Bitcoin’s recent movement up towards its 2020 highs at $9,200 caught some bears by surprise, as it appeared to elucidate a significant amount of strength amongst BTC’s bulls.
Bears are currently fighting back, however, as one whale just put up a 500 BTC market sell on cryptocurrency exchange Binance, which could be one of the factors behind the crypto’s inability to stabilize above $9,000.
Coupled with this bearish BTC sell order is the fact that Bitcoin’s open interest is about to hit $1 billion, which is a level that has historically been touched just prior to massive selloffs.
Bitcoin Struggles to Hold Above $9,000 as Whales Fight Against Bulls
At the time of writing, Bitcoin is trading up 2% at its current price of $8,950, which marks a slight decline from its daily highs of $9,150 that were set yesterday evening when bulls attempted to push the crypto back towards its 2020 highs.
In the near-term, the resistance at this level appears to be growing increasingly strong, and unless bulls generate significant buying pressure, this latest rally could ultimately result in a bearish double top formation.
One factor that has heightened the bearishness of the rejection is the fact that a whale just placed a 500 BTC sell order – worth nearly $4.5 million – on Binance, creating a sell wall that may prove to be insurmountable for bulls.
“There’s something we haven’t seen in a long while. A 500 BTC sell on [Binance],” Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.
There's something we haven't seen in a long while.A 500 $BTC sell on nance. pic.twitter.com/PcTGA9i6G3
— Hsaka (@HsakaTrades) January 28, 2020
For as long as this sell wall is in place, all the buy orders around BTC’s current price will be absorbed, thus leading it to stagnate or drift lower.
Open Interest Further Suggests BTC Bearishness is Inbound
Another factor that could lead Bitcoin to see some further bearishness is the fact that Bitcoin’s open interest is just a hair beneath $1 billion.
The reason why this is important (and bearish) is because historically BTC has incurred sharp selloffs each time its open interest balloons to this level.
“Open interest on #bitcoin is currently at $943 million. Every time we’ve hit $1 billion we’ve seen a pretty big sell off. Let’s see if this time will be different,” Jacob Canfield – a prominent crypto analyst on Twitter – explained in a tweet.
Open interest on #bitcoin is currently at $943 million.
Every time we’ve hit $1 billion we’ve seen a pretty big sell off.
Let’s see if this time will be different.
— Jacob Canfield (@JacobCanfield) January 28, 2020
The coming several hours will likely provide insight into the long-term significance of these recent developments, and will provide clarity as to whether or not the latest rejection at $9,150 will mark another local high.
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BTC bulls seem to believe the bounce off $39,650 marked the bottom, but bears warn that a looming death cross on the daily chart is a sign of further downside.
Support for BTC moving forward: $3,802, $3,664, $3,590, $3,569, $3,508, $3,467, $3,421. Resistance for BTC moving forward: $3,851, $3,882,…
The post Bitcoin (BTC) Surges Above $3,800 to Create a Fresh February 2019 High — Are the Bears Finally Defeated? appeared first on Invest In Blockchain.
BTC/USD Medium-term Trend: Ranging Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,600, $3,500, $3, 400 Yesterday, February 13, the BTC price was in the bearish trend zone. The BTC price had been ranging for some time and at the price above $3,600.
BTC/USD Medium-term Trend: Ranging Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,600, $3,500, $3, 400 Yesterday, February 11, the BTC price was in a sideways trend after the crypto attained the $3,736.
There has been no shortage of price predictions for Bitcoin over the past couple of months. As the bears tighten their grip on crypto markets and the winter deepens it all appears to be doom and gloom.
Shortly after the London Open, the entire crypto market saw a strong round of buying. Some coins broke their highest volume seen since the beginning of the bear market, and several others broke straight through overhanging resistance levels.
Bitcoin price (BTC) experienced another leg down in the past 24 hours, dropping almost 2 percent on the day. The cryptocurrency is currently sitting at its lowest point since mid-December 2018. Lowest Bitcoin Price Since Mid-December Earlier this week Bitcoinist reported that Bitcoin is in for volatile days ahead.
Bitcoin looks ready to resume its slide as it bounced off the mid-channel area of interest once more and is eyeing the Fib extension levels as downside targets. Price is closing in on the 38.2% level at the $3,450 area and might move all the way down to the 50% level that lines up with […]
The post Bitcoin (BTC) Price Analysis: Bears Still Have the Upper Hand appeared first on Ethereum World News.
CoinSpeaker
Bitcoin Price Analysis: BTC/USD Trends of February 04–10, 2019
Further declination of Bitcoin price depends on the Bears’ pressure as a new daily bearish candle is emerging and this may push the coin to bottom at the demand level of $3,247.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,400, $3,300, $3, 200 Yesterday, January 31, the price of Bitcoin was in the bullish trend zone. The bulls reached the high of $3,553.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,300, $3,200, $3,100 Yesterday, January 28, the price of Bitcoin was in the bearish trend zone. The BTC price was in a bearish trend breaking the $3,500 price level.
