It appears that Bitcoin bulls aren’t ready to take a breather just yet after the jump to $7,600 just hours ago. Just minutes ago, the cryptocurrency surged past $7,900, reaching as high as $7,920 as buyers finally have stepped in. As of the time of writing this article, the cryptocurrency is up 5.79% in the past 24 hours, slightly underperforming Ethereum’s near-6% performance and dramatically falling short of XRP’s jaw-dropping 12% gain.
Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So
Although the momentum is impressive, some analysts are starting to fear that a short-term pullback is likely on the horizon, citing a number of technicals and chart patterns that suggest Bitcoin may be overextended in the short term.
Bitcoin Poised for Short-Term Pullback
CryptoHamster noted that with this major pump, Bitcoin has reached the upper bound of a key downward channel that the cryptocurrency has been trading in for some seven or so months now. This may imply that prices could see a strong pullback, for BTC was majorly rejected off this downtrend three times in the past few months.
The major downtrend channel resistance test. Technically, a nice short opportunity with a tight stop loss. Still, a scam-wick to 8000$+ is very likely to occur. $BTC $BTCUSD #bitcoin pic.twitter.com/jHHo36Zhi5
— CryptoHamster (@CryptoHamsterIO) January 7, 2020
Not to mention, the cryptocurrency is currently at a clear horizontal resistance level that has been relevant since September of last year, meaning that Bitcoin will need strong momentum to clear past these levels prior to a move higher.
Lets clear 7860 – 8090 resistance Don, and 9k's is on target. pic.twitter.com/s4zfgN845L
— CryptoWolf (@IamCryptoWolf) January 6, 2020
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Eventual Bullish Continuation Likely
While there is a extremely short-term bearish argument as outlined by the abovementioned analysts, the seeming consensus among analysts is that eventually (meaning the coming day or two), Bitcoin should continue to rocket higher.
Per previous reports from NewsBTC, Josh Olszewicz, an analyst at Brave New Coin, recently noted that an inverse head and shoulders chart pattern — a bullish pattern that is likely to mark a strong bottom for BTC — is playing out for Bitcoin.
He remarked in a TradingView post outlining his trading idea that should BTC hit $7,525 (and it has), a move to the $8,100 to $8,700 range — a 7% and 14% rally, respectively — is likely to play out. As to why the rally will stop there, he cited a confluence of a few key resistances: the 200-day exponential moving average, the daily Ichimoku Cloud, a yearly pivot point, and the weekly 20 moving average.
Not to mention, Bitcoin’s hash rate— the measure of computational power processing BTC transactions — hit a new all-time high on the 1st day of 2020. The all-time high, 119 exahashes per second, or 119 with 18 zeroes after it.
Related Reading: Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto Market
This surge in the hash rate breaks the previous all-time high set more than two months ago in October, meaning that Bitcoin’s network is now stronger than ever before, marking an amazing start to 2020.
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What started out as a positive week for bitcoin has turned bearish again as the world’s top digital asset plunged below $8,000 yet again. A few hours ago BTC wiped out its weekly gains and the big move that many have predicted may just have initiated.
Seemingly out of nowhere, the bitcoin price rocketed past the psychologically important $11,000 level this weekend. No doubt traders are getting whiplash from the dramatic swings, as the range-bound BTC then pulled back to just over $10,900.
As predicted yesterday by traders, analysts and us at NewsBTC, it would not be long before Bitcoin broke the psychological $10k barrier. That milestone was reached a few hours ago during the Saturday morning Asian trading session.
Only yesterday Bitcoin bulls were triumphant that the king of crypto had broken resistance and was heading for five figures again. A few hours ago BTC made it to $10k but it didn’t just stop and hold there.
Following a return to resistance at $8k, Bitcoin price is clearly not ready to correct just yet. A few hours ago during Asian trading, BTC surged to its highest price since May last year. The move has lifted the entire cryptocurrency market up to a ten-month high.
Bitcoin has made a leap in the past fortnight. Granted, the rally started two months ago. However, it’s in the past two weeks that the digital currency has made the biggest gains. Currently trading at $7,900, it hit $8250 earlier today, a level it last hit close to a year ago.
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Bitcoin remains above $5,100 even after a small price correction experienced a few days ago. The digital asset raised up to $5,412 and then it moved down to $4,900 on April 12. According to John Pearlstone, trader and analyst, the next likely target is $6,000 BTC/USD.
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Last week, the cryptocurrency market experienced quite a lot of price adventure. However early this week, the adventure was reversed so that Bitcoin (BTC) the leading cryptocurrency crashed to $3700 from last week’s Over $4,000 after hanging above $3,800 for some time However a few hours ago, the market has started to recover and Bitcoin […]
The post Bitcoin Inches Towards $3,900 Again.
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Bitcoin is in very bad shape. There’s no sugarcoating the facts. After falling to $5,500 a few days ago, the weekend took a nasty toll on the cryptocurrency’s price and bitcoin is now trading for under $5,000.
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Bitcoin Tumbles By 5% To $6,900 Following a week of positive price action, the cryptocurrency market has finally seen a pullback, with a majority of crypto assets falling by 5% or more. As reported by Ethereum World News just hours ago, on Wednesday morning, trader awoke to a worrisome sight, with Bitcoin (BTC) falling to just […]
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These Are Six of the Best Faucets to Keep Earning Cryptocurrencies During the last 8 months we have seen how Bitcoin moved from $20,000 to $5,900 dollars some time ago. In these months, we have seen how companies and other investors have been buying the dip and developing new and interesting applications. But if you […]
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Bitcoin fell to lows of $56k again as crypto dumped amid a fresh surge in stocks. Many altcoins are mirroring this dump, including Polygon and Bitcoin Dogs. Yet, as the market experiences new downside pressure at the start of a historically tough September, most experts are doubling down on a bounce for Bitcoin in coming […]
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The cryptocurrency market experienced a significant rally last week, providing a much-needed boost for many short-term speculators to turn profits. Bitcoin led the charge, surpassing the $64,790 mark, though the momentum appeared to have eased by the time of writing.
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