Cryptocurrency Market Update: Bitcoin whales engineered BTC crash below $9,000
- 16th June 2020
- Posted by: Hakeem
- Category: Crypto, FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS
- The expert named the reason for BTC sell-off below $9,000.
- The market is on recovery mode, but still below the key resistalce levels.
The head of Crypto Quant Kai Yang Ju pointed out that large market players pushed the price of the first digital coin below $9,000 on Monday, May 15. He believes that Bitcoin is on the verge of a new bear market.
Gemini, the whale-oriented exchange, their #BTC reserve said we just entered a bear market
He came to those conclusions after analysing long positions of the whales that dropped by $30 million on BitMEX only. Basically, whales initiated the sell-off, which transformed to a panic selling and massive positions liquidations.
The previous similar episode was registeredin February 2020, when Bitcoin briefly exceeded $10,500 and crashed to $3,600 over the next weeks.
Top-3 coins overview
BTC/USD settled above $9,500 having gained over 1% since the start of the day and nearly 5% on a day-to-day basis. While the sell-of on the market might have been caused by various factors including anti-risk sentiments and whales activity, the further BTC recovery depends on the ability to move above $10,000. .
BTC/USD daily chart
ETH/USD recovered to $234.00 after a short-lived move towards $228.00 during early Asian hours. The next important barrier is created by the former channel resistance at $240.00. A sustainable move above this area will create a pre-condition for an extended recovery towards the recent recovery high above $254.00 The initial support comes at the intraday low of $228.00, followed by psychological $200.00. At the time of writing, the second-largest coin is trading the short-term bearish bias, with over 3% of losses on a day-to-day basis.
ETH/USD daily chart
XRP/USD settled at $0.1920. The coin touched $0.1900 during early Asian hours, but managed to regain ground due to buying interest clustered around the psychological barrier. The coin has gained over 4% on a day-to-day basis and stayed unchanged since the beginning of the day. The support is created by tthe intraday low of $0.1909 followed by psychological $0.1800. If it is cleared, the sell-off may gain traction with the next focus on $0.1700 (23.6% Fibo retracement for the downside move from February 2020 high).