Thursday, January 21, 2021
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Crypto Market Attempts Strong Recovery But Short-Term Resistance Threatens To Send Prices Spiraling Down Again

by firstcryptonews
August 19, 2019
in Market Updates
Crypto Market Attempts Strong Recovery But Short-Term Resistance Threatens To Send Prices Spiraling Down Again

The market has in the last 24 hours changed trend and turned bullish. This follows a market plunge that saw more than $20 billion wiped out in a couple of hours.

The plunge saw Bitcoin crash below $10K, before finding support just above $9,600. Other top cryptocurrencies that suffered massive drops included Ethereum which dropped below $180 and XRP which tested the $0.26 support.

When these coins found their short-term bottom a reversal was expected almost immediately. Bitcoin began by bouncing back above $10K. This allowed it to secure this very important psychological support.

Bullish Or Bear Trap?

Although the climb back up was expected to be slow, Bitcoin has in the last few hours been showing aggression. In the early hours of Friday, Bitcoin was rallying as high as $10,400.

This raw potential has been alarming and simultaneously a sign that the next rally will be a big one. In a bullish case, this shows that investors have been accumulating during the recent dip. This drives prices up as demand increases.

In a more bearish case, this could be a bear trap and could be an attempt by the whales to create hype by buying more before eventually dumping when prices rally. The market has seen this before, making current movements very critical. In case the recent aggression has been driven by a bear trap, Bitcoin could suffer more losses and retest recent bottoms.

Despite recent dips and potential for a bear trap, sentiments remain bullish. For starters, Bitcoin has climbed back above its psychological bullish level. Trading volume has also spiked in the last 24 hours.

For Bitcoin, this has climbed above $21 billion. Dominance has also climbed above 68% since altcoins began bleeding two days ago. The top cryptocurrency is looking bullish for the mid-term and its rally will likely inspire altcoins to rally with it.

Brian Armstrong Talks About Institutional Investors
Coinbase CEO has also been offering positive news. Following the announcement of Coinbase acquiring XAPO, Armstrong has revealed that cryptocurrency demand from institutional investors has been on a high.

The CEO revealed that there is $200-400M a week in new crypto deposits coming in from institutional customers. This is strongly bullish and a signal that institutional investors are bullish on the future of crypto.

Related Posts

Bitcoin (BTC) Bounces Back Above $9,000; Is Another Pre-Halving Rally Underway?

Crypto Wall Street: Goldman Sachs to underwrite Coinbase IPO while JPMorgan says Bitcoin “overbought”

by firstcryptonews
December 23, 2020
0

Wall Street is coming for crypto and how. The two US banks have previously contended against the growth of cryptocurrencies...

Bullish Signal: South Korean Parliament Passes Law That Fully Legalizes Cryptocurrency Holding And Trading

Angel investor says crypto DeFi is one of the best “frontiers” in Silicon Valley today

by firstcryptonews
December 23, 2020
0

The decentralized finance (DeFi) space has seen extreme growth this year, as evidenced by the $15 billion worth of capital...

etoro

eToro Rolls Out Staking-as-a-Service for Cardano and Tron

by firstcryptonews
October 8, 2020
0

Crypto brokerage firms are charging into the cryptocurrency staking scene. More and more cryptocurrency companies are beginning to offer staking...

Ethereum-Based DeFi Token YFI Surpasses The Price Of Bitcoin To Become The World’s Most Expensive Crypto-Asset

Ethereum-Based DeFi Token YFI Surpasses The Price Of Bitcoin To Become The World’s Most Expensive Crypto-Asset

by firstcryptonews
August 21, 2020
0

yEarn Finance token YFI has supplanted the price of the king of cryptocurrencies to become the world’s most valuable asset....

The first exchange-traded crypto product will be listed on XETRA

The first exchange-traded crypto product will be listed on XETRA

by firstcryptonews
July 2, 2020
0

The London-based ETC Group plans to offer the first exchange-traded crypto product on the German stock exchange XETRA – the...

Bitcoin (BTC) Bounces Back Above $9,000; Is Another Pre-Halving Rally Underway?

Bitcoin (BTC) Bounces Back Above $9,000; Is Another Pre-Halving Rally Underway?

by firstcryptonews
March 7, 2020
0

After attempting to reclaim the $9,000 level a couple of times with no success, the bulls finally gained enough momentum...

Next Post
Bitcoin: Very Much Likely To Go Above $13k Before The End Of 2019, Says Analyst Josh Rager

Bitcoin: Very Much Likely To Go Above $13k Before The End Of 2019, Says Analyst Josh Rager

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ripple Pumps $750K Into BRD Wallet In Continuous Drive For XRP Adoption

Ripple Pumps $750K Into BRD Wallet In Continuous Drive For XRP Adoption

1 year ago
Bitcoin: Over A Billion Dollars Moved, Community Fears For Further Price Slump

Bitcoin: Over A Billion Dollars Moved, Community Fears For Further Price Slump

1 year ago
CoinMarketCap Gives Exchanges 45 Days Deadline to Provide More Data

CoinMarketCap Gives Exchanges 45 Days Deadline to Provide More Data

2 years ago
Levolution

Levolution – First Token Burn Completed on October 29th, 2019

1 year ago
CNBC’s Joe Kernen Believes Bitcoin Will Hit $55K In 2020 Spawned By Halving And Scarcity

CNBC’s Joe Kernen Believes Bitcoin Will Hit $55K In 2020 Spawned By Halving And Scarcity

1 year ago
Dubler Token

Dubler Token (DBT) set to start its public sale on 02 December on VinDAX Launchpad

1 year ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

December 30, 2020

Recent News

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

October 14, 2020

Press Release

dao maker

Announcing the Completion of the DAO Maker DYCO on Gate.io Exchange

January 20, 2021

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News