Categories: News In the Spotlight

Bitcoin Sank To The Lowest in About 18 Months

The story started when the TerraUSD collapse started on May 7, falling from $1 to $0.007 today. However, the big question is where cryptocurrencies are going?

To answer this vague question, it is necessary to read the crypto leader, the Bitcoin. Next are the major fundamental and technical reading with detailed readings and expectations.

The Review:

Bitcoin sank to the lowest in about 18 months after the freezing of withdrawals by the Celsius lending platform, adding to the concern that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown.

The collapse of the Terra/Luna ecosystem last month, and lender Celsius pausing withdrawals Monday, have further wrinkled certainty in this space. However, traders expect Celsius to face additional risks if the broader market sell-off intensifies. Also, Binance, the largest crypto trading platform, temporarily suspended withdrawals of the Bitcoin network because of a transaction processing issue, but withdrawals were later resumed.

Additionally, the world’s largest digital token tumbled 17%, reaching $20,000 and recording its lowest price since December 2020. Meanwhile, other cryptocurrencies also declined as a broader sell-off continued. Moreover, the MVIS CryptoCompare Digital Assets 100 Index, which measures top 100 tokens, dropped as much as 17%. And the total market value, which topped $3 trillion in November, dropped below $1 trillion in New York early this week.

Technically: Daily Chart (Medium term)

The leading cryptocurrency fell below its 18 months low, reaching a critical range between $20,000 and $16,000 (the blue range), which is supposed to absorb the momentum and slow down the fall. However, in the most probable scenario, the support range will not be enough to stop the fall, especially if the price falls below $18,400.

The volume of trading and sell-off is pressuring the Bitcoin towards the range between 12,500 and 10,000 (the red range). Furthermore, the 55 days moving average retains its negative signals and indicates resistance at $29,300. However, the Bollinger Bands signal a possibility of a corrective bounce from between $19,000 and $21,000. Meanwhile, RSI show overselling of BTCUSD and reads below 20 and BTCUSD below $20,000 while the MACD signals further decline and are heading towards $18,500 in the short term.

To conclude, the daily chart readings indicate a further decline, confirmed by most of the major technical indicators. Additionally, the trading volume and price action also pressure the prices below $18,500 in the short and medium terms.

Technically: Weekly Chart (Long term)

On the weekly chart, the Bitcoin chart does not show signs of recovery or correction. The weekly chat forming head and shoulders with a neck at $35,000, which was broken on May 8. Additionally, the long-term reading targets the bottom between $10,000 and $12,000 with a possible slowdown near $18,500 before the continuation.

Furthermore, Fibonacci retracement confirms the reading of the chart with the bottom below $10,000. On the other hand, technical indicators signal a continuation of the decline but no clear signal where the target is.

shmarkets

Recent Posts

美国股票杠杆调整通知

尊敬的用户: 您好,为进一步提升STARTRADER的竞争力和优化客户的交易体验,从2024年11月25日起,所有美股产品的杠杆将进行调整。 调整详情如下: 产品代号 原杠杆 变更后杠杆 All US Shares美股 1:20 1:33 *所有日期均以 GMT+2 为准(MT4/MT5 服务器时间)。 强烈建议持仓客户相应管理您的仓位,因为上述工具的杠杆将于 2024…

3 days ago

双重认证(2FA):操作一小步,安全一大步

尊敬的客户 STARTRADER星迈始终把客户的利益放在首位,通过双重认证(2FA)为您的交易之旅保驾护航。您可点击此处查看启用流程,轻松完成设置。 双重认证,或称双因素认证,即2 Factor Authentication——2FA验证,是全球领先金融机构广泛使用的重要安全措施之一,用于进一步保障客户账户和支付的安全性。 迈出这关键的一步, 让双重认证(2FA)为您的交易之旅护航, 助您安全畅游交易世界,收获丰硕成果! 如果您有任何疑问或需要协助,请发送电子邮件至 info@startrader.com 或通过在线聊天 https://www.startrader.com/ 联系我们, 我们随时乐意为您提供帮助。

6 days ago

11月期货展期通知

尊敬的客户: 您好,我司期货产品十一月份的展期将至,因新旧期货合约之间存在价格差异,为规避潜在的交易风险,建议客户妥善控制仓位。 期货合约的展期时间如下: 产品代号 产品名称 展期日 FRA40ft France 40 Index Future法国CAC40指数(期货) 2024-11-14 CL-OIL Crude Oil…

2 weeks ago

11月闭市通知

尊敬的客户: 您好,受即将到来11月份假期影响,STARTRADER的交易时间将有所调整。 请参考下表了解涉及调整的产品情况: 日期 2024年11月4日 2024年11月11日 2024年11月15日 2024年11月20日 假期 万圣节 卡塔赫纳独立日 共和国日 黑人意识日 BVSPX巴西股指(圣保罗指数) 正常…

3 weeks ago

即将到来的美国夏令时调整交易时间

尊敬的客户: 请注意,由于2024年11月3日实施的美国夏令时变化,以下产品的交易时间将会调整。 产品代号 交易时间 (GMT+2) Cocoa美国可可豆现货 星期一~星期四: 11:45-20:30星期五: 11:45-20:27 Coffee阿拉比卡咖啡豆现货 星期一~星期四: 11:15-20:30星期五: 11:15-20:27 Sugar11号精糖现货 星期一~星期四:…

3 weeks ago

11月闭市通知

尊敬的客户: 您好,受即将到来11月份假期影响,STARTRADER的交易时间将有所调整。 请参考下表了解涉及调整的产品情况: 日期 2024年11月1日 假期 万圣节 USDCLP美元兑智利披索 闭市 USDINR美元兑印度卢比 闭市 *所有日期均为GMT+3(MT4/MT5服务器时间) 请注意:在市场流动性下降情况下,点差可能会较正常平均水平显著扩大,我们建议客户在交易时要妥善管理仓位、确保账户资金充足,并且进行谨慎交易。 如果您有任何疑问或需要任何帮助,请随时发送电子邮件至 info@startrader.com 或透过线上聊天 https://www.startrader.com/ 联系我们。 感谢您的支持!STARTRADER团队

3 weeks ago