Bitcoin price extended its decline and traded below the $3,440 support level against the US Dollar. There is a major bearish trend line formed with resistance at $3,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Next Block Halving To Drop Bitcoin Inflation Under Central Banks’ Target Although the broader crypto market has undoubtedly struggled in the past 24 hours, two months, and year without a doubt, with prices continually establishing lower lows, hype regarding the impending shift in the issuance rate of Bitcoin (BTC) has remained at all-time highs.
Bitcoin price down 4. 2 percent at the time of press Jan Van Eck says Bitcoin investors liquidating to Gold Transaction volumes low, bulls have a chance Prices are down 4. 2 percent in the last 24 hours but even so, Bitcoin bulls have a chance.
At this rate, it would be accurate to say that the current patterns in terms of price movement in the cryptocurrency market have left traders and investors in a state of chaos. As trading volume continues to fluctuate, trading prices simultaneously take a path of declination and leave market capitalization struggling to stay afloat.
Following a week of inactivity crypto markets have started to move again today, but the direction is downwards. The Bitcoin bears have awoken and BTC started another plunge a few hours ago, the question now is how low will it go and where will 2019’s new low be.
The Bitcoin bears have returned in force today as crypto markets plunge to new low levels for 2019. A few hours ago Bitcoin fell out of its consolidation zone after failing to overcome heavy resistance at $3,600.
BTC/USD Medium-term Trend: Ranging Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,500, $3,400, $3, 300 Yesterday, January 23, the price of Bitcoin was in the bearish trend zone. The BTC price has maintained its $3,600 price level in the last 24 hours.
Bitcoin has formed lower highs and slightly lower lows to create a falling wedge formation on its 4-hour time frame. Support is holding for now but it looks like bears are trying to go for a break lower.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,400, $3,200, $3, 200 Last week the price of Bitcoin was in the bearish trend zone. The bears had an upper hand in the direction of the BTC price.
CODEX, a fully licensed global cryptocurrency exchange, announces Bitcoin Giveaway to give users a chance to try out the platform at no expense of their own. With the substantial decrease in prices of digital assets over the year and bears still pulling down the market, it may be not easy for some of us to […]
The post CODEX Exchange Starts BTC Giveaway and Broadcasts It by Sending Messages on a Blockchain appeared first on NullTX.
Following last Friday’s drop, bitcoin has found itself coiled, once again, at the bottom of the range it established back in December. With the current market unable to close a new high, the market finds itself in a precarious position:Figure 1: BTC-USD, Daily Candles, Range Support TestThe blue support level shown above illustrates the boundary of the multi-week range bitcoin has been bound by.
The current market cap for the entire industry is now sitting at around $121 billion. Bitcoin had recently broken…
The post BTC Price Analysis: Bears Regain Control of Market Momentum But Can the Bulls Defend $3,569 to Prevent Bitcoin From Heading Lower? appeared first on Invest In Blockchain.
CoinSpeaker
Bitcoin Price Analysis: BTC/USD Trends of January 14–20, 2019
If the bears maintain their bearish momentum the previous low of $3,247 price level may be the target of Bitcoin.
It goes without saying that bears weren’t kind to the crypto industry in 2018. The aggregate value of all cryptocurrencies fell like a “falling knife,” as retail investors pulled out of this market en-masse and hype dissipated.
BTC/USD Long-term Trend: Bearish Resistance levels: $7,200, $7,400, $7,600 Support levels: $3,600, $3,400, $3,200 The price of Bitcoin had been ranging above the $4,100 price level in the last ten days.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,600, $3,500, $3, 400 Yesterday, January 10, the price of Bitcoin was in the bullish trend zone. The BTC price fell yesterday because the price of Bitcoin failed to break the $4,200 price level. In addition, the bears broke below the 12-day EMA , […]
Bitcoin was previously trending higher inside a wedge pattern but has since broken lower to signal that sellers aren’t quite done yet. The wedge spans $3,700 to around $4,200 so the resulting drop could be of at least the same size.
2019 has breathed optimism to cryptocurrency investors following a bearish 2018. Over the last few weeks, the Bulls took over the markets, which saw attempts at market correction. The Bears saw a protracted dip in prices of most Altcoins, the magnitude of which was felt across the board.
Bitcoin (BTC) has fallen more than 80% since its all-time high back in 2017. It moved from $20,000 down to $3,200 after a year. At the moment, there are some bullish analysts that predict Bitcoin to start growing in the near future.
Bitcoin did not have a positive year in 2018 if we take a look at its price. It lost more than 80% since its all-time high and around 75% since the beginning of the year until the end of 2018. There are some analysts that predict that Bitcoin could keep falling in the near future. […]
The bears are still in control of the market and this can be seen in what analysts are currently saying about Bitcoin (BTC). According to Murad Mahmudov, Bitcoin could bottom between $1,800 and $2,400.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,900, $3,800, $3, 700 Yesterday, January 3, the price of Bitcoin was in a bearish trend. The bears has broken below the 12-day EMA and the 26-day EMA to the low of $3,915.
Bitcoin is still stuck in its symmetrical triangle consolidation pattern after getting rejected on the test of resistance. Price is nearing the bottom of the triangle around the $3,900 mark and a break lower could signal that bears have gotten the upper hand.
