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 »
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone.
Spot Bitcoin exchange-traded funds in the United States recorded their tenth consecutive day of inflows on Dec. 11, with $223. 03 million entering the funds as Bitcoin climbed back above the $100,000 mark.
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.
Bitcoin has hit a new high above $87,000 and could bounce past $100,000 amid bullish momentum. If it happens, the bull market case is for a rally to $150k, an analyst says With Bitcoin rallying to a new all-time high above $87,000, the overall sentiment suggests it’s likely to continue higher.
Bitcoin price is surging again above $70,000. BTC is showing signs of strength and might even clear the $73,500 resistance zone amid Trump’s lead. Bitcoin started a fresh surge above the $70,000 zone.
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.
Data shows the cryptocurrency sector as a whole has witnessed a high amount of liquidations following the volatility Bitcoin and others have gone through. Bitcoin Has Recovered Back Above The $63,000 Level Following the news of the US Federal Reserve cutting back on interest rates, Bitcoin has responded positively, with its price breaking above the $63,000 level.
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…
Bitcoin has jumped above $66,000, reaching its highest level since mid-June when prices hovered above $67,000. The price of Bitcoin (BTC) is currently 4.7% up in the past 24 hours as buyers hover around $66,670. Meanwhile, Ethereum (ETH) has climbed…
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.
Historical patterns suggested that Bitcoin's price could reach aroundThe post Why Bitcoin needs to rally above $61K soon, per analysts appeared first on AMBCrypto.
Bitcoin was up 3% over the last seven days, at press time.
June's lackluster action ultimately saw Bitcoin register negative returns of almost 7%.
Bitcoin [BTC] traded promisingly above $6The post Can Bitcoin hold above $63,000? Things to watch out for this month appeared first on AMBCrypto.
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.
Quick Take Bitcoin has, for now, cemented itself above $70,000, boasting a market cap of roughly $1. 4 trillion. The close on June 4 above $70,000 marks only day 13 that Bitcoin has achieved this level, with just seven days seeing a close above $70,954, according to Case Bitcoin.
The sentiment around Bitcoin has turned decidedly bullish following a surprise surge past $66,000 on Wednesday, now climbing above $67,200. This price jump has sparked renewed interest among large holders.
BTC’s recent price surge has led to a notable change in market sentiment.
LTHs have started distributing their holdings for profit.
Bitcoin’s [BTC] recent rally above the $72,000 price rThe post How Bitcoin's hike above $72K changed investors like you appeared first on AMBCrypto.
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.
Bitcoin has set a new all-time high (ATH) above the $69,000 level as institutional investors have aggressively bought on Coinbase. Bitcoin Has Set A New ATH Above $69,000 The moment that every Bitcoin investor had been looking forward to has finally arrived today.
Bitcoin has just broken above the $65,000 level. Here’s a possible reason that may be contributing to this fresh bullish momentum in the asset. Bitcoin Has Edged Further Closer To A New High With Its Latest Break After consolidating near the $62,000 mark for a few days, Bitcoin has finally witnessed some uptrend in the […]
Bitcoin (BTC) saw its price recover above $49,700 on the evening of Feb. 13 — closing in on its earlier daily high. As of 9:50 pm UTC, Bitcoin was priced at $49,726. Though Bitcoin is down 0. 4% over 24 hours, that price represents 0.
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 moving higher above the $26,200 resistance. BTC could gain bullish momentum if there is a daily close above the $26,500 resistance. Bitcoin is showing a few positive signs above the $26,200 level.
Bitcoin price is consolidating above $25,650 and $25,500. BTC could start a decent increase if the bulls manage to push it above the $26,200 resistance. Bitcoin is trading in a range above the $25,650 support zone.
RSI stays above 50 in 2023 The weekly chart points out an ascending triangle pattern $45k is the next target, providing the Bitcoin price holds above $25k Bitcoin bulls must be frustrated by the slow price action in the last few months.
Bitcoin price started a fresh increase after XRP’s massive rally. BTC is trading above $31,400 and might rally if there is a close above $32,000. Bitcoin is moving higher above the $31,000 and $31,400 resistance levels.
Bitcoin price extended losses and traded below the $95,000 zone. BTC is showing bearish signs and might decline heavily below the $92,000 level. Bitcoin started a fresh decline below the $95,000 zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.
Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.
Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone.
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone.
Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.
Elon Musk’s crypto investments have soared to staggering new heights, with the combined Bitcoin holdings of Tesla and SpaceX reaching an estimated value of $2 billion.
