{"id":426653,"date":"2020-06-09T10:00:40","date_gmt":"2020-06-09T10:00:40","guid":{"rendered":"https:\/\/ktsl888.com\/?p=426653"},"modified":"2024-06-11T14:04:08","modified_gmt":"2024-06-11T14:04:08","slug":"last-time-formation-seen-bitcoin-peaked-10500-back-again","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/last-time-formation-seen-bitcoin-peaked-10500-back-again\/","title":{"rendered":"Last Time This Formation Was Seen, Bitcoin Peaked at $10,500. It’s Back Again"},"content":{"rendered":"

Bitcoin<\/a> has found itself in the middle of nowhere yet again.<\/p>\n

The cryptocurrency has been stuck in a tight range, with breakouts on either side failing as investors have been exuding feelings of indecision. The market is so indecisive that on Tuesday morning, a “Darth Maul” candle formed, whereas<\/p>\n

Blockware Mining chief executive Matt D\u2019Souza summed up the market trends well in a recent tweet when he wrote:<\/a><\/p>\n

\u201cWhat\u2019s interesting is bitcoin has stayed in a range I call \u2018purgatory\u2019. 8k-11.5kish.\u201d<\/p><\/blockquote>\n

An analysis shows that BTC may be poised to break lower, with a popular trading noting how the recent price action looks much like that seen at February’s $10,500 high.<\/p>\n

Related Reading:\u00a0Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish<\/a><\/h6>\n

Bitcoin Is Likely Topping Out, Historical Analysis Shows<\/h2>\n

A trader recently noted that Bitcoin’s price action over the past two weeks, with the breakout attempt at $10,400, looks almost identical to the formation that marked the $10,500 highs in February.<\/p>\n

He shared the chart below illustrating the similarities with the following comment, which suggests BTC could soon dive lower:<\/p>\n

“Bitcoin already had something similar before: a very specific fakeout shape followed by a lot of the squeezes in both directions.”<\/p><\/blockquote>\n

\"Image\"
BTC fractal analysis shared by trader “CryptoHamster”<\/figcaption><\/figure>\n

Not the Only Sign of An Imminent Peak
\n<\/strong><\/h2>\n

The trader’s historical analysis is far from the only signaling indicating that the Bitcoin market is rapidly approaching a peak.<\/p>\n

One trader shared the chart below on June 6th with\u00a0the following comment<\/a>:<\/p>\n

\u201cWhat\u2019s the difference between the top at 19k, 13k, 10.5k and now?\u201d<\/p><\/blockquote>\n

\"Bitcoin
BTC and Bollinger Bands macro price chart shared by cryptocurrency trader \u201cCrypto_y_tho\u201d (@BTC_y_tho on Twitter).<\/figcaption><\/figure>\n

The chart depicts that Bitcoin is currently nearing the top of the one-week Bollinger Bands \u2014 an indicator basically showing how far an asset deviates from a baseline trend. This is important because the last three times this was seen are as follows:<\/p>\n