After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 earlier Friday morning.
Some fear that this hesitance around the key resistance of $10,000 is indicative of BTC returning to a bear trend.
A growing confluence of technical and fundamental evidence, however, suggests that Bitcoin is on the verge of its next full-blown bull run, which purportedly will give the cryptocurrency a chance to pass its $20,000 all-time high.
Bitcoin Flashes Key On-Chain Signal That Preceded Previous Rallies
According to data shared by on-chain analyst Philip Swift, The Puell Multiple — the USD value of BTC issued per day over the one-year moving average of the same on-chain metric — just reached a key zone.
Chart of The Puell Multiple over time from on-chain analyst Philip Swift’s website, LookIntoBitcoin.com
As can be seen in the chart above, the Multiple recently entered the green band seen at the bottom of the chart — the zone the Multiple reached whenever Bitcoin found macro bottoms over the past eight years.
When BTC crashed to $3,700 this year, the Multiple reached the green band; Bitcoin bottomed at $3,150 when the Multiple fell to the bottom of the green band in late 2018; and preceding Bitcoin’s 2015-2017 rally from the hundreds of dollars to $20,000 was the Puell Multiple bottoming in the green band.
This historical precedent suggests that Bitcoin is nearing a post-halving bottom and is about to embark on a long-term rally.
Charts Flash Strong Technical Signs
According to Alex Fiskum, an associate at boutique investment fund Alice Capital, Bitcoin’s market sentiment and positioning of traders is “showing this was a hated rally.”
That’s to say, most investors were seemingly sidelined throughout this move.
Kelvin “SpartanBlack” Koh — partner at The Spartan Group, a crypto fund, a former Goldman Sachs partner — echoed this sentiment.
Chart from Alex Fiskum, a cryptocurrency trader at Alice Capital based in Hong Kong.
He wrote in a message citing Fiskum’s analysis that he thinks Bitcoin investors are “still somewhat risk off,” with the options market, the relative strength index, and the “fear and greed” index all at points indicating most market participants are still sidelined.
These factors indicate that Bitcoin’s bull trend is far from exhausted, giving the asset room to rally to the upside in the months ahead should buyers step in.
Demand for Bitcoin Is Increasing
Adding to these strong technical and on-chain signs, analysts say that demand for cryptocurrency is increasing and will continue to increase moving forward.
Alex Kruger, an economist closely tracking the crypto space, recently noted that with legendary macro investor Paul Tudor Jones announcing his support for Bitcoin, “incremental demand” for this space is “coming”:
“The Paul Tudor Jones letter is the single most bullish thing ever written about bitcoin, and it came from Tudor himself. I see it as a game changer. Think many macro investors will follow. Mandate changes and onboarding take time,” the analyst elaborated.
Photo by Ales Krivec on Unsplash origin »
The price of bitcoin and a great number of digital assets plunged in value during the early morning trading sessions on November 26, 2020. Bitcoin’s price dropped from a high of $19,319 on Wednesday evening only to lose over $2,000 during the course of the morning hours (EST) on Thursday morning.
After a strong rally from $11,100 to $12,000 over the course of five days, Bitcoin dumped on Wednesday morning. The cryptocurrency plunged from those highs to approximately $11,200. This marked a 7% correction for the asset in the span of around six hours.
Bitcoin fell by 0.47% on Friday, following a 2.12% slide on Thursday, to end the week down 7.27% at $6,219.6. Following Thursday’s late in the day recovery, Bitcoin moved within relatively tight ranges through the morning and early afternoon on Friday, with a morning low $6,220 and mid-day high $6,286.8 leaving the day’s major support
Bitcoin is likely driving a lot of people nuts right about now, not just because it can’t seem to decide where it wants to be price-wise, but from all the crazy predictions that have attached themselves to it.
Digital asset markets have failed to surpass heavy resistance over the weekend, and during the early morning trading sessions on Tuesday, July 10, as well. The top cryptocurrencies have slid in value once again as Bitcoin Core (BTC) has tumbled to $6,377 after touching the $6,830 region.
The markets are still in a sorry state this morning. Values are crashing and the markets are down. Political tensions and adverse news regarding some hacks seem to have had a small impact on the market, overall though this current trend is simply just the result of the bear market that has driven the markets down for a number of weeks now.
