Bitcoin Poised to Breakout with Strong Resistance Ahead, Presenting A ‘Turbo Moon’ Opportunity

2020-9-17 15:00

This week, bitcoin jumped higher. Yesterday, the digital asset even briefly hit $11,000. However, BTC slowly made its way below $11k today but is still trading above $10,800.

Going forward, $11,600 is “strong resistance” for bitcoin, and if the digital asset closes above this level, while ETH/BTC is below 0.036, “btc turbo moons and alts turbo nuke,” said trader CryptoGainz. On the other hand, the time for altcoins to enjoy a rally will be Ether surging.

$btc – 11.6k strong resistance
– prior monthly close
– neckline on weekly breakdown $eth – bearish reclaim on monthly vs btc

if btc closes above 11.6k and eth/btc is below 0.036 when it happens i think btc turbo moons and alts turbo nuke pic.twitter.com/lnJTmw6PC7

— CryptoGainz (@CryptoGainz1) September 16, 2020

Interestingly, Bitcoin hodlers are persistent, and those who have been holding their BTC for over a year continue to make new highs. Only about 36% of the Bitcoin supply has moved in the last year.

Also, on-exchange supply is approaching 2-year lows after seeing a spike in August.

First Buy Signal Since March

The good thing is technical indicators suggest bitcoin is ready for a breakout.

According to the GTI Global Strength Indicator, Bitcoin has flashed its first buy signal since March. At that time, the coronavirus induced crash saw the digital asset falling to $3,800 in one of its worst pullbacks.

But bitcoin recovered fast from that fall, rallying 200% over the next five-month period. Currently, BTC is up over 48% YTD.

Other gauges suggest that for a subsequent rally, the flagship cryptocurrency needs to break above $12,000 to see new highs for the year.

“The price of Bitcoin is reflective of the belief that Bitcoin is a hedge against the overall global economy,” Steve Ehrlich, CEO, and co-founder of Voyager Digital, told Bloomberg. “Bitcoin is extremely resilient and as it gains more and more adoption, in conjunction with better regulations suited to support Bitcoin, it continues to demonstrate its position as a reliable store of value.”

Herd is Coming

Since late July, the leading digital asset has been ranging between $10,000 and $12,000 amidst the risk-on sentiment. Bitcoin has also been following the US equities, forming a short-term correlation with them.

The crypto king has also seen greater institutional participation; just last month, Fidelity Investments launched its first institutional bitcoin fund.

This week, the big news came in the form of publicly listed MicroStrategy, adding more BTC to its reserves.

“The herd is coming. Slower than I once thought, but the future is now. Buy Bitcoin. Learn and invest in DEFi. 2021 these old guys are in. So beat them to it,” said Galaxy’s Mike Novogratz.

Moreover, crypto exchange Kraken won the Wyoming SPDI charter, a new type of regulated, full-reserve bank of digital assets that “represents a big step forward for the industry.”

Today Wyoming became the first state to approve a banking charter for digital assets. This will allow those using digital assets, like cryptocurrency, to access reliable financial services, protect consumers, and allow businesses a way to safely hold digital assets.

— Governor Mark Gordon (@GovernorGordon) September 16, 2020

According to Nigel Green, founder and CEO of deVere Group, the key characteristics of bitcoin are its fixed supply and decentralized, distributed, and immutable transactions, which are “highly attractive for investors in an uncertain but increasingly digitized, tech-driven world.”

“It has already earned it the label ‘digital gold,’ and I believe its status in this regard will grow exponentially over the next year or two,” he said.

Bitcoin (BTC) Live Price 1 BTC/USD =10,844.4889 change ~ -0.09

Coin Market Cap

200.54 Billion

24 Hour Volume

34.3 Billion

24 Hour Change

-0.09 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD");

The post Bitcoin Poised to Breakout with Strong Resistance Ahead, Presenting A 'Turbo Moon' Opportunity first appeared on BitcoinExchangeGuide.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 67350.66 (+0.50%)
Îáúåì 24H $35.747b
Èçìåíåèÿ 24h: -3.28 %, 7d: 2.87 %
Cåãîäíÿ L: $67002.8 - H: $70011.8
Êàïèòàëèçàöèÿ $1326.949b Rank 1
Öåíà â ÷àñ íîâîñòè $ 10821.99 (522.35%)

bitcoin asset resistance above below digital btc

Èñòî÷íèê: bitcoinexchangeguide.com

bitcoin asset → Ðåçóëüòàòîâ: 126


Analyst Uncovers BlackRock Long Interest In Bitcoin Mining – Details

Based on a recent report by Bloomberg analyst Jamie Coutts, asset managers’ interest in Bitcoin stretches beyond exchange-traded funds (ETF) into the mining sector. In particular, Coutts speaks about BlackRock, describing the asset manager’s application with the US Securities and Exchange Commission (SEC) to offer a Bitcoin spot ETF as “unsurprising.

2023-9-27 03:00


Ôîòî:

SEC Filing Shows Blackrock Held Bitcoin Futures Contracts Worth $6.15 Million

After signaling its intention to get exposed to bitcoin, Blackrock, the world’s largest asset manager, has now revealed its initial investments toward the crypto asset. According to the asset manager’s filing with the Securities and Exchange Commission (SEC) on March 31, Blackrock, through its Global Allocation Fund, held 37 bitcoin futures contracts worth $6.15 million. […]

2021-4-4 17:30


How Bitcoin of America’s ATM Host Program has Helped Hundreds of Local Businesses

The flagship cryptocurrency, Bitcoin has once again proven itself to be the most valuable asset as it continues to maintain a bullish trend after briefly breaching the $40,000 mark. The rising price of the digital asset combined with the need for alternative investments amid the current tumultuous market conditions has increased interest in Bitcoin among […]

2021-1-19 15:32


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru