Home News Bitcoin Price Halts 3-Day Losing Streak With $7,680 Futures Gap Bounce

Bitcoin Price Halts 3-Day Losing Streak With $7,680 Futures Gap Bounce

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Bitcoin (BTC) continued falling on Jan. 10 as positive aspects from late final week fizzled and markets tried to seek out assist ranges within the $7,000-$8,000 vary.

Cryptocurrency market each day overview. Source: Coin360

BTC futures hole punctuates losses

Data from Coin360 and Cointelegraph Markets confirmed BTC/USD shedding one other 2% in a single day on Thursday, having beforehand reached native highs above $8,400. 

At press time, the pair circled just below $7,750 in risky situations, having paused its losses after hitting a “gap” in CME’s futures market between $7,676 and $7,716. CME’s worth index itself simply averted coming into the hole zone.

Bitcoin 1-day price chart

Bitcoin 1-day worth chart. Source: Coin360

As Cointelegraph reported quoting common contributor, Michaël van de Poppe, Bitcoin was more likely to drop right down to the hole, which represents the “empty space” between the place one futures buying and selling session closes and the following opens. 

Historically, the worth has sought to “fill” earlier CME gaps with consistent regularity. The newest state of affairs is nonetheless uncommon, coming after 12 consecutive crimson candles on the 4-hour chart.

Bitcoin futures 4-hour chart

Bitcoin futures 4-hour chart. Source: CME/ TradingView

In a fresh update, Van de Poppe remained constant concerning the short-term outlook, warning that draw back motion may take Bitcoin as little as the earlier backside at round $6,400. He summarized:

“Holding $7,500-7,600 on $BTC and we could look at $9,500. Losing $7,500-7,600 and I feel we’re accelerating towards $5,800 or $6,400.”

Others appeared greatly surprised by final week’s sudden enchancment. Among them was Peter Brandt, the veteran dealer well-known for beforehand calling a few of Bitcoin’s greatest strikes. 

Having warned BTC/USD may slip to $5,500 by July 2020, an obvious nuance noticed Brandt give credence to the concept a Bitcoin bull market could have begun. In addition to technical indicators, nevertheless, this relied on the absence of traders he referred to as “cryptocultists.”

Altcoins keep away from main sell-off

Altcoins in the meantime broadly copied Bitcoin’s gradual descent, nearly all of main tokens nonetheless staving off heavier losses.

Ether (ETH), the most important altcoin by market cap, shed 1.6% to commerce at $136. Van de Poppe had warned {that a} shut under $133 would put ETH at risk of dropping all the way in which to $100. 

Ether 7-day price chart

Ether 7-day worth chart. Source: Coin360

A noticeable exception to the downtrend was Cosmos (ATOM), which gained 5.1% on the information of its impending itemizing on cryptocurrency change Coinbase Pro. 

The total cryptocurrency market cap was $205.5 billion, with Bitcoin’s share at 68.5%.

Keep monitor of high crypto markets in actual time here

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