What's really behind the bitcoin decline and why it could take the cryptocurrency as low as $20,000

cnbc2021-06-09

The price of bitcoin fellabout 10% Tuesdayto around $32,000 and is on pace for its third straight day of losses, bringing most other cryptocurrency prices down with it. It’s down 50% from its April ...

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Comments

deeplearning
2021-06-09
deeplearning
Hodl
jk1209
2021-06-09
jk1209
Keep watching
SaveHK
2021-06-09
SaveHK
Buy low and sell high. Bitcoin all the way to the moon.??? Safemoon all the way ??????
- YQ17:
  Ye….agreed
Tongdadd
2021-06-09
Tongdadd
Is this the end for Crypto?
- Tongdadd:
  Definitely one of the main ones like BTC, ETH and BNB
- MorphyInc:
  CrYpto is here to stay, just dont know which 1
Miracle99
2021-06-09
Miracle99
Hmmm...what will happen next?
- Ericlam:
  Nice
许哲东
2021-06-09
许哲东
Is a chance to collect? like comment please
- Mr小白:
  [呆住]

Leave a comment

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It’s down 50% from its April ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/08/whats-really-behind-the-bitcoin-decline-and-why-it-could-take-the-cryptocurrency-as-low-as-20000.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GBTC","symbol_name":"Grayscale Bitcoin Trust","start_time":0,"source_url":"https://www.cnbc.com/2021/06/08/whats-really-behind-the-bitcoin-decline-and-why-it-could-take-the-cryptocurrency-as-low-as-20000.html","article_id":"1160645804","we_media_id":null,"thumbnails":[],"rights":{"source":"cnbc_highlight","url":"https://www.cnbc.com/2021/06/08/whats-really-behind-the-bitcoin-decline-and-why-it-could-take-the-cryptocurrency-as-low-as-20000.html","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.ArticleHeader-headline{#titleStyle#}a{#lv2TextColor#}.ArticleHeader-time, .Author-authorNameAndSocial a{#sourceStyle#;}","selectors":".PageBuilder-pageWrapper","filters":".ArticleHeader-eyebrow, .RelatedTags-relatedTags","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1160645804","pubTimestamp":1623195514,"sourceInfo":{"source_id":"cnbc_highlight","name":"CNBC"},"weMediaInfo":null,"summary":"The price of bitcoin fellabout 10% Tuesdayto around $32,000 and is on pace for its third straight da","collect":0,"end_time":0,"defaultTopTitle":"cnbc.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"translate_title":"比特币下跌的真正原因是什么？为什么这种加密货币能跌至2万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GBTC":0.9},"content_text":"The price of bitcoin fellabout 10% Tuesdayto around $32,000 and is on pace for its third straight day of losses, bringing most other cryptocurrency prices down with it. It’s down 50% from its April all-time high.Many are speculating the price moved on news that U.S. officialsrecovered most of the ransompaid to the Colonial Pipeline hackers.Analysts, however, say it’s more likely the movement is part of wider consolidation coming off highs from a month ago. 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He too said he sees the price of bitcoin falling to as low as $20,000, based on the head and shoulders trading pattern that’s currently forming, where price rises to a high and then falls to the price that was the base of the previous up-move.Bitcoin is in a key level of support today that could reach a bottom of 55% from its previous high of about $58,800, he added. There have been 11 declines in the bitcoin price of 30% or more since 2011, the average of them all being about 55%, Worth said.The cryptocurrency is up just 14% since the beginning of the year, though it’s 229% higher than its price this time a year ago.“Crypto is a good long-term story with a bad short-term chart,” Ross said. “As a student of price action alone, bitcoin is vulnerable short term, but investors should not view these short-term swings as validating or eroding the long term prospects for cryptocurrencies.”David Grider, Fundstrat’s lead digital asset strategist, said there’s some selling coming from negative press about the Colonial Pipeline hackers as well as governments worldwide considering how to regulate cryptocurrencies, though he said these are ultimately positive catalysts for cryptocurrencies. Because bitcoin operates on a public ledger, anyone can see the exact address to which the bitcoin ransom was sent, which is likely a failure on the part of the hackers and a blessing in disguise for law enforcement.Bitcoin - 6 months with 200-day moving averageCoin MetricsStill, Ross said the “rightful return of ransomed bitcoins is but a convenient excuse for a sell-off against the backdrop of an already weakened chart which broke below its 200-day moving average weeks ago and has displayed no urgency to reclaim it.”Grider also said some crypto investors are worrying this is a “mini bear market” like the one that followed the December 2017 highs. Really, he said, it’s a mid-market reset like the one that took place in mid-2017, though this one has been deeper and sharper because of some leverage factors. Specifically,leverage had been buildingover time but began unwinding in mid-April, with a second wave of liquidations in late May.