Over the past day or two, the price of Bitcoin has continued to show signs of strength, rallying as high as $6,800 on Tuesday afternoon (TradingView data) as global markets begin to show signs of recovery after weeks of downward price action.
Related Reading: House Democrats Propose ‘Digital Dollar’ in Move Big For Bitcoin: Here’s Why
As it stands, the price of the leading cryptocurrency sits at $6,600, up 73% from the $3,800 bottom and up over 20% in the past five days in and of themselves. While many have said that this is just a short-term rally before an eventual return to the $5,000s, where Bitcoin is likely to accumulate, there is a key textbook bottoming pattern that BTC is following, indicating that the rally is not done yet.
Bitcoin Continues to Trace Key Bottoming Pattern
Earlier this week, NewsBTC reported that Bitcoin has been following a textbook bottoming pattern — the bump-and-run-reversal bottom (BARR bottom) that can be found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.
This pattern is marked by a number of price trends: 1) a downtrend that leads into a massive, vertical sell-off; 2) a bottoming pattern that sees prices consolidate for as long as the aforementioned downtrend; 3) a rally past the downtrend line formed in 1); and 4) a throwback to the trendline before a surge higher that leaves the bottom far behind.
Interestingly, the pattern has held up days later, with a cryptocurrency trader recently sharing Bitcoin’s price chart below, showing that it is currently entering the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.
This pattern is especially notable as it is the one that marked the bottom in the previous bear market, the one that transpired over 2018 and early-2019; indeed, if you were to pull up a chart from November 2018 to the high in June 2019, you would find that the price action matches the textbook schematic almost perfectly, with all phases included.
Of course, there is no guarantee Bitcoin’s price action will follow this textbook pattern to a T yet again. But you know what they say: “History doesn’t repeat itself, but it often rhymes.”
Not Only Strong Sign
This isn’t the only strong sign for the cryptocurrency.
In terms of fundamentals, White House economic advisor Larry Kudlow believes that the United States Government’s stimulus package will “come to roughly $6 trillion.”
Here's some perspective on the astronomical number that is $6 trillion.
$6 trillion is the same as
– 1/3 of America's GDP– 130% of the Federal Reserve's balance sheet– Enough money for $850 for each human being on Earth– or 900 million Bitcoin
Crazy.
— Nick Chong (@_Nick_Chong) March 24, 2020
Although none of this stimulus will go directly towards Bitcoin, analysts believe that this money will only dramatically boost the value proposition of Bitcoin and other cryptocurrencies.
Preston Pysh, a prominent market analyst and podcaster, recently commented on the importance of the stimulus to Bitcoin in a podcast with Anthony Pompliano, a partner at Morgan Creek Digital.
On the checks that will soon be spent to American households, Pysh remarked that there are many millennials (and presumably those in other demographics) that are ready to allocate a fair portion of these checks towards Bitcoin because they see the value in this technology and in a sound, digital money in a digital world where scarcity has fittingly become fleeting.
Featured Image from Shutterstock origin »
Bitcoin has wiped out recent gains with a 10% dump in the past 24 hours; the same as Ethereum price. This happens as the US began its tariffs program against Canada and Mexico, with the investor reaction to the trade war telling as risk assets plummeted.
Bitcoin’s price is going up, getting closer to the $90,000 mark and trading around $85,000 now. It started gaining steam after dropping to $78,000 over the past week, which has made people in the market more hopeful.
Bitcoin’s price dropped to $86,000 on Feb. 27 after struggling to maintain support at $88,000 for the past two days. The sudden price drop caused a swift and aggressive reaction across the market, with everyone from institutions to derivatives traders suffering losses.
Bitcoin is facing significant downward pressure with its price falling below $90,000 for the first time since November 2024, as whale addresses decline and technical indicators signal bearish momentum.
Bitcoin’s price remains in a consolidation phase, with technical indicators showing indecision. Traders watch key levels to gauge the next move.
The post Bitcoin (BTC) Price Consolidates Below $100,000 as Whales Await Clear Direction appeared first on BeInCrypto.
Bitcoin’s price remained in a tight range on Monday, continuing a trend that has persisted since November. Bitcoin (BTC) was trading at $96,500, where it has hovered for the past few days. The price is about 12% below its highest…
The crypto market has been experiencing significant volatility, with the Bitcoin price leading the charge. Over the past month, BTC has been trading sideways, recording declines that have pushed its value below the $100,000 mark.
The latest Consumer Price Index data is creating both opportunities and risks for Bitcoin investors. January 2025’s inflation figures have exceeded expectations, potentially setting the stage for significant Bitcoin price movements in either direction.
The Bitcoin price appears to have settled within the $92,000 – $102,000 consolidation range, sparking discussions about the coin’s future trajectory. While it remains unclear whether the premier cryptocurrency has enough momentum to forge new all-time highs soon, it would take significant bearish pressure to pull down the BTC price.
The price of Bitcoin (BTC) suffered a significant loss on Friday as prices dipped below $102,000 marking the end of a rather turbulent trading week. As the global financial markets weathered major losses, Bitcoin made no new price discovery, casting more speculations over the bull market.
Bitcoin price prediction witnessed a sharp price drop following bearish expectations in the U.S. equities market.
The drop below the mid-range support could spur a deeper BTC correction to $92kThe post Bitcoin price prediction bearish ahead of Fed meeting - BTC dives 6% appeared first on AMBCrypto.
Although Bitcoin price action is still holding above the $100,000 price level, the past 24 hours have been highlighted by a 2. 5% decline. According to liquidation data from Coinglass, this decline has seen $65.
Bitcoin (BTC), the flagship crypto asset, presently trades above $104,000 following a significant 10. 98% price rally in the last week. Despite recent sideways movements after a rejection in the $105,700 zone, certain trading indicators signal this uptrend is likely to continue leading to new price discovery.
