The past few days have undoubtedly been bullish for Bitcoin, with the cryptocurrency ripping over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.
This stunning rally has brought the cryptocurrency above some key resistance levels pointed out by traders. One trader noted that during the move, BTC passed the point at which bears made their “last stand,” marked by a confluence of resistance levels like the 200-day simple moving average and the 61.8% Fibonacci Retracement of the 2020 highs and lows of $10,500 and $3,700, respectively.
Related Reading: Crucial Bearish Factor That Haunted Bitcoin Since $5ks Was Just Invalidated
It’s too soon to be long-term bullish on Bitcoin, though, with a leading investor claiming that the crypto market remains in a macro range, not in a bull market as some investors have asserted.
Bitcoin Needs to Eclipse $11,800
According to a prominent crypto trader, while the recent breakout has brought the cryptocurrency above a crucial resistance, Bitcoin is in a “ranging market until we close a weekly [candle] $11,800.” A close above this price point, he explained, will catalyze “real fireworks” for the BTC market.
As can be seen in the chart below, $11,800 has been a critical inflection point for Bitcoin, with $11,800 marking the top of 2019’s rally on two occasions, and the top of a reversal rally in the 2018 bear market.
Chart from @George1Trader (Twitter)
Related Reading: A Top Crypto Trader is Selling His Altcoins Due to These “Red Flags”
Can Price Do It?
Although $11,800 is a whole 35% above the current market price of $8,800, there are signs that Bitcoin will start trending towards that critical level in the coming days ahead.
Per previous reports from NewsBTC, Kelvin Koh — a former Goldman Sachs partner and current partner at The Spartan Group — wrote in a recent analysis that the resilience of digital businesses amid the coronavirus outbreak will be a decisive boon for crypto:
“One thing was made clear during the pandemic. Digital businesses were clear winners in this crisis and a world scarred by it will accelerate towards digitization, which bodes well for crypto longer term,” the analyst wrote on the subject.
Koh added that with central banks injecting trillions of dollars worth of stimulus into the economy, crypto stands to benefit. “Some of the trillions of dollars of stimulus from central banks will inevitably flow into crypto assets,” he explained.
Technical indicators share an optimistic outlook. A trader found that Bitcoin has printed a series of bullish divergences. The divergences the trader pointed to were notable as he found a total of three on a weekly time frame: Bitcoin has trended lower as the Money Flow Index, the MACD, and the Fisher Transform indicators have pushed higher.
Chart from @CryptoHamsterIO (Twitter)
The imminence of the block reward halving could accelerate this bullish narrative, especially as investors continue to buy in anticipating the event.
Photo by Ray Hennessy on Unsplash origin »
Bitcoin popped towards its two-month high early on Thursday, breaking above $9,400 amidst halving hype. But the cryptocurrency failed to secure its intraday gains as it corrected lower by about $937 from the local top.
The Ethereum price hits eight-week high after rising alongside top rival Bitcoin in tandem. The second-largest cryptocurrency faced resistance near $212, but it could close above it owing to a bullish macro narrative.
Bitcoin closed above $8,000 this Wednesday, wiping all its Coronavirus-induced losses from mid-March. The cryptocurrency’s move uphill came ahead of Jerome Powell’s press conference at 1430 ET today.
Bitcoin resumed its upward momentum Wednesday as the price inched closer towards $8,000. The benchmark cryptocurrency closed the day above the key resistance area around $7,800. While $8,000 remains untouched during the current rally, optimistic traders believe that a new bull run could be in the cards, especially considering that the BTC price currently trading […]
The post Cryptocurrency News Roundup for April 28, 2020 appeared first on BeInCrypto.
Despite Ethereum’s rejection at $200 and Bitcoin’s similar rejection at $7,800, the cryptocurrency market has held strong over the past 24 hours. Case in point, Ether continues to trade for $194, just shy of the weekly highs and above the $180-190 region, which analysts have identified as a zone of support.
