Bitcoin Falls Out Of Bed, $5500 In View
Shain Vernier • 1 min read
Today’s trade of Bitcoin (BTC) has been overwhelmingly negative. In fact, at one point November BTC futures fell roughly $750 for the session. Heavy selling has swept across the cryptocurrencies in the past 24 hours, driving values much lower. For BTC, price has pushed yearly lows to levels not seen since November of 2017.
A Rough 24 Hours For The Cryptos
To put it mildly, the last 24 hours have been brutal for crypto longs. Take a look that the performance metrics for this period:
Coin %Loss Key Number
Bitcoin (BTC) -9.5% $5500
Bitcoin Cash (BCH) -14.25% $450
Ethereum (ETH) -12.75% $175
Litecoin (LTC) -11.08% $44
Short sellers have blasted cryptocurrencies, with BTC actually weathering the storm better than most. One thing is for certain ― all eyes are on BTC and the $5000 level. This is a huge psychological barrier and one that will attract many buyers. If price breaks through $5000 with little resistance, then BTC may be heading much lower by New Year’s Day 2019.
November Bitcoin Futures
After posting a hard test of $5500 earlier today, November BTC futures have rallied off of session lows. Will the big, round number of $5500 set up as an intermediate-term bottom?
Overview: After consolidating in the $6000-$6500 area for weeks, BTC broke hard to the bear running to $5500-$5000. The reason for the move is unclear, but multiple media outlets are crediting the coming November 15 hard fork of Bitcoin Cash as a possible culprit.
Whether or not this is accurate remains to be seen. However, the entire crypto markets have lost about $15 billion in market capitalization over the last 24 hours. No matter how you slice it, that does not bode well for BTC or the leading altcoins.