Bitcoin slipped huge a day after enjoying a strong price rally above its key resistance level of $10,000.
The benchmark cryptocurrency was trading at $9,736 early Monday, down 4.35 percent from its Sunday top, according to US exchange Coinbase. Nevertheless, it was still up by more than 36 percent at its intraday low, maintaining the position of one of the best-performing assets of 2020 so far.
Bitcoin in a stable uptrend in 2020 | Source: TradingView.com, Coinbase
Similar rival cryptocurrency, like Ethereum and XRP, was also down by circa 4 percent on a 24-hour adjusted timeframe, showing traders were selling the tokens that rallied on Sunday at intraday tops, thereby making a small profit. That helped bitcoin and co. sustaining its bullish bias.
“Technically the structure’s bias is bullish as long as price doesn’t lose $9,150,” said Teddy Cleps, a market analyst at Crypto Freak Network. “Price has a decent margin to retrace and mark another higher high, and thus continue its growth.”
The full-time trader added that a price correction upon bitcoin hitting the $10,000 level is “very healthy for its bullish continuation.”
Recognition
Traders pointed to a string of catalysts that sent bitcoin above the $10,000 milestone, including Coronavirus. The epidemic, which has killed more than 900 people in China, earlier led global stocks to fall in tandem. The move downhill led investors to the safety of haven assets, including Gold – and even the US dollar.
CNN Business last week ran a special story about bitcoin behaving like a safe-haven against the economic uncertainties led by Coronavirus fears. The media mogul compared the cryptocurrency with Gold, a traditional hedging asset, stating that both were rising in tandem against the gloomy macroeconomic outlook.
Other global media outlets, including Business Insider, the New York Times, Independent, and Bloomberg, also ran similar coverages about bitcoin.
Bitcoin Holders on a Rise
The cryptocurrency, meanwhile, continued to attract traders ahead of its halving this year. In May 2020, a pre-programmed algorithm would deduct bitcoin’s supply rate from 1,800 BTC per day to 900 BTC per day. People think it makes bitcoin scarcer than any other global asset, which is why its price could go up in the long run.
The euphoria surrounding the halving event has already prompted traders to become holders, leading to a drop in selling orders. According to data analytics portal BitInfoCharts, over 11 million Bitcoins haven’t moved wallets since late 2018.
11,580,00 bitcoin have not moved in over a year.
Even with a 85% increase in price during that time, those millions of bitcoin were not sold or traded.
Hodlers of last resort are insane. pic.twitter.com/KTpeDrLlOO
— Rhythm (@Rhythmtrader) December 1, 2019
A survey conducted by San Francisco startup Bitwise Asset Management and research firm ETF Trends noted earlier this year that portfolio managers would increase their exposure to bitcoin twofold in 2020. The study took responses from 400 financial advisers in December 2019. The post appeared first on NewsBTC. origin »
Bitcoin's post-halving rally may continue into 2025, driven by whale accumulation and institutional interest.
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Bitcoin’s dominance and bullish momentum suggest a rally could be imminent. A breakout above $106,193 may pave the way for record highs.
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MicroStrategy has announced a major Bitcoin acquisition, securing approximately 27,200 BTC for $2. 03 billion between Oct. 31 and Nov. 10, according to a Nov. 11 statement. This purchase comes amid a broader crypto market rally that has seen Bitcoin price rally to a new all-time high of more than $82,000.
BTC has declined over the past week by 1.67%.
Bitcoin's number of individual investors must remain above 54 million for it to rally.
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Bitcoin's rise fuels optimism, potentially driving further institutional interest and market growth amid geopolitical and economic shifts.
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The general consensus is that Bitcoin is gearing up for a rally that would send it past its all-time high in the coming weeks. Given the recent inflows into the cryptocurrency and its recent price performance, analysts are confident of Bitcoin going on a parabolic rally into new price territories in the fourth quarter of […]
Data shows the social media users have yet to show excessive hype around the latest Bitcoin rally, a sign that could be positive for its sustainability. Bitcoin Sentiment Ratio Has Spiked, But Value Still Not Too High According to data from the analytics firm Santiment, Bitcoin Fear Of Missing Out (FOMO) has remained low through the latest rally.
