Bitcoin’s intense volatility seen yesterday didn’t let up overnight, as the benchmark cryptocurrency pushed as high as $9,500 before facing a swift rejection
The crypto has been able to stabilize within the upper-$8,000 region in the time since
Analysts are now noting that this strong upwards momentum could lead BTC as high as $10,000, although it may face a brutal rejection at this level that leads it significantly lower
Bitcoin and the aggregated cryptocurrency market incurred an intense uptrend yesterday that allowed the benchmark crypto to rally from lows of $7,700 up to highs of $9,500 all in the span of a short 24-hour period.
This overtly bullish price action fundamentally altered BTC’s market structure, leading many analysts to grow increasingly bullish.
In the short-term, this bullishness may be enough to push the crypto significantly higher – even potentially sparking a movement to $10,000 – although analysts do not believe that this level will be easily surmounted.
Bitcoin Forms Bullish Undercurrent as Analysts Watch for Further Upside
At the time of writing, Bitcoin is trading up over 7% at its current price of $8,800 – marking a notable climb from recent lows of $7,700.
This also marks a slight decline from highs of $9,500 that were set overnight when the crypto’s momentum reached a boiling point.
It is important to note that this overnight extension of the crypto’s momentum was short-lived, and ultimately resulted in Bitcoin declining back down to the upper-$8,000 region – where it has apparently been able to establish some support.
One popular pseudonymous options trader shared his thoughts on Bitcoin, explaining that high liquidity and fresh demand could be two factors that help push BTC well into the $9,000 region, and possibly even as high as $10,600.
“BTC long update: Tightened up stop, maximum loss 0.3R. Reasoning for this trade: Liquidity + fresh demand, a previous monthly open, and 0.5 retracement. All this taking place in a strong uptrend. My targets are 92xx, 94xx, and a moonbag for 10.6K,” he explained.
Image Courtesy of Chase_NL
BTC Could See Dire Rejection at $10,000
Even if Bitcoin’s rally does extend significantly further and pushes the crypto up towards $10,000, the intense resistance at this psychologically important level could be enough to spark a dire selloff.
Another popular cryptocurrency analyst on Twitter mused this possibility, offering a chart showing BTC making a bid at this level before retracing back into the mid-$8,000 region.
Image Courtesy of Mac
If this possibility does unfold, yet another rejection at the five-figure price region would be grave, as BTC has historically struggled to stabilize within the region.
The short-lived pump in late-2019 led the crypto as high as $10,500 before it began retracing, ultimately dropping as low as $3,800 in mid-March.
Unless bulls garner sustainable buying pressure, similar price action could soon unfold.
Featured image from Unplash. origin »
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The Bitcoin price and the entire crypto market have been on a tear since the outcome of the United States elections was announced in the early hours of Wednesday, November 6. The premier cryptocurrency specifically has breached and printed new all-time high prices over the past few days.
Bitcoin and many other cryptocurrencies have been on significant price increases in the past few weeks. Bitcoin, in particular, has been inching close to its all-time high, and the recent break above $68,000 puts it only 8% away from setting a new price record.
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Supply held by wallets with 10 - 10k coins surged to a 20-month high.
An analyst noted higher chances of Bitcoin hitting $72.8k in the days ahead.
Investors started to increase Bitcoin [BTC]The post Bitcoin Halving countdown - Why this 20-month high is sign of things to come appeared first on AMBCrypto.
Popular crypto analyst Anthony Pompliano has shared insights into Bitcoin’s future, suggesting a continued bullish trajectory for the leading cryptocurrency even as Bitcoin flirts with its all-time high.
Despite pulling back to around $68,500, analysts are optimistic about a continuation of the Bitcoin bull cycle after it hit a new all-time high (ATH) of $70,083. 05 on March 9, fueled by increasing institutional interest and growing adoption.
Key takeaways Bitcoin reached a new all-time high price of $69,170 on Tuesday and altcoins could follow soon. AltSignals’ ASI token is up by 17% in the last 24 hours and could rally higher soon Bitcoin sets a new all-time high Bitcoin, the world’s leading cryptocurrency by market cap, has set a new all-time high […]
The post Bitcoin hits a new all-time high at $69,170: Will altcoins follow suit? appeared first on CoinJournal.
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The post Bitcoin Cash soars to 14-month high of over $300 as hash rate spikes appeared first on CryptoSlate.
Bitcoin's supply dormancy, measure of how long Bitcoin remains idle in wallets, has hit all-time high, indicating that significant percentage of Bitcoin investors are adopting long-term investment strategy
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Bitcoin made a new high recently.
The The post Bitcoin makes a new high of $27K- Are shorting opportunities limited appeared first on AMBCrypto.
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The post Bitcoin hashrate hits all-time high as Bitcoin holds above $20k appeared first on CryptoSlate.
Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.
Bitcoin (BTC) is under significant pressure after experiencing a substantial 14% retrace from $65,103 to $55,602. This downturn is occurring amidst a climate of fear and uncertainty impacting both the cryptocurrency and US stock markets.
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Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]
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