At press time, the father of cryptocurrencies is holding its ground at $6,700, a price it managed to reach during yesterday’s early morning hours. After much speculation about whether bitcoin would be able to jump past $6,600, resistance was finally broken, and many analysts are wondering when bitcoin will strike $7,000. According to one source, […]
FOMO Moments Crypto land is in limbo this Monday morning; few altcoins are gaining, Tezos, Digibyte and Mixin among them. The weekend momentum has come to a halt on Monday and markets have pulled back a little.
Sunday morning at 1:30 UTC, Bitcoin was trading at $6505 stuck in what chart analysts called a “critical” price range. A move downward could have set the precedent for a possible bearish crypto week.
A positive trend seems to have taken hold of the markets this morning as many major cryptocurrencies are well up over the past 24-hours. Much of the damage caused by the market decline at the end of June now seems to be settled and thus, we are finally seeing some value pumped back into the markets.
source MI Bitcoin was trading up 4. 85% Monday morning after a bullish weekend for the largest digital currency by market capitalization. Bitcoin, which is known for its wild price swings, soared to $6,646 after a $200 pop around 9 a.
El-Erian Says He Would Buy Bitcoin If It Falls Below $5,000 Mohammed El-Erian is a chief economic advisor at Allianz. He recently revealed that he would be willing to purchase the bitcoin if its price falls below $5000.
The Supreme Court announced on June 28, 2018, that it will not reconsider the conviction or life sentence of Ross Ulbricht, the alleged mastermind behind the darknet site Silk Road.
Ho, hum… That’s what most investors are likely saying to themselves as they wake up this morning to find that the father of cryptocurrencies has dropped yet again, only this time below the $6,000 mark.
This morning, we are seeing a very uneven trend within the markets. Cryptocurrency values are moving in an almost random direction. Indeed, this could simply be being caused by an element of randomness, however, it is more likely just a consequence of the current bear market, a market that has zapped the life out of cryptocurrencies, concerning investors market-wide.
The top cryptocurrency market held by bitcoin core (BTC) has touched a triple bottom at $5,832 during the early morning June 24 trading sessions. Also read: The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More Triple Bottom Achieved: What’s Next for Crypto-Markets? As we mentioned above the last time prices were this low was back in
Cryptocurrency bears are still clawing away at digital asset prices on Sunday, June 24 as most of the digital currency market values are down between 3-12 percent over the last 24-hours. The top cryptocurrency market held by bitcoin core (BTC) has touched a triple bottom at $5,832 during the early morning June 24 trading sessions.
The Wall Street Journal has an article this morning revealing that the cohort of older workers that are set to retire in the next few years are the least financial prepared of any generation going back to the Great Depression.
After a slightly positive day yesterday, the markets have reset themselves on a steep negative trajectory once more. Of course, we didn’t see yesterdays progress as a sign of recovery, however we did assume that this positive momentum may have lasted a little longer than just a morning.
This morning, the markets are starting to look quite healthy indeed. June thus far has been a disappointing month. This is because we hit June with a real optimism, many experts had called for a new bull market which promised to see major cryptocurrency prices skyrocket.
South Korean cryptocurrency exchange, Bithumb lost over $30 million earlier today. The exchange has confirmed about the theft earlier this morning. It is believed to be a case of a cryptocurrency hack.
Hackers have reportedly made away with cryptocurrencies worth $30 million from Bithumb, South Korea's leading exchange, according to reports from a blog update. The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice.
Bithumb, South Korea’s largest crypto exchange announced on its website that between Tuesday evening and Wednesday morning, Korean time, 35 billion won (about 31. 5 million USD) worth of cryptocurrencies vanished.
In an informal statement made at Yahoo Finance’s All Market Summit: Crypto, William Hinman, the United States Securities and Exchange Commission (SEC)’s director of corporate finance, indicated that the regulatory agency has no plans to deem ether a security.
In a post published Monday morning, Coinrail said hackers obtained about 30 percent of its coin and token reserves. A wallet address reportedly belonging to the attackers showed the value of the pilfered coins was as much as $37 million.
South Korean cryptocurrency exchange Coinrail reported a hack on its website during the early morning hours of June 10, 2018. The thieves allegedly made off with over $40 million worth of altcoins and assorted tokens.
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.