Bitcoin has been on an impressive rally over the past two months.
From the $3,700 lows seen on March 13th, the asset has rallied over 150%. This 150% performance means BTC has outperformed basically any other multi-billion-dollar asset over the same time period.
This strong surge to fresh highs hasn’t convinced everyone that Bitcoin is in a bull market though.
Analyst “PlanB,” for instance, recently noted that Bitcoin is not yet in bull market territory as per the weekly relative strength index.
Chart from “PlanB”
The relative strength index (RSI) is described by Investopedia as “a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.”
Though analysts say that if Bitcoin can breach the $10,500 level, it will decisively be in a bull market.
Bitcoin Needs to Break Past $10,500
Bitcoin may seemingly move without rhyme or rhythm, but the cryptocurrency can be analyzed like the rest of the financial assets.
One of the most common assertions analysts make when looking at the BTC chart is the importance of $10,500.
The level held as crucial resistance twice and support once over the past year, while it also was in a region of importance during 2018’s bear market. Considering this, many analysts have made the assertion that $10,500 is the level to break to confirm a macro bull trend:
“Breaking ~$10550 would confirm MACRO trend reversal. The first weekly higher high since Bitcoin hit an ATH in late 2017…” an analyst explained in rerefence to the chart below.
Chart from crypto trader RookieXBT (@RookieXBT on Twitter)
The importance of $10,500 has been echoed by another prominent trader.
He explained that as long as Bitcoin remains under the resistance, he remains bearish on a medium-term time frame.
The analyst is so bearish, in fact, that he believes the cryptocurrency is on track to plunge towards $2,000 in the coming year or two.
It Won’t Be Easy to Break This Resistance
While all bulls are gunning for $10,500, it won’t be easy for Bitcoin to break through it.
One analyst recently shared the chart below. The chart is of BTC’s price action since the start of the year, coupled with the BTC/USD order book data from Bitfinex.
The order book data shows that there is currently clear resistance at $10,000-10,300.
This is notable as order book data from Bitfinex has marked notable moves over the past four months, the chart indicates. Should historical precedent hold up, BTC will find it extremely difficult to break past that resistance this time around.
Chart from crypto trader Coiner-Yadox (goes by @Yodaskk on Twitter).
Importantly, as the analysts aforementioned said, there will be serious upside for Bitcoin if it manages to surge past $10,500. But where this upside ends isn’t all too clear.
Featured Image from Shutterstock origin »
Crypto analyst TradingShot had predicted before that the Bitcoin price could rally to as high as $150,000 in this bull run. With the flagship crypto now close to the $100,000 milestone, the analyst has charted Bitcoin’s current price action and provided insights into how the crypto could reach this $150,000 target by 2025.
Market liquidations climbed to over $150 million.
The market cap also declined by over 1%.
Bitcoin [BTC] recently dipped below the $60,000 price range again, triggering significant market liThe post Crypto liquidations cross $150 mln: How Bitcoin's slip under $60K played a part appeared first on AMBCrypto.
Analysts from private wealth management firm, Bernstein have reaffirmed their previous Bitcoin prediction, emphasizing that the cryptocurrency has a greater chance to reach $150,000 by 2025. Bitcoin $150,000 Price Forecast Grows Stronger Bernstein analysts Gautam Chhugani and Mahika Sapra said in a note to clients on Monday that they were now more convinced of Bitcoin’s exponential surge to new all-time highs at around $150,000 by mid-2025.
Tom Lee, a prominent figure in the crypto community, has identified three major factors he believes will drive Bitcoin to the coveted $150,000 price tag in 2024.
The upcoming Bitcoin halving in April 2024 has sparked excitement and speculation about the possibility of BTC reaching a price of $150,000 by 2025. In the midst of this anticipation, questions arise about how this will impact Cardano.
Key Points Bitcoin cash price traded further lower and broke the $150 support level against the US Dollar. There is a new connecting bearish trend line formed with resistance near $148 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Key Points Bitcoin price declined further below $3,900 and traded towards the $3,750 level against the US Dollar. There are two important bearish trend lines in place with resistance near $4,080 and $4,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
BCHSV/USD Medium-term Trend: Ranging Supply zones: $150, $200, $250 Demand zones: $60, $50, $40 BCHSV continues in a range-bound market in its medium-term outlook. The effect of the large bearish engulfing candle at $98.
