The bitcoin price looked to be en route of surpassing a key resistance level at $8,250 that would leave it open to testing $9,000 and levels higher above it. But, the weekly close below $8,500 may leave it vulnerable for a steep pullback.
In short-term trading, a weekly close is considered an important element that plays a factor in how the following week reacts. At crucial periods, a weekly close often dictates the price trend of bitcoin for many weeks that follow.
Bitcoin unable to close above $8,500 and a pullback is on the table
Prior to the weekly close on January 13, prominent cryptocurrency trader Jacob Canfield emphasized the importance of surpassing $8,500 and closing above it.
“I see a lot of bullish sentiment in the market. While I would love to see #Bitcoin reach $50,000, I still remain pragmatic an unbiased in my market view High time frames are still showing lower highs and RSI in a ‘transition’ zone. Need to see a weekly close above $8500+ in my opinion,” he said.
On lower timeframes, bitcoin attempted to break out of the $8,400 level three times in the past week. All of the failed tests as well as the relatively week closing of the weekly candle indicate that BTC is not ready to climb above $9,000 in the short-term.
On the 4H, bitcoin also saw a sharp rejection at $8,180, a level which it has kept since January 11.