Tuesday, January 19, 2021
  • Contact Us
  • Privacy Policy
FIND CRYPTO NEWS
Advertisement
  • Home
  • Latest News
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Litecoin
    • Altcoin
  • Live Cryptocurrency Prices
  • Analysis
  • Blockchain
  • Regulation
  • Trading
No Result
View All Result
FindCryptoNews.com
  • Home
  • Latest News
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Litecoin
    • Altcoin
  • Live Cryptocurrency Prices
  • Analysis
  • Blockchain
  • Regulation
  • Trading
No Result
View All Result
FindCryptoNews.com
No Result
View All Result
Home Bitcoin

Bitcoin’s Price Moves Higher Despite Plethora of Bad News

October 16, 2020
in Bitcoin
2 min read
Bitcoin Just Broke Its Downtrend as Analysts Eye Extension of Momentum
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

You might also like

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields

Bitcoin Funding Rates Soar as Consolidation Persists; Long-Squeeze Imminent?

The Three Factors That Could Topple The Recent Bitcoin Rally


  • Bitcoin faced some intense selling pressure yesterday evening after news broke regarding the founder of OKEx being arrested by the Chinese authorities
  • This is simply another set of news that has rocked the crypto market, but its impacts on Bitcoin’s price action has been surprisingly muted
  • It does not appear that investors aren’t too concerned that the prospect of OKEx users losing their BTC will strike a blow to the crypto’s technical outlook
  • Some analysts are even spinning this as a bullish possibility, as 200,000 BTC is locked within the platform
  • One trader is noting that Bitcoin’s strength in the face of bearish news surrounding exchanges seems to indicate that its macro bullishness is growing

Bitcoin and the entire cryptocurrency market have been caught in the throes of an intense bout of sideways trading throughout the past few days.

This has come about concurrently with diving trading volume, as investors are clearly growing less interested in trading the longer it consolidates.

Trading volume spiked overnight, however, with news reports regarding the OKEx founder’s arrest terrifying some investors.

Bitcoin’s price only ended up seeing a muted response to this news.

One analyst is deeming this a major victory for bulls that elucidates Bitcoin’s macro strength.

Bitcoin Stable Despite Being Struck with Another Bearish Development 

At the time of writing, Bitcoin is trading down just over 1% at its current price of $11,390. This is around the price at which it has been trading throughout the past week.

It did see a sharp overnight decline that sent it to lows of $11,200 after news broke regarding OKEx, but this selloff was rapidly absorbed and followed by a massive influx of buying pressure.

BTC is now back where it has been trading throughout the past few weeks and could be well-positioned to see further upside in the near-term.

Analyst: BTC’s Strength Despite Bearish News is Highly Bullish 

While speaking about Bitcoin’s reaction to the OKEx news, one analyst stated that its price continually grinding higher on bearish developments is a testament to its macro strength.

“Price continually grinding up on negative news is a sign of strength in a strong market. In a weak market we’d simply have dumped. Bitmex. Kucoin. Okex… BTC at 11,366. Macro structure bullish… Institutions buying. Being a short term bear is okay. Being a perma bear is not,” he said.

Image Courtesy of Pentoshi. Chart is TradingView.

If Bitcoin remains stable throughout the coming day, it could indicate that a massive push higher is looming on the horizon.

Featured image from Unsplash.
Charts from TradingView.


Credit: Source link

Previous Post

OKEx Says Addresses Sending $960 Million in Bitcoin to Binance Are Not Theirs

Next Post

Polkadot (DOT) Has Bitcoin (BTC) Coming to It through Interlay Bridge in 2021

Related Posts

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields
Bitcoin

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields

January 19, 2021
Bitcoin Funding Rates Soar as Consolidation Persists; Long-Squeeze Imminent?
Bitcoin

Bitcoin Funding Rates Soar as Consolidation Persists; Long-Squeeze Imminent?

