{"id":58588,"date":"2019-12-02T19:04:13","date_gmt":"2019-12-02T17:04:13","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58588"},"modified":"2019-12-02T19:04:13","modified_gmt":"2019-12-02T17:04:13","slug":"bitcoin-reaches-pivot-point-after-8-drop-can-bulls-step-in","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-reaches-pivot-point-after-8-drop-can-bulls-step-in\/","title":{"rendered":"Bitcoin Reaches Pivot Point After 8% Drop; Can Bulls Step In?"},"content":{"rendered":"<p>On Friday and Saturday, hopes were running high in the <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\">Bitcoin<\/a> market; the price of the leading cryptocurrency had topped $7,500, then $7,600, then $7,800. Analysts thought that this bullish pressure was preparing the cryptocurrency to form a short-term uptrend, which might have been able to push Bitcoin back into bull market territory.<\/p>\n<p>Unfortunately for bullish investors, this didn&#8217;t happen, with BTC incurring an 8% drop from its weekly high of $7.850.<\/p>\n<p>Despite this bearish correction, not all hope is lost for the cryptocurrency market. Popular analyst Mitoshi Kaku <a href=\"https:\/\/twitter.com\/CryptoSays\/status\/1201444906520190976\" rel=\"nofollow noopener\">recently made<\/a> a bullish observation: the $7,195 level, which they claim is an important level for Bitcoin to hold, managed to remain as support, while today is a &#8220;pivot day&#8221; according to his analysis. This confluence would suggest that the cryptocurrency has a few days of upside ahead.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I shared this chart yesterday on the group. But today coming back from a few days off I was hesitant and cautious to open the long, but 7195 (WP Level) held really good, I longed 7200. Today is a pivot day on the 1D. Let\u2019s see if <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> has legs! \ud83e\udd13 <a href=\"https:\/\/t.co\/OV6bYSPxvr\" rel=\"nofollow\">pic.twitter.com\/OV6bYSPxvr<\/a><\/p>\n<p>&mdash; Joe \u2022 Mitoshi \ud83e\uddd1\u200d\ud83d\ude80 (@CryptoSays) <a href=\"https:\/\/twitter.com\/CryptoSays\/status\/1201444906520190976?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 2, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Mitoshi&#8217;s assertion comes shortly after Bloomberg noted that the GTI Vera Convergence Divergence Indicator, which measures up and down shifts, has shown that BTC has entered a<a href=\"https:\/\/en.ethereumworldnews.com\/bloomberg-bitcoin-price-primed-to-retake-8000-range-signal-says\/\"> \u201cnew buying trend,\u201d<\/a> thus \u201dpotentially signaling that it\u2019s primed to retake the upper end of its trading range around $8,000.<\/p>\n<p>It isn&#8217;t only these technical signals that may be of benefit to bulls.<\/p>\n<p>Last week, the S&amp;P 500 set an all-time high at 3,150, and the index has gained some 25% in the past year alone \u2014 likely one of the strongest years on record for the stock market. These gains have been reflected across the American stock market, meaning for the Dow Jones and the NYSE Composite indices as well.<\/p>\n<p>While many might not think that this has anything to do with Bitcoin and its ilk from the surface, analyst Thomas Lee believes that this should be of benefit for cryptocurrency. The Fundstrat co-founder recently observed that BTC performs well whenever the S&amp;P 500 is trending higher, posting a chart showing a growing correlation between the performance of the two markets.<\/p>\n<p class=\"svecc-content-banner-added\">Lee touched on this statistic and the whole narrative in a recent interview with CNBC\u2019s Market Lunch segment, during which he quipped that he expects there to be a recovery in the cryptocurrency market heading into 2020.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Nice chatting with \u2018the Dom\u2019 \u2066<a href=\"https:\/\/twitter.com\/TheDomino?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@TheDomino<\/a> on \u2066<a href=\"https:\/\/twitter.com\/CNBCWEX?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@CNBCWEX<\/a>\u2069 <\/p>\n<p>&#8211; multiple signs point to 2020 economy &gt; 2019 economy<\/p>\n<p>Tom Lee: The rally in small-caps is a good sign of continued growth in the markets next year <a href=\"https:\/\/t.co\/rLgrouxpRQ\" rel=\"nofollow\">https:\/\/t.co\/rLgrouxpRQ<\/a><\/p>\n<p>&mdash; Thomas Lee (@fundstrat) <a href=\"https:\/\/twitter.com\/fundstrat\/status\/1199668660807356416?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 27, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He specifically said that the surge in the price of American equities, which are now at all-time highs mostly across the board, sets the stage for risk-tolerant investors to add capital to Bitcoin and other markets that may be deemed \u201crisky\u201d from a classical standpoint.<\/p>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>On Friday and Saturday, hopes were running high in the Bitcoin market; the price of the leading cryptocurrency had topped $7,500, then $7,600, then $7,800. Analysts thought that this bullish pressure was preparing the cryptocurrency to form a short-term uptrend, which might have been able to push Bitcoin back into bull market territory. Unfortunately for bullish investors, this didn&#8217;t happen, with BTC incurring an 8% drop from its weekly high of $7.850. Despite this bearish correction, not all hope is [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":58408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,83,162,111],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58588"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=58588"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58408"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=58588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=58588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=58588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}