Bitcoin’s Uptrend Remains Intact as Multi-Month Trendline Continues to Hold

2020-5-12 18:14

Bitcoin’s halving was accompanied by high levels of volatility as many prominent analysts within the industry expected. The flagship cryptocurrency took a 20% nosedive over the weekend that saw its price drop below $8,000. Then, it quickly rebounded and it is now consolidating around the $8,800 level. The Effects of the Halving Although everything seems normal like nothing happened, Charles Edwards, digital asset manager at Capriole Investments, explained the recent supply shock that Bitcoin went through is the “most brutal” in its short history. The analyst believes that miners could soon capitulate since their production costs just doubled to $14,000. As unprofitable miners exit the network, the selling pressure behind BTC may rise exponentially increasing the odds for further retracement. “In the last halving, price was just 10 percent below production cost, and price and hash rate collapsed by 20%. Without FOMO now, expect a big miner capitulation of more than 30%,” said Edwards. While there might be a significant number of miners shutting down their operations, a renowned analyst within the crypto community maintains that Bitcoin’s uptrend remains intact. Bitcoin Continues Trending Up A prominent crypto aficionado affirmed in a recent tweet that the pioneer cryptocurrency is “not done yet.” BTC is currently sitting on top of an ascending trendline that is showing strong support. Given the strength of this barrier and the increasing volume, Bitcoin could be far from a further decline, according to the chartist. Bitcoin Sits on Top of Massive Support. (Source: Twitter) Indeed, the bellwether cryptocurrency appears to be contained within an ascending parallel channel since March’s Black Thursday. Since then, each time Bitcoin rises to the upper boundary of the channel, it drops down to hit the lower boundary, and from this point, it bounces back up again. This is consistent with the characteristics of a channel. If the parallel channel continues to hold, Bitcoin could bounce back to the upper boundary. Although full-blown rebound may take some days to take place, it is extremely possible as it has happened over the past three months. Bitcoin Is Contained Within an Ascending Parallel Channel. (Source: TradingView) Based on the Fibonacci retracement indicator, closing above the middle line of the parallel channel at $10,000 could propel Bitcoin towards a new yearly high around $11,000. The 38.2% Fib Level Is Key To Bitcoin’s Uptrend. (Source: TradingView) On the flip side, it is very important to pay close attention to the support given by the 23.6% and 38.2% Fibonacci retracement level. A sudden bearish impulse that takes Bitcoin below these areas of support could jeopardize the bullish outlook. Under such circumstances, BTC could fall to the next support levels that are represented by the 50% and 61.8% Fibonacci retracement level. These demand walls sit at $6,850 and $6,100. Only time will tell whether support or resistance breaks first, which will be key to determine where Bitcoin is headed next. Featured Image from Unsplash

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67903.75 (-0.50%)
Объем 24H $34.357b
Изменеия 24h: 0.87 %, 7d: -4.56 %
Cегодня L: $67903.75 - H: $68531.34
Капитализация $1338.486b Rank 1
Цена в час новости $ 8906.23 (662.43%)

bitcoin took cryptocurrency expected industry nosedive flagship

bitcoin took → Результатов: 126


Фото:

Billionaire Took a $130 Million Loss in Bitcoin But “Felt So Much Better”

The billionaire CEO of Softbank, Masayoshi Son, doesn’t understand Bitcoin. After investing approximately $200 million, following the advice from Bitcoin booster whose investment firm was acquired by the bank, he found the asset’s price movements distracting and took a heavy loss when he exited back in 2018 as per a Business Insider report on Nov 20.

2020-11-21 23:00


Binance Funding Remains Negative, Providing Rocket Fuel for Bitcoin

Bitcoin’s short-term trend has grown somewhat unclear as of late, with the cryptocurrency being unable to extend its momentum past $13,800 This level has historical significance, as it is where BTC’s uptrend stalled back in the summer of 2019 when it rallied The sharp rise in the US Dollar’s value that took place yesterday may have been what sparked this movement Despite it now consolidating at just above $13,000 as bulls and bears reach an […]

2020-10-30 02:00


Фото:

US Companies Could Miss out on Facebook’s Bitcoin Imitation

More shade has been cast on Facebook’s digital currency project, Libra, with key members of its consortium dropping out. During a CNBC Squawk Box segment, everyone’s favorite mainstream Bitcoin advocate, Joe “Squawk” Kernan, took the opportunity to highlight the inferiority of the social media company’s efforts when compared with truly-decentralized cryptocurrency.

2019-10-16 07:37


AliPay and WeChat Not Supporting Any Bitcoin or Crypto-related Transactions on Binance

On Oct. 9, a Binance user took to Twitter to wonder if “Binance now accepting fiat on-ramp with Alipay and Wechat pay?” To this, Changpeng Zhao, the CEO of the largest cryptocurrency exchange confirmed that users can make use of the payment services to make Bitcoin-related transactions. Some confusion by some news outlets. @Binance is […]

2019-10-10 18:19


Фото:

Crypto Tidbits: SEC Declares Bitcoin a Non-Security, Ethereum DeFi Gains Traction, PayPal Leaves Libra

Another week, another of Crypto Tidbits. After last week’s collapse, Bitcoin (BTC) took some time to settle, finding itself trading in the low-$8,000s for an extended period of time. Analysts are currently divided over what this consolidation means for the cryptocurrency market’s short-term future, with some even arguing that this is a precursor to another bear.

2019-10-6 21:00


Крупный немецкий банк предсказал цену биткоина в 2020 году

Один из крупнейших банков ФРГ Bayerische Landesbank (BayernLB) опубликовал исследование, в котором предсказал цену биткоина в 2020 году на основании соотношения резервов и прироста и моделей Сейфедина Аммуса и популярного аналитика Plan B.

2019-10-2 22:45


Фото:

Bitcoin escrow firm owner charged over $7M cryptocurrency fraud

The director of Bitcoin escrow service Volantis Market is facing several years in prison if found guilty of cryptocurrency-related fraud. According to the US Attorney’s Office of the Southern District of New York, Jon Barry Thompson took more than $7 million from two victim companies after making false claims in connection with Bitcoin transactions.

2019-10-1 16:49


Calvin Ayre Takes Shots At CZ’s Binance: “Its Actions Are Illegal, Will Shut Down in 12 Months”

The long-standing feud between Bitcoin SV evangelist, Calvin Ayre, and Binance CEO, Changpeng Zhao, has further escalated following the latest interview by the former. In an interview with CCN, Calvin took shots at Binance saying the exchange is “illegal” and “will be shut down” in the coming year. “A Casino of Tokens” Calvin and CZ […]

2019-9-30 16:15


Bitcoin may be safe from Brexit aftermath, but firms likely to bear brunt of political uncertainty

Brexit: The oncoming storm The United Kingdom is poised for the oncoming storm: one that promises to sweep away everything in its way. This storm was in its cumulus stage in 2016, with a majority of voters standing in favor of Brexit after the United Kingdom European Union membership referendum took place and is currently […] The post Bitcoin may be safe from Brexit aftermath, but firms likely to bear brunt of political uncertainty appeared first on AMBCrypto.

2019-9-14 18:30