Category Archives: Asian markets

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Bitcoin Taps $9,000 but Falls 10% After Rejection

Bitcoin Taps ,000 but Falls 10% After Rejection

After finally flashing past USD 9,000 briefly, Bitcoin, profit taking resulted in a sudden pullback that left Bitcoin at USD 8,025 after three hours, before recovering to its current levels at USD 8,250 as Europe markets open for trading at 6:00 am UTC (CoinDesk).

For an entire 10 hours during Asian trading, the world’s most popular cryptocurrency steadied at and above USD 8,700, until a sudden spike just as London ended Thursday business time, when it hit a new 2019 high of USD 9,084. Obvious profit-taking took place however, triggering further sell-offs that crashed Bitcoin by over 10% in 3 hours after a strong rejection from the USD 9,000 range.

Bulls will only take this as a temporary setback, now understanding that much sterner resolve will be required for another attempt, but there will be plenty of speculators who shorted Bitcoin just above USD 9,000. Altcoin holders, who only yesterday enjoyed a rally to hit 10-month highs, will also be disappointed that altcoins took a nosedive following Bitcoin’s reversal.

Maybe altseason have to wait pic.twitter.com/X9PGlg8x8i

— Alejandro 🇪🇸 (@Pastore1314) May 30, 2019

The road to the promised land of USD 10,000 has stretched that much longer, but the weekend approaches, and if anything is to be learned from the past two months, it’s that Bitcoin moves the most positively and aggresively when traditional markets are closed for business.

 

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Bitcoin Retreats From $8,000 as Bulls Pause for Breath

Bitcoin Retreats From ,000 as Bulls Pause for Breath

After days of incredible resilience to recover from pullbacks and make renewed attempts to overcome a major resistance point at USD 8,000, Bitcoin bulls finally relented in trading today, with the Asian market unable to overcome selling pressure from the rest of the world.

Only one major push happened throughout yesterday, when Bitcoin price was just shy of the marker at USD 7,993 (CoinDesk), but by the time Asian markets woke up, the slide towards its current levels at USD 7,645 (7:05am UTC) had already begun.

The positivism has not died out yet, however, as trading volumes also suggest that sellers do not have the strength to continue the trend significantly, and buying momentum could just be gearing in as short-term scalpers continue to look for fast entry points below USD 8,000. All the same, the USD 9,000 target does seem to have been postponed for the time being.

On social media, some are taking out their frustrations on the US Securities and Exchange Commission (SEC), who further delayed the decisions on Bitcoin ETFs. Most don’t take this to be legitimate, however, as that action had been fully expected as only the latest in a series of rejections and postponements on decisions by the regulatory body. Others are blaming major banks like JP Morgan for putting out “disinformation”, with the intent to push prices down to present new buying opportunities.

The banks will put out disinformation, with the aim of lowering the price of Bitcoin. The intention will then be for Banks to purchase very large quantities of Bitcoin at discounted rates. https://t.co/1wMzOxl5MJ

— Bitcoin, Blockchain, Crypto & Digital Assets (@BbcDlearning) May 20, 2019

 

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