Bitcoin
Bitcoin$33 904.92

2.71%

Ethereum
Ethereum$2 008.31

1.59%

Tether
Tether$1.00

0.04%

Binance Coin
Binance Coin$286.19

-0.59%

Cardano
Cardano$1.24

-1.04%

XRP
XRP$0.603442

-5.99%

Bitcoin support wobbles amid warning BTC price could hit $40K next


11 May 2021   #Bitcoin

Dissolving support at $50,000 opens up a path to levels not seen in months, warns Delta Exchange CEO Pankaj Balani. Bitcoin (BTC) could see a price drop to as low as $40,000 if higher support levels fail to hold, an industry CEO says.

Speaking to Bloomberg on May 11, Pankaj Balani, the CEO of digital asset derivatives exchange Delta Exchange, warned that there is a danger of fresh significant losses for BTC/USD.

Balani doubts altcoins' resilience to BTC dip

Bitcoin shed around 5% overnight on Monday, the latest in a familiar cycle of dips and rebounds below crucial resistance which begins at around $59,500. At the time of writing, the largest cryptocurrency traded at just above $55,000. For Balani, $50,000 now forms a significant line in the sand for bulls, and a failure to hold it would open up a new lower trading corridor with a floor at $40,000.

The perspective jars with the more optimistic projections from data-based analytics this week. As Cointelgraph reported, whale buying was previously tipped to keep BTC/USD at a minimum of $52,000.

A major cluster of support from whales — 120,000 BTC at $58,000 — nonetheless failed to stop short-term losses, leaving a question mark over the ability of smaller clusters lower down to do likewise. Cointelegraph additionally noted that exchange order book support only begins at $50,000, with few bids between that boundary and all-time highs of $64,500.

Altcoins come down from highs

Reacting to the latest price action, however, popular commentators were as cool as ever, noting the overall volatility of the market was very much acting within defined contours. On altcoins, a sense of a reset being underway was apparent on the day, with Ether (ETH) taking a breather after hitting new all-time highs repeatedly in recent days.

Fresh Twitter action from Elon Musk, CEO of Tesla and SpaceX, had the potential to release a new spate of growth for Dogecoin (DOGE), which had paired almost a week of gains to drop to around $0.50.

#source

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

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

© 2015-2021 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.