Categories: Crypto Review

Bit-comment: Bitcoin pushed below $10000

Bitcoin faced with a massive sale-off declined at some point in the morning below $10,000. Lately, quotes have stabilized slightly above this level. However, over the week of sales, the total capitalization of digital assets collapsed by $80 billion. If at first only alternative cryptocurrencies were falling, faced with a lack of investor confidence, and the flow of released funds was flowing into Bitcoin, now it seems that investors have ceased to believe in the reference cryptocurrency as well.

For large investors, the current situation is a gift. They bought Bitcoin when it cost $3,500 and sold it at $13,800. Now market participants are creating an opportunity for “whales” to buy at new local lows. The RSI index on the daily chart fell sharply from the overbought area. The number of short positions to BTCUSD declined to a minimum level of 5,776. This is evidence that everyone who wanted to sell – sold. Now it is important to observe in the near future whether there will be enough buyers to quickly buy back the decline.

The FxPro Analyst Team

AddThis Website Tools
The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

GBPUSD Wave Analysis – 18 March 2025

GBPUSD: ⬆️ Buy - GBPUSD reversed from support zone - Likely to rise to resistance…

1 hour ago

GBPAUD Wave Analysis – 18 March 2025

GBPAUD: ⬆️ Buy - GBPAUD reversed from the support zone - Likely to rise to…

1 hour ago

Solana Wave Analysis – 18 March 2025

Solana: ⬇️ Sell - Solana reversed from the resistance zone - Likely to fall to…

3 hours ago

CHFJPY Wave Analysis – 18 March 2025

CHFJPY: ⬆️ Buy - CHFJPY broke resistance zone - Likely to rise to resistance level…

3 hours ago

The crypto market is stuck in the mud

Market Picture The crypto market has been hovering in a narrow range for the past…

8 hours ago

FTSE 100 Wave Analysis – 17 March 2025

FTSE 100: ⬆️ Buy - FTSE 100 reversed from key support level 8425.00 - Likely…

1 day ago