Bitcoin crashes to the 400,000 yen range, RSI falls below 10%! Is the cause price manipulation suspicion by Tether (USDT)
As of November 21, cryptocurrency prices have somewhat recovered, yet they are stillmaking new year-to-date lowsto the point that it remains unrelated.
In short, the reason for the decline in cryptocurrency prices is believed to bethe Bitcoin Cash (BCH)hard fork, though some view it as a price manipulation by the cryptocurrency Tether as in the end of last year.
So, let's look at the price drop focused on Bitcoin among cryptocurrencies.
Bitcoin Price Trend
The price of Bitcoin (BTC) dropped sharply by nearly $1,000 within about 24 hours from November 15 due to theBitcoin Cash hard fork turmoil.
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Thereafter, from November 16 to around noon on November 19, BTC stayed in a range of about $5,540 per BTC, but in the early morning of November 20 it fell below $5,000, and by the evening of the same day the Bitcoin price in Japanese yen surged into the 470,000 yen range.
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The price range of Bitcoin dropping into the 470,000 yen level is the lowest since October last year, indicating a quite severe figure.
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Bitcoin RSI Falls Below 10% and Deviates from Bitstamp Support
Amid unprecedented bitcoin price declines, two points of interest are as follows.
- RSI value
- Bitstamp’s support line, a long-established cryptocurrency exchange
RSI Value
Bitcoin's RSI (*) has already fallen below 10% and has entered the 9% range.
Source:COINPOST
RSI stands for Relative Strength Index.
It is an indicator that expresses the strength of price movements over a certain period, with RSI 50% generally regarded as the balance point between rising and falling.
When the RSI dips below about 30%, it indicates a state of “oversold, but a 9% RSI for Bitcoin is an extremely rare figure.
Also, considering that the stock market (Nikkei Average) plunged sharply during the Lehman Brothers era with RSI as low as 16%, it shows that the current situation for Bitcoin isvery severe.
Bitstamp’s Long-Standing Support Line
In Bitcoin, besides RSI, another important metric is the support line of the cryptocurrency exchange Bitstamp.
Bitstamp, founded in 2011, is a globally long-established cryptocurrency exchange.
The support line refers to the long-term line identified on the exchange’s long-term charts, which is considered a line that should not be breached as Bitcoin price continues to rise.a line that must not be breached.
However, from the 19th to the 20th, Bitcoin price fell sharply and, for the first time in history, breached Bitstamp’s support line.
Source:COINPOST
For detailed expert opinions on the timing of cryptocurrency market recovery, please see below.
>>>November 15: End of Bitcoin’s range; will it take weeks to recover?
Factors Behind Bitcoin’s Large Decline (19th–20th)
Around the 15th...More続きはこちらはこちら⇩
>>>View the official site of Crypto Trivia