“The crypto futures market wasn’t as large during the last bull market cycle as it is today, that has amplified the move this cycle” he said. “Investors who were around for the prior cycle are relating this drawdown to that December 2017 bear market start because of the size of the sell-off, but not considering how the market structure has changed or how the macro impacts the overall crypto market.”","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":180709488,"gmtCreate":1623224800544,"gmtModify":1704198700581,"author":{"id":"3574295750075516","authorId":"3574295750075516","name":"deeplearning","avatar":"https://static.tigerbbs.com/d2aba15d86bd565c323909be00778983","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Hodl","listText":"Hodl","text":"Hodl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180709488","repostId":1160645804,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":180856615,"gmtCreate":1623199541437,"gmtModify":1704198109979,"author":{"id":"3584442699448163","authorId":"3584442699448163","name":"jk1209","avatar":"https://static.tigerbbs.com/11a01b29d15be1ff0b2aa958f095117b","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Keep watching&nbsp;","listText":"Keep watching&nbsp;","text":"Keep watching","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180856615","repostId":1160645804,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":180880044,"gmtCreate":1623198238988,"gmtModify":1704198059859,"author":{"id":"3570678493691973","authorId":"3570678493691973","name":"SaveHK","avatar":"https://static.tigerbbs.com/89b74f5799a23844400ed6de94296d38","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Buy low and sell high. Bitcoin all the way to the moon.??? Safemoon all the way ??????","listText":"Buy low and sell high. Bitcoin all the way to the moon.??? Safemoon all the way ??????","text":"Buy low and sell high. Bitcoin all the way to the moon.??? Safemoon all the way ??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180880044","repostId":1160645804,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4641015,"gmtCreate":1623198930890,"gmtModify":1663228242436,"authorId":3579605390417452,"author":{"id":3579605390417452,"authorId":3579605390417452,"name":"YQ17","avatar":"https://static.tigerbbs.com/27a39a8720408cb33a5ee4fb46fdc580","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":180880044,"type":1,"supId":0,"prevId":0,"content":"Ye….agreed","text":"Ye….agreed","html":"Ye….agreed"}],"langContent":"EN"},{"id":180817418,"gmtCreate":1623198230234,"gmtModify":1704198059204,"author":{"id":"3563665738915585","authorId":"3563665738915585","name":"Tongdadd","avatar":"https://static.tigerbbs.com/79e519b2023d6e7e3b68e295f81f3e8e","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":6,"crmLevelSwitch":1},"htmlText":"Is this the end for Crypto?&nbsp;","listText":"Is this the end for Crypto?&nbsp;","text":"Is this the end for Crypto?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/180817418","repostId":1160645804,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4763763,"gmtCreate":1623732486240,"gmtModify":1663228818144,"authorId":3563665738915585,"author":{"id":3563665738915585,"authorId":3563665738915585,"name":"Tongdadd","avatar":"https://static.tigerbbs.com/79e519b2023d6e7e3b68e295f81f3e8e","vip":1,"currentWearingBadge":{"badgeId":"1f541396f99840fb977d0ab0ce343c94-1","templateUuid":"1f541396f99840fb977d0ab0ce343c94","name":"Weekly Top Contributor","description":"Contributors with best Editor's Picks every 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<u>BNB</u>"},{"id":4641464,"gmtCreate":1623199922234,"gmtModify":1663228241050,"authorId":3575256884333459,"author":{"id":3575256884333459,"authorId":3575256884333459,"name":"MorphyInc","avatar":"https://static.tigerbbs.com/8fa62407baa49ccbcbca7d374aa8a803","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":180817418,"type":1,"supId":0,"prevId":0,"content":"CrYpto is here to stay, just dont know which 1","text":"CrYpto is here to stay, just dont know which 1","html":"CrYpto is here to stay, just dont know which 1"}],"langContent":"EN"},{"id":180813425,"gmtCreate":1623198017867,"gmtModify":1704198049325,"author":{"id":"3581573678394869","authorId":"3581573678394869","name":"Miracle99","avatar":"https://static.tigerbbs.com/1cfacd38670cd13d8111d4ffe2d88a3f","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Hmmm...what will happen next?&nbsp;","listText":"Hmmm...what will happen next?&nbsp;","text":"Hmmm...what will happen next?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180813425","repostId":1160645804,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4640666,"gmtCreate":1623198097821,"gmtModify":1663228238432,"authorId":3559787818034959,"author":{"id":3559787818034959,"authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 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collect? like comment please","listText":"Is a chance to collect? like comment please","text":"Is a chance to collect? like comment 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