Why is Bitcoin price down today?
” Apparently, Bitcoin doesnt work once again. Best sell all of it and move on,” Filbfilb, CEO of trading suite Decentrader, joked.It is not the very first time that Binance has discovered itself at the center of BTC cost debate. In late March, other news, similarly identified “FUD” by Zhao, produced similar effects.Watch these BTC price assistance levelsWith that, Bitcoin traders are starting to eye possible targets for a long entry in the middle of a prolonged downtrend.Related: Binance FUD fulfills CPI– 5 things to know in Bitcoin this weekMichaël van de Poppe, creator and CEO of trading firm Eight, set his sights on $27,400 and $26,800, respectively.” Mentioned before that $29.2 K was the key level to break for Bitcoin. We did have a bounce towards it, but no break. Additionally some FUD relating to Binance, doesnt assist,” part of a tweet stated.Van de Poppe kept in mind that the difference in weekend open and close price had produced a “space” in CME Group Bitcoin futures markets, with the ramification that an uptick might now occur to “fill it” in timeless style.BTC/ USD annotated chart. Source: Michaël van de Poppe/ TwitterOthers considered targets closer to find, including popular trader CrypNuevo.$ BTCNice relocation during the Asian session towards the wick. https://t.co/jfs1YBaArM pic.twitter.com/YKfKGICwhX— CrypNuevo (@CrypNuevo) May 8, 2023
Bitcoin (BTC) price is down today as continuous “blockage” frustrates pressures and traders market sentiment.BTC/ USD 1-hour candle light chart (Bitstamp). Source: TradingViewBinance “FUD” drags Bitcoin downData from Cointelegraph Markets Pro and TradingView shows Bitcoin trading below $28,000 into the May 8 Wall Street open.The biggest cryptocurrency continues to experience a dip in sentiment after deal costs struck their highest levels ever and the mempool became almost 98% full.BREAKING: Due to the development of #Ordinals (Bitcoin NFTs), over 450,000+ deals are now stuck/pending on the #Bitcoin blockchain, as fees have surged to new highs.It now cost on average $19.21 per $BTC transaction, however lots of exchanges are charging $60+ to process them. pic.twitter.com/aTI7ccXlrH— WhaleWire (@WhaleWire) May 8, 2023
Source: TradingViewBinance “FUD” drags Bitcoin downData from Cointelegraph Markets Pro and TradingView shows Bitcoin trading below $28,000 into the May 8 Wall Street open.The largest cryptocurrency continues to experience a dip in sentiment after transaction charges struck their greatest levels ever and the mempool ended up being nearly 98% full.BREAKING: Due to the emergence of #Ordinals (Bitcoin NFTs), over 450,000+ transactions are now stuck/pending on the #Bitcoin blockchain, as fees have actually surged to new highs.It now cost on typical $19.21 per $BTC deal, but numerous exchanges are charging $60+ to process them. Mass transactions “spamming” the Bitcoin network lies at the center of the problem, market individuals believe. BTC/USD nevertheless stayed reduced, the days lows standing at $27,617 at the time of corresponding and writing to a drop of 7.4% versus local highs seen over the weekend.Binances internal token, Binance Coin (BNB), matched Bitcoins 24-hour losses, down around 2.4% to trade near $315. Binance closed Bitcoin withdrawals and users instantly worry offered #Bitcoin and bought Tethers at a premium.Pro suggestion: Dont buy Tethers at a premium due to the fact that youre afraid of getting rugged by CZ. Furthermore some FUD regarding Binance, does not help,” part of a tweet stated.Van de Poppe kept in mind that the distinction in weekend close and open price had produced a “gap” in CME Group Bitcoin futures markets, with the ramification that an uptick might now ensue to “fill it” in timeless style.BTC/ USD annotated chart.
BTC/USD nonetheless stayed suppressed, the days lows standing at $27,617 at the time of corresponding and composing to a drop of 7.4% versus local highs seen over the weekend.Binances in-house token, Binance Coin (BNB), matched Bitcoins 24-hour losses, down around 2.4% to trade near $315. Binance closed Bitcoin users and withdrawals right away panic sold #Bitcoin and purchased Tethers at a premium.Pro suggestion: Dont purchase Tethers at a premium due to the fact that youre afraid of getting rugged by CZ.
Now trading back below the mid-range again,” Daan Crypto Trades on the other hand continued. “No trade zone on BTC for me till we see an appropriate break or sweep of either of these range extremes. Source: Daan Crypto Trades/ TwitterMagazine: Unstablecoins: Depegging, bank runs and other threats loomThe views and viewpoints revealed here are entirely those of the author and do not necessarily show the views of Cointelegraph.com.
Mass deals “spamming” the Bitcoin network lies at the center of the issue, market participants believe. A subsequent tweet validated that the stockpile had actually been cleared.All pending $BTC withdrawal transactions have now been processed.Once once again, thank you for your patience and our team is already carrying out services to make sure this does not occur once again.