The price of Bitcoin is in the night of the 2. July has fallen sharply. With a Minus of just under 11 percent of the rate of the largest crypto currency by market capitalization now stands at 9.780 US Dollar.
By Phillip Horch
At the 2. July 2019BTC$10.466,00 -1.33%part Facebook Twitter LinkedIn xing mail
If the price of Bitcoin slips in the double-digit range to the bottom, is the search for reasons obvious. While in the distant past, events such as the Chinese new year, or correlations with U.S.-American Banker behavior were sought, not more is so mellow crypto-Fans today. Nevertheless, the question arises: What happened the last time in the Kryptoversum?
As the Dutch Cabinet is, first of all, the money launderers will back on the fur. The authority to make statutory rules for crypto-trading places strict. The Minister of Finance Wopke Hoekstra said in a letter to the lower house of the Dutch Parliament on November 30. June a joint action plan. Whether a Dutch Mini-army of scrubbers of frightened Money, however, is not sufficient to bring the Bitcoin rate so shaken, is questionable. Also the fact that last week is gone, a smaller Bitcoin-exchange with users of funds, might not be sufficient to push the price down.
Drifting whales the Bitcoin price to bottom?
more Interesting is the view of the crypto-is-Walvis basin. According to the information of Whale Alert called Bitcoin-whales, i.e. holders of large amounts of Coins moving between the 20 at (1. July) and 8 p.m. (2. July), a total of 9.095 units of the crypto-currency. In the same time, the BTC price fell by nearly 1,000 US dollars. At the current Bitcoin price of about 89.4 million US dollars, which have been moved in the same period are the so. Here the Interpretation is that the infamous whales decided to realise profits and, therefore, the rate for the time being, influenced. We consider that, in the meantime, a growing market share of institutional investors in the crypto, it is quite possible that this will have on the price movements part.
Dr. Julian Hosp for a breather
it is Conceivable, Triggering a series of sell orders, since Reaching year highs on the 26 is so. June, were triggered. This view is also Dr. Julian Hosp. shares To BTC-ECHO, he said:
There are now people who have bought from 4,000 to 5,000 US Dollar, [Bitcoin] and now your 100 percent profit secure. This is a short-term breather. The institutional investors, who are now in the market are very risk-averse. The wait is now easy. In the long term, I see everything intact. This is healthy and shows that we are in a bubble.
As a possible trigger Hosp see, however, is a liquidation in the case of the operators of the stablecoins Tether. The Tether Limited I tried to reduce the market capitalisation of the Tether. Therefore, this year have led to high that the rally is prematurely stopped:
the Original trigger was that Tether liquidity from the market has moved on. That is, you sold BTC against the Tether, the market capitalization of the Tether to pull down. These were the first five to seven percent. The rally has, in my view, stalled. So that was a buyer, the sold.
Therefore, this Cooling is, however, no reason to panic. The long-term horizon, given the Outlook is good:
In the long run, we are certainly on a good path. We see now, certainly not so strong Boom-cycles [like in the year 2017]. I don’t think we will see this year an all-time high.
reason to panic? A glance at the technical data here may provide more information.
Technical analysis for Bitcoin price
Our Chief Analyst, Dr. Philipp Giese looks now, especially the 6.132-US-Dollar-mark as an important test brand:
As recently described, there have been quite bearish arguments for a Bitcoin exchange rate forecast. Where can go with the current Dump of the trip? Pessimistic considered a Test of the MA20 in the weekly chart (orange features) yet is currently the subject of dollars at 6.132,05 US. An interesting level of this Support, however, is still at the height of the MA50 on the daily chart (in green), which is currently approximately at the height of 8,800 U.S. dollars. The MA50 on the daily was chart between February and March as a stable Support. In addition, the MA50 will fall in the daily chart up to date with the course of high of the end of may and the 50-percent Fibonacci Retracement Level of development between 17. December 2018, and the high for the year together.
Bitcoin price falls – what to do?
As in the technical Part described, it is now necessary to trace the further course of history. Further sales are quite realistic. Here it is, in any case, a carefully considered approach to grow to cope. Because in the crypto market is as always: keep a cool head without FUD to break out. More on this here.
The Chart was at 2. July 2019 with trading view created. Considered one of pair BTC/USD on Bitstamp is.
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