Bitcoin price resumed its bullish trend and neared its all-time high of $108,200 ahead of Donald Trump’s inauguration and after the encouraging U.S. inflation data.
The Bitcoin price has spent the majority of the past seven days consolidating around the $94,000 mark with signs of a break to either side. According to a crypto analyst, Bitcoin’s recent price movements have led to the creation of liquidity blocks observed between the $86,000 to $104,000 range, which raises an equal likelihood of a bounce towards $104,000 or a downside break to $86,000 from the current price.
Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes Bitcoin’s price has fallen from a high […]
The post Bitcoin price analysis: economic headwinds push price lower appeared first on CoinJournal.
The Bitcoin price has struggled to reclaim previous price highs above $100,000, with bearish sentiment dominating the market. Currently, the Bitcoin price is retesting the support line of an Ascending Channel after crashing below $95,000.
The US Federal Reserve’s public consideration of reduced interest rate cuts in 2025 resulted in numerous negative effects on financial markets. Aside from a 17% price loss for Bitcoin, data from Binance exchange shows the BTC market has now developed its largest spot-perpetual price gap.
This week was one of two distinct halves for the price of Bitcoin, with the premier cryptocurrency rising to a new all-time high and dropping by about 13% a few days later. On Friday, December 20, the BTC price dropped to as low as $92,000.
The price of Bitcoin fell to around $92,000, Friday afternoon, December 20 after the US Federal Reserve’s rate cut triggered a sharp selloff in the crypto market. However, the premier cryptocurrency seems to be recovering nicely, having returned above the $97,000 level on the same day.
After crossing an all-time high, the bitcoin price continues to capture the market by consistently proving and solidifying its role as the leading cryptocurrency. However, with its recent price slowdown, top emerging altcoins like PropiChain are brazing up for the market.
Bitcoin‘s scarcity is growing remarkably in the market as small and large-scale investors continue to accumulate a substantial portion of the available coins, which could bolster BTC’s value in light of recent upside price momentum, signaling a potential extension of the uptrend.
The crypto market shed 6. 48% (roughly $240 billion) yesterday as Bitcoin’s fall from $101,000 to a daily low of $93,000 sparked $750 million in liquidations. Major cryptos have begun to recover, with some alts already logging double-digit price increases.
So far, the Bitcoin market continues to demonstrate resilience as it maintains its price above the $90,000 price market despite various factors influencing its price movements. Amid this, a CryptoQuant analyst, aytekin466, recently shared insights into whether the cryptocurrency could face another significant price correction.
The price of Bitcoin (BTC) has dipped by 1. 66% in the last day after failing to break past $102,000 on Friday. Currently, the crypto market leader seems to be in consolidation, with little indication of its next price movement.
Bitcoin has been navigating a whirlwind of volatility recently, with its price repeatedly breaking and losing the highly anticipated $100,000 level—not once, but twice. This rollercoaster movement has captivated investors, making Bitcoin’s price action more intriguing than ever.
Bitcoin price has performed well this week, crossing the important milestone of $100,000 and peaking at $104,000. Bitcoin (BTC) surge occured as data indicated continued investor appetite for the digital currency, even at a six-digit price. Notably, data from SoSoValue…
The Bitcoin price has continually tested resistance levels above $95,000 in its pursuit to reach and surpass the anticipated $100,000 all-time high. Following its surge to $98,000, a crypto analyst has asserted that the BTC price has officially entered the parabolic phase of this four-year market cycle.
Bitcoin‘s recent upward momentum appears to be losing steam as the digital asset has shifted toward bearish territory, sparking speculations about upcoming price corrections. However, considering several factors and trends, these much-anticipated price pullbacks for BTC might be short-lived.
Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach the stated milestone and push the price further higher. Bitcoin started a fresh increase above the $96,500 zone.
Bitcoin’s surge lately has brought its price to a new high of $97,584, according to an analysis of price chart shared by Patric H. (@CryptelligenceX) and data from Santiment. Besides, this breakout marks a continuation of bullish momentum, aligning with a fractal pattern observed in Q1 2024.
Bitcoin Puell Multiple nears breakout, indicating a potential 90% price rally, based on mining profitability and historical trends.
The post Bitcoin’s Puell Multiple hints at a potential 90% price rally appeared first on Crypto Briefing.
Ripple CTO has addressed the stagnant XRP price action despite Bitcoin price hitting new ATH while this article also discusses ETFSwap’s (ETFS) potential.
Bitcoin Cash price rallied alongside Bitcoin (BTC) in recent weeks, rising from lows of $321 earlier this month to hit $488 across exchanges. The level is the highest for BCH price since early June, when the altcoin fell below $500.
Bitcoin (BTC) is showing bullish signs in the short-term which could lead to a breakout from the current descending wedge pattern.
The post Bitcoin (BTC) Looks Poised to Break out From This Pattern in Short-Term appeared first on BeInCrypto.
Bitcoin (BTC) has possibly begun a bullish reversal with an impressive increase on Friday. The shape of the ongoing increase will be crucial in confirming this possibility.
The post Bitcoin (BTC) Pushes Past $20,000 – Has a Bullish Reversal Begun? appeared first on BeInCrypto.
Bitcoin (BTC) is showing bullish reversal signs in the weekly timeframe but is still trading inside a corrective short-term pattern.
The post Bitcoin (BTC) Retraces After Briefly Breaking $25,000 appeared first on BeInCrypto.
After eight successive bearish candlesticks since June 7, Bitcoin (BTC) created a bullish candlestick with a long lower wick on June 15.
The post Bitcoin (BTC) Creates Bullish Hammer Candlestick appeared first on BeInCrypto.
