Bitcoin Price Rebounds to $9,200 After a 10% Decline, Market Begins to Rebound

Neutral Bitcoin Price Rebounds to $9,200 After a 10% Decline, Market Begins to Rebound

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month.

The bitcoin price has rebounded to $9,200 after experiencing a 10 percent decline on April 26, from $9,700 to $8,800. The sharp decline in the price of bitcoin was said to be triggered by the sale of the Mt. Gox trustee funds.

Swift Recovery

More than 17,000 bitcoins were said to be dumped on the public cryptocurrency exchange market over the past 24 hours by the Mt. Gox trustee. At a price of $9,700, 17,000 bitcoins were worth $165 million and that large sum of funds were dumped on major cryptocurrency exchanges.

Previously, the Mt. Gox trustee triggered the bitcoin price to drop by large margins in several occasions. The organization was heavily criticized for their decision to utilize public cryptocurrency exchanges to sell their funds instead of disposing them in the over-the-counter (OTC) market.

Within the cryptocurrency market, over-the-counter (OTC) traders refer to trades between large-scale investors or miners that own large sums of bitcoin. Hundreds of millions of dollars worth of bitcoin could be traded in OTC markets on a single day and not affect the public cryptocurrency exchange market because the liquidity and structure of the two markets are completely different.

In spite of the criticism from the cryptocurrency community and the request from investors to utilize the OTC market to sell large batches of bitcoin rather than cryptocurrency exchanges, the Mt. Gox trustee has continued to rely on major exchanges to dispose their funds. Consequently, subsequent to each sale, the price of bitcoin has fallen by large margins.

Bitcoin has recovered relatively quickly from the sharp decline in price caused by the Mt. Gox trustee's dump. Volumes have re-emerged on major exchanges and overall demand has risen. The Relative Strength Index (RSI) and Williams' Percent Range (WPR) of bitcoin signal a neutral zone for bitcoin and have not demonstrated neither oversold or overbought conditions over the past three days.

Often, when bitcoin remains in a neutral zone and is not flooded with sell orders, it tends to perform strong in the short-term. As such, investors expect the bitcoin price to end April at $10,000, regardless of the recent drop in price triggered by the Mt. Gox sale.

Tokens Performing Well

For three straight weeks, tokens including ICON (ICX), Decentraland (MANA), WanChain (WAN), EOS, OmiseGo (OMG), Kyber Network (KNC) and others have performed strong against both bitcoin and the US dollar.

Although the majority of tokens recorded some losses amidst bitcoin's fall from $9,700 to $8,800, most tokens have demonstrated an increase in value in the range of 5 to 10 percent over the past 24 hours.

Verge, which was dumped after its partnership with PornHub was officially announced, has started to make its way back to its previous levels. At its peak, XVG was valued at around 0.00001435. Earlier this week, XVG plunged to 0.00000639, by more than 50 percent. At the time of reporting, XVG remains at 0.000000808, after recording 10 percent gain today.

