Home » Bitcoin price due sub-$20K dip, traders warn amid claim miners ‘capitulating’

Bitcoin price due sub-$20K dip, traders warn amid claim miners ‘capitulating’

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Bitcoin (Bitcoin) climbed to $20,500 at the Wall Street open on Oct. 28, with US stocks performing stronger at the end of the week.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

$20,000 Support Failure Incremental Bet

data from Cointelegraph Market Pro When TradingView BTC/USD showed renewed optimism as it opened to trade.

The atmosphere was volatile after tech stocks fell sharply overtime rout Overnight, Bitcoin was able to avoid knock-on losses as much.

As of this writing, the S&P 500 and Nasdaq Composite are both up about 1.3%.

Popular trader @CryptoYoddha said, “In this current rangebound phase after a prolonged downtrend.” wrap up to Twitter followers.

“Smart money/institutional investors looking to create or acquire positions without significantly increasing prices. Feeling bullish.”

Meanwhile, economist, trader and entrepreneur Alex Kruger has laid out a likely plan for the next few days.Crypto Needs To Retest Recent Lows Before Rebounding, He Claimed Important Notices Next week from the Federal Reserve.

“Think cryptocurrency drops and stocks tomorrow, hedges late Friday, quiet weekend, ETH mid-1400s low, BTC mid-1900s bought, rising at next week’s FOMC,” one tweet read. Department read.

“Upward trend continues”

After Bitcoin hits 6-week high, market has been fairly quiet, Cointelegraph report The degree of short-term liquidation that has taken place as a result.

Miners are the ‘biggest intra-bitcoin risk’ for the market

Cryptocurrency research firm Reflectvity Research looked at what could derail the bullish mood outside the macro, with a particular focus on miners.

Related: 3 Surprising Similarities to Past Bitcoin Price Lows — But There’s a Pitfall

After major mining company Core Scientific warned Concerns about mining profitability in the face of explosive hash rates, as well as liquidity issues, continued to surface.

as Cointelegraph I got ittheories as to why the hashrate is so far from the spot price included Russia trying to corner the industry.

“In our view, miners are still the biggest intra-Bitcoin risk to the market.” Confirmed On that day.

Meanwhile, Michael van de Poppe, founder and CEO of trading company Eight, described miners as “surrendering.” Several months.

“In the meantime; from a technical standpoint, $BTC looks like it will reach long territory here,” he added of BTC’s price action.

“We need to sweep lows and hold around $19.9K. If we still don’t get support, we’re looking at $19.6K.”

data from BTC.com On the other hand, it showed a hash rate of about 257 exahash per second, but still had difficulty as it would drop slightly at the next adjustment 9 days ahead.

An overview of the basics of the Bitcoin network (screenshot). Source: BTC.com

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.