Bitcoin has been able to once again push into the upper-$7,000 region after facing multiple rejections here throughout the past few days The cryptocurrency is pushing up against its 200-day moving average – a key trend-determining level A break above this 200-day MA could spark a major upside movement, with some analysts thinking this is imminent After facing multiple harsh rejections within the upper-$7,000 region throughout the past couple of days, Bitcoin has been able […]
Yes, the price of Bitcoin may have stalled over the past three days, stagnating around $7,500, but the cryptocurrency is still decisively bullish from a macro perspective, analysts say. In fact, should BTC close the weekly candle above $7,100 in approximately seven hours as of this article’s writing, this will be the sixth — yes, […]
The post Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week appeared first on CryptoSlate.
It has been an important past few weeks for Bitcoin. Due to consistent buying pressure, the cryptocurrency has crossed above key resistance level after key resistance level after March 12th’s crash, reaching a high of $7,800 just recently.
Bitcoin has stabilized above $7,500 following yesterday’s upswing Analysts are now noting that a confluence of factors suggest BTC will decline slightly before finding enough support to catalyze continuance of this uptrend This comes after a period that some traders have described as “healthy consolidation” Bitcoin has been able to maintain all of its recent gains overnight, as the benchmark cryptocurrency has begun stabilizing above the $7,500 region even in spite of the strength of […]
Bitcoin hit $7,600 on Thursday, its highest level yet since crashing in early March. The cryptocurrency climbed more than 10% during the last 24 hours spurred by the return of leveraged money. Bitcoin cash (BCH), ethereum (ETH), and ripple (XRP) all rose above 4% to $239, $189, and $0.
Ethereum has seen a notable price spike today that has come in tandem with a recovery seen across the aggregated cryptocurrency market. This movement has allowed ETH to recapture its position above $180 as Bitcoin navigates into the $7,000 region.
Bitcoin crawled back above $7,000 this Thursday trade but failed to confirm a bullish breakout. The cryptocurrency rebounded as US Stocks and Oil broke their two-day losing streak. Analysts are concerned that the markets are overly optimistic.
Bitcoin price has failed to reclaim and hold above $7,000 and could retest lows set a month ago on Black Thursday. However, if that recent low fails to hold, the first-ever cryptocurrency could fall to nearly $2,000 according to a mathematical figure that coincidentally is located at an untapped support level from past Bitcoin bull...
Bitcoin has stabilized above $6,800 after its recent dip below $7,000 It has now entered what appears to be a historic trading range that has been developed over many years Analysts are noting that the crypto is now sending mixed signals with regards to where it might trend next In the time following Bitcoin’s intense decline below $7,000 yesterday, the benchmark cryptocurrency has since been able to stabilize above its near-term support at $6,800. It […]
Tezos’ native cryptocurrency XTZ confirms forming Inverse BARR, a bullish reversal indicator. The XTZ/USD pair is waiting to close above a crucial technical resistance while setting its upside target 50 percent higher.
Key Bitcoin takeaways: Bitcoin opened this week in positive territory, unfazed by the growing Coronavirus pandemic that crashed its prices by over 50 percent in March. The cryptocurrency remains trapped under the $7,500-resistance but is holding above a crucial medium-term technical support.
In the time following Bitcoin’s recent break above its key near-term resistance level at $7,200, the benchmark cryptocurrency’s bears have lost some of their steam as it declines below this level, with it now being at risk of revisiting its support at $7,000.
An observation of Litecoin's charts for the past 48 hours reveals that the cryptocurrency dropped below $43. In fact, the silver counterpart to Bitcoin registered a fall of 10.54 percent on 10 April, The post Litecoin's ascent above $46 might be held back by declining NVT ratio appeared first on AMBCrypto.
After sailing smoothly above the support level around $7,000 for a bit, Bitcoin suddenly retreated to the high-$6,000s in the early hours on Friday. A correction at this point is to be expected, but traders are on the edges of their seats waiting to see if BTC can handle another leg up.
The Bitcoin price has been increasing rapidly since reaching a low on March 13. At the time of writing, BTC is trading a full 94% above the aforementioned low of $3,760. Despite the massive increase, not everyone is convinced that BTC has already reached a bottom, One such individual is cryptocurrency trader @CryptoCapo_, who outlined […]
The post How Bitcoin’s Current Upward Move Compares to Previous Bull Traps appeared first on BeInCrypto.
Bitcoin recovery continues this week with the virtual asset’s value rising steadily, crossing the critical $7,000 resistance level. The top cryptocurrency is now trading above $7,200, which is close to 100% rise from its recent bottom of $3,800 recorded on the March 12 collapse.
