Bitcoin’s uptrend in the time since it tapped lows of $6,400 has been unwavering, and BTC’s bulls have been able to successfully garner enough buying pressure to push the cryptocurrency up towards its key resistance levels that exist within the upper-$7,000 region.
It is important to note that BTC is currently on the cusp of validating an overwhelmingly bullish technical formation, but in order for this to spark a massive rally, bulls need to push the crypto above one key level.
Bitcoin Inches Towards $7,600 as Bulls Continue Building Strength
At the time of writing, Bitcoin is trading up roughly 1% at its current price of $7,600, which marks a notable climb from its daily lows of under $7,400 that were set yesterday morning when bears attempted to garner enough selling pressure to halt the ongoing rally.
It is imperative to note that the short-term downtrend that ensued after BTC faced an influx of selling pressure yesterday was short-lived and was ultimately followed by a strong bounce that marked a continuation of its uptrend.
The price region that Bitcoin is currently trading within is where the crypto had faced multiple swift rejections at over the past few weeks, signaling that this is an area of resistance.
Importantly, over the past few weeks Bitcoin has been forming a bullish inverse head and shoulders formation, but Scott Melker – a prominent analyst who primarily focuses on Bitcoin and other cryptocurrencies – explained in a tweet that this bullish formation will not be valid until BTC breaks firmly above the mid-$7,600 region.
“$BTC 4 days later and price has tested the neckline (pink) of the inverse head and shoulders. I see people drawing a horizontal neckline – not how this works. The neckline is determined by connecting the two swing highs surrounding the head – a descending line in this case,” he noted while pointing to the chart seen below.
$BTC
4 days later and price has tested the neckline (pink) of the inverse head and shoulders. I see people drawing a horizontal neckline – not how this works. The neckline is determined by connecting the two swing highs surrounding the head – a descending line in this case. pic.twitter.com/6xOG9CUdab
— The Wolf Of All Streets (@scottmelker) January 6, 2020
What Would a Break Above the IHS Neckline Mean for BTC?
An inverse head and shoulders formation – in contrast to a normal head and shoulders pattern – has historically been an indicator that an asset is bottoming out when formed and validated on larger time frames.
Melker further went on the explain that if this formation is validated by bulls, it could mean that Bitcoin will surge as high as $9,000 in the near-term.
“Target would theoretically be more like 9K,” he said in response to a question regarding how high a confirmed neckline break could lead BTC.
Target would theoretically be more like 9K
— The Wolf Of All Streets (@scottmelker) January 6, 2020
The coming several hours and days will offer analysts deeper insight into the long-term significance of this pattern, as a strong rejection around its current price levels would invalidate it and signal that further losses are imminent.
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Bitcoin (BTC) whales on Binance appear to be reducing their selling pressure, but the potential for increased BTC sales from miners could introduce new downward pressure on the market. According to CryptoQuant’s community analyst Darkfost, whale activity on Binance, which handles some of the largest Bitcoin trading volumes, is showing signs of decline.
Bitcoin’s Binary CDD and HODL Waves indicated that long-term holders were accumulating, easing market sell-side pressure.
New triggers could drive its next major price movement.
Bitcoin’The post Bitcoin: LTHs ease sell pressure - What this means for BTC appeared first on AMBCrypto.
Bitcoin struggles as buying pressure wanes, with indicators like SSR and MACD pointing to bearish momentum. BTC risks dipping to $90,623.
The post Bitcoin (BTC) Faces Weak Buying Pressure as Bulls Remain on the Sidelines appeared first on BeInCrypto.
Inflationary pressure and geopolitical uncertainty could see Bitcoin become a global reserve currency, states Cuban The billionaire believes Trump’s lower tax rates and tariffs could push up Bitcoin’s price Elon Musk plans to commit $45m a month to back Trump’s presidential run US billionaire Mark Cuban believes that through a combination of inflationary pressure and […]
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Bitcoin is nearing $45,000 due to reduced selling pressure, especially from miners who have decreased their daily sales. Despite lower profitability, miners are holding onto their assets, while large investors continue to accumulate Bitcoin.
The debt ceiling is unlikely to hold as the government faces increased pressure from interest rate payments, a potential catalyst for Bitcoin and cryptocurrencies.
