{"id":5297,"date":"2020-11-01T19:00:20","date_gmt":"2020-11-01T19:00:20","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=448510"},"modified":"2020-11-01T19:00:20","modified_gmt":"2020-11-01T19:00:20","slug":"here-are-4-reasons-why-one-analyst-is-shorting-bitcoins-latest-rally","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/here-are-4-reasons-why-one-analyst-is-shorting-bitcoins-latest-rally\/","title":{"rendered":"Here are 4 Reasons Why One Analyst is Shorting Bitcoin\u2019s Latest Rally"},"content":{"rendered":"<ul>\n<li>Bitcoin has been falling within a consolidation phase throughout the past few days and weeks, with buyers and sellers reaching an impasse as it trades around $13,800<\/li>\n<li>The rest of the cryptocurrency market has been declining throughout the past few days, with the DeFi sector being hit particularly hard<\/li>\n<li>This weekend has proven to be particularly positive for Bitcoin, but one analyst is cautious regarding its longevity<\/li>\n<li>He points to 4 particular factors that indicate some downside could be imminent for the benchmark cryptocurrency in the days ahead<\/li>\n<\/ul>\n<p>Bitcoin has been sucking the oxygen out of the crypto market over the past few weeks, rallying while most altcoins post consistent losses.<\/p>\n<p>This uptrend has allowed the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-likely-to-break-below-11000-before-next-uptrend-analyst\/\">crypto<\/a> to push against its $13,800 resistance level that has held strong throughout the past few days and weeks.<\/p>\n<p>One analyst is now noting that a few signs indicate downside could be imminent for the benchmark cryptocurrency.<\/p>\n<p>He believes that multiple failed attempts to break above its resistance, weakness in the stock market, and the US Dollar falling to a key support level could all spark a Bitcoin selloff this week.<\/p>\n<h2><strong>Bitcoin Struggles to Break $13,800 Despite Strong Monthly Close<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-plunges-5\/\">Bitcoin<\/a> is trading up marginally at its current price of $13,820. This is around the price at which it has been trading throughout the past few days.<\/p>\n<p>It has yet to post any sustainable breaks above this level, and a failure to move above here in the days ahead could be a grim sign.<\/p>\n<p>Earlier this week, the crypto was able to surge as high as $14,100, but it was rapidly rejected at this price level and dove down to where it is currently trading.<\/p>\n<h2><strong>Analyst: These Factors Suggest Downside Could Be Imminent for BTC<\/strong><strong>&nbsp;<\/strong><\/h2>\n<p>While sharing his thoughts on Bitcoin, one analyst <a href=\"https:\/\/twitter.com\/Tradermayne\/status\/1322706435692617733\">explained<\/a> that he is watching 4 specific factors indicating this could be a bloody week for BTC.<\/p>\n<p>If the crypto sees a strong decline in the week ahead, it could create a headwind that causes altcoins to nosedive as well.<\/p>\n<blockquote>\n<p>&ldquo;Short again on BTC, something about this weekend pump seems fishy. 3 drives-ish into major resistance, stocks shit the bed last week, election early next week, solid RR and DXY on support. Still bullish overall, pull backs aren&rsquo;t a bad thing. Let&rsquo;s see what happens.&rdquo;<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" loading=\"lazy\" width=\"860\" height=\"487\" class=\"aligncenter size-large wp-image-448511\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-860x487.png\" alt=\"Bitcoin\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-860x487.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-460x261.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-768x435.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-1536x870.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-2048x1161.png 2048w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-750x425.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/ElsxtUnVgAEO9BX-1140x646.png 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"\/><\/p>\n<pre>Image Courtesy of Mayne. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.<\/a><\/pre>\n<p>The coming few days should provide some insights into the <a href=\"https:\/\/www.newsbtc.com\/analysis\/its-make-or-break-for-ethereum-bulls-as-eth-nears-critical-resistance\/\">macro significance<\/a> of Bitcoin&rsquo;s price action over the past few days.<\/p>\n<pre>Featured image from Unsplash.\nCharts from <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been falling within a consolidation phase throughout the past few days and weeks, with buyers and sellers reaching an&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[180,114,115,116],"class_list":["post-5297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5297"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5297"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5298"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}