The price of Bitcoin today is like suddenly to 500 US dollars. The whales behave quietly. Institutional investors, however, boil – at least, not in the Bitcoin Futures on Bakkt. What is behind the price fall?

By Christopher clover
23. October 2019BTC$7.440,44 -7.09%part Facebook Twitter LinkedIn xing mail

The price of Bitcoin fell today in the afternoon suddenly to about 500 US dollars. Currently, the price of the largest crypto currency is moving to a market capitalisation of just below the US $ 7,500 mark. This means that the price is so low, as since five months. The Altcoins had suffered heavy losses. Meanwhile, the Bitcoin Futures list of trading platform Bakkt a new all-time high in contract trading volume.

Bitcoin-price-analysis

After the last price fall of 24. September, the price of Bitcoin knew of the primary in one direction: sideways. He fell under the moving average of the last 200 days and was unable to overcome. This predicament is reflected in the indicators. In particular, the RSI did not manage to leave bearish areas under 50. In addition, different Trader in the course of development indicated between the end of September and mid-October as Head-and-Shoulder Pattern, which gave this bearish Sentiment is another of the fire.

Falls of the Bitcoin course?

looking at the price development since March of 2019 to the high for the year with Fibonacci Retracement Levels, revealed that currently the 50% Fibonacci Retracement Level is being tested. The price of Bitcoin falls under this, would be the next Support or Target in the case of a Short Position in 6.255,70 US dollars. Only a move above the 38.2-percent Fibonacci Retracement Level at 8.481,03 US dollars, should be seen as a new bullishes Signal, and thus as an entry for a Long Position. A then is offering the Target is at the height of the sliding average of the last 20 weeks at about $ 10,000.

daily charts on the Basis of the value pair is BTC/USD on the stock exchange Bitstamp created.

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it is noticeable, the rate of fall of Bitcoin is correlated to coincide with a new all-time high at the Bitcoin futures contracts of Bakkt. The automated data-Tracker Bakkt Volume Offered listed for the 23. October is already a trade volume of 296 BTC in the trading day is Overseas still young. According to projections by the Bots Bakkt could reach today, for the first time, a four-digit BTC volume:

Alone, compared with the market capitalization of Bitcoin is the present volume on Bakkt – despite the new all-time highs – too low, in order to obtain a direct effect on the Bitcoin exchange rate can be derived. Also, the comparison with the trading volume of Bitcoin in the last 24 hours makes it clear that Bakkt yet still “Peanuts” to be traded.

One shows the rapid increase in the Bakkt volume, however: The infamous “Institutional” does not have Bitcoin depreciated for a long time. The only question is whether today, the Long or the Short positions outweigh ensures.

Also there were no news messages from the crypto sector, with which the sudden price slide is founded could. Also in the basin of the Bitcoin-whales – owners of large amounts of BTC, it has remained so far calm.

As is so often the causes of research is far from trivial. Most likely, the possibility that the Bitcoin-price-Crash is on a large-scale “Domino effect” appears: At a certain threshold, sell orders were triggered, which pushed the price, which in turn triggered a new sell order.

Disclaimer: The information on this page is the illustrated rate estimates do not constitute buy or sell recommendations. They are merely an assessment of the analysts.

Charts on 23. October 2019 using trading view created.

USD/EUR exchange rate on the cut-off of 0.90 Euro.

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