The past few days have undoubtedly been bullish for Bitcoin, with the cryptocurrency ripping over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.
Since hitting $9,500 though, BTC has stalled, entering a consolidation around $8,800 as the market becomes indecisive, stuck between support around $8,500 and resistance at the ever-important level of $9,000.
Here’s what a top trader expects for Bitcoin to trend in the days to come.
How Bitcoin Could Trend In Coming Days
Bitcoin’s consolidation over the past day is likely to be followed by a strong leg to the downside, according to a cryptocurrency trader. He added that while a drop is to be sustained, the cryptocurrency remains in a “strong uptrend” that suggests a rally to $10,000 is in the works prior to the halving.
“Bitcoin made 5 waves down on the smaller timeframes, ABC back up and swiftly rejected the 0.618 almost to the $ and now I think we get one more leg down into low $8ks. This will be a buy the dip opportunity in a strong uptrend,” the trader explained in reference to the chart below.
Chart from @SmartContracter (Twitter)
The Analyst’s Strong Track Record
While many crypto investors are skeptical of the validity of Elliot Wave analysis, the trader has a strong track record in analyzing the ever-volatile cryptocurrency markets, giving credence to his commentary.
In the middle of 2018, when Bitcoin was in the midst of a bear market, the trader remarked that he expected the asset to find an ultimate bottom at $3,200:
“I’m calling a bottom at exactly 3.2k with a 200 dollar leeway either side.”
By the middle of December, his forecast was proven to be right when Bitcoin plunged from $6,000 to a low of $3,150 over the span of a few weeks, then established a macro bottom at that level.
Further adding credence to his position, the analyst predicted shorter-term price moves over the past few months, like forecasting some of Bitcoin’s strength early this year and the start of the crypto market’s precipitous drawdown in mid-February.
Bitcoin’s Uptrend is Intact
Even if Bitcoin doesn’t trend exactly as the trader’s chart depicts, there is one thing that many analysts have agreed on: the crypto market’s trajectory is pointing up.
As reported by Bitcoinist previously, a trader found that Bitcoin’s strong performance in April saw the cryptocurrency close its monthly candle above a key level of the Ichimoku Cloud on the one-month chart.
This is relevant for BTC because the last time Bitcoin claimed this technical level was in early 2016, when the cryptocurrency was trading around $500 and prior to the 4,000% rally that brought the cryptocurrency to $20,000 just 20 months later.
Chart from @TraderSmokey (Twitter)
This historical precedent suggests that the crypto market is on the verge of its next parabolic rally.
There’s also a confluence of on-chain analytics and fundamental factors that only corroborate that the crypto market is on the verge of a full-blown bull rally.
Photo by Vince Fleming on Unsplash origin »
Bitcoin price fell to lows of $82,131, dipping to levels seen in November 2024. The BTC sell-off happens after Trump’s latest tariffs announcement, including a 25% tarriffs on the EU. Equities also dumped, with the S&P 500 seeing $500 billion wiped off.
Bitcoin experienced a significant drop from $98,500 to $95,500 on Sunday, triggering a broader market decline. The volatility led to over $500 million in futures liquidations, predominantly affecting smaller altcoins and midcap futures.
Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500. Bitcoin is struggling to rise above the $60,200 and $61,500 resistance levels.
Bitcoin's resilience and potential rise to $61,500 could restore investor confidence, despite recent volatility and significant liquidations.
The post Bitcoin eyes $61,500 after bouncing back from key support test appeared first on Crypto Briefing.
Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term. Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.
Bitcoin's price targets $67,500 resistance, with analysts predicting new all-time highs. Supportive ETF inflows and bullish market conditions drive optimism.
The post Bitcoin Eyes New Peaks: Price Nears Breakout at $67,500 Resistance Zone appeared first on BeInCrypto.
Bitcoin price found support at $61,800 and recovered higher. BTC jumped to $64,500 and is currently consolidating gains above $63,500. Bitcoin started another increase after it found support near the $61,800 zone.
Bitcoin (BTC) has again demonstrated its bullish momentum by surging above the $38,000 mark. Breaking free from the recent trading range between $36,500 and $37,500, BTC currently trades at $38,100, slightly below its yearly high of $38,400 achieved on Friday, November 24.
