Bitcoin saw an 11% correction last night. We don’t want to say it, but we warn you! What to expect now?
Just two days ago we talked about a possible correction in the price of Bitcoin, during last night it became a reality. What should we expect now? Goodbye to the dream of USD 20,000?
Bitcoin is at an all-time high. Is a correction coming?
The end of the world for Bitcoin?
Two days ago we quoted CoinTelegraph contributor Joseph Young, who warned that indicators were predicting a possible correction in Bitcoin’s price: the Spent Output Profit Ratio (SOPR), the Crypto and Fear Index, stablecoin entries and stacked sales orders at $19,000.
Just last night, almost ready to break its historical high, Bitcoin Bank price plummeted and has since accumulated a drop of 11.71% over the last 24 hours.
In the crypto community, the drop has been attributed to fear, uncertainty and doubt that the psychological barrier of $20,000 creates.
In fact, Jason Deane, a Bitcoin analyst at Quantum Economics, explained to Decrypt that „the historical high is a major psychological barrier: breaking it requires a real push.
In addition, as we previously mentioned in CryptoTrend, the Crypto and Fear Index showed that crypto investors were conditions. And, this is what caused, when crypto was around $19,000, the whales to start selling and that generated downward pressure, according to Young.
What to do? At the moment the forecasts are not positive for crypto. Again, Joseph Young points out that analysts expect another drop, especially if crypto leader does not recover strongly in the short term.
In fact, Michaël van de Poppe, a famous crypto analyst at CoinTelegraph, said that the price of Bitcoin will have to recover $18,000 to have a chance of resuming the bullish run.
So, watch out for Bitcoin’s moves! Expect another correction!
Bitcoin is correcting, here are the key support levels
MicroStrategy loses USD 100 million in crypto! Will it run away?
After having invested USD 425 million in Bitcoin, the company saw USD 100 million erased from its profits during the last 24 hours.
Did it lose? No, not yet. Remember that the company acquired the leading crypto in mid-September when Bitcoin was hovering between $10,000 and $11,000. As a result, it’s still making significant gains.
However, no one likes to see their profits drop by $100,000. Now the question is, will you let this move scare you off? Something we should be very aware of!
Crypto Youtuber invests USD 100,000 in Bitcoin and Ethereum
Crypto Exchange Coinbase Reports Problems Again
Just three days ago we reported in our Crypto Trend Summary that Coinbase had been disappointing its crypto users given the number of outages that had occurred during times of high volatility.
Yesterday, again, the US crypto exchange was affected by disruptions to the Amazon Web Services (AWS) cloud computing platform.
Obviously this was the last straw. Coinbase’s crypto client community rates it as the worst and unreliable, and if you want to read all the responses Coinbase’s Tweet has received.
Please note that although Amazon reported today that the problem had been solved, it appears that Coinbase has not been restored.
Are Bitcoin whales accumulating BTC again?
In a few lines…
Mike Novogratz assured that everyone would have to invest in Bitcoin.
Scott Melker, until yesterday, continued to buy the leading crypto.
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