Bitcoin slipped on Wednesday in a choppy trading session that also saw the U.S. stocks heading lower.
The cryptocurrency swung above and below $9,500 while briefly crashing to as low as $9,227 on Coinbase exchange.
Nevertheless, it is eyeing a rally towards the $10,000-10,500 area owing to favorable on-chain and macroeconomic sentiments.
A choppy trading session on Wall Street on Wednesday left Bitcoin in a similar seesaw trend.
The benchmark cryptocurrency tumbled 0.72 percent to $9,457, bringing its net correction from its weekly high down by 1.47 percent. The move downhill surfaced partially because of profit-taking sentiment – traders selling the asset at their local tops to secure short-term gains.
Nevertheless, Bitcoin’s downside correction also came in sync with similar moves in the S&P 500. On Wednesday, the U.S. benchmark index slipped by 11.25 points, or 0.4 percent, to 3113.49. Meanwhile, the Dow Jones Industrial Average also went down by 0.6 percent. The Nasdaq Composite gained 0.1 percent.
Bitcoin price chart from TradingView.com showing its new correlation with U.S. equities. Source: TradingView.com
The choppy price actions pointed to uncertainties in traders’ minds. They weighed the market outlook on two differing parameters: The first is economic reopenings after the lockdown and unprecedented stimulus support from the Federal Reserve and the U.S. Congress.
Meanwhile, the other parameter pointed to fears over a resurgence in the number of infection rates. Last week, the same worries sent both Bitcoin and the S&P 500 lower, but an 18 percent rebound in retail data helped them recover from what could have been a more brutal sell-off.
Bitcoin’s Retail Data Strong, As Well
As bitcoin heads modestly lower into the early Thursday session, its slippage is failing to deter retail traders from entering the cryptocurrency space.
Data fetched by on-chain analyst Glassnode highlighted a record increase in the number of wallets holding at least 0.1 BTC (~$941). The number surged to 3 million – an all-time high for Bitcoin – indicating that average Joes are now hedging their savings into the cryptocurrency as the economic crisis deepens.
Chart from Glassnode showing Bitcoin’s retail interest hitting a record high. Source: Glassnode
The metric surfaced after separate data showed an increase in the number of inactive Bitcoin in the last 12 months.
Percent of circulating #Bitcoin supply not moved in …
… 1+ years: 60.8%… 2+ years: 42.9%… 3+ years: 28.5%
Chart: https://t.co/tYWoenGlPi pic.twitter.com/BzKVZ7HwH7
— glassnode (@glassnode) June 17, 2020
Holding the cryptocurrency is perceived as a strategy of protecting oneself from inflation. Jesse Powell, who heads Kraken, a prominent U.S.-based crypto exchange, noted that many have resorted to holding Bitcoin as an insurance against the economic crisis.
“We have seen a massive influx of new accounts from hedge funds, wealth managers, retail investors, and day traders,” he told Bloomberg. “We have seen people taking their stimulus checks and rolling them into Bitcoin.“
The $10.5 Target
Favorable on-chain metric confirms Bitcoin’s short-term bias to the upside. That is further validated with exciting price action on Wednesday, wherein the cryptocurrency briefly crashed towards $9,200. Nevertheless, the intraday low renewed buying demand among traders. It brought the price back near $9,500.
Bitcoin price chart from TradingView.com showing it maintaining its bullish bias above $9,200. Source: TradingView.com
As futures tied to the S&P 500 hinting a downside correction ahead, it may prompt Bitcoin to tail the bearish trend. The price could, therefore, test $9,200 for a potential pullback move above the $9,500-level.
Meanwhile, breaking above the Rising Wedge channel (redded range) could set Bitcoin’s breakout target towards the top of the pattern, which is near $10,428. On the other hand, breaking below $9,200 risks an extended downside move towards $8,600. origin »
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Bitcoin has seen unpredictable and volatile activity recently, with price action testing both psychological and technical boundaries. The cryptocurrency failed to break above the coveted $100,000 mark while showing resilience by holding firmly above the $90,000 level.