In the past 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% gain from the $5,800 bottom seen on Sunday evening (UTC). Due to this move, the BitMEX funding rate on the Bitcoin (XBT) contract surged by 990%, according to data from Joe McCann, a cryptocurrency trader and AI/cloud specialist at Microsoft. According...
Bitcoin price has been more volatile than ever lately after the asset plummeted from $10,000 to under $4,000 in just over a month’s time. After such a collapse, the leading cryptocurrency by market cap has since bounced and is trading above $6,300 following a successful weekend defense of $5,800 – an important line that according...
Bitcoin is currently trading above $6,300, still down over 14% on a year-to-date basis but up more than 60% from the 2020 low of $3,850. Since mid-February, when BTC/USD went to $10,500, the world’s leading cryptocurrency has been on a downtrend, acting like a risk-on asset just like the stock market as COVID-19 cases continue […]
Coinspeaker Bitcoin Price Managed to Cross $6,700 but Is Below Again, BTC Halving 47 Days AwayBitcoin price has managed to go above 6,700 again, with the market data showing that the first cryptocurrency is ready to take off.
After multiple failed attempts to break above the heavy resistance that Bitcoin has faces around $6,900, the benchmark cryptocurrency has once again fallen into a bout of sideways trading around $6,600.
After yesterday’s jump above $6,600, today Bitcoin surged yet again to almost $6,900. From yesterday’s lowest level of about $5,700, the world’s leading cryptocurrency has jumped 20. 4%. Not just bitcoin but global markets also rose on the optimism of a strong US response.
Bitcoin has had a tough week, to say the least; after peaking at $9,200 on Saturday, the cryptocurrency started a precipitous decline, falling through support level after support level as if they were irrelevant.
Digital currency markets have been consolidating since Thursday’s massive price drop after more than $90 billion was erased from the cryptoconomy. Crypto markets saw some brief gains on Friday but prices have been meandering just above current support levels.
The global market sell-off has not only resulted in the Dow Jones Industrial Average tumbling into a bear market at a furious pace on Thursday but also in the bitcoin and crypto market as well. The world’s leading cryptocurrency today fell to May 2019 levels at nearly $5,700 before keeping above $6,000. The digital asset […]
In a sudden and violent crash in the price of bitcoin wiped out all the profits that the world's leading cryptocurrency made in 2020 so far. From above 10,500, the 2020 peak Bitcoin reached on February 13, today, we fell as low as $5,720.
There’s no other way to put it: Bitcoin has fallen off a cliff. The cryptocurrency, over the past few hours, has plunged from a comfy price above $7,700 (which now seems extremely high) to as low as $5,600 in the span of a few 15-minute candles.
Over the past few hours, Bitcoin has mounted a comeback; after falling as low as $7,590 in step with a similar drop in the price of equities, the cryptocurrency surged towards $7,900. While some say this is just volatility, there is purportedly evidence that an uptrend is forming, one that could take BTC above $8,000, then potentially higher to recover some of the strong losses the asset incurred at the start of the week.
Bitcoin held steady around the key support area of $7,800 on Tuesday and even went up by $300 to break cleanly above $8,000 for some time. However, bears seem to have rejected the bounce-back as the benchmark cryptocurrency has already retreated to the high-$7,000s where it is currently trading.
Bitcoin price has fallen to $7,700 after trading above $10,000 just two weeks prior. But why exactly as Bitcoin plunged as much as 25% in a little more than two week’s time? Here are a number of factors influencing the latest cryptocurrency market bloodbath.
Bitcoin (BTC) has once again found itself caught within a bout of sideways trading over the past day, which has come close on the heels of the cryptocurrency’s recent breakout rally that propelled it above its resistance around $8,900.
As Bitcoin bulls marched above the key level of $9k with a dominance of 63.8%, the entire cryptocurrency market rallied to a market cap of $260.8 billion. After taking a dip, the altcoins rose as theyThe post IOTA, STEEM, Binance Coin undergo upside break as Bitcoin hits $9k appeared first on AMBCrypto.
XRP In Danger? While XRP has already performed fairly poorly over the past 15 days, falling from a high above $0. 30 to $0. 23 as of the time of writing this, some have begun to fear the cryptocurrency’s prospects are worsening.