Bitcoin price is again moving lower toward the $29,200 level. BTC must surpass $30,500 to attempt a fresh increase in the near term. Bitcoin is showing bearish signs and trading well below the $30,500 zone.
Today, the S&P 500 Index (SPX) surpassed long-term resistance, reaching a year-plus high. If its positive correlation with Bitcoin's price is reestablished, it could hint at a revival of the uptrend in the crypto market
The post S&P 500 Pierces Resistance: What Does It Mean for Bitcoin (BTC)? appeared first on BeInCrypto.
Bitcoin price is declining from the $27,500 resistance. BTC traded below $26,500 and now remains at risk of a drop toward the $25,500 support zone. Bitcoin is moving lower from the $27,400 and $27,500 resistance levels.
Bitcoin price is struggling to clear the $24,500 resistance zone. BTC must clear the $24,500 resistance and the 100 hourly SMA to start a decent increase. Bitcoin is still struggling to clear the $24,500 resistance zone.
The correlation between the S&P 500 and Bitcoin is only increasing, inching closer to reaching levels where in the past the cryptocurrency strengthened. Meanwhile, the S&P 500 just closed its January monthly session outside of a key trend line the entire world of finance has been watching.
The Bitcoin price is at risk of returning to its range below $19,500 if bulls fail to defend current levels. The cryptocurrency was trending higher after weeks of consolidation, leading to a spike in positive market sentiment, but optimistic participants might have been fast to proclaim more profits.
Bitcoin is struggling to settle above $20,500 against the US Dollar. BTC could decline heavily if there is a clear move below the $19,500 support zone. Bitcoin is stuck near the $20,000 zone and trading below the $20,500 resistance.
After trading in a range for most of the week, Bitcoin fell below the $20k mark today while Ethereum held onto support at $1,500. Since September is typically a sluggish month historically, BTCUSD is having a tough week; it has fallen over 8% in the last day.
Bitcoin is facing a key resistance near the $23,500 zone against the US Dollar. BTC must clear $23,500 to avoid a fresh bearish reaction in the near term. Bitcoin is struggling to rise and trading below the $23,500 level.
Bitcoin’s (BTC) price spiked to $22,500 in the early hours of July 8, prompting calls of a bullish revival from some quarters.
The post Bitcoin spikes above $22,500, but odds are it’s a fakeout appeared first on CryptoSlate.
Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. BTC might start a sharp recovery wave if there is a move above the $19,500 resistance. Bitcoin failed to gain pace above the $19,500 and $19,600 resistance levels.
Bitcoin declined towards the $18,500 support zone against the US Dollar. BTC recovered sharply, but the bears are still active near the $20,500 and $20,650 levels. Bitcoin climbed higher sharply after there was a test of the $18,500 zone.
Bitcoin is moving lower towards the key $29,500 support against the US Dollar. BTC must stay above $29,500 to avoid a major downside break. Bitcoin is struggling to stay above the $29,500 support zone.
Bitcoin is holding the key $29,500 support against the US Dollar. BTC must clear the $31,500 resistance zone to start a major increase in the near term. Bitcoin is showing a few positive signs above the $29,500 support zone.
Bitcoin remained strong above the $28,500 support against the US Dollar. BTC is rising, but it must clear $28,500 to move into a positive zone. Bitcoin started a fresh increase after it tested the $28,500 support zone.
Bitcoin started a strong decline from the $40,000 resistance against the US Dollar. BTC broke the key $37,500 support to move into a bearish zone. Bitcoin started a strong decline below the $37,500 and $36,500 levels.
Bitcoin at $500,000 is a trend that is growing more popular among large investors. Stakeholders in the crypto space like Cathie Wood have expressed that they believed the digital asset could make the half a million-dollar point.
Bitcoin found support near the $41,200 zone against the US Dollar. BTC must clear $42,500 to start a recovery wave in the near term. Bitcoin extended decline and tested the $41,200 support zone. The price is still trading below $42,500 and the 100 hourly simple moving average.
Bitcoin extended decline below the $47,500 support zone against the US Dollar. BTC could recover, but upsides might be limited above $47,500. Bitcoin started a fresh decline below the $48,500 and $47,500 support levels.
Bitcoin failed to clear the $48,500 resistance zone against the US Dollar. BTC is sliding, but it could find bids near the $45,500 support zone. Bitcoin is facing a strong resistance near the $48,000 and $48,500 levels.
