Bitcoin has slightly declined during the last 24 hours, according to Coinmarketcap data, but the drop might extend in the coming hours and days. Currently, the BTC/USD pair is trading at $6,616.25 as of 7:47 UTC.
Bears Might Take Control of Bitcoin Mood
Yesterday, the price couldn’t break above $7,000 on most major exchanges and formed a double top on the hourly chart, which is a well-known bearish pattern in technical analysis. The first top showed up on March 20 when Bitcoin recovered some of its previous losses amid a rally that detached it from traditional markets.
Nevertheless, the rally couldn’t push it above the psychological level of $7,000, which has discouraged bulls.
Besides, the price is dangerously approaching the support line of its uptrend that took off on March 16. If it breaks below it, we might see the largest cryptocurrency trading at around $6,000 again. However, if the support holds, we could see a bullish ascending triangle pattern breakout take place if volume picks up.
So far, the only positive sign from a technical analysis perspective is that the 50-day moving average has recently broken above the 100-day and 200-day moving averages, which should act as a healthy bullish sign. Nevertheless, the 50-day and 100-day moving averages can cross their lines again soon, which would put additional pressure on the Bitcoin price.
If the price breaks below its support line, it could quickly fall to $6,000, with the next likely support level down at $5,000.
Can Fundamentals Help?
The fact that the US Fed expressed its readiness to pump as much cash as needed should have been a bullish sign for the cryptocurrency, which has a capped supply. However, this is not the case at least in the short term, as Bitcoin has decided to follow the declining stock markets. Previously, the cryptocurrency has closely followed the US and European stock markets to get hints about next moves.
Yesterday, the US Senate approved the biggest economic stimulus package in history, worth $2 trillion. Now, the legislation 96-0 should go through the House of Representatives.
Despite the unlimited quantitative easing pledges from central bankers, nothing is clear at the moment since the COVID pandemic can take an unexpected turn in either direction.
Last week, Fundstrat said that Bitcoin would take months to recover.
Do you think Bitcoin will manage to handle the bearish pressure this month? Share your thoughts in the comments section!
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Bitcoin Cash has surged by 15.38% to hit a 7-month over the last 24 hours.
Market indicators suggested that BCH was on the verge to make a bullish crossover, signaling further uptrend.
Over The post Bitcoin Cash surges 15% in 24 hours, hits 7-month high: Is $620 next? appeared first on AMBCrypto.
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Bitcoin SV [BSV] has surged a staggering 63% in the past 24 hours, reachinThe post Bitcoin SV soars 63% in 24 hours, hits YTD high appeared first on AMBCrypto.
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It looks like there’s no stopping Bitcoin, at least not today, after the world’s largest cryptocurrency breached the $21,000-mark within hours of breaching the $20,000-mark. At the time of writingThe post Bitcoin surges past $21,000, hours after $20k-breach appeared first on AMBCrypto.
Bitcoin is erupting higher once again after managing to pass $17,000 just hours ago earlier this morning. It appears that the cryptocurrency is entering the “blow-off top” phase of the market cycle, surging hundreds of dollars higher over the span of a few hours.
Bitcoin has in the last 24 hours recorded an unprecedented jump. Starting in the early hours of Wednesday, the digital asset has climbed from its long term support of $7. 8K to reach as high as $9. 4K achieved a few hours ago.
In the last 24 hours, Bitcoin is the second worst-performing asset class, behind crude oil. It is currently down some -10.50 percent, at the time of writing. Given Bitcoin’s drastic drop in the last 24 hours amid the oil price war, the leading cryptocurrency does not seem mature enough to be treated as a global […]
The post Bitcoin Is the Second Worst Performing Asset Over Last 24 Hours appeared first on BeInCrypto.
Cryptocurrency market is witnessing a correction for the last 48 hours, Bitcoin price had dropped from 10500$ to 9700$, and Major cap altcoins like XRP,ETH, LTC and EOS saw an average drop of over 15% in last 48 hours.
In the past few hours, the price of Bitcoin (BTC) has crashed, falling from the daily high of around $8,910 to a local low of $8,585, the lowest the cryptocurrency has traded at in around 18 hours. This represents a 3% drop in a matter of a few hours, which honestly isn’t that surprising considering... The post appeared first on NewsBTC.
Over the past few hours, Bitcoin (BTC) has finally started to show signs of life. After trading in a literal $100 range for over 24 hours, the cryptocurrency broke higher just recently, with bulls stepping in as the week comes to a close.
Bitcoin has been on a rocky ride for the past week, considering its dip and the immediate and exponential pullback. The price closed after a 35% hike, but it shot up by 38% in over 16 hours. Some speculated that this was due to Chinese President Xi Jinping’s blockchain announcement, while others attributed this rise […]
The post Bitcoin: The next 36-48 hours look gloomy; $7,800 ahead? appeared first on AMBCrypto.
In the early hours of today, Bitcoin surged from $11,400 to around $11,800 which it is currently trading at. The level of activity in the crypto market has picked up thanks to this surge. Along with the high-level activity, is several whale movements where over half a billion dollars worth of BTC was sent from […]
The post Whales Move $532 Million Worth of Bitcoin In Less Than Three Hours appeared first on ZyCrypto.
Bitcoin spiked to $5,700 in an immense rally overnight, leading the rest of the crypto market to recover. Experts talk to Cointelegraph about factors that could have triggered the rally
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