After trading in the green for over two months and experiencing minimal correction, Bitcoin [BTC] has halted its bullish swing, albeit for the time being. The largest cryptocurrency in the market fell by over 6 percent in two hours as the bears were let loose.
For several days, Bitcoin was sluggish and remained below the $9,000 mark, trading sideways and exhibiting little to no drive for an upward push. After reaching the peak of $8,950, a major sell-off ensued on several exchanges, with the cryptocurrency falling by 3.07 percent in one hour, immediately following the 2.44 percent gain that pushed BTC’s price to the aforementioned price point on 30 May.
The king coin fell to $8,150 the following day, following which BTC rose by 7.97 percent. Bitcoin faced stiff resistance at $8,800 on June 2, post which it dipped relative to the larger market down to $8560. Five consecutive red candlesticks were seen from June 3 20:00 UTC to June 4 01:00 UTC, dropping the price by over $600 or 7.21 percent, and pulling the coin below $8,000 in the process.
With hopes of a $9,000 ascendance and a further five-figure price now firmly shot into oblivion, the market is on a firm road to recovery as the collective market cap is holding above the $250 billion mark. At press time, Bitcoin still held over 55 percent of the coin market, and was valued at over $142 billion. It was trading at $7,965.
Hours after reaching $8,900 on 30 May, Bitcoin saw a pullback that dropped the coin’s price down from over $8,650 to $8,200, a 5.15 percent fall in under 3 hours. However, this correction was undone over the next two days, with the coin surging to its resistance level of $8,800 by June 2.
The first signs of this major price crash appeared over the past weekend, when a disastrous sell-order dropped the price of Bitcoin to $100 CAD on Kraken for a brief period. Between 0400 – 0700 on June 3, Bitcoin fell by over 4 percent, with the bearish tendencies likely emanating from the Kraken sell-off. This divergent movement on an exchange touted to be one of only ten exchanges posting “real volume,” caused several in the community to criticize the exchange, some even equating this to “price manipulation.”
BitMEX took the top spot for BTC trading volume in the derivatives trading pair XBT/USD, which accounts for 15.36 percent of the overall volume. Other notable exchanges on the list were Negocie Coin, Coinall, and BW.com, according to CoinMarketCap. It should be noted that as per “real volume,” the top spot exchange on the list is Binance on the 9th spot, taking 1.58 percent of total BTC trade in the pair BTC/USDT.
Bitcoin technical analysis: Support levels are in focus for now
- Bitcoin is struggling once again but the price has found some support at an internal trendline.
- Below the price level at the moment is the psychological 8,000 level.
Bitcoin is struggling like most cryptocurrencies today. The BTC/USD pair is currently trading 2.63% lower as sentiment remains weak. The price on the hourly chart is making lower highs and lower lows after the pivotal 8,233.00 support level was broken. The price is currently just under the value area now 8,164.17. This is the price where most contracts have been traded on the Coinbase exchange.
The interesting thing on the chart is the internal trendline it was respected five times in total. Two times in a previous wave series and then three more times after it was broken on October 9th. The next support level is at the 8K psychological support level and below that the consolidation low of 7701.00.
On the daily chart, the price is still firmly in a downtrend and this will only continue if the wave low of 7701.00 is broken to the downside. On the upside there is some way to go before the consolidation wave high is taken out at 8,826.00. Only when this is broken can we talk about a price recovery.
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Bitcoin Whale Transfers Almost $25M in BTC from Binance to Gemini
A major player in the cryptocurrency space has just moved 3,000 BTC from Binance to Gemini. The reason for the transfer is still not clear.
It seems like yet another whale in the cryptocurrency market is again flaunting his or her money. A recent massive transfer was picked up by Whale Alert (@whale_alert) which notified the rest of the cryptocurrency community that 3,000 BTC ($25M) was being moved from Binance to Gemini.
There are a few possible catalysts for such a major move, but it seems most likely that someone is cashing out some BTC on Gemini through an OTC sale. Interestingly enough, the move came just a few hours after Bitcoin rebounded from the $8,280 price point to $8,380 or so.
Major whales have been making moves in the past few days. As BeInCrypto has reported on this past week, just two days ago one whale moved 1,000 BTC to an external wallet presumably to HODL. Another whale yesterday moved 650 BTC ($5.3M) from Coinbase to an external wallet as well, another indication that accumulation is happening behind the scenes. This uptick in high-value transfers to external wallets indicates that something may be brewing in the background.
However, this particular transfer of 3,000 BTC does not appear to be a whale interested in HODL’ing. Instead, this is transfer is likely for a possible sale or, at the very best, purchasing of altcoins on Gemini. The market has not responded to this transfer, but this is just one piece of the puzzle.
Recently, the market has been quiet, but the odd increase in high-value transfers makes one wonder — could we see a major move for Bitcoin in the coming weeks? Maybe the whales are giving us a hint.
‘Satoshi’ Enters the Oxford English Dictionary
The Oxford English Dictionary, published by the Oxford University Press, has added “satoshi” to its compendium of the English language.
First used less than seven years ago, satoshi is the newest word added to the dictionary. The addition was made as part of a quarterly update to the respected source’s database that also includes the words “Manhattanhenge,” “whatevs” and a revised history of “fake news.”
According to the now official OED definition, a satoshi is “the smallest monetary unit in the bitcoin digital payment system, equal to one hundred millionth of a bitcoin,” or 0.00000001 BTC.
OED lexicographers take a descriptive approach to language, meaning that the dictionary observes how words emerge, grow or diminish in popularity and change definitions over time.
The OED’s policy says:
“Our role is to monitor and record emerging vocabulary so that we can make new terms available to our dictionary users as soon as they start to gain traction.”
Cited uses of the noun come from Ripple Project, a Usenet newsgroup in 2012, from the Guardian in 2013 and the Times in 2017.
The OED notes American and British pronunciations differ. Stateside, the “o” in Satoshi is pronounced like the “ʊ” sound in foot, whereas across the pond the “o” sounds like the “ɒ” in “lot.”
The word is derived from the proper noun, Satoshi Nakamoto, the “probably pseudonymous” creator or creators of bitcoin. In this context, Nakamoto is an etymon, or a word from which a later word is derived.
Curiously, the authorities on grammar state Nakamoto was “reportedly born in 1975,” referring to one of the only bread crumbs left behind by the mysterious founder when asked to give a birth date on a website where he first described the plan for bitcoin.