 Billion Crypto Decimation<\/a><\/div>\n

As the chart shows, the levels pointed out by Alan include the 2017 bull market top at $20,000, the 2019 bull market top at around $14,000, and even the COVID-19 lows at $3,850. The analyst stated<\/a> the following regarding BTC\u2019s potential for further losses:<\/p>\n

(\u2026) I can build an argument for every downrange level shown. I personally think there is a high probability of retesting sub $20k levels.\u00a0 That doesn’t mean that there won’t be opportunities to scalp longs along the way because whales still want to distribute as high as they can.<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price range has been obliterated as the crypto market was corrected into a final support line. Volatility in the sector was compressed for weeks, and many were expecting some action in the short term, but the drop caught market participants by surprise as BTC kept on pushing lower. Related Reading: Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout As of this writing, Bitcoin trades at $26,400, with an 8% loss in the last 24 hours. BTC recorded a 10% correction in the previous seven days, while some altcoins experienced a 17% and even 20% loss on BTC\u2019s crash. Bitcoin Ready To Re-Test Support, Your Longs Could Be In Danger Bitcoin\u2019s sudden crash into critical support around $25,000 saw over $1 billion in long liquidations. The number of traders waiting for a breakout at $30,000 provided the downside with a lot of liquidity, as NewsBTC reported yesterday. Therefore, the selling pressure was exacerbated as BTC kept on dropping. The recent crash was worse than the one experienced when crypto exchange FTX collapsed, and the crypto sector nuked all long positions by collapsing below $30,000. Similar to that occasion, the Bitcoin price took some time to recover. According to Material Indicators and its analyst Keith Alan, the same could happen in the current market conditions. Via his official X account, Alan stated that the BTC price bottom it\u2019s not in. The chart below shows that the analyst pointed out some key levels to watch while the number one cryptocurrency by market caps hovers at $26,000. Related Reading: Bitcoin Liquidations Top $500 Million Amid $1 Billion Crypto Decimation As the chart shows, the levels pointed out by Alan include the 2017 bull market top at $20,000, the 2019 bull market top at around $14,000, and even the COVID-19 lows at $3,850. The analyst stated the following regarding BTC\u2019s potential for further losses: (\u2026) I can build an argument for every downrange level shown. I personally think there is a high probability of retesting sub $20k levels.\u00a0 That doesn’t mean that there won’t be opportunities to scalp longs along the way because whales still want to distribute as high as they can. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":547944,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-547942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nMore Blood Ahead? 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"More Blood Ahead? 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