Key Points Bitcoin cash price broke the $170 and $165 support levels plus extended losses against the US Dollar. There is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCH/USD pair (data feed from Kraken).
After two dark red weeks, bitcoin finally managed to recover and gain new support above the $4,000 mark after trading as low as $3,600 in the prior week. The relief rally saw the price of bitcoin bounced back by almost ten percent to close the week at around $4,150.
BCHSV/USD Medium-term Trend: Ranging Supply zones: $150, $200, $250 Demand zones: $60, $50, $40 BCHSV is in a range-bound market in its medium-term outlook. The bullish pressure pushed price back up at $103.
After having its worst month in seven years, Bitcoin has kicked off December with resilience and resolve. The currency began the month trading just below $4,000 but it quickly shot up to claim the level and hasn’t looked back since.
BCHSV/USD Medium-term Trend: Ranging Supply zones: $150, $200, $250 Demand zones: $30, $20, $10 BCHSV continues in a range-bound market in its medium-term outlook. The bullish pressure within the range pushed the cryptocurrency price up to $95.
BCHSV/USD Medium-term Trend: Ranging Supply zones: $150, $200, $250 Demand zones: $30, $20, $10 BCHSV is in a range-bound market in its medium-term outlook. $74.26 in the demand area was the low the bearish pressure could drop the cryptocurrency before rejection by the 50-EMA which acted as strong support for the bulls come back. […]
BCHSV/USD Medium-term Trend: Bearish Supply zones: $150, $200, $250 Demand zones: $30, $20, $10 BCHSV is in a bearish trend in its medium-term outlook. The aftermath of the double-top formation was obvious as predicted in yesterday analysis.
After a bearish year of perennial price swings that culminated in months of tightly wound sideways movement, the (former) bottom has dropped out for bitcoin and the wider crypto market.
Contrary to what was promised, Argentina might not be getting thousands of Bitcoin ATMs (BATMs) by the end of 2019 after all. Back in October, Reuters reported US-based financial solutions provider Odyssey Group was gunning to roll out 150 Bitcoin-enabled ATMs in Argentina by the end of 2018, with plans to distribute over a thousand more machines by 2019.
Bitcoin Cash has been trading near its 2018 lows for the past three days potentially setting up for a drop below. The fourth-ranked cryptocurrency by market cap formed 2018 lows around $150 on Sunday but has since formed two Doji daily candles.
A 27-year-old woman from New York has pleaded guilty of supporting the Islamic terror group ISIS using Bitcoin and other digital currencies. She admitted to wiring more than $150,000 to different shell entities and individuals overseas, which acted as a facade for the ISIS groups in Turkey, Pakistan, and China.
BCHSV/USD Medium-term Trend: Bullish Supply zones: $150, $200, $250 Demand zones: $30, $20, $10 BCHSV is in a bullish trend in its medium-term outlook. The strong bullish pressure that was noticed price forecast of 23rd November did create a double bottom.
Key Points Bitcoin cash price declined heavily towards $150 before recovering a few points against the US Dollar. There is a major bearish trend line in place with resistance at $185 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Back in the days of the Wild West, gold prices would dictate the profitability of prospecting and mining. Around 150 years later not much has changed with regards to the economics of mining, however the commodity is a little different now.
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Key Points Bitcoin price nosedived below the $6,150 and $5,650 support levels against the US Dollar. There is a short term contracting triangle formed with resistance at $5,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
In partnership with CryptoFriends, the Malta Blockchain Summit staged a huge Blockchain Hackathon and two-day ICO pitching session The global blockchain community met again in Malta for the Malta Blockchain Summit between November 1st and 2nd.
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Earlier today, on Oct. 15, the price of Bitcoin surged from $6,150 to $6,700 on most major fiat-to-cryptocurrency exchanges including Coinbase, Bitstamp, and Kraken. Although the price of the dominant cryptocurrency surpassed the $7,500 mark on Bitfinex, the increase in the value of Bitcoin on Tether-enabled exchanges such as Bitfinex and OKEx were triggered by […]
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The post Trader Alleges Bithumb is Losing $150,000 USD Daily to Washtrading appeared first on Bitcoin News.
August was a thrilling month for all crypto investors. Bitcoin, the world’s largest cryptocurrency in terms of market value, plunged by more than $1,400 in less than 10 days, which is a steep drop by any standard that it caused many traders to fear that it might breach the $6,000 mark.
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Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