Bitcoin price is recovering higher above the $96,000 level. BTC is showing positive signs and aims for a fresh increase above the $98,800 level. Bitcoin started a fresh increase above the $96,000 zone.
Bitcoin price extended gains above $88,000. BTC is now consolidating gains near $90,000 and might see a minor decline in the near term. Bitcoin extended its increase and traded above the $88,000 zone.
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Bitcoin Cash price started a major increase above the $350 resistance. BCH is consolidating and might aim for more gains above the $385 resistance. Bitcoin cash price started a fresh increase above the $350 level.
Bitcoin price broke to above $66,000 for the first time in nearly three weeks. Cypto analysts at QCP say ‘Uptober’ and the US election sentiment could help bulls higher. Bitcoin (BTC) price rose more than 6% to break above $66,000 on Monday, October 14, 2024 as most cryptocurrencies recorded 24-hour gains.
In a strong display of resilience, Bitcoin (BTC) maintained its position above the $60,000 mark Thursday amidst a week of speculation and mixed signals in the crypto markets.
Bitcoin price is consolidating above the $60,000 support. BTC seems to be eyeing a fresh increase above the $61,200 and $61,500 levels. Bitcoin is consolidating above the $60,000 support zone. The price is trading below $61,750 and the 100 hourly Simple moving average.
In just two weeks, Bitcoin recovered well and turned bullish after finding solid ground above $52k in the last leg down. It saw rejection and faces hurdles after posting a notable 10% gain near the $65k level in a week.
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Bitcoin’s weekly close above a key support level is “good news,” according to traders, and the day’s rally to $57,500 could be a sign that the bottom is in.
The cryptocurrency market showed signs of a strong recovery on August 22, with Bitcoin holding steady above the crucial $60,000 mark. This stability, coupled with positive economic updates, has boosted investor confidence in risky assets, leading to significant gains in several altcoins.
Bitcoin price stayed above the $57,650 support zone. BTC is now rising and might aim for a move above the $60,000 resistance zone. Bitcoin started a recovery wave above the $58,500 resistance zone.
According to CryptoQuant CEO Ki Young Ju, if Bitcoin’s price stays above $45,000, it could surpass its all-time high within a year. Bitcoin (BTC) rebounded from a tumultuous weekend, and optimism remains in the crypto market despite some bearish indicators…
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Bitcoin is rising, trading firmly above the psychological round number at $60,000, looking at the formation in the daily chart. As BTC turns the corner, there could be more room for gains, even pushing the coin above local resistances at $66,000 and $72,000.
Per analysts, Bitcoin needs a 3.5% rally to close above $60,600, which will help reclaim its crucial re-accumulation range.
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Bitcoin price is consolidating above the $60,550 support zone. BTC could avoid more downsides if it manages to recover above the $62,400 resistance. Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.
Bitcoin’s price has risen roughly 2% in the past 24 hours, trending above $70,000, a psychological level. As bulls prepare for more gains, Willy Woo, an on-chain analyst, believes the coin could soar even higher after breaking above the all-important resistance level at $72,000.
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LTHs have started distributing their holdings for profit.
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After Bitcoin (BTC) recently hit a new all-time high above $70,000, analysts and investors are looking out for the next potential milestone for the maiden cryptocurrency.
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Bitcoin price started a fresh increase above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance. Bitcoin started a fresh increase from the $35,500 support zone.
Bitcoin price is consolidating gains below the $37,000 zone. BTC could gain bullish momentum if there is a close above the $36,800 and $37,000 levels. Bitcoin is holding gains above the $36,000 support zone.
Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone. Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.
Bitcoin price stayed above the $33,200 support zone. BTC is rising and might aim for a fresh rally above the $35,000 resistance. Bitcoin is again moving higher and approaching the $35,000 resistance.
Bitcoin rose more than 12% in 24 hours to reach a new year-to-date high of $35,264 on Binance – BTC traded to highs above$35,150 on Bitstamp and Coinbase as well. As the flagship cryptocurrency skyrocketed, altcoins followed suit, with Ethereum spiking above $1,800.
Cryptocurrency markets surged higher Thursday, with the price of bitcoin (BTC) breaking above the $27,000 level for the first time alongside easing macro pressures.
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.