Cryptocurrency investor Anthony Pompliano, who had previously predicted the downfall of BTC against the USD earlier in November has gone on to express his beliefs on the future of the world’s most valued cryptocurrency by market capitalization.
Yesterday, ZyCrypto reported on the state of the cryptocurrency market revealing that it was threading fairly with slight gains and losses. Top dogs like BTC, Ether and the likes were dwindling by less than 3% when the day began.
After a significant bullish surge this, Bitcoin has reached a significant point around $4000. The bullish surge this week has been the first prolonged bullish movements since bearish conditions overcame the market in mid-November.
The 2018 bear market seems to be receding as the bulls seem to be coming on strong against the bears. While the market has seen a short recovery period before which did not last, another bull run has been in force in the last 72 hours.
Earlier this week, bitcoin enjoyed a strong and quick rally, spanning all the way from the low $3,100s to the upper $3,900s — in other words, a move that previously took the market weeks to make, this time took place in just a few short days.
Latest Bitcoin News Bears have been unforgiving, deflating investors and shaking to the core the real belief of crypto and Bitcoin. Even with these marauding bears, performance has been “stellar” outperforming other asset prices.
On Friday, Dec. 14, Bitcoin Cash developer Mark Lundeberg announced his new project Openswap, a fork of the Electron Cash client that features atomic swap functionality. Lundeberg’s been working on the Openswap software for months and the tool can perform swaps between bitcoin cash (BCH) and BTC in a trustless fashion.
The bears may have hit Bitcoin a little harder this time around. And with the current structure of the cryptocurrency market, it seems the grip might be just as strong as it was when the events of the Bitcoin Cash hash war began.
Bitcoin bull Thomas Lee continues to be confident in BTC, insisting that its current price is wrong and should actually be closer to the $15,000 mark. Along with a number of other bulls, Lee has made several overly hopeful predictions this year.
Bitcoin is trending lower inside a descending channel and appears to have already found a ceiling at the mid-channel area of interest. If sellers return at this point, the Fib extension tool on the pullback shows the next potential downside targets.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,400, $3,300, $3,200 Yesterday, December 10, the price of Bitcoin was in a bearish trend. The crypto was in the bullish trend zone the previous day.
Bitcoin price just pulled off a nice 10% bounce with the next level of resistance at $3,700. Let’s take a look at what can happen next? Bitcoin Price: Market Overview Bitcoin price dropped to a new yearly low at $3,210 and the overall market cap now rests at $110.
Bitcoin broke below its falling wedge consolidation pattern to signal that bearish momentum is picking up. However, price seems to be stalling at the $3,300 level so a pullback to the broken areas of interest may be in order.
Crypto Market Establishes YTD Low: Bitcoin At $3,650, Ethereum Hits Double-Digits In the past day, bears haven’t abated their rampage, continuing to incessantly place straws on the back of the crypto camel.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,600, $3,500, $3,400 Yesterday, December 5, the price of Bitcoin was in a bearish trend. Yesterday, the digital currency was resisted by 12-day EMA and the crypto resumed its downtrend.
Ethereum (ETH) developers are set to launch Hoodi, a new long-lived testnet, on March 17 as they work to resolve ongoing challenges with the highly anticipated Pectra upgrade. The testnet will primarily focus on validator exit mechanisms, one of the final hurdles before Pectra can move forward.
After weathering a post-airdrop slump, the RedStone coin price has staged an impressive recovery, captivating the cryptocurrency market with its upward trajectory. The RED cryptocurrency, native to the RedStone Oracle network, has surged in value, with CoinMarketCap data showing that the token witnessed a remarkable 28.
Pi Network (PI)’s is up +20% in the last 24 hours, hitting highs of $1. 74. While PI price remains 44% off its peak of $2. 99, buyers may push the token higher. Potential catalysts and which could catapult PI up include upcoming Pi Day and possible Binance listing.
zondacrypto enters the Swiss market with a strong impact, expanding its sports sponsorship portfolio to a new discipline – ice hockey. The leading cryptocurrency exchange in Central and Eastern Europe has become a partner of HC Davos, the 31-time Swiss champion, as well as the title sponsor of the club’s hockey arena, which is now […]
The post HC Davos ice stadium officially becomes zondacrypto Arena appeared first on CoinJournal.
Bitcoin’s price movement recently has underscored the importance of the short-term holder (STH) cost basis as a key momentum indicator. It has emerged as a vital threshold for the sentiment of this market.
Base network observed an exceptional day on March 10, reaching fresh heights in both token creation and trading volume. The number of tokens created on that day—2,023—by the prolific token creator Clanker, was not only a single-day record for Clanker but was also the highest total ever seen in Base network history for a day’s [...]
Offchain Labs, the R&D team behind the Arbitrum Layer-2 scaling solution, announced it will begin buying ARB tokens, reinforcing its long-term commitment to the Arbitrum ecosystem. The purchases will be made in a non-disruptive way in the open market, and will use a structured trading approach, with specific parameters, to ensure the way the trading [...]
