{"id":8147,"date":"2022-10-28T17:30:57","date_gmt":"2022-10-28T17:30:57","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=8147"},"modified":"2022-10-28T17:30:57","modified_gmt":"2022-10-28T17:30:57","slug":"bitcoin-price-due-sub-20k-dip-traders-warn-amid-claim-miners-capitulating","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8147","title":{"rendered":"Bitcoin price due sub-$20K dip, traders warn amid claim miners \u2018capitulating\u2019"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) climbed back to $20,500 at the Oct. 28 Wall Street open as United States equities sought a stronger finish to the week.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bets that $20,000 will fail as support increase<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD capitalizing on renewed optimism as markets began trading.<\/p>\n<p>The atmosphere was volatile after tech stocks suffered a major out-of-hours rout, with Bitcoin managing to avoid sustaining knock-on losses to the same extent.<\/p>\n<p>At the time of writing, the S&amp;P 500 and Nasdaq Composite Index were both up around 1.3%.<\/p>\n<p>\u201cIn this current range bound phase after a prolonged downtrend,\u201d popular trader CryptoYoddha summarized to Twitter followers. <\/p>\n<p>\u201cSmart money\/Institutional players aim to build up or take positions without significantly increasing the price. I\u2019m feeling bullish.\u201d<\/p>\n<p>Economist, trader and entrepreneur Alex Krueger, meanwhile, laid out a likely scenario for the days ahead. Crypto, he argued, could retest recent lows before rebounding into important news from the Federal Reserve next week.<\/p>\n<p>\u201cThinking crypto lower tomorrow together with stocks, some late Friday hedging, quiet weekend, ETH mid to low 1400s, BTC mid 19000s get bought, then ride higher with the FOMC next week,\u201d part of a tweet read. <\/p>\n<p>\u201cUptrend remains.\u201d<\/p>\n<p>Markets have quietened considerably since Bitcoin hit six-week highs, with Cointelegraph reporting on the extent of short liquidations executed as a result.<\/p>\n<h2>Miners are the \u201cbiggest intra-Bitcoin risk\u201d to the market<\/h2>\n<p>Looking at what could puncture the bullish mood outside of the macro, crypto research firm Reflexivity Research placed a special focus on miners.<\/p>\n<p><strong><em>Related:\u00a03 striking similarities with past Bitcoin price bottoms \u2014 But there\u2019s a catch<\/em><\/strong><\/p>\n<p>After major mining firm Core Scientific warned of liquidity problems, concerns over mining profitability in the face of an exploding hash rate continued to surface.<\/p>\n<p>As Cointelegraph noted, theories over why the hash rate was diverging so much from the spot price even included Russia seeking to corner the industry.<\/p>\n<p>\u201cMiners remain the biggest intra-Bitcoin risk to the market in our view,\u201d Reflexivity confirmed on the day.<\/p>\n<p>Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile described miners as \u201ccapitulating\u201d \u2014 a status not seen in several months.<\/p>\n<p>\u201cMeanwhile; from a technical standpoint, $BTC looks to reach long territories here,\u201d he added about BTC price action. <\/p>\n<p>\u201cSweeping the low and should hold around $19.9K. If that doesn\u2019t grant support, then I\u2019m looking at $19.6K.\u201d<\/p>\n<p>Data from BTC.com\u00a0showed the hash rate at around 257 exahashes per second, with the difficulty due to undergo a slight decrease at the next adjustment, still nine days away.<\/p>\n<p><em>Bitcoin network fundamentals overview. Source: BTC.com<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-due-sub-20k-dip-traders-warn-amid-claim-miners-capitulating\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) climbed back to $20,500 at the Oct. 28 Wall Street open as United States equities sought a stronger finish to the week. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bets that $20,000 will fail as support increase Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD capitalizing on renewed optimism as markets began [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8147"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8147\/revisions"}],"predecessor-version":[{"id":8149,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8147\/revisions\/8149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8148"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}