The Black Saturday of the Crypto market

5 months after the last 10K dollars dump of BTC on 12/5/21, BTC today has another big dump of 13.859$ in only 5 hours after the daily candle is opened, setting a new record of BTC when dropping over 21% in just one day.

However, it’s not so surprising when this is the fifth time of the year that BTC has dropped 10k$ in just one day (22/2; 18/4; 12/5; 19/5; 7/9), and the current price of BTC is still over the support 47K to keep the uptrend going well. Looking back at the last 4 times, BTC only needed 1 to 2 months to return to its peak. In other words, the current price of BTC is acceptable for the uptrend of this year.

CoinCu Ventures believes that if BTC is still over 47K until the end of this week, we will have a Pin Bar candle sweeping Stop Loss and balance the market again, creating chances for a new money flow to drop in after months of overheated growth of BTC.

Latest news of the black Saturday

  • The #Bitcoin market currently sits in one of the largest realized value clusters. Over 2.208 Million $BTC have last moved on-chain between $55k and $60k. The next large cluster between $60k and $63k may act as resistance, whilst support can be found at $50k and again at $42k.(Link)

  • El Salvador had another bottom-fishing, bought another 150 BTC at the average price of  48,670$, Justin Sun supported them by buying another 100 BTC at the average price of 47,627.03$. Then when the president of El Salvador, Nayib Bukele encouraged him to buy 50 BTC more to match El Salvador’s number, he did at the average price of 47.250$. They are getting on well on Twitter these days. (Link)

 

 

  • The BTC/USDC trading pair in Huobi Global dropped to as low as $28801.87 when it fell sharply, showing insufficient depth.(Link)

 

  • MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per Bitcoin. (Link)

 

  • On Twitter, Adidas updates their avatar and is ready to participate in the Metaverse.(Link)

 

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