Bitcoin has been subject to a healthy rally over the past day. After moving below $9,000 on the weekend in a move that scared bulls, BTC now trades at $9,300. This is a few basis points below the daily high of $9,400.
While the cryptocurrency remains below the $9,500 resistance, an analyst says that a crucial indicator just underwent a crucial breakout.
A Bitcoin Indicator Just Saw a Crucial Breakout
Bitcoin has benefited over the past 24 hours from a surge in global risk assets.
As reported by Bitcoinist previously, Chinese stocks hit a new all-time high during Monday’s trading session. Both the Shanghai Composite index and the FTSE China A50 index passed their 2015 “mania highs,” gaining 5% apiece.
U.S. stocks followed suit, with Amazon surmounting $3,000 for the first time ever as the S&P 500 ticked higher. Bitcoin, which has become a bit of a mirror of the stock market, responded in kind.
This latest leg higher has allowed BTC’s 12-hour relative strength index (RSI) to break an eight-week downtrend.
An analyst depicted this technical occurrence in the chart below, writing that the “12h RSI is flirting with freedom.”
Bitcoin and 12-hour relative strength index chart from trader “Polar Hunt” (@polar_hunt on Twitter). Chart from TradingView.com
The relative strength index is a textbook indicator that Investopedia describes as follows:
“The relative strength index (RSI) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.”
With the RSI breaking above the downtrend depicted above, it can be said that Bitcoin may be forming an uptrend.
Bitcoin’s RSI is also looking good on a macro scale according to the same trader.
In June, he noted that BTC’s two-week RSI just broke past a downtrend formed in the aftermath of the rally to $20,000.
The last time this macro indicator looked as it did now was back at the start of the 2015-2017 rally from around $500 to $20,000.
Bitcoin and two-week relative strength index chart from trader “Polar Hunt” (@polar_hunt on Twitter). Chart from TradingView.com
Still Below A Resistance
Although the technical case for Bitcoin to rally is building, it remains below a resistance level of importance: $9,500.
One trader shared last week that Bitcoin was on track to move lower, but that his opinion would change if $9,500 becomes support:
“This is the current path that PA could be looking to take, buyers defended the initial breakdown in high 8000’s range which is a good start, next level to test is $9250… To flip to a bullish bias $9500 needs to be flipped into support on a daily timeframe.”
Bitcoin price analysis by trader Cactus (@TheCryptoCactus on Twitter). Chart from TradingView.com
There is also a convergence of important technical levels at $9,500 that Bitcoin will need to confirm as support to boost the chances of upside.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
A Crucial Bitcoin Indicator Just Broke Out After an 8-Week Correction origin »
Bitcoin (BTC) is currently under pressure from macro risks and any retracement below $90,000 presents a “medium-term” buying opportunity, according to Standard Chartered head of digital assets research Geoffrey Kendrick.
Bitcoin’s drop to below $50,000 on Aug. 5 marked the largest drawdown in the current cycle, resulting in substantial profit losses and liquidations. And while BTC has shown solid signs of recovery since then, consolidating around $60,000, the market still remains cautious as it recently dipped below this psychological support.
The rising leverage ratio and Open Interest might be holding Bitcoin back.
The pitchfork and 200 DMA support failure pointed to a price drop below $60k.
Update - Within hours of publication,The post Will Bitcoin fall below $50K again? Assessing where BTC's bottom is appeared first on AMBCrypto.
Bitcoin has remained below the $60,000 price range.
Accumulation has increased after months of distribution.
Bitcoin [BTC] has been persistently trading below the $60,000 mark, and recent daThe post Bitcoin below $60K: A magnet for major market players? appeared first on AMBCrypto.
As Bitcoin plunged below the $57,000 mark, concerns surged among investors about potential market volatility and its impact on miners. On Thursday morning, speculators continued their selling pressure, forcing Bitcoin (BTC) to dip below $57,000 for the first time since…
Bitcoin’s drop below $59,000 highlights heavy selling, with QCP analysts seeing miner capitulation as a potential sign of a market bottom. Bitcoin (BTC) is facing yet another day of intense selling pressure, dropping below the crucial $60,000 support level and…
In a turbulent 24-hour trading session, the cryptocurrency market saw nearly $200 million wiped out in liquidations as Bitcoin price dropped below $61,000. This sharp decline triggered a wave of liquidations, affecting many investors and traders.
The new week has been quite bearish for bitcoin, with the price witnessing major crashes below multiple support levels. After losing its footing above $71,000, it has plunged further below $67,000, signaling the start of a downtrend.
Bitcoin price took a hit and even spiked below $60,000. BTC could gain bearish momentum if there is a daily close below the $60,000 support zone. Bitcoin started another decline and traded below the $61,200 zone.
Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels. Bitcoin is moving lower and showing bearish signs below $27,000.
Bitcoin price is still struggling below the $29,650 zone. BTC could gain bearish momentum if there is a close below the $29,100 support. Bitcoin is showing a few bearish signs below the $29,650 zone.
Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone. Bitcoin is gaining bearish momentum below the $29,500 support.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
BCH failed to reclaim the $300 psychologicaThe post What next as Bitcoin Cash drops below $300? appeared first on AMBCrypto.
Bitcoin price is moving lower below the $30,500 pivot level. BTC could decline heavily if there is a close below the $29,800 support zone in the near term. Bitcoin is moving lower below the $30,500 support zone.
After witnessing some recovery in the past week, Bitcoin topped out at resistance and initiated a heavy drop below the previous low. It lost 6% in the dip and has shown no sign of stopping at the moment.
