{"id":151903,"date":"2021-01-11T20:15:23","date_gmt":"2021-01-11T17:15:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/buy-the-dip-bitcoin-price-risks-losing-30k-as-traders-manage-risk\/"},"modified":"2021-01-11T20:15:23","modified_gmt":"2021-01-11T17:15:23","slug":"buy-the-dip-bitcoin-price-risks-losing-30k-as-traders-manage-risk","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/buy-the-dip-bitcoin-price-risks-losing-30k-as-traders-manage-risk\/","title":{"rendered":"# Buy the dip? Bitcoin price risks losing $30K as traders \u2018manage risk\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b7301aea8e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b7301aea8e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/buy-the-dip-bitcoin-price-risks-losing-30k-as-traders-manage-risk\/#BTC_price_hits_30250\" >BTC price hits $30,250<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/buy-the-dip-bitcoin-price-risks-losing-30k-as-traders-manage-risk\/#Spotlight_on_miner_profit-taking\" >Spotlight on miner profit-taking<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Buy the dip? Bitcoin price risks losing $30K as traders \u2018manage risk\u2019 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) hodlers got a serious test of their resolve on Jan. 11 as the largest cryptocurrency <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roached $30,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/a3547e67-b463-42fb-9839-b1f825e885f7.png\"><figcaption style=\"text-align: center;\"><em>Cryptocurrency market overview on Jan 11, 2021. Source: Coin360<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_hits_30250\"><\/span>BTC price hits $30,250<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\">Coin360<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a> showed BTC\/USD continuing its bearish streak after Wall Street opened on Monday, taking 24-hour losses to 23%.<\/p>\n<p>The move extends a reset of the market that kicked in over the weekend after Bitcoin hit all-time highs of $42,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/c7160dc1-48bd-43f1-95fc-93eb3eb12a29.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day candle chart with 21-week moving average (Bitstamp). Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a><\/em><\/figcaption><\/figure>\n<p>A slow comedown accelerated through Sunday, with Monday continuing the selling pressure with little respite for traders attempting to \u201cbuy the dip.\u201d<\/p>\n<p>While traders were hardly panicked by what remains standard behavior for Bitcoin, prognoses began to favor a break from the kind of parabolic action of recent days and weeks. <\/p>\n<p>For Cointelegraph Markets analyst Micha\u00ebl van de Poppe, a useful reference for defining a mid-term floor lies in Bitcoin\u2019s 21-week moving average (MA). Currently at $18,000, the indicator will be rising to match previous price growth while the price itself may continue to fall, with the two meeting in the middle of the resulting range to form a bottom.<\/p>\n<p>\u201cIf you&#8217;d ask me a scenario for #Bitcoin, I think we&#8217;ll see something like this in which the 21-Week MA comes in to play as support too,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1348636059593285632\/\">tweeted<\/a> on Monday. <\/p>\n<blockquote><p>\u201cAltcoins to do really well from the bottom.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Spotlight_on_miner_profit-taking\"><\/span>Spotlight on miner profit-taking<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, the run above $40,000 may have incentivized miners to pause for profit-taking, with data showing that sales had reached their highest since July 2019. In addition, concerns revolved around the market being overleveraged after such rapid gains.<\/p>\n<p>\u201cLong positions had gotten very large, and so prudent risk management dictated that long holders, including miners, take a little off the table,\u201d Chad Steinglass, head of trading at exchange CrossTower told Cointelegraph in private comments. <\/p>\n<blockquote><p>\u201cThe fact that this action occurred over the weekend, when traditional asset players were off from work, and when potential new inflows of cash from new investors were not yet hitting institutional players accounts, lead to order flow shifting to be unbalanced, this time sellers dominating.\u201d <\/p><\/blockquote>\n<p>Steinglass added that the status quo may naturally shift in bulls\u2019 favor as the trading week gets underway.<\/p>\n<p>\u201cIt remains to be seen whether the start of the work week in the US and the opening of traditional banking hours will bring with it enough support from inflows to balance or overcome the sell interest or not,\u201d he concluded.<\/p>\n<p>Guy Hirsch, managing director for the U.S. at trading platform eToro, agreed. <\/p>\n<p>&#8220;Bitcoin is trading down largely as a result of profit taking. Since we are still so far above the all-time high set before this recent bullish run up, it remains to be seen how much further we can fall,&#8221; he told Cointelegraph.<\/p>\n<blockquote><p>&#8220;Though we don\u2019t anticipate this, a fall below $20,000 could be a bad omen for the conviction institutions have behind their Bitcoin allocations, since they largely stepped in around the $20,000 price level.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/7f535a2c-3b13-4a99-b58a-cd9bcbe1473f.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In line with van de Poppe\u2019s comments, altcoins were wary at publication time, with many of the top 10 cryptocurrencies by market capitalization seeing 20% losses on the day. Ether (ETH), the largest altcoin, quickly lost the $1,000 support to trade at $950.<\/p>\n<p>Renewed strength in the U.S. dollar, meanwhile, could also keep Bitcoin in check, van de Poppe added in analysis on Monday.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/buy-the-dip-bitcoin-price-risks-losing-30k-as-traders-manage-risk\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Buy the dip? Bitcoin price risks losing $30K as traders \u2018manage risk\u2019 &#8221; Bitcoin (BTC) hodlers got a serious test of their resolve on Jan. 11 as the largest cryptocurrency approached $30,000. Cryptocurrency market overview on Jan 11, 2021. Source: Coin360 BTC price hits $30,250 Data from Cointelegraph Markets, Coin360 and TradingView showed BTC\/USD&#8230;<\/p>\n","protected":false},"author":1,"featured_media":151904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/c9a4f3cd-4834-4179-ae12-dbebfb16f48d.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,82402,73785],"class_list":["post-151903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-ether-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/151903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=151903"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/151903\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/151904"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=151903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=151903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=151903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}