Bitcoin retested the $55,500 support zone against the US Dollar. BTC is recovering, but it could face a strong selling interest near $57,500 in the near term. Bitcoin settled below the key $58,000 and $57,500 resistance levels.
Bitcoin price started a downside correction below $63,500 against the US Dollar. BTC must surpass $62,500 to start a fresh increase in the near term. Bitcoin is facing resistance near the $62,500 and $63,000 levels.
Bitcoin price extended its recovery above the $43,500 level against the US Dollar. BTC is now facing a major barrier near $44,200 and $44,400. Bitcoin recovered above the $42,500 and $43,500 resistance levels.
Bitcoin price is holding the $48,000 support zone against the US Dollar. BTC must clear $49,500 and $49,750 to start a fresh increase in the near term. Bitcoin broke the $48,500 resistance, but it faced hurdles near $49,500.
Bitcoin price failed to settle above $48,500 and corrected lower against the US Dollar. BTC is now facing many hurdles near $47,500 and $48,000. Bitcoin extended its decline and tested the $46,500 support zone.
According to analysts from Decentrader, Bitcoin needs to quickly reclaim the $37,500 level and ETH needs to hold $2,300 as support to avoid bull-market-ending price action.
Bitcoin price is trading in a range below the $57,500 resistance against the US Dollar. BTC is likely to start a major decline if there is a clear break below the $53,500 support zone. Bitcoin is struggling to gain momentum above the $56,000 and $56,500 levels.
Bitcoin price extended its decline and tested the $55,500 support against the US Dollar. BTC is now recovering, but it is likely to face a strong resistance near the $57,500 level. Bitcoin failed to hold the $57,000 zone and extended its decline towards the $55,500 level.
Bitcoin price failed to surpass the $59,500 resistance against the US Dollar. BTC is now trading below $58,000, but it is still above important supports such as $56,500. Bitcoin failed to gain strength above the $59,200 and $59,500 resistance levels.
Bitcoin price started another rally and broke the $35,500 resistance against the US Dollar. BTC traded to a new all-time high near $37,400 before starting a consolidation. Bitcoin is up over 10% and it broke the $35,500 and $36,500 resistance levels.
Bitcoin price started a steady upward move from the $17,500 support zone against the US Dollar. BTC is currently attempting an upside break and it could rally above $19,000. Bitcoin is trading in a positive zone above the $18,500 and $18,200 support levels.
Bitcoin price is still trading in a broad range below the $19,500 resistance against the US Dollar. BTC must gain strength above $19,500 to start a fresh rally in the near term. Bitcoin is facing a strong resistance near the $19,500 and $19,580 levels.
Bitcoin price formed a double top pattern near $19,500 and corrected lower against the US Dollar. BTC is now trading below $18,500 and it could test the $18,000 support or $17,600. Bitcoin failed again to clear the $19,500 resistance and started a sharp downside correction.
Bitcoin’s average transaction has now climbed to over $150,000, translating to a 500% jump...
The post Bitcoin transaction value sees 500% upswing in 4 months appeared first on Coin Journal.
Bitcoin has stagnated over recent weeks and months after peaking at $12,500 in August. The leading cryptocurrency currently trades at $11,450, stuck in the middle of the range between $10,000 and $12,500.
Bitcoin price had fallen this morning sharply after a weekend rally to start off the new week. But after a sweep of lows around $11,175 this morning, the first-ever cryptocurrency rocketed higher to retest $11,500 where bulls are now attempting to hold strong.
Bitcoin has pressed higher after consolidating between $10,000 and $10,500 for five days. The leading crypto asset now trades for $10,550 as of the time of this article’s writing. BTC is far from in the clear due to this being a weekend move.
Bitcoin has been bouncing between $10,000 and $10,500 over the past few days. Both buyers and sellers have been trying to assert dominance, resulting in multiple tests of both range boundaries. BTC finally broke above $10,500 just minutes ago.
Bitcoin did not fare well in 2018. Over the course of that year, the cryptocurrency plunged by dozens of percent from prices well above $10,000 to as low as $3,150 by December, falling as a “Crypto Winter” formed.
At the start of 2018, everyone thought Bitcoin was going to the moon, so to speak. 2017 saw the price of BTC surge by thousands of percent, boosted by retail inflows which itself was caused by the hype around altcoins like Ethereum.
