Bitcoin
BTC$19 241.67

-5.61%

Ethereum
ETH$1 059.15

-3.18%

Tether
USDT$0.998955

0%

USD Coin
USDC$1.000391

-0.02%

Binance Coin
BNB$215.34

-4.45%

Binance USD
BUSD$1.000088

0.10%

Bitcoin price due for break below $30K trader warns after 9% daily loss


08 Jun 2021

#Bitcoin

A breakout to avoid a fresh price dip would be a "miracle," says Crypto Ed as storm clouds gather for Bitcoin bulls. Bitcoin (BTC) traded worryingly near $30,000 support on June 8 amid fresh predictions of incoming lows.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as the pair lost 9% overnight on Monday. No amount of good news was able to help bulls, with potential adoption breakthroughs in Latin America conspicuously doing nothing to boost lackluster price action.

U.S. Treasury Secretary Janet Yellen likewise failed to lift the mood when she voiced support for higher inflation. Instead, Bitcoin dropped to $32,000, at the time of writing coming off a rebound to $33,000. For popular trader Crypto Ed, the outlook was uninspiring — and even included a trip below the $30,000 mark.

“It did the white ABC I posted before the weekend,” he told Twitter followers, referring to a forecast price rotation. “Now in green box but I'd expect 1 more leg down today, followed by a bounce to ~35k From there down again, sub 30k, or ‘up only’ again, but the latter feels more like a miracle tbh.”

Moving averages cause alarm

As Cointelegraph reported, traders are already on edge over a potential “death cross” involving two key moving averages which could spell further downside. This could extend beyond the short term, Cane Island Alternative Advisors investment manager Timothy Peterson noted, thanks to BTC/USD now lingering below its 200-day moving average for almost three weeks.

“This metric has *always* marked the end of a bull run and the start of a bear market,” he added in comments on Monday.


Related

Bears prepare for a new attack on Bitcoin
Bears prepare for a new attack on Bitcoin
BTC Forecast from the President of El Salvador
BTC Forecast from the President of El Salvador
Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
Bitcoin's continued collapse and furnace of fire for the crypto periphery
Bitcoin's continued collapse and furnace of fire for the crypto periphery
Loss of correlation with stocks will pave the way for crypto to portfolios
Loss of correlation with stocks will pave the way for crypto to portfolios
Bitcoin swings in a tight cage
Bitcoin swings in a tight cage
Bitcoin is unlikely to bottom so early and high
Bitcoin is unlikely to bottom so early and high
Bitcoin's pump or the start of a rise? America's opening will show us
Bitcoin's pump or the start of a rise? America's opening will show us
May Results: Bitcoin and Gold Fall, NordFX Traders Earn
May Results: Bitcoin and Gold Fall, NordFX Traders Earn

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 56.8% 93 $19 241.67 -5.61% -9.67% $367 181 795 784 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 58.4% 92 $1 059.15 -3.18% -13.28% $128 553 316 172 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $0.998955 0% -0.04% $66 163 024 576 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000391 -0.02% 0.04% $55 824 445 752 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 60.8% 83 $215.34 -4.45% -10.63% $35 160 747 810 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000088 0.10% 0.04% $17 548 760 052 BUSD 7 days price change
7 Cardano (ADA) ADA Cardano predictions 61.6% 77 $0.450635 -3.60% -10.37% $15 210 103 811 ADA 7 days price change
8 XRP (XRP) XRP XRP predictions 66.4% 69 $0.312867 -5.44% -15.56% $15 124 962 063 XRP 7 days price change
9 Solana (SOL) SOL Solana predictions 66% 76 $32.75 -6.27% -22.31% $11 242 411 042 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.6% 71 $0.067391 -0.30% -0.20% $8 940 786 353 DOGE 7 days price change
11 Dai (DAI) DAI Dai predictions 93.6% 1 $0.999784 -0.09% -0.03% $6 859 368 442 DAI 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 68.4% 67 $6.72 -5.60% -18.62% $6 637 336 409 DOT 7 days price change
13 TRON (TRX) TRX TRON predictions 58.8% 88 $0.065207 -0.60% -1.36% $6 030 956 222 TRX 7 days price change
14 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 69.6% 60 $5.77 -0.04% -1.82% $5 499 921 297 LEO 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66.8% 66 $0.000010 -3.90% -8.85% $5 489 974 219 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.