January 18, 2021
The Three Factors That Could Topple The Recent Bitcoin Rally
Bitcoin

The Three Factors That Could Topple The Recent Bitcoin Rally

January 18, 2021
Data Suggests Whales are Keen on Protecting One Key Bitcoin Support Level
Bitcoin

Data Suggests Whales are Keen on Protecting One Key Bitcoin Support Level

January 17, 2021
Gold Begins Breakdown Against Bitcoin, Triggering 90% Decline On Per Oz Basis
Bitcoin

Bitcoin has 3 Days Before It Reaches Apex of Key Formation

January 16, 2021
Next Post
Polkadot (DOT) Has Bitcoin (BTC) Coming to It through Interlay Bridge in 2021

Polkadot (DOT) Has Bitcoin (BTC) Coming to It through Interlay Bridge in 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Popular Analyst Predicts Shake-up for Top 10 Cryptoassets

Popular Analyst Predicts Shake-up for Top 10 Cryptoassets

October 6, 2020
Bitcoin Hammers Key Support Level as All Eyes Continue Watching $10k

Bitcoin Hammers Key Support Level as All Eyes Continue Watching $10k

September 8, 2020

Don't miss it

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields
Bitcoin

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields

January 19, 2021
Best Visualization of DeFi in the Tezos (XTZ) Ecosystem
Crypto News

Best Visualization of DeFi in the Tezos (XTZ) Ecosystem

January 19, 2021
Bitcoin and Ethereum Could See ‘Triple-Digit Gains’ This Year, Says Crypto Firm CEO
Regulation

Bitcoin More Likely to Succeed Than Ethereum, Investment Guru Suggests

January 19, 2021
Crypto Analyst Luke Martin Gives DeFi Picks to Beat Bitcoin in 2021
Regulation

Crypto Analyst Luke Martin Gives DeFi Picks to Beat Bitcoin in 2021

January 19, 2021
Bitcoin’s Price Could Be Ready for ‘Explosive Move Upwards’, Indicator Suggests
Regulation

Record $3.7 Billion in Bitcoin Options Set to Expire After Open Interest Surpasses $9 Billion

January 18, 2021
Bitcoin Funding Rates Soar as Consolidation Persists; Long-Squeeze Imminent?
Bitcoin

Bitcoin Funding Rates Soar as Consolidation Persists; Long-Squeeze Imminent?

January 18, 2021
FindCryptoNews.com

FindCryptoNews is an online news portal that aims to provide the latest crypto news and real-time updates around the world. Feel free to get in touch with us!

Recent News

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields

January 19, 2021
Best Visualization of DeFi in the Tezos (XTZ) Ecosystem

Best Visualization of DeFi in the Tezos (XTZ) Ecosystem

January 19, 2021

Subscribe Now

Loading

© 2020 FindCryptoNews.com - All rights reserved!

No Result
View All Result
  • Home
  • Latest News
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Litecoin
    • Altcoin
  • Live Cryptocurrency Prices
  • Analysis
  • Blockchain
  • Regulation
  • Trading

© 2020 FindCryptoNews.com - All rights reserved!

  • bitcoinBitcoin(BTC)$37,046.003.06%
  • ethereumEthereum(ETH)$1,400.2515.14%
  • tetherTether(USDT)$1.000.63%
  • rippleXRP(XRP)$0.3006166.75%
  • cardanoCardano(ADA)$0.3761182.67%
  • litecoinLitecoin(LTC)$161.8815.34%
  • bitcoin-cashBitcoin Cash(BCH)$525.4910.28%
  • stellarStellar(XLM)$0.3111925.18%
  • moneroMonero(XMR)$156.062.28%
  • eosEOS(EOS)$2.873.57%
  • tronTRON(TRX)$0.0318082.50%
  • nemNEM(XEM)$0.2422328.27%
  • neoNEO(NEO)$26.92-1.14%
  • iotaIOTA(MIOTA)$0.4761872.12%
  • dashDash(DASH)$132.277.61%
  • ethereum-classicEthereum Classic(ETC)$8.289.08%