04/27/2018 / 06:24:42 Source: ccn

BTC
1 BTC=$5,639.75
XRP
1 XRP=$0.4648
ETH
1 ETH=$180.11
XUC
1 XUC=$3.43
BCH
1 BCH=$453.19
EOS
1 EOS=$4.68

News Feed 50

Coinnounce Neutral - Cryptocurrency Market losers of the day: BCH, XLM, IOTA, ETC and ADA read more.
11/15/2018 / 07:35:50
Newsbtc Neutral - #Bitcoin Cash Price Analysis: BCH/USD Crash Could Gain Pace Below $400 read more.
11/15/2018 / 07:30:20
Coindesk Neutral - Bitcoin Miner Canaan’s IPO Looms as Filing Status Now ‘Lapsed’ read more.
11/15/2018 / 07:24:38
Cointelegraph Neutral - CoinShares CSO Demirors Urges Calm Among Bitcoin Investors as Prices Slide 12 Percent read more.
11/15/2018 / 07:13:00
Cryptonewsreview Neutral - Crypto markets fall: Bitcoin price holds at $5,600; Top 10 coins all see big losses 24hrs read more.
11/15/2018 / 07:10:43
Livebitcoinnews Negative - #Bitcoin Price Analysis: BTC/USD What Caused That Sharp Drop? read more.
11/15/2018 / 07:00:34
Livebitcoinnews Neutral - Australian Taxpayer Scammers Favor Bitcoin over iTunes Vouchers read more.
11/15/2018 / 07:00:33
Ccn Neutral - Crypto Carnage: Market Loses Staggering $26 Billion in 24 Hours, Where to Next? read more.
11/15/2018 / 06:33:50
Cryptoglobe Neutral - Ripple Partners With Malaysian Universal Bank CIMB Group to Expand RippleNet read more.
11/15/2018 / 06:32:30
Newsbtc Negative - #Ethereum Classic Price Analysis: ETC/USD Tumbles To New 2018 Low read more.
11/15/2018 / 06:28:30
Coinnounce Neutral - #Ripple Price Analysis: Will XRP fall ahead? read more.
11/15/2018 / 06:19:54
Cryptonewsreview Neutral - Planned Bitcoin mining company’s IPO looks dead read more.
11/15/2018 / 06:16:16
Themerkle Neutral - To Hodl or to Sell, the Question Every Investor Is Grappling With in This Bear Market read more.
11/15/2018 / 06:12:09
Cryptonewsreview Negative - $30m exit scam: CEO behind it looks like they’ve got the guilts read more.
11/15/2018 / 05:49:22
Cryptonewsreview Neutral - Bank Of America has a new cryptocurrency patent read more.
11/15/2018 / 05:30:43
Coindesk Neutral - After the Fork: How Competing Bitcoin Cash Blockchains Might Wage War read more.
11/15/2018 / 05:00:42
Newsbtc Neutral - #Ripple Price Analysis: XRP/USD Nosedives, Turns Bearish Below $0.4600 read more.
11/15/2018 / 05:00:25
Themerkle Neutral - Crypto Price Watch: Bitcoin (BTC) Plummets to Annual Low While Other Top Altcoins Also Face Market Heat read more.
11/15/2018 / 04:40:52
Bitcoin.Com Neutral - Bitcoin ATMs Most Common Scam Payment Method in Australia read more.
11/15/2018 / 04:35:00
Newsbtc Negative - Over $28 Billion Dumped in Crypto Market’s Largest Crash of The Year read more.
11/15/2018 / 04:19:40
Ccn Neutral - Another One Bites the Dust: Google Account Hacked in Twitter Bitcoin Scam read more.
11/15/2018 / 03:27:02
Coindesk Neutral - Buy or Sell? What Traders Think About Tomorrow’s Bitcoin Cash Fork read more.
11/15/2018 / 03:01:44
Livebitcoinnews Neutral - Switzerland’s SEBA Says It’s on the Verge of Obtaining a Banking and Securities Dealer License read more.
11/15/2018 / 03:00:50
Cointelegraph Neutral - Poll: Interest in Crypto as Payment Method Makes Small Inroads Among Moscow Residents read more.
11/15/2018 / 02:58:00
Bitcoin.Com Neutral - Stablecoins Fetch a Premium as BTC Hits Year Low read more.
11/15/2018 / 02:55:14
Cointelegraph Neutral - Four Fake Cryptocurrency Wallets Found on Google Play Store read more.
11/15/2018 / 02:25:00
Ccn Negative - Guilty Conscience? $30M Crypto Exit Scam in South Korea Refunds Victims read more.
11/15/2018 / 02:20:09
Newsbtc Neutral - #ETH/USD Price Analysis: Below $200 ETH Mining is Useless, Hash Rate Drop read more.
11/15/2018 / 02:10:53
Newsbtc Neutral - #Bitcoin Cash Price Analysis: BCH/USD Could Test $300 or $850 by End Week read more.
11/15/2018 / 02:05:22
Newsbtc Neutral - #Bitcoin Price Analysis: BTC/USD Must Dump before Bulls Reign in 2019 read more.
11/15/2018 / 02:00:16
Cryptoglobe Neutral - NEO Founder: Blockchain Over-Regulated, Promotes the Emergence of a New Regulatory System read more.
11/15/2018 / 02:00:00
Ccn Neutral - Nearly 1% of the Total Ethereum Supply is Locked in the MakerDAO Smart Contract read more.
11/15/2018 / 01:15:54
Cointelegraph Neutral - Malaysian MP Urges Gov’t to Create Regulations Before Approving Political Funding Coin read more.
11/15/2018 / 01:13:00
Livebitcoinnews Neutral - Maecenas Teams Up with John McAfee to Tokenise Picasso Painting on the Blockchain read more.
11/15/2018 / 01:00:59
Bitcoin.Com Neutral - Russian Developers to Help Iran Build Its Crypto-Economy read more.
11/15/2018 / 00:55:42
Themerkle Neutral - Fork Drama Sends Cryptocurrency Markets Spiraling Past Double Digit Losses read more.
11/15/2018 / 00:38:39
Ccn Neutral - Marshall Islands President Survives Crypto-Infused No-Confidence Vote read more.
11/15/2018 / 00:20:54
Cointelegraph Neutral - New York Digital Investment Group Subsidiary Acquires New York BitLicense read more.
11/15/2018 / 00:12:00
Themerkle Neutral - As Bitcoin Dropped Sharply, The Reactions Differed Greatly read more.
11/15/2018 / 00:07:54
Newsbtc Neutral - Australian Taxpayers Have Paid $1 Million to Scammers Through Bitcoin ATMs Since July read more.
11/15/2018 / 00:00:47
Ccn Neutral - Op-Ed: Will Crypto Miners Abandon Craig Wright’s Bitcoin Cash Fork? read more.
11/14/2018 / 23:25:12
Bitcoinist Neutral - Earnings Season: Traders Shift From Cooling Crypto Market to Volatile Stocks read more.
11/14/2018 / 23:00:20
Newsbtc Neutral - Tokyo Police Crackdown on Alleged Crypto Pyramid Scheme, Arrest Eight Individuals read more.
11/14/2018 / 23:00:10
Livebitcoinnews Neutral - Retail Giant Target Becomes Latest Victim of Bitcoin Twitter Scam read more.
11/14/2018 / 23:00:02
Cryptoglobe Neutral - Rosetta Coffee Company Now Accepts Cryptocurrency Payments Via New E-Commerce Platform read more.
11/14/2018 / 23:00:00
Bitcoin.Com Neutral - Fork Watch: Disputed Consensus and an Abundance of Game Theory read more.
11/14/2018 / 22:55:10
Cryptoinsider Neutral - Daily Crypto Roundup 11/14/2018 read more.
11/14/2018 / 22:50:45
Cointelegraph Neutral - Spanish Telecoms Operator Partners With IBM to Manage International Calls With Blockchain read more.
11/14/2018 / 22:43:00
Coindesk Negative - The Crypto Market Just Fell to a New 2018 Low read more.
11/14/2018 / 22:41:33
Ccn Neutral - Ohio Congressman Wants to ‘Eliminate’ SEC Jurisdiciton over Crypto Industry: Report read more.
11/14/2018 / 22:27:20
Negative
3.2%
Neutral
95.3%
Positive
1.4%
Mixed
0.1%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.