Bitcoin struggled to stay above $60,000, with some analysts forecasting a potential rally to $68,000.
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Bitcoin mining may help bulls start another major rally, according to this analysis.
Miner reserves soared to 6-week highs despite recent market FUD.
Now that Bitcoin [BTC] is trading below The post Bitcoin mining data points to new rally: Will BTC bulls follow through? appeared first on AMBCrypto.
On-chain data shows the utility on the Bitcoin network has been making a comeback recently, something that could pave way for another price rally. Bitcoin Circulation Has Spiked To Highest Levels In 5 Months In a new post on X, the on-chain analytics firm Santiment has discussed about the latest trend in the “Circulation” of […]
Bitcoin's daily active addresses recently spiked to over 700,000.
The price has yet to see any significant moves on either side.
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Understand the impact of the Non-Farm Payroll report on Bitcoin's 6.35% single-day price increase and the factors that could fuel a potential
September rally.
Bitcoin's price started the week positively, rising to reach a daily peak of $68,884, but with BTC long-term holders booking profits ahead of the halving event, the rally could be short-lived.
Willy Woo, a crypto analyst, has captured the crypto community’s attention with his latest view on Bitcoin (BTC), suggesting an impending significant surge for the asset. This optimism follows the approval of spot Bitcoin ETFs, which Woo believes would channel more substantial capital into the market, potentially catalyzing a “monumental rally” in Bitcoin’s value.
A CoinShares advisor believed the current bull rally could push Bitcoin to its ATH.
Pent-up demand for ETFs can contribute to more price increases.
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Many believe the crypto market will extend last year’s rally in 2024 on the back of Spot Bitcoin ETFs the Securities & Exchange Commission approved in January. Bitcoin halving is approaching fast too Experts are bullish on the said exchange-traded funds because they welcome trillions of dollars in institutional capital into the world’s largest cryptocurrency. […]
Bitcoin exchange reserves exhibited a curious lack of trend.
The liquidation heatmap suggested BTC prices could rally higher.
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Hedge funds and asset managers took different approaches to BTC's rally.
Bitcoin's Implied Volatility and MVRV ratio grew along with its price.
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Bitcoin price rallied to $40,000 during the weekend as the remarkable rally gained steam. This rally coincided with a major surge of other cryptocurrencies like Terra Classic, FTX Token, ORDI, and IOTA, which jumped by over 20% in the past few days.
Bitcoin’s Open Interest reached an all-time high on the 27th of November.
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Bitcoin price is holding gains above $37,000. BTC is consolidating and might soon aim for another rally if it clears the $38,000 resistance zone. Bitcoin is still consolidating below the $37,750 resistance.
Crypto expert EtherNasyonaL has revealed his insights on when the next major bitcoin rally will occur and what is driving the recurring boom-and-bust cycles. In a recent post, EtherNasyonaL stated that the mega rally, which has followed previous bitcoin halvings, will repeat in 2024.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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Renowned crypto expert and market analyst, Doctor Profit, has made bold predictions around Bitcoin (BTC), asserting that the cryptocurrency is poised for a significant bullish rally in the coming months.
The Bitcoin price is on the move as bulls take over the market and reclaim previously lost territory. While the rally signals potential, BTC still needs to overcome significant resistance at higher levels.
Bitcoin may be able to break the $33,000 mark in the current rally if this historical pattern of an on-chain indicator is anything to go by. Bitcoin Realized Price-To-Liveliness Ratio Has A Value Of $33,200 Currently According to the latest weekly report from Glassnode, BTC is currently in a range that has historically been associated with a macro transitional phase.
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
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Bitcoin is moving in a sharp upward rally on the path to a new all-time high price. While a short-term drop could occur, BTC is expected to gradually move towards a new all-time high.
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