After hovering below its previous support at $7,000 for several hours yesterday, Bitcoin’s bulls were able to generate significant momentum that has allowed BTC to reclaim its position within the $7,000 region, and it appears that this upwards momentum is growing.
This move coincided closely with news regarding a US airstrike on a top Iranian military official, which led both crude oil and gold to surge. Many investors have claimed that BTC’s surge was rooted in this news, although it appears that there is another more technical factor behind this movement.
Narratives Abound as Analysts Attempt to Explained What Caused the Ongoing Bitcoin Rally
At the time of writing, Bitcoin is trading up roughly 5% at its current price of $7,400, which marks a notable climb from its daily lows of $6,800 that were set at the bottom of yesterday’s sell off.
It is important to note that Bitcoin’s sharp surge from these lows did come about shortly after news broke regarding the successful airstrike on one of Iran’s top military officials, although it still remains unclear as to whether or not the two events are truly related.
Scott Melker, a popular cryptocurrency analyst on Twitter, explained in a tweet that he highly doubts that the latest Bitcoin rally is related to growing tensions between the US and Iran, explaining that a narrative is not needed to explain every single $400 movement.
“I seriously doubt Iranians are running home to buy $BTC because of this incident. The notion is somewhat absurd, to be honest. You don’t need a narrative for every $400 move,” he explained.
I seriously doubt Iranians are running home to buy $BTC because of this incident. The notion is somewhat absurd, to be honest. You don’t need a narrative for every $400 move.
— The Wolf Of All Streets (@scottmelker) January 3, 2020
Here’s the Real Reason Behind BTC’s Current Rally
If Bitcoin did consistently perform well during times of heightened tensions between countries, it would confirm that the cryptocurrency has become a safe haven asset.
In spite of this, last night’s rally appears to be caused by a highly orchestrated short squeeze that was triggered by negative funding.
“Orchestrated short squeeze. 25x shorts liq’d off mid range zone and s/r zone. Price retraced with an overshoot of the mid range and 7250 s/r. The first sight of negative funding triggered the hunters. The game continues but the real buyers aren’t present,” CryptoISO, another popular cryptocurrency analyst on Twitter, explained in a recent tweet.
Orchestrated short squeeze.
25x shorts liq’d off mid range zone and s/r zone.
Price retraced with an overshoot of the mid range and 7250 s/r.
The first sight of negative funding triggered the hunters.
The game continues but the real buyers aren’t present.
— CryptoISO (@crypto_iso) January 3, 2020
If this Bitcoin movement is truly just a short squeeze, it will likely be fleeting and followed by further downside, but the possibility remains that this movement will lead some sellers to flip to buyers, thus further perpetuating this movement.
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Bitcoin is showing signs of slowing momentum as it continues to consolidate below the 50% Fibonacci retracement level from its 2022 highs to lows. With the 200-week moving average also lagging significantly behind the current price, traders like Mac believe the markets are headed for slower, choppier conditions in the near term.
Bitcoin price has taken a beating over the last several months, resulting in the worst quarterly close since 2011. The bearish momentum has been brutal as crippling contagion spreads across the cryptocurrency market.
Bitcoin price is back at $48,000 and with the most recent weekly close, momentum has flipped bullish for the very first time this year. With the momentum now behind bulls, what might this mean for the cryptocurrency market in the weeks and months ahead? The MACD And Bullish Weekly Bitcoin Momentum Markets are always seeking equilibrium.
Bitcoin rose to $51,050 on Bitstamp and could reach $55,000 if upside momentum holds…
The post Bitcoin price sees $51k as adoption momentum overshadows macro trend appeared first on Coin Journal.
Bitcoin is officially trading at fresh all-time highs, with the crypto’s price racing as high as $20,800 this morning before losing some momentum and hovering just below this level Where the crypto trends in the mid-term should depend largely on whether or not it can turn this momentum into another parabolic uptrend One trader believes that this is a strong possibility, and could be induced by an imminent short-squeeze The break above $20,000 has put […]
A new and wildly unusual COVID-19 lockdown strategy proposal for slowly reopening the economy has many investors and financial analysts scratching their heads, and it could impact Bitcoin‘s recent bullish momentum.
Bitcoin’s bulls have been able to greatly extend the momentum that they first generated when BTC tapped lows of $6,400, with this momentum reaching a fever pitch this afternoon as the crypto surges up towards the key $8,000 resistance level.
Bitcoin’s massive upwards momentum that was first incurred when BTC bounced from its recently established lows of $6,400 has begun showing signs of faltering, as buyers have been unable to maintain the momentum as bears ramp up the selling pressure.
After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this.
Ethereum’s recently incurred upwards momentum has faltered after Bitcoin and the aggregated crypto markets hit a massive level of resistance overnight that shifted the tides and sparked a short-term downtrend.
After finding some stability following its bullish upwards movement earlier this week, Bitcoin’s momentum has faltered and is showing bearish signs that may point to an underlying weakness amongst BTC’s bulls.
The Bakkt platform is starting to build momentum after a disappointingly uneventful launch. On Thursday 10 October, the exchange reported 224 BTC contracts had been traded, which equates to around $1.
Bitcoin managed to see some bullish momentum on 9 October, taking its prices over the $8,000 mark after a continuous struggle to remain above the $8k mark since 24 September’s massive fall. At press time, Bitcoin was trading at $8,518 with a gain of 3.
Ethereum (ETH) has surged today, marking an extension of the upwards momentum that it incurred earlier this week when the crypto surged nearly 7% after Bitcoin posted a strong bounce at its range lows of roughly $7,800.
Bitcoin has once again found support around $8,200 after the upwards momentum it garnered from its recent dip into the $7,000 region faltered. It is important to note that BTC’s recent price action is quite similar to that seen a couple of weeks ago, which likely points to the fact that it is currently caught.
There are several methods traders use to initiate buy and sell signals. They are divided into pre- and post-breakout/breakdown techniques. While some traders use momentum indicators to identify moves before they happen, others wait for confirmation before initiating a trade.
The total crypto market cap is facing a strong resistance near the $218. 0B and $220. 0B levels. Bitcoin price failed to gain momentum above $8,300 and recently declined below $8,200. Litecoin (LTC) price is still trading well below the main $60.
Ethereum (ETH) and the aggregated crypto markets have lost the upwards momentum that they incurred yesterday as Bitcoin failed to move past its near-term resistance level that exists around $8,400.
After incurring a noteworthy rally yesterday that sent Bitcoin’s price surging towards the mid-$8,000 region after a brief visit to $7,800, BTC’s upwards momentum has once again faltered, with the crypto once again nearing its previously established support level at $8,200.
The price of Bitcoin has been through numerous market cycles. Very often similarities arise between current and previous cycles. These similarities allow us to make predictions about future price movements.
Forget the recent bearish momentum and Bakkt’s disappointing launch. Here are five reminders of why you should still be HODL’ing your Bitcoin. 1. More Secure Than Ever At the end of last month, despite an extended period of sideways trading, Bitcoin hit its first-ever 100 quintillion hash rate level.
After experiencing a long period of sideways trading within the lower-$8,000 region, Bitcoin (BTC) has once again extended its downwards momentum and has begun moving lower today as it has broken below $8,000 on most major exchanges.
Ethereum (ETH) has been closely tracking the price action of Bitcoin and most other major altcoins over the past several days, but it appears that it is beginning to establish its own momentum as it climbs towards $180.
Bitcoin has prolonged its bout of sideways around its key near-term support level at $8,200 and has continued showing some signs of underlying bearishness as BTC’s bulls fail to push it higher in the near-term.
Bitcoin (BTC) has surrendered the majority of the upwards momentum that it incurred earlier this week and is now sitting at a key support level that bulls must hold if they want to propel the crypto any further in the near-term.
Bitcoin has recovered from the $7000 levels and is now, slowly trying to climb back up. However, it looks like there isn’t enough bullish momentum to get it going. At press time, Bitcoin was priced at $8,232 with a market cap of $148 billion.
The volume of traded contracts on the new Bakkt Bitcoin futures exchanges plummeted by -79 percent yesterday. Only 28 BTC-worth of contracts were traded all day. Although it is expected that the much-hyped Bakkt futures exchange would start slow, it seems that it is even struggling to keep up the momentum it had just last […]
The post Bakkt’s Daily Bitcoin Trading Volume Collapses by -79% appeared first on BeInCrypto.
Bitcoin has been able to extend the upwards momentum that it has incurred over the past day, which has allowed it to gain what appears to be a solid foothold within the mid-$8,000 region. This foothold may allow bulls to begin pushing the cryptocurrency higher, although it is important to note that BTC is still.
The crypto industry lost significant momentum during September. Binance Research claims that one of the potential reasons for this may have been people ‘selling on the news’ of Bakkt launching.
Bitcoin prices edged lower on Monday, pressured by a current correction momentum that saw the cryptocurrency plunging by more than 40 percent since June this year. The BTC/USD instrument was trading at $7,863.
After losing its foothold within the lower-$170 region, Ethereum’s recently incurred upwards momentum appears to have faltered, as ETH has now dropped below the $170 level as Bitcoin revisits its key near-term support level at $8,000.
Ethereum (ETH) has posted a strong bounce from its recent lows and has not yet faced any notable rejection after climbing from these lows. This slight upwards momentum has come about as Bitcoin finds increasing stability around the $8,000 region.
Bitcoin (BTC) price clearly broke through key support levels at $9,500 recently, as shown in my previous analysis and has since dropped to $7,700 losing almost 19% of its value within the last few days.
Bitcoin’s bout of extreme downwards momentum has slowed ever since it found support within the upper-$7,000 region earlier this past week, which has allowed most major altcoins to post decent gains today. In the near-term,...
The momentum behind Bitcoin price turned from bullish to bearish this week, when the crypto asset fell through the bottom of a triangle it had been trading inside, plummeting over 20% in value. The force of the drop took Bitcoin price down far enough where it tested the 200-day moving average as support – a.
Ethereum’s massive upwards momentum has faltered after its bulls were unable to decisively support ETH above the $220 price level, and its inability to extend its upwards momentum likely stems in part from Bitcoin’s drop to its key support level of $10,000.
The launch of the largest institutional bitcoin product of the year is finally upon us. Can it rejuvenate momentum on BTC markets or will it be a big overrated flop? We will find out tomorrow. Countdown to Bakkt Big For Bitcoin? With just a day to go, the long-awaited Bakkt physically-settled bitcoin futures trading platform is almost here.
Ethereum (ETH) has been incurring significant bullish momentum over the past several days, and it has been able to maintain some stability around $220 despite the aggregated crypto markets facing some downwards pressure as Bitcoin nears $10,000.
After briefly incurring a significant influx of buying pressure, Bitcoin (BTC) has once again lost its momentum and is now nearing its key psychological support level at $10,000, which has proven to be a strong support level for the cryptocurrency in recent times.
Bitcoin was trading at $10,105 at the time of writing, with the coin recording a fall of 0. 83% over 24 hours. The king coin has maintained its position above $10k since its fall on 19 September, with its price fluctuating between $10,100 and $10,350.
According to James Todaro, a managing partner at Blocktown Capital, a cryptocurrency investment firm, five charts present “insanely bullish” cases that may fuel the long term growth of bitcoin in the years to come.
According to James Todaro, a managing partner at Blocktown Capital, a cryptocurrency investment firm, five charts present “insanely bullish” cases that may fuel the long term growth of Bitcoin in the years to come.
After incurring a sudden influx of buying pressure that sent Bitcoin’s price surging to highs of nearly $10,500, BTC has been unable to maintain its upwards momentum and has now retraced back towards its key support level at $10,000.
Market divided on the next move BTC will make Upcoming Bakkt an important milestone for the entire industry – Adam White RSI showing momentum, the ongoing “one big consolidation pattern in major uptrend” could end in the next few weeks This week has been a whirlwind of price movements as first on Sept. 19, in […]
Although Bitcoin is having a rough moment this week, with prices oscillating between $93k and $96k, at least one popular crypto commentator is predicting a massive price run soon. According to Ted Boydston, the market should prepare for a manic bull run in the coming days, with Bitcoin’s price targeting $225k.
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Montenegro will extradite Terraform Labs founder Do Kwon to the United States, according to the latest news around the topic. On Dec. 27, reports in local news outlets said the development follows an approval for Do Kwon’s extradition by the Montenegrin Justice Minister Bojan Božović.
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Cryptocurrency trading means buying and selling digital assets like Bitcoin, Ethereum, and others to make a profit. The trading can be done on centralized exchanges like Binance or Bybit and
The post What is Cryptocurrency Trading & How Does it Work? appeared first on CryptoNinjas.
