After $2,000 Drop, Bitcoin Could Undergo a Strong Bounce For These 4 Reasons

After $2,000 Drop, Bitcoin Could Undergo a Strong Bounce For These 4 Reasons
фото показано с : bitcoinist.com

2020-9-6 02:29

Bitcoin has sustained a heavy correction over the past few days. At the local lows, the leading cryptocurrency was trading at $9,800. At current, BTC is trading for $10,100 as buyers have stepped back in. Millions worth of futures contracts have been liquidated over recent days; Skew.com reports that $350 million worth of longs has been liquidated in the past two days on Binance alone. Bitcoin is down around $2,000 from its local highs at $12,000 and $2,500 below the year-to-date highs set a number of weeks. Analysts remain optimistic about the leading cryptocurrency’s medium-term and long-term prospects. In the short-term, there are signs that Bitcoin is poised to bounce. Bitcoin Price Is Primed to See a Bounce

Bitcoin is primed to bounce due to four technical reasons shared by a technical analyst. These are as follows:

Bitcoin has formed a four-hour bullish divergence as the asset reaches high timeframe support. There is a bullish divergence on a series of altcoins. A number of “golden pockets” have formed, which suggest Bitcoin and other cryptocurrencies have reached a healthy retracement point. BTC dominance has reached a key resistance level. BTC Remains Macro Bullish

Even if a bounce isn’t sustained at current prices, Bitcoin’s macro outlook remains optimistic per analysts.

One trader shared the chart below, which shows that Bitcoin has bounced off a pivotal macro level in a sign that the bull trend remains intact:

“$BTC funding and premium index reached the lowest it had been since March 19th yesterday… Except this time we’re retesting a multi-year S/R level with a confirmed bullish break in MS all the way up to the monthly chart…”

Chart of BTC's macro price action with analysis by crypto trader HornHairs (@CryptoHornHairs on Twitter). Chart from TradingView.com

The fundamentals of BTC also remain bullish, suggesting the asset has room to rally. Raoul Pal, CEO of Real Vision, commented:

“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”

Bitcoin may see further weakness in the short term, but most analysts remain optimistic about BTC’s long-term trend.

Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Could Undergo a Strong Bounce For These 4 Reasons

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 80332.53 (-0.72%)
Объем 24H $69.958b
Изменеия 24h: 5.43 %, 7d: 17.17 %
Cегодня L: $76276.76 - H: $81007.58
Капитализация $1589.014b Rank 1
Цена в час новости $ 10234.51 (684.92%)

bitcoin trading current leading cryptocurrency btc stepped

Источник: bitcoinist.com

bitcoin trading → Результатов: 126


How to Use AI to Benefit from Trading Solana, SEI, MYRO and Bitcoin

Trading digital assets can be a risky choice because of the incredible volatility of the crypto markets where assets can rise or fall by as much as 20%-30% in a single day. While the last year or so has seen increased mainstream crypto adoption, the latest indication being the US approval of the Bitcoin ETF, … Continued The post How to Use AI to Benefit from Trading Solana, SEI, MYRO and Bitcoin appeared first on BeInCrypto.

2024-1-21 11:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Advances Again: Can Bulls Push It Even Higher?

Bitcoin price is gaining pace above $75,000. BTC is rising and might aim for a move above the $77,000 resistance zone in the near term. Bitcoin started a fresh surge above the $74,500 zone. The price is trading above $74,000 and the 100 hourly Simple moving average.

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average.

Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.

Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average.

Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average.