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Bitcoin’s Plummet Isn’t All Doom And Gloom

Bitcoin’s Plummet Isn’t All Doom And Gloom

One golden Bitcoin coin in flames with gray backgounrd..

This week, bitcoin experienced the worst one-week decline since May. Price appeared on track to hold above $12,000 after it broke that level earlier in the week. However, despite the bullish sentiment, warning signs had been flashing for weeks.

For example, per the Weekly Jab Newsletter, “a quantitative risk indicator known for spotting price reversals reached overbought levels on August 21st, suggesting caution despite the bullish trend.”

Additionally, heightened derivative futures open interest has often been a warning signal for price. Prior to the dump, BitMex’s bitcoin futures open interest was nearly 800 million, the same level which initiated a drop two weeks prior.

The warning signals were ultimately validated when an influx of selling pressure entered the market early this week. An analyst at CryptoQuant stated “Miners were moving unusually large amounts of $BTC since yesterday…taking bitcoin out of their mining wallets and sending to exchanges.”

The decline has brought about a multitude of bearish forecasts, with a particular focus on $BTC below $10,000 to close the CME gap around $9,750.

Commodity Strategist at Bloomberg, Mike McGlone, states that “like Gold at $1,900, $10,000 is a good initial retracement support level. Unless the stock market plunges further, $10,000 bitcoin support should hold. If declining equities pull $BTC below $10,000, I expect it to still eventually come out ahead like Gold.”

Despite the potential for further declines, some analysts view the drop as healthy.

Anonymous analyst Rekt Capital, writes “bitcoin confirmed a macro bull market the moment it broke its weekly trend line…that said however, price corrections in bull markets are a natural part of any healthy growth cycle and are a necessity for price to later reach higher levels.”

They further note “bitcoin could retrace as far as $8,500 while maintaining its macro bullish momentum. A revisit of this level would constitute a ‘retest attempt’ whereby a previous level of sell-side pressure turns into a new level of buy-side interest.”

Lastly, “another way to think about this retrace is through the lens of the bitcoin halving. After each halving, price consolidates in a ‘re-accumulation’ range before breaking out of that range towards the upside, but later retraces towards the top of the range for a ‘retest attempt.’ The top of the current halving range is ~$9,700, which coincides with the CME gap.”

While the technical analysis and open interest charts suggest a healthy retrace, the quantitative indicator has yet to “clear,” i.e. falling to bullish levels. Furthermore, the macro environment is far from certain. Thus, if equities continue their decline, $BTC is likely to follow.

The story is still unfolding in real-time, but given the numerous fundamental tailwinds for bitcoin, the bull market will likely survive even if price falls beneath $10,000.

Disclosure: The author owns bitcoin and ethereum, and is editor of Weekly Jab Newsletter.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here. 


Author: Christopher Brookins

Grab a Labor Day flash sale pass to Disrupt 2020 and save $100

Grab a Labor Day flash sale pass to Disrupt 2020 and save $100

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Author: Crypto Smart Coin

MFCoin Price Reaches $0.0044 on Top Exchanges (MFC)

MFCoin Price Reaches $0.0044 on Top Exchanges (MFC)

MFCoin (CURRENCY:MFC) traded 3.4% lower against the US dollar during the twenty-four hour period ending at 8:00 AM Eastern on September 6th. One MFCoin coin can now be purchased for approximately $0.0044 or 0.00000042 BTC on cryptocurrency exchanges including STEX and Crex24. MFCoin has a total market cap of $91,328.78 and approximately $20.00 worth of MFCoin was traded on exchanges in the last day. Over the last seven days, MFCoin has traded 25.7% lower against the US dollar.

Here’s how related cryptocurrencies have performed over the last day:

  • Counos Coin (CCA) traded 0.4% higher against the dollar and now trades at $6.13 or 0.00059621 BTC.
  • Metrix Coin (MRX) traded down 13.1% against the dollar and now trades at $0.0003 or 0.00000003 BTC.
  • ChronoCoin (CRN) traded 1.6% lower against the dollar and now trades at $0.0021 or 0.00000020 BTC.
  • Shard (SHARD) traded flat against the dollar and now trades at $0.0855 or 0.00001193 BTC.
  • Nasdacoin (NSD) traded 2.6% higher against the dollar and now trades at $0.0448 or 0.00000436 BTC.
  • Cashbery Coin (CBC) traded up 0.7% against the dollar and now trades at $0.0056 or 0.00000055 BTC.
  • What cryptocurrency will become the main one in a year?
  • Quiztok (QTCON) traded down 0.3% against the dollar and now trades at $0.0116 or 0.00000113 BTC.
  • Beetle Coin (BEET) traded down 12.3% against the dollar and now trades at $0.0015 or 0.00000015 BTC.
  • Quasarcoin (QAC) traded up 14.8% against the dollar and now trades at $0.0014 or 0.00000014 BTC.
  • Actinium (ACM) traded 1.9% lower against the dollar and now trades at $0.0098 or 0.00000096 BTC.
  • MFCoin Profile

    MFCoin Coin Trading

    MFCoin can be bought or sold on these cryptocurrency exchanges: STEX and Crex24. It is usually not presently possible to purchase alternative cryptocurrencies such as MFCoin directly using U.S. dollars. Investors seeking to trade MFCoin should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase MFCoin using one of the aforementioned exchanges.

    Receive News & Updates for MFCoin Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for MFCoin and related cryptocurrencies with’s FREE CryptoBeat newsletter.


    Author: Stanley Muller

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