Bitcoin (BTC) is showing signs that confirm the imminence of a bearish reversal after the bullish momentum of the past few days. Today’s downfall is linked to problems at another exchange. It could nevertheless lead to the rupture of this main support zone.
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The next break will be bad for the bulls
Bitcoin crossed $ 11,500 again on the evening of yesterday, October 15, 2020. It was there until today, October 16, 2020, around 6 a.m.
The BTC then fell $ 241 in the space of 30 minutes, from $ 11,517 to $ 11,276.
Bitcoin quickly climbed back above $ 11,300, before falling a second time below that level, forming a low to the $ 11,264 level.
The bulls once again managed to bring up Bitcoin above $ 11,300 but in less than a day, this upper line of the major support area of $ 11,100-$ 11,300, has broken twice.
This support is weakening and Bitcoin could land below $ 11,100 on a further test of this support zone.
Bitcoin currently experiencing a daily loss of around 1%; it is trading at $ 11,374 as of this writing.
OKEx fixes Bitcoin
Today’s almost 3% correction that led Bitcoin from $ 11,500 to $ 11,200, coincides with the announcement of the suspension from 11:00 a.m. Hong Kong time of all withdrawals by OKEx.
The move was said to be linked to an ongoing investigation into one of its private key holders. OKEx holds around 10% of the Bitcoins in circulation.
The markets are therefore victims of this exogenous factor. From a technical standpoint, the daily RSI (14) has dropped below 60 showing weakening bullish momentum.
It’s Friday and Bitcoin hasn’t returned to $ 12,000. It is even showing signs of weakness which could cause BTC to go downtrend in the very short term. Square had propelled Bitcoin above $ 11,000, the uptrend even allowed BTC to foray above $ 11,700. OKEx could sign the end of this bullish period. It is ultimately only the daily life of the markets that experienced traders are familiar with: there are days with and days without.
Litecoin, welcome in the Silver Age