The downward slide continues today as bitcoin drops closer to support once again. Meanwhile, the Tether printers keep on churning out new currency as another 50 million USDT tokens enter the market.
Bitcoin Moves on Tether Issuance
Bitcoin spent most of Saturday in a downward slide, bottoming out at $10,800. From there, it rapidly rebounded and managed to surge back to $11,500 where the 50 hour moving average lies. Since then however, BTC has started to fall back again and is currently trading at 00.
The lows are getting lower but on the monthly view bitcoin is still within its range bound channel and trading sideways.
The move was possibly linked to the Tether printers pumping out another 50 million USDT. Initially the ‘Whale Alert’ twitter account falsely reported a mint of 5 billion tokens sparking a wave of speculation.
5,000,000,000 #USDT (4,996,932,524 USD) minted at Tether Treasury
-mdash; Whale Alert (@whale_alert) July 13, 2019
Crypto trader Alex Kruger noticed the 5% pump and the erroneous notification:
“Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion.”
Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion. https://t.co/BZ6h2slbOI
-mdash; Alex Krüger (@krugermacro) July 13, 2019
The new print was part of a swap from Omni to Tron Tether as Justin Sun confirmed.
50 million #USDT transfer from Omni to #TRON. Please check the total issuance here: https://t.co/AM8cK07PAh
-mdash; Justin Sun (@justinsuntron) July 13, 2019
Big Pullback Looming For BTC?
The weekly chart indicates that things could be turning bearish for bitcoin. There have been a few long wicks through resistance but no closes above it. Horizontal support lies in the $8,000 region so a larger correction could be heading here. Trader and analyst Josh Rager has been studying the weekly chart ahead of today’s closing candle.
Another drop today, price has multiple long wicks at wkly resistance. Atm, there only sellers beyond this price -amp; could lead to strong pullback. Confluence w/ both on-chain -amp; chart data that could suggest any pullback would likely bottom out at $8k.
$BTC Weekly Chart
Another drop today, price has multiple long wicks at wkly resistance
Atm, there only sellers beyond this price -amp; could lead to strong pullback
Confluence w/ both on-chain -amp; chart data that could suggest any pullback would likely bottom out at $8k pic.twitter.com/VHP01caJtA
-mdash; Josh Rager (@Josh_Rager) July 13, 2019
Elsewhere in crypto land things are looking pretty grim. Even with bitcoin’s almost 14% pullback from the recent high of $13k, its market dominance still remains a solid 67.7% at the moment according to Tradingview.
Around $10 billion has been lost from total market capitalization over the past 24 hours, which now stands at $307 billion. The scene is completely red this morning as most of the top 10 crypto assets continue to slide. Taking the biggest dump today is Bitcoin SV losing over 7%, and falling below $150.
A vast majority of altcoins are in meltdown mode today, apart from South Korean blockchain project, ICON (ICX). The ICX token has surged 46% in the last 24hrs as VELIC, the first exchange on the ICON ecosystem, launches.
Will bitcoin correct back to $8k? Add your thoughts below.
Images courtesy of Twitter @Whale_alert, @Krugermacro, @Josh_Rager, @Justinsun, Tradingview and Shutterstock
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