AurusGOLD (AWG) is a gold-backed token independently minted by participants of the Aurus ecosystem. Each token represents full ownership and can be redeemed for 1 gram of 99.99% gold, sourced from LBMA-accredited refineries. Managing Director Guido van Stijn returns to New to the Street to discuss the latest developments.

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Bitcoin broke many crucial support levels and ended up trading close to $28,500, from where it began correcting losses. On the upside, the $30,800 and $31,000 resistance levels are significant for continuous correction. Failure to break resistance at the aforementioned levels could open room for more losses around the nearest support levels of $28,800 and $25,800.

At press time, Bitcoin bulls are facing rejection as the $31,700 price mark continues to drop, alongside daily losses which are now totaling 11% at the time of this report. Market sentiments are mixed and analysts have continued to weigh in on the bear market, which they already term necessary for an unmatched bullish takeover. 

On-chain indicators like the SOPR (spent output profit ratio), a signal which accesses long-term investors’ behavior is declining as less Bitcoin is being moved for extreme profits. This signal which had previously surged by 13% in December, indicating that a complete 100% upsurge could send Bitcoin to a never-before-seen price of $328,000 may not be in its most bullish state, yet investor and CTO of Glassnode Analytics reveals his readiness to buy the dip, perhaps in hopes that a correction in price is just around the corner.

Meanwhile, speculations that the Bitcoin blockchain was disrupted and Bitcoins were stolen has been making rounds on crypto-twitter. This kind of Bitcoin theft known as “double spending’ happens when a copy of the currency transaction is sent by the Bitcoin thief to prove legitimacy or the entire transaction is cleared altogether. These were quickly debunked by analysts who noted that a double-spending did not trigger the bear market, adding that there was no double-spending at all. 

Furthermore, the historic pattern of Bitcoin losing 80% of its value after an all-time-high has been causing FOMO in the community. However, it is important to note that the 80% downward price correction usually happens after a 20x upsurge in current price.

Should Bitcoin follow this pattern, a 77.86% price increase (over $50,000) must be recorded before the major price decline happens. Overall, analysts hint that buying the dip could potentially pay off, seeing as whales are also awaiting a correction in the near term. Alternatively, others look to altcoins for shelter. Although altcoins attained gains from last weekend, these gains were not sustained over the week.

Source: https://zycrypto.com/should-you-buy-the-bitcoin-dip-analysts-weigh-in-on-bear-market/

Bitcoin’s price seemed to have recuperated as it bounced off the yearly open at $28,956. However, on-chain indicators are suggesting that this expansion was a fluke. In fact, buyers with no real volume or momentum are trying to push the price higher on the charts.

The first sign of resistance weakened these buyers’ already weak momentum, with the same contributing to a continuation of the downtrend. More of these sell-offs might be on their way due to two reasons,

1. On-chain indicators
2. The start of the Asian session

Bitcoin’s On-chain indicators

As mentioned in yesterday’s article, Bitcoin was due for a correction and retest of the yearly open. Now, on-chain indicators, more specifically, CryptoQuant’s Coinbase Premium indicator, is pointing to more drops for the market’s pioneer cryptocurrency.

“Coinbase premium” is an on-chain metric that is the ratio of Coinbase’s BTC/USD price and Binance’s BTC/USDT price. This ratio helps determine if BTC is trading at a premium or not.

Source: CryptoQuant

A high premium highlights high spot inflows and suggests that investors want to buy, thus, it is a bullish sign. At press time, despite bouncing off the yearly low, this premium hadn’t increased and was still in the negative, hinting that the sellers were still in control of the market and that the drop wasn’t done yet.

CryptoQuant CEO Ki Young Ju commented on this premium too, stating,

“Was always above +$50 when BTC was about to break 20k, 30k, and 40k, meaning there were huge spot inflows from high net-worth individuals and institutional investors in Coinbase.”

Bitcoin: Technical point of view

Source: BTCUSDT on TradingView

As mentioned above, the first sight of resistance was the middle-line of the parallel channel. A rejection here sets up the price for another tap of the yearly open at $28,956. This further supported the on-chain metric’s bearish view.

A bearish case will be the breach of the immediate support at $28,956, which would open up the price to drops to $20,000 in an extremely bearish scenario.

Other supports that can prevent the price from dropping to $20,000 include the liquidity pocket ranging from $29,800 to $27,600. Following this range is the 50% Fibonacci level at $25,850, a level that seems to be the major area of support and the next destination for Bitcoin’s drop.

The Asian session

Asian sessions ranging from 23:00 GMT to 8:00 GMT is when traders in the east start trading. Hence, high volatility is usually experienced during this time. Moreover, the Asian session is known for being extremely bearish and most drops occur during this session.

In light of the fact that yesterday’s drop came accompanied the U.S session, Bitcoin can be expected to drop more as the Asian session is in full swing, further supporting the bearish outlook on the charts.

Source: https://ambcrypto.com/why-the-asian-session-holds-the-key-to-bitcoins-price-drop