The movement of whales' holdings to exchanges reflected selling pressure.
The whale count has surged since the interest shown by TradFi giants.
Bitcoin [BTC] has wobbled in a tight trading rThe post Bitcoin: Analyst points out "unmistakable sign" of sell pressure appeared first on AMBCrypto.
-Bitcoin Stamps could play a key role in attracting users to the Bitcoin network.
- Miners saw pressure as difficulty in mining continued to rise.
According to data provided by Messari, on 14 ApThe post Bitcoin [BTC] miners feel the heat with high sell pressure, can this ease their trouble appeared first on AMBCrypto.
Bitcoin's [BTC] ranging performance has demonstrated a healthy demand increase every time it approached $19,000. But this time demand has dropped despite retesting the same price. Let’s look at someThe post Bitcoin’s supply distribution metric credits ongoing selling pressure to... appeared first on AMBCrypto.
Big bitcoin balance holders, or "whales," are moving less crypto onto exchanges, signaling some reduction of sell-side pressure, according to CryptoQuant.
After facing some slight turbulence yesterday, Bitcoin incurred a massive rush of selling pressure today that sent its price reeling down to lows of $10,700 This movement came about in the form of a sharp selloff following a prolonged bout of sideways trading within the lower $11,400 Analysts are now noting that the market is now at serious risk of seeing further downside This comes as multiple large BTC mining pools begin offloading their holdings […]
Bitcoin has seen some intense selling pressure today following a bearish resolution to its long-held bout of sideways trading The cryptocurrency is now at risk of seeing further selling pressure as it struggles to defend a key support level Analysts are noting that it may decline as low as $8,500 in the hours and days ahead as it struggles to maintain its multi-week uptrend Bitcoin is now trading right above its key support level at […]
The majority of Bitcoin proponents have remained bullish as they go all-in on the oldest and most valued cryptocurrency the world has ever known. With whales betting big on Bitcoin, buying pressure has increased immensely, so much that Bitcoin saw over a 35% increase in the value to its current price within the last two […]
Bitcoin has had a rough day, with the benchmark cryptocurrency plummeting towards the low-$9,000 region as bears gain full control of BTC’s price action. This intense downwards pressure seems to mark an extension of the selling pressure that was first incurred when Bitcoin faced a sharp rejection at $10,000 this past Sunday.
Canaan shares recently crashed by as much as 40% on Nasdaq, which was likely caused by the continuous pressure on Bitcoin price. Bitcoin miners are in a tight spot once again, as Bitcoin’s price continues to experience pressure.
We are back above $10,000. Bitcoin has made a good start of August as it surges over 5 percent to $10,500, seeing an uptick in the daily trading volume at $1.21 billion as well. More Buy Pressure than Sell Pressure Driving the Price Up This upswing came on the back of Bitcoin experiencing the first […]
Bitcoin (BTC) and the aggregated crypto markets incurred a sudden influx of buying pressure yesterday that allowed them to climb significantly higher. This upwards momentum came about after a long period of downwards pressure that had jeopardized the upwards momentum that the markets had incurred throughout the first half of 2019.
Bitcoin and the aggregated cryptocurrency markets have faced increasing selling pressure as of late that appears to have put their recently established upwards momentum in jeopardy. Despite this, BTC and other cryptos have yet to incur any massive influxes of selling pressure that lead to the formation of a quick downwards leg.
Summary:Buying pressure continues as the bitcoin market holds above the macro, bearish trendline and the monthly resistance level. There was a small amount of selling pressure but it was absorbed by eager bulls.
Sentiment among traders and speculators in the market is extremely temperamental, swinging between bearish and bullish on an almost daily basis. The charts are relatively neutral but pressure is certainly building in the Bitcoin (BTC) market.
Bitcoin prices under pressure Adoption on the rise as Venezuela is the poster country for crypto Transaction volumes drop days after Feb 24 drawdown In an uptrend, Bitcoin (BTC) is under immense pressure thanks in part to sell-off of Feb 24.
A plethora of bearish cryptocurrency market pressure is forming as of right now. All top currencies are in the red again, with a few exceptions persisting for the time being. Even so, it would appear there are some markets which are getting hammered once again, for no real reason.
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BCHSV/USD Medium-term Trend: Ranging Supply zones: $150, $200, $250 Demand zones: $30, $20, $10 BCHSV is in a range-bound market in its medium-term outlook. $74.26 in the demand area was the low the bearish pressure could drop the cryptocurrency before rejection by the 50-EMA which acted as strong support for the bulls come back. […]
As was to be expected, most of yesterday’s cryptocurrency market gains have been wiped out once again. Sustaining a bit uptrend has proven to be extremely difficult throughout 2018 and this latest round is no different.
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After two weeks of incessant sell pressure and analysts giving up on bulls, it seems like BTC/USD sellers are exhausted. Notice that BTC is finding minor support at $3,600 or Nov 25 floors and if today close higher then we might see a temporary recovery towards $4,700.
The current bearish Bitcoin price pressure has made a lot of traders and enthusiasts uneasy. It is evident there isn’t much to be excited about given the current circumstances, but there are precedents for this negative market pressure as well.
Generally, altcoins are on a downtrend and as long as Bitcoin is under immense sell pressure then they shall continue printing lower lows that’s unless there are specific coin news to jolt prices altering our Litecoin, Stellar Lumens, EOS, Monero or Cardano price analysis Let’s have a look at these charts: EOS Price Analysis Even.
There are numerous cryptocurrencies to keep an eye on right now. Although not all of the currencies are performing as one would expect, things are not looking all that bad either. Bitcoin SV, or Bitcoin Cash SV, is still doing a pretty good job right now.
As Bitcoin spirals to new 2018 lows and drags the enitre cryptocurrency market down with it, investors and analysts are becoming increasingly interested in the factors that could be contributing to this drop that extends further than simply a lack of buying volume and increased selling pressure.
On Saturday, after Bitcoin’s days of relative stability at $4,300, a fresh wave of selling pressure washed over crypto investors worldwide, sending Bitcoin well below its purported support levels at $4,000 and $3,800.
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Bitcoin Crash Sends Bears Into Euphoria On Saturday, after Bitcoin’s days of relative stability at $4,300, a fresh wave of selling pressure washed over crypto investors across the globe, sending Bitcoin well below its purported support levels at $4,000 and $3,800.
Key Points Bitcoin price fell significantly and traded below $4,000 and $3,800 against the US Dollar. There is a major bearish trend line formed with resistance at $4,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
BItcoin (BTC) Falls Under $4,000 Support On A Dime After days of stagnating at the $4,200 price level, on Saturday afternoon (EST), Bitcoin (BTC) suddenly fell under $4,000, a highly-touted level of support for the cryptosphere’s foremost asset.
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“Bitcoin Was Overpriced All Year” While some industry savants expected crypto’s recent crash for months on end, many ‘common Joe’ investors were caught off-guard by this rapid bout of selling pressure.
A new report from Reuters states that the recent price plunge for Bitcoin has eased the pressure on Britain’s financial watchdog to take radical action that could deter investment and financial involvement in the digital money market.
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Pi Network (PI)’s is up +20% in the last 24 hours, hitting highs of $1. 74. While PI price remains 44% off its peak of $2. 99, buyers may push the token higher. Potential catalysts and which could catapult PI up include upcoming Pi Day and possible Binance listing.
zondacrypto enters the Swiss market with a strong impact, expanding its sports sponsorship portfolio to a new discipline – ice hockey. The leading cryptocurrency exchange in Central and Eastern Europe has become a partner of HC Davos, the 31-time Swiss champion, as well as the title sponsor of the club’s hockey arena, which is now […]
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Bitcoin’s price movement recently has underscored the importance of the short-term holder (STH) cost basis as a key momentum indicator. It has emerged as a vital threshold for the sentiment of this market.
Base network observed an exceptional day on March 10, reaching fresh heights in both token creation and trading volume. The number of tokens created on that day—2,023—by the prolific token creator Clanker, was not only a single-day record for Clanker but was also the highest total ever seen in Base network history for a day’s [...]
Offchain Labs, the R&D team behind the Arbitrum Layer-2 scaling solution, announced it will begin buying ARB tokens, reinforcing its long-term commitment to the Arbitrum ecosystem. The purchases will be made in a non-disruptive way in the open market, and will use a structured trading approach, with specific parameters, to ensure the way the trading [...]