Digital currency markets have been consolidating since the initial price drop on February 26 that saw $25 billion shaved off the entire cryptocurrency market. At the time of publication, the cryptoconomy is hovering just above the $245 billion zone and a few coins today are making slight gains.
Another week, another round of Crypto Tidbits. Wow, what a past seven days for Bitcoin, cryptocurrencies, and global markets overall. Bitcoin saw a blood-red week, to say the least, falling from $10,000 on Sunday to a low of ~$8,480 within a few days’ time as buyers failed to keep the asset above the key $9,500 support....
Bitcoin recently made a “Golden Cross” where the 50-day moving average closed above the 200-day moving average, a positive development for traders who see it as a very bullish indicator. However, the benchmark cryptocurrency fell sharply right after forming the bullish crossover.
Coinspeaker Bitcoin Price Falling Abruptly while China Delays Work on Its Crypto Due to CoronavirusThe leading cryptocurrency is giving up its positions right before our eyes. On Thursday, February 27th, it is trading at $8,520, though just recently it was keeping above $10,000.
What a brutal sell-off that was? Bitcoin Dropped around 15% in last three days. World’s largest cryptocurrency dropped to 8550$, filled CME GAP, and bounced from 8550$ and currently trading above 8800$.
PlanB, creator of the Bitcoin stock-to-flow (S2F) model, says the Bitcoin price is unlikely to dip below $8,200 even as the top-ranked cryptocurrency has dropped 13% over the last one week. Bitcoin Price Will Hold Above 200 WMA As previously reported by Bitcoinist, the Bitcoin price has fallen below the $9,000 mark.
Ethereum and the aggregated cryptocurrency market is currently experiencing a bloodbath, with ETH and most other major altcoins plummeting over 10% as Bitcoin teeters above a critical support level that is beginning to look incredibly weak.
On Feb. 15, XRP went above $0. 340, a level that was last seen in early July 2019. But as Bitcoin takes a drop, XRP went down to $0. 262 again, to early February levels. Currently, the third-largest cryptocurrency by market cap is trading at $0.
Over the past 36 hours, Bitcoin has finally started to show signs of strength after the brutal 10% sell-off earlier this week. From the week’s most traded price at $9,600, the cryptocurrency has pressed higher to $10,000 as of the time of writing this, seemingly to establish a short-term candle close above this crucial psychological level.
Although Bitcoin (BTC) managed to recover most of its losses over the weekend after tumbling as low as $78,258 on February 28, the premier cryptocurrency has created a massive new Chicago Mercantile Exchange (CME) gap, raising concerns that the digital asset may witness another pullback to the low $80,000 level. Bitcoin Not Out Of The […]
Ethereum (ETH) hit a new yearly low of $2,076 earlier today, further weakening sentiment around the second-largest cryptocurrency by market cap. If Ethereum falls below $2,000, it could trigger additional losses for investors.
The crypto market trended lower last week as US tariffs rocked the market, causing investors to flee to safe-haven assets like Gold. Crypto prices which recovered slightly on Monday and Tuesday continued trending downward as uncertainty looms.
Bitcoin fell 4. 72% over the weekend and another 3. 50% during Monday’s Asian session as tensions driven by Trump’s tariffs have investors derisking their positions. Over the weekend, China responded to Trump’s tariffs by indicating interest in imposing tariffs on US goods, while Canada imposed a 25% tariff on CA$155 billion worth of US goods.
2025 has not started on a strong note for Ethereum (ETH), as the second-largest digital asset by market cap continues to trade below its yearly open. Recent on-chain movements also suggest that crypto whales might be losing confidence in ETH’s potential to deliver outsized returns.
The crypto market trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data The Fed expressed caution around inflation, especially as President-elect Donald Trump’s policies will kick in after his inauguration on January 20 Meanwhile, spot crypto exchange-traded funds (ETFs) logged outflows from Wednesday, January 8 Bitcoin […]
The post Weekly price analysis: prices decline on risk-off sentiments appeared first on CoinJournal.
Cryptos trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data. The Fed expressed caution around inflation, especially as Trump’s policies will kick in after his inauguration on Jan.
