What about USDT. Another 10,000 million come out the Crypto Market.
Bad news continues for Bitcoin and the crypto market. We will see what should happen to USDT to indicate if we have already seen a floor in the price of Bitcoin..
Let us begin
We have seen a capital outflow from USDT since the beginning of the month hand
Yesterday we saw a story that made another 10 billion dollars. of the crypto market
From 83 billion, the capitalization of USDT has fallen to 67 billion dollars
CoinMarketCap source chart
There is no entry of DOLLARS in USDT that confirms that we have seen a floor in Bitcoin prices
No investor interest in buying Bitcoin at these prices indicates the USDT chart.
At some point it should start to form an accumulation range in USDT, confirming that we have seen the bottom in Bitcoin price.
Bitcoin price may continue to fall as long as this range forms
This has happened before
Let's break down the 2018 and 2019 finals
As we see in the graph at the end of 2018, the price of Bitcoin was with a good support of $6,000 dollars, we all thought that the price would begin to recover, but as we see dollars begin to come out of the market.
They only come back in when the price drops from $6,000 to $3,000 per Bitcoin.
During this phase the price has been going down but large investors have been buying, while Bitcoin fell, the USDT graph rose, capital entered to buy Bitcoin
Forming an accumulation range in both USDT and Bitcoin, breaking it to the upside on April 2, 2019
Current situation
Throughout the rise to $69,000 per Bitcoin, we see that the capitalization of Theter has been increasing, large investors have been investing mainly in Bitcoin and in Alcoins.
So the price of Hive, for example, was capped at $3.
Rollback begins
Pullback begins, but we see strong interest in Bitcoin changing hands from investors, USDT cap capitalization. keep climbing
.
In mid-May the price fluctuates at 30,000 but they begin to withdraw capital as has happened before at the end of 2018
In other words, capital is withdrawn thinking that the price will continue to fall.
Bitcoin's market cap drops $10 billion after SEC chair's CNBC interview
"As the cryptocurrency market tries to reel from the carnage it suffered over the past weeks, the value of its flagship digital asset has taken another hit after the statements from the United States Securities and Exchange Commission (SEC) chief Gary Gensler.
Indeed, not long after several crypto social media sources started sharing Gensler’s statements from the CNBC interview on June 27, the market capitalization of Bitcoin (BTC) has lost around $10 billion, while the price of BTC dropped below $21,000."
According to sources, Gensler told CNBC that Bitcoin was the only cryptocurrency that he was willing to say was a commodity. Bloomberg’s senior exchange-traded fund (ETF) analyst Eric Balchunas quoted Gensler on Twitter as saying:
“There's a lot of risk in crypto but there's also risk in classic securities markets. Difference is there's no rules or disclosures in the former to protect from fraud and manipulation."
As Balchunas added, Gensler reaffirmed that there will be no spot Bitcoin ETF for now.
source: finbold.com/bitcoins-market-cap-drops-10-billion-after-sec-chairs-cnbc-interview/
Conclusion
Bad news will follow, which will increase the sentiment of Bitcoin will continue in a downward correction.
But as we see there is no accumulation channel in USDT, which indicates, if we repeat what happened in 2018, that the price still cannot reverse its trend for the moment
What do you think?
Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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