Bitcoin (BTC) stock price corrects after a failed breakout

Bitcoin (BTC) stock price corrects after a failed breakout
фото показано с : invezz.com

2020-8-28 13:42

Bitcoin (BTC) price has been dragged lower to test weekly support near $11,000 after the buyers failed to close above the $12,000 handle last week. 

Fundamental analysis: A beginning of another bull market?

The largest Bitcoin exchanges and crypto wallet apps such as Coinbase, Blockchain Wallet, Binance, BRD and others registered record-high combined downloads last month, largely thanks to the fact that many institutional investors turned to BTC in the midst of unparalleled coronavirus stimulus spending. 

This could indicate that BTC is “in the early stages of another bull market.” Apptopia, analytics services provider, conducted research that showed that the number of new installs of top 10 crypto wallet apps climbed by 81%, compared to the year-ago period.

“At the start of quarantine, we noticed an uptick in new installs for some of these apps, but didn’t think much of it because this market tends to be quite volatile anyway,” said Madeline Lenahan, Public Relations & Content Manager at Apptopia, noting that it “looks like the growth we saw was, in fact, real and lasting.”

The growth of BTC and crypto wallet downloads was mostly fueled by the coronavirus lockdowns and the rising popularity of bitcoin and digital currencies in emerging markets. Bitcoin trading volume at crypto exchanges recorded a new high thanks to the BTC price soar at the end of last month.

A part of the Bitcoin trading community compared the recent increase in the interest in BTC among institutional and retail investors with the Bitcoin’s 2017 rally that sent its price from below $1,000 to around $20,000 in less than 12 months. 

Technical analysis: Failure drags the price action lower

Following a move up at the end of July, Bitcoin (BTC/USD) didn’t manage to break above the $12,000 mark in August. Although the price action traded briefly above this resistance line, the buyers failed in forcing a close at these levels, which then facilitated a correction lower. 

Bitcoin price weekly chart (TradingView)

Bitcoin buyers are now hoping that a horizontal weekly support line around $11,000 will provide enough support. If this is not the case, we might see a pullback to $10,500 where a major horizontal support is located. 

Summary

An increase in download of crypto wallet apps and interest in BTC among institutional investors has resulted in a belief that Bitcoin might start another bullish run. In the meantime, Bitcoin price is trading just above $11,000, where a weekly support line sits. 

The post Bitcoin (BTC) stock price corrects after a failed breakout appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95526.75 (-1.20%)
Объем 24H $41.208b
Изменеия 24h: -1.90 %, 7d: -7.06 %
Cегодня L: $95276.36 - H: $97458.26
Капитализация $1891.394b Rank 1
Цена в час новости $ 11359.84 (740.92%)

btc bitcoin price wallet failed registered record-high

Источник: invezz.com

btc bitcoin → Результатов: 126


Japan’s Metaplanet’s Bitcoin Holdings Rise to 530 BTC After Pulling Off Mind-Blowing Strategy

According to the latest announcement from Japanese investment firm Metaplanet Inc., its Bitcoin holdings have surged, rising to 530.717 BTC as of October 3. As revealed by the Tokyo-listed company, this increase in its Bitcoin bags was possible due to a smart options trading strategy, which led to the company earning more BTC and adding […]

2024-10-4 21:00


Фото:

Bitcoin STHs Supply Decreases By 1.31M BTC – A Sign Of Growing Confidence?

Bitcoin has remained above $60,000 for the past two weeks, holding strong as the broader crypto market bulges. This steady performance is fueling optimism among traders and investors alike.  According to key data from CryptoQuant, short-term holders are now selling for profit, leading to a notable decrease in BTC supply. This reduction in available BTC […]

2024-9-30 19:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

The Future of Web3 AI Gaming: Innovations and Opportunities

Discover the future of gaming with Web3 and AI, enabling decentralized asset ownership and adaptive gameplay tailored to each player's unique preferences. The post The Future of Web3 AI Gaming: Innovations and Opportunities appeared first on NFT News Today.

ALTS by Adidas: One Brand Staying in the NFT Game

ALTS by adidas debuts unique digital avatars built on blockchain technology. Learn how this NFT collection stands out as brands shift in the digital space. The post ALTS by Adidas: One Brand Staying in the NFT Game appeared first on NFT News Today.