BTC falls 2.98% and seeks support at 80,394: next rebound?
$BTC received a head blow: the US government transferred $1 billion in confiscated BTC to the Bitfinex hacker, according to Decrypt. The move happened less than an hour ago.
My take: selling that amount could put downward pressure on the price in the short term, but since it’s a forced liquidation it may trigger a quick rebound when holders see the limited supply.
On the 4h chart, we see $BTC below the 20-day EMA (83,582) and the 50-day EMA (84,250), with RSI at 20.8, a sign of oversold conditions. The key support is at 80,394; if it breaks, the next target would be the resistance at 84,064. A close above 84,064 would invalidate the bearish scenario; dropping below 80,394 would confirm the bearish trend.
Also moving are $ZEC (-13.0%) and $NEAR (-11.5%) over 24h, with volumes of 291M and 298M respectively.
Does it break 84,064 or returns to 80,394? 🟢/🔴
#BTC #Bitcoin
Not financial advice. Verify before investing.
$BTC received a head blow: the US government transferred $1 billion in confiscated BTC to the Bitfinex hacker, according to Decrypt. The move happened less than an hour ago.
My take: selling that amount could put downward pressure on the price in the short term, but since it’s a forced liquidation it may trigger a quick rebound when holders see the limited supply.
On the 4h chart, we see $BTC below the 20-day EMA (83,582) and the 50-day EMA (84,250), with RSI at 20.8, a sign of oversold conditions. The key support is at 80,394; if it breaks, the next target would be the resistance at 84,064. A close above 84,064 would invalidate the bearish scenario; dropping below 80,394 would confirm the bearish trend.
Also moving are $ZEC (-13.0%) and $NEAR (-11.5%) over 24h, with volumes of 291M and 298M respectively.
Does it break 84,064 or returns to 80,394? 🟢/🔴
#BTC #Bitcoin
Not financial advice. Verify before investing.