Bitcoin price hits $ 9,800 as drive to fill the futures gap hits its lowest point in 6 weeks
Bitcoin (BTC) hit new lows on September 7th as renewed selling pressure pushed the top cryptocurrency back into the USD 9,800 area.
Daily chart for the cryptocurrency market, September 7th. Source: Coin360
Analysts consider the BTC price to be the lowest point in the futures gap
The data from Coin360 and Cointelegraph Markets showed more problems for the BTC / USD pair on Monday, that reached $ 9,880, the lowest since July 26th.
Daily price chart of the BTC / USD pair. Source: Coin360
After a mixed performance on the weekend, $ 10,000 seemed like an increasingly shaky support, something analysts warn about, could be critical in the short term.
When discussing the current market Michaël van de Poppe, Analyst at Cointelegraph Markets, said The outlook depended on two gaps in the CME Group’s Bitcoin futures markets.
As Cointelegraph reported, the two gaps are at $ 9,700 and $ 10,600: Van de Poppe outlined two likely scenarios for price movementsand the question is Which gap will Bitcoin fill first?. At the time of this writing, it was $ 9,950.
“The $ 10,000 level really couldn’t be sustained (or is falling). The second scenario would be to close the CME gap, after which the upper CME gap is closed. “, tweeted.
“$ 9,600-9,800 could be the lowest level right now.”
He second scenario implies a split towards $ 11,000, followed by retesting the levels around the lower CME gap.
DXY continues to rise to BTC
The bears had gained the upper hand in the past week $ 12,000 quickly gave way to losses of 15% as macroeconomic changes took their toll.
The strength of the US dollar currency index (DXY), which began during the week, continued on Monday to hit 93.1.
10-day chart of the US dollar currency index. Source: TradingView
Any impact from Wall Street stock markets will not be felt until Tuesday, as trade broke out on Labor Day.
Similar Posts
It Is Time For Another Bitshares Talk Livestream On Beyond Bitcoin @ 8am (CENTRAL)
CLICK HERE TO WATCH LIVE Bitshares is currently around the .80 cent mark and by far one of the fastest cryptocurrency’s out there. We cannot wait to hear what else this amazing technology has in store for 2018. We are going to livestream this weekly BItshares Open Source Hangout as these talented individuals bring relevant…
EU Regulators to Discuss Crypto Regulation Next Week
A group of European Union regulators will meet next week to discuss the regulation of cryptocurrencies. Speaking to reporters on Tuesday, European Commission vice president Valdis Dombrovskis said that the meeting would involve representatives from central banks as well as the bloc’s market supervisors. Though unnamed, Dombrovskis said that “market players” would also be invited…
Bitcoin, controlled currency supply and market cycles
The idea behind this article is to link the controlled supply of currencies and Bitcoin’s pricing mechanisms or “markets”. I’m trying to correlate Bitcoin’s money supply, the market value of Bitcoin, and its cycles and phases. When I speak of currency supply, I am referring to their monetary policy, i.e. how the money supply or…
Reddit to Relaunch Bitcoin Payments (And Add More Cryptos)
Social media platform Reddit is planning to reinstate cryptocurrency as a payment option for its gold members – and this time bitcoin won’t be the only option. In an interview with Cheddar on Thursday, the site’s chief technology officer, Chris Slowe, said that, while bitcoin’s spiking transaction fees and an integration issue with its cryptocurrency…
Ripple’s XRP Worst Hit By January Market Decline
Large-cap cryptocurrencies may have had a stellar 2017, but 2018 hasn’t been so kind. Among crypto assets with over $1 billion in invested value, Ripple’s XRP cryptocurrency may have been the biggest disappointment to newer investors, declining sharply amid heightened scrutiny after a period in which it became an industry darling for new investors. Still,…
GEX: PLATFORM PERDAGANGAN CRYPTO KOMPREHENSIF
Platform perdagangan Cryptocurrency komprehensif yang didukung oleh layanan concierge pertama yang sepenuhnya disertakan di dunia. Pada artikel hari ini saya akan membuat presentasi kecil https://gexcrypto.io/ Jembatan Antara Crypto dan Real-World Assets The Distributed Ledger Technology (DLT) atau blockchains, tumbuh dengan kecepatan tinggi dan dengan cepat mengganti teknologi tradisional dalam beragam industri seperti perdagangan, jasa keuangan,…