{"id":27245,"date":"2023-08-21T12:21:25","date_gmt":"2023-08-21T12:21:25","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/08\/21\/spacexs-bitcoin-liquidation-triggered-a-massive-drop-in-bitcoins-price-a-double-top-pattern-suggests-more-weakness-might-come\/"},"modified":"2023-08-21T12:21:25","modified_gmt":"2023-08-21T12:21:25","slug":"spacexs-bitcoin-liquidation-triggered-a-massive-drop-in-bitcoins-price-a-double-top-pattern-suggests-more-weakness-might-come","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/08\/21\/spacexs-bitcoin-liquidation-triggered-a-massive-drop-in-bitcoins-price-a-double-top-pattern-suggests-more-weakness-might-come\/","title":{"rendered":"SpaceX\u2019s Bitcoin liquidation triggered a massive drop in Bitcoin\u2019s price. A double top pattern suggests more weakness might come."},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671715926099-ca87449f-13dd-4d79-ab39-44f8ce3b8221-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671715926099-ca87449f-13dd-4d79-ab39-44f8ce3b8221-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671715926099-ca87449f-13dd-4d79-ab39-44f8ce3b8221-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671715926099-ca87449f-13dd-4d79-ab39-44f8ce3b8221-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><img decoding=\"async\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/1970\/01\/1671715926099-ca87449f-13dd-4d79-ab39-44f8ce3b8221.jpg\" alt=\"\" width=\"100%\" height=\"100%\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>SpaceX\u2019s Bitcoin liquidation triggered a massive drop in Bitcoin\u2019s value<\/li>\n<li>A double top pattern suggests more weakness might come<\/li>\n<li>The measured transfer hints at additional draw back into the $20k space<\/li>\n<\/ul>\n<p>Bitcoin value failed on the $30k degree twice this yr. After rallying from $16k, it shaped a doable double top pattern that ought to fear buyers.<\/p>\n<p>The newest signal of weakness got here final week. News that Elon Musk\u2019s SpaceX liquidated its whole Bitcoin stash despatched the value decrease. More exactly, SpaceX offered Bitcoin price $373 million.<\/p>\n<p>It was one of many largest every day liquidations by quantity in historical past. In simply 20 minutes, Bitcoin value crashed by more than 7% on outflows greater than throughout the FTX collapse.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/07\/21\/1692620000681-a5476a1c-558a-4608-930a-3034eaf8a26e.jpg\" style=\"width: 1800px\" class=\"fr-fic fr-dib\" width=\"1800\" height=\"427\"\/><\/p>\n<p>SpaceX offered its Bitcoin holdings after Tesla did the identical final yr. More exactly, Tesla offered final yr 75% of its Bitcoin holdings.<\/p>\n<p>So what does it imply for Bitcoin value, and might the market bounce again?<\/p>\n<h2>A double top pattern might have shaped at $30k<\/h2>\n<p>Since the beginning of the yr, Bitcoin value have doubled. The rally was so highly effective that it triggered a wave of enthusiasm amongst cryptocurrency buyers.<\/p>\n<p>But the failure to carry above $ 30k led to the formation of a doable double top pattern.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/media.igms.io\/2023\/07\/21\/1692620000728-ee7cc771-9f36-4201-b45d-e8470b86aabb.jpg\" style=\"width: 1800px\" class=\"fr-fic fr-dib\" width=\"1800\" height=\"471\"\/><\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=CRYPTO\" rel=\"noopener noreferrer\" target=\"_blank\">Bitcoin chart by TradingView<\/a><\/p>\n<p>A double top is a reversal pattern with a measured transfer equal to the space from the top to the neckline, projected from the neckline. The chart above exhibits the 2 tops shaped on the $30k space and the neckline on the $25k space.<\/p>\n<p>Therefore, the measured transfer equals $5k and, if projected from the neckline, suggests that Bitcoin might see $20k sooner reasonably than later.<\/p>\n<p>The solely means for bulls to get again in management is for Bitcoin to interrupt above the double top space (i.e., $30k). For now, nonetheless, the bias is bearish, and the main target is on a potential bearish breakout beneath the neckline.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this text<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-price-tumbled-last-week-on-spacex-liquidating-stash\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] SpaceX\u2019s Bitcoin liquidation triggered a massive drop in Bitcoin\u2019s value A double top pattern suggests more weakness might come The measured transfer hints at additional draw back into the $20k space Bitcoin value failed on the $30k degree twice this yr. After rallying from $16k, it shaped a doable double top pattern that ought 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