Since falling as low as $8,180 on Monday, the day of the halving, Bitcoin has mounted a strong comeback. The comeback culminated in a surge past the key $9,000 resistance on Wednesday, seen on the right-hand side of the chart below.
Bitcoin’s price action from May 8 to today charted by TradingView.com.
While the move above $9,000 brings BTC above a key technical level, it wasn’t met with much resistance in terms of liquidations.
The reason: as Bitcoin traded at ~$8,800-8,900 for hours on end before passing $9,000, short positions had ample time to deleverage their positions.
The rally has paused, with Bitcoin holding steady just above the aforementioned breakout level for hours on end. Cynics think this is a precursor to a reversal lower, but more and more analysts are starting to believe that BTC is poised to enter back into a decisively bullish trend.
Bitcoin Poised to Rally Higher From Here, Analysts Say
One prominent trader recently shared that Bitcoin recently printed the exact same trend on the weekly chart that was the start of 2019’s rally: seven weeks of consecutive gains and then a “Doji” candle at the top of the trend.
What followed the last occurrence of this trend was a 160% increase within the span of three or so months.
This means that should history repeat itself, the cryptocurrency could hit $20,000 as 2020 comes to a close.
Chart from @GalaxyBTC (Twitter handle).
Also bullish, the leading cryptocurrency recently maintained an extremely important historical uptrend, which indicates that it will continue to scale higher in the coming days.
Bitcoin’s fundamentals are also stronger than ever, as reported by NewsBTC previously, with blockchain analytics firm Glassnode noting that metrics suggest BTC is seeing increased adoption. Increased adoption correlates with increased demand and higher prices.
Preventing “Extreme Capitulation”
Bitcoin rallying from here, in the coming days, is important as it prevents “extreme capitulation.”
Matt D’Souza, chief executive of Bitcoin mining firm Blockware Solutions and a crypto hedge fund manager, remarked on May 11th that investors should expect “extreme capitulation” if BTC trades sideways.
D’Souza indicated that per his firm’s data, 30% of the network is mining at breakeven cost at ~$8,500, making a move above this level critical for miners to stay in operation.
Digital asset manager Charles Edwards echoed this sentiment, writing that per his analysis, the electrical cost to mine one Bitcoin alone is “somewhere [around] $9,000 today.”
By ensuring Bitcoin exits this limbo where miners are neither profitable nor unprofitable, a sell-off is prevented. After all, a “miner capitulation” is purportedly what caused BTC to crash from the $6,000s to $3,150 in November and December of 2018.
15/
Where does that leave us now?
Given a good chance of lowered electrical prices, Electrical Cost is likely somewhere between $9K today. These are best estimates.
This suggests that the average Bitcoin miner is unprofitable.
They are losing money on to run their business.
— Charles Edwards (@caprioleio) May 12, 2020
Photo by Ivy Schexnayder on Unsplash origin »
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Bitcoin [BTC], the world’s largest cryptocurrency made a comeback after the cryptocurrency rose in value and market cap over the last month, thanks to a bull run that turned the entire market green.
This week in crypto has been one of the most eventful so far in 2019, as rumors of HitBTC’s potential insolvency begin to spread, Binance confirms a move into margin trading, and Bitcoin bulls turn it up yet again with another huge pump.
After more than a year of waiting, it’s official — crypto is making a comeback. By midway through May, Bitcoin broke the $8k barrier, and the global crypto market cap hit its annual high of over $260bn.
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Over the past weeks, crypto has returned to the limelight. Bitcoin, Ethereum (ETH), amongst other digital assets have absolutely surged. While no specific fundamental factors have been pinned to the recent rally, it is widely believed that certain bits of news, like Fidelity’s institutional platform and Ethereum starting a Proof of Stake (PoS) integration, has.
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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.
