Supreme Court’s Decision Impacts BTC PriceDavid Kemp
Bad days happen and the crypto industry knows it very well – the crypto community remembers plenty of events that influenced crypto prices and made them suddenly drop. Many news agencies announce that it’s another bad period for stocks. Nowadays we see BTC price fall below key nine-thousand-three-hundred-USD support. The cryptocurrency remains under nine thousand two hundred USD. The reason is the decision of the U.S. Supreme Court related to Donald Trump’s tax returns.
Today participants watched the crypto’s price sharply drop almost three percent to nine thousand one hundred and sixty USD. Later on, traders stepped in and managed to push the figures back to the nine-thousand-two-hundred-USD level.
We can see that there was a mild correction – then the Dow moved back three hundred and seventy points. At the same time, the S&P 500 saw insignificant losses. Something similar occurred with Nasdaq, too. Gold, as the charts illustrate, pulled back 0.92% and it is still seventeen USD away from its recent high at one thousand one hundred and eighteen USD.
Analysts say that the drop below nine thousand two hundred USD resulted in fifteen million USD in BitMEX liquidations. We suggest participants refer to the current diagrams and charts to see the movements and trends occurring at the moment.
As the 4-hour timeframe demonstrates, we see a neutral doji candlestick. It proves that bulls and bears do not agree on the direction BTC price might take. More than that, the hourly time frame shows that the RSI has appeared in the oversold area – traders are likely to want to search for an oversold bounce pretty soon.
In such cases, traders always need to keep track of trading volumes since the price will probably want to clear nine thousand three hundred USD to restore the bullish momentum that the market witnessed two days ago.
Even though we saw a temporary sign in the crypto’s bullish price action, the currency remains the leading performing asset with over twenty-eight percent return.
On the other hand, traders can see that BTC price corrected. Moreover, many altcoins also took a break after a challenging week that offered a lot of significant gains. ETH pulled back 2.37%. Also, ADA and LINK were those that suffered losses – 7.37% and 4.52% accordingly. Data analysts note that the overall crypto market cap at the moment remains at almost two hundred and seventy-two billion USD. They also report that BTC’s dominance rate is nearly sixty-three percent.
Charts and graphs illustrate the most recent moves and show traders the current situation in the crypto market. Making predictions is not always simple and, as we see, there are plenty of factors outside the crypto industry that influence the latest tendencies and trends. Even most advanced professionals cannot always foresee certain aspects.
Many might stay quite optimistic since participants know that abrupt falls occur on a regular basis and some traders employ their strategies to avoid various risks that such situations may bring. Gaining experience involves losses as well as gains and here the most important point is to draw the right conclusions that will help be more successful in the future.
Interview with Gen2 on The Capital07 Oct, 2020 Colin Baseman
TOP 10 crypto world news for October 2, 202002 Oct, 2020 Annabella Cornelly
TOP 9 crypto world news for October 1, 202001 Oct, 2020 David Kemp
TOP 10 crypto world news for September 30, 202030 Sep, 2020 Judy Rubio
TOP 9 crypto world news for September 29, 202029 Sep, 2020 Endy Callahan
TOP 10 crypto world news for September 28, 202028 Sep, 2020 Colin Baseman