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Bitcoin Drop WTF Happened

Nouvive has been stating for one week that Bitcoin will drop to the mid-$6,000 for several reasons.

It has been found that the volume of BTC and the rest of the crypto market has dropped by more than 30% as reported in late July. This drop of volume allowed both bearish investors and institutional shorters to carry the price to the mid-$6,000.

“The overall demand for crypto has declined in the past several days and market activity has subsided…a drop to mid-$6,000 is inevitable, which may play into to the prediction offered by BitMEX CEO Arthur Hayes last month.”

Why?

There are four reasons attributed to the fall in Bitcoin Prices:

  1. The volume of Bitcoin has been slowly dropping over the past 6 weeks, as a result, the Bitcoin 29% Increase over two months to $8,400 failed to substantiate for longer than 3 days before falling to the late $7000’s and ultimately lower $6000’s.
  2. Nouvive are partly attribing the decline to the decision of the US Securities and Exchange Commission (SEC) to delay the approval of the Bitcoin exchange-traded fund (ETF) of VanEck and SolidX. In leading cryptocurrency exchange market such as Japan and South Korea, a narrative has been built around the two ETF’s claiming that the Bitcoin price will achieve previous highs in August, upon the approval of the first Bitcoin ETF.
  3. It has been recently found out by the Nouvive team that there are twice as many trades in the Over the counter (OTC) market as there are to exchange tradable value. These OTC trades take several days to congruently appear to the exchange value. There may have been a large sell-off as a result of the rumours that first appeared about the failure of the SEC to decide on August 10th.
  4. CME/CBOE futures are settling on the 15thand 31stof August respectively, everytime there are settlement dates, we do see Bitcoin see lower levels.
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Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.

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ViFeed Indicators

Bitcoin (BTC)
$7997.06
46.00 RSI
-0.64%
Hold
Ethereum (ETH)
$250.04
43.00 RSI
-0.71%
Buy
XRP (XRP)
$0.38
51.00 RSI
-0.79%
Hold
Bitcoin Cash (BCH)
$404.85
56.00 RSI
-0.75%
Hold
Litecoin (LTC)
$101.09
44.00 RSI
-0.35%
Buy
EOS (EOS)
$6.35
43.00 RSI
-0.45%
Buy
Binance Coin (BNB)
$33.81
39.00 RSI
-3.49%
Buy
Tether (USDT)
$1
0.00 RSI
-0.24%
--
Stellar (XLM)
$0.13
41.00 RSI
-0.23%
Buy
Cardano (ADA)
$0.08
43.00 RSI
-0.86%
Buy
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