Bitcoin price is down 5% and trading below the $26,000 level. BTC is now at risk of a move toward the $25,000 support in the near term. Bitcoin started a sharp decline below the $27,000 level. The price is trading below $26,500 and the 100 hourly Simple moving average.
Bitcoin price started a fresh decline below the $27,500 support. BTC is now showing a lot of bearish signs below the $27,400 pivot level. Bitcoin started a fresh decline and tumbled below the key $27,500 support zone.
Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500. Bitcoin is moving lower and trading below the $28,200 pivot level.
Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500. Bitcoin is moving lower and trading below the $28,200 pivot level.
Bitcoin price is moving lower and trading below $25,000. BTC remains at a risk of a downside break if it stays below the $25,200 resistance zone. Bitcoin started a downside correction below the $25,500 support zone.
Regulatory crackdowns, selloffs in equities, concerns over higher interest rates, and the proposed tax on electricity used in cryptocurrency mining have contributed to Bitcoin's recent decline below $20,000
Bitcoin price is moving lower below the $22,200 level. BTC could take a hit if there is a close below the $22,000 support zone in the near term. Bitcoin is showing bearish signs below the $22,500 resistance zone.
Bitcoin price is consolidating below the $22,000 resistance. BTC could decline heavily if there is a daily close below the $21,500 support. Bitcoin is showing a few negative signs below the $22,000 resistance.
The Bitcoin price has struggled below $17,000 for multiple weeks now, and it recently dipped below the $16,900 mark. This downward move on the Bitcoin chart could be attributed to the recent Federal Open Market Committee (FOMC) minutes.
Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels. Bitcoin extended its decline below the $17,000 and $16,500 support levels.
Bitcoin price declined heavily and traded below $17,000. BTC is consolidating losses and remains at a risk of more losses below the $16,500 support. Bitcoin started a fresh decline below the $17,200 and $17,000 support levels.
Bitcoin price is struggling below the $19,200 support against the US Dollar. BTC remains at a risk of more losses below the $18,500 support in the near term. Bitcoin is showing bearish signs below the $19,200 and $19,500 levels.
Bitcoin price is slowly moving lower below the $19,200 support against the US Dollar. BTC could slide further if there is further escalation in Russia-Ukraine war situation. Bitcoin is slowly moving lower below the $19,200 and $19,000 levels.
Recent on-chain metrics suggest that a Bitcoin (BTC) bottom might be forming, but the chances of the flagship asset dropping below its lowest value are increasing due to weak volume.
The post Research: Persistent low volume could cause Bitcoin price to plummet to $12k if it falls below $17.5k appeared first on CryptoSlate.
Bitcoin settled below the $21,000 support zone against the US Dollar. BTC is showing bearish signs and remains at a risk of a major breakdown below $20,000. Bitcoin struggled to correct higher and stayed below the $21,000 resistance zone.
Bitcoin (BTC) has closed two consecutive bearish weekly candlesticks and has nearly fallen to a new yearly low below $20,000.
The post Bitcoin (BTC) Closes Second Consecutive Bearish Week, Falling Below $20,000 appeared first on BeInCrypto.
Bitcoin has dropped below the $22k support level after losing more than 6% of…
The post Bitcoin could slip below $21k as the broader market dips again appeared first on CoinJournal.
Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels. Bitcoin is slowly moving lower and trading well below the $25,000 level.
Bitcoin is slowly moving lower below $24,500 against the US Dollar. BTC could drop in the short-term if it stays below the 100 hourly SMA. Bitcoin started a downside correction after it failed to settle above $25,000.
According to CoinGecko, the most prominent cryptocurrency in the world plummeted by 3. 5% in the last 24 hours. Bitcoin gave up all of its gains from last week as it fell below $20,000. BTC’s price on the market right now is $19,750, and the weekly gain is in the red with a 2.
Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone. Bitcoin started a fresh decline from the $31,750 region. The price is now trading below the $30,000 level and the 100 hourly simple moving average.
Bitcoin (BTC) reached a high of $32,399 on May 31 but fell the next day and has dropped below $30,000 once more.
The post Bitcoin (BTC) Fails to Sustain Upward Movement and Drops Below $30,000 appeared first on BeInCrypto.
The mid-week lull was swiftly broken as Bitcoin fell below the $30,000-mark - yet again. While you might feel the urge to blame world events or broader market factors for this dip, you'd be well advisThe post The LUNA of it all - Why Bitcoin fell below $30K appeared first on AMBCrypto.
Bitcoin slipped below $32,000 on Monday and is dangerously close to breaking the $32.5k…
The post Bitcoin falls below $32K as on-chain data suggests more pain likely appeared first on Coin Journal.
Bitcoin started a strong decline below the $37,500 support against the US Dollar. BTC even traded below $35,000 and might continue to move down towards $32,000. Bitcoin started a strong decline below the $36,500 and $35,500 levels.
Bitcoin, the flagship cryptocurrency has remained below $40,000 over the past few days. The broader market correction has pushed altcoins to trade below their key support levels. Ethereum was priced below $3000 as the coin was rejected from the aforementioned price level.
Bitcoin, the flagship cryptocurrency has remained below $40,000 over the past few days. The broader market correction has pushed altcoins to trade below their key support levels. Ethereum was priced below $3000 as the coin was rejected from the aforementioned price level.
Bitcoin started another decline below the $40,000 level against the US Dollar. BTC could extend losses if it stays below the $40,000 resistance zone. Bitcoin started another decline after it failed to clear the $40,000 resistance zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone.