A rally in the Bitcoin market lost steam on Wednesday on profit-taking sentiment.
The cryptocurrency slipped by a modest 0.75 percent ahead of the European opening bell.
But a rebound in consumer activity signaled a positive week for risk-on assets, raising expectations of Bitcoin resuming its bull run towards $10,000.
Bitcoin’s rally faded on Wednesday as traders sold the cryptocurrency at its intraday top to secure short-term profits.
The benchmark cryptocurrency slipped by 0.75 percent to $9,454 but maintained weekly gains above its psychological support of a 50-day moving average (the blue wave). The move represented traders’ willingness to hold short-term price floors in anticipation of an upside continuation.
Bitcoin price chart from TradingView.com showing its latest pullback from $9,592. Source: TradingView.com
Healthy Retail
Traders also held Bitcoin’s support levels after data from the U.S. Commerce Department showed a healthy recovery in retail sales. Consumer spending rose 17.7 percent in May, against the expectations of 8 percent, signaling that the worst of the economic blow from the pandemic is over.
The report improved the weekly outlook of the U.S. stocks. The benchmark S&P 500, for instance, gained 1.9 percent, or 58.15 points, to 3124.74 on Tuesday. Meanwhile, the Dow Jones and the tech-heavy Nasdaq Composite also surged by 2 percent and 1.7 percent, respectively.
“This is a very sharp rebound and is very encouraging for the U.S. and the global economy as a whole,” Sebastien Galy, a macro strategist at Nordea Asset Management, told WSJ. “While we still might not see a V-shaped recovery, we’re certainly moving away from a U-shaped one.”
A $10,000 Bitcoin
The correlation between Bitcoin and the S&P 500 has grown since the March 2020’s global market rout.
It is because traders have placed their faith in cash as their safe-haven while considering other alternatives as risky. So-called insurance assets, including Gold, bonds, and even Bitcoin, underperformed back in March 2020. It showed that fears of the pandemic and lockdowns sent people to the safety of cash.
The Federal Reserve’s massive stimulus package, coupled with the U.S. government’s $3 trillion aid, took care of the cash demand. That helped investors return to risky and risk-off assets, sending them all higher in the last three months. Bitcoin outperformed by rising about 150 percent during the global recovery mode.
Nevertheless, the cryptocurrency’s rally repeatedly paused in the $10,000-$10,500 area. Traders expressed worries over initiating a fresh round of accumulation in the said range, fearing their trades may result in more profound losses.
But according to Matt D’Souza, a hedge fund manager associated with Blockchain Opportunity Fund, “big guys” are accumulating Bitcoin in the range of $7,800-10,000. He suggested that people be patient for a breakout above the six-figure valuation.
“I think it’s highly probable that we’re in an accumulation phase and the demand side (greyscale, other funds, retail) are soaking up bitcoin as it trades in this 7800-10,000 range,” said Mr. D’Souza. “People need to be patient and wait for the breakout above 10600. That’s when the next leg will occur.”
Technically, bitcoin is trading inside an Ascending Triangle pattern that, too, hints a retest of $10,000 followed by a rally towards circa $12,000. origin »
Bitcoin dropped to $89,900 on January 13, its lowest decline in two months James Toledano, COO at Unity Wallet, said one of the reasons for the drop is profit-taking after Bitcoin hit $108,000 in mid-December The inauguration of President-elect Donald Trump could spark renewed buying interest, Toledano said Bitcoin fell below $90,000 for the first […]
The post Bitcoin price drop caused by profit-taking and macroeconomic conditions appeared first on CoinJournal.
On-chain data shows that Bitcoin investors’ profit-taking has observed a huge decline since last month’s top, a sign that could be positive for BTC. Bitcoin Realized Profit To Exchanges Now Down To $277 Million Per Day According to data from the on-chain analytics firm Glassnode, trader profit-taking in the Bitcoin market has cooled off significantly […]
An analyst has explained how profit-taking looks to have finished for Bitcoin in what has been a “very healthy reset” for the market. Bitcoin SOPR Suggests Profit-Taking From Investors Has Cooled Off In a new post on X, analyst Willy Woo has discussed about the latest trend occurring in the Bitcoin Spent Output Profit Ratio (SOPR).
Quick Take CryptoSlate’s recent data analysis reveals intriguing patterns in Bitcoin profit-taking behaviors amid volatile market conditions. The analysis showed that the Bitcoin price level of $35,000 has acted as a short-term resistance, with a surge in profit-taking around this point.
Bitcoin had surged above $30,000 earlier during the past day but has since observed a retrace as profit-taking from traders has spiked. Bitcoin Profit-Taking Volume Is Currently More Than Twice The Loss-Taking One Bitcoin showed some promising signs of breaking away from its stagnation earlier during the past 24-hour period, as the cryptocurrency’s price managed to make a sharp recovery towards the $30,000 mark.
Bitcoin is trading cluelessly ahead of the Federal Open Market Committee’s two-day meeting starting Tuesday. The cryptocurrency attempted a price rally towards $10,000 during the overnight session Monday but fell back due to profit-taking sentiment.
The benchmark cryptocurrency broke above the psychological $10k level on May 2, achieving a new high above $10,400. Unfortunately, the cryptocurrency succumbed to profit-taking as it dropped sharply to $9,300 shortly afterward.
Bitcoin briefly closed above $6,400 for the second time in seven days. The cryptocurrency later pulled back by circa $400 amid profit-taking. It found support near $9,000, raising concerns about an extended move towards $7,500.
Bitcoin and ether fell slightly Thursday as traditional markets climbed on additional stimulus measures by the U.S. Federal Reserve and Bank of England.
Bitcoin slipped huge a day after enjoying a strong price rally above its key resistance level of $10,000. The benchmark cryptocurrency was trading at $9,736 early Monday, down 4. 35 percent from its Sunday top, according to US exchange Coinbase.
Bitcoin entered a negative slope on Thursday as traders took profits from its latest price rally. But the cryptocurrency remained above a strong technical support level. Spot BTC/USD exchange rate was down 3.
Tuesday’s pump got many retail crypto investors excited as if it was 2017. But bitcoin and altcoins may succumb to profit-taking soon.
The post Bitcoin and Altcoins Pumping Together; Is This 2017 All Over Again? appeared first on CCN.com
While the limelight continues to shine on bitcoin, there are other crypto tokens that might also deserve your attention. One, in particular, is Bitcoin Gold. The bitcoin hard fork climbed as high as $32.
Panelists at CNBC say that Bitcoin price could be due for a pullback despite climbing more than 120 percent since the start of the year. Third Time’s the Charm for Bitcoin? After months of muted conversation around Bitcoin, CNBC analysts are now back in the saddle again, with cautiously bearish sentiments about BTC as the cryptocurrency continues to enjoy a positive trajectory in 2019.
Summary:Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone. Our market structure remains bullish as we have consistently created higher highs and higher lows.
Cryptocurrency trading is a popular pursuit, as the fluctuation of digital assets provides plenty of profit-taking opportunities. The volatility gives expert traders enough room to pull in daily profits by carefully predicting price movements.
“Go for the Jugular” is the advice George Soros gave to his team during his famous attack on the British pound for a profit of $1 billion on so-called Black Wednesday in 1992.
Bitcoin Price Key Highlights Bitcoin price recently surged past an area of interest and may be due for a retest. Using the Fibonacci retracement tool shows where bulls might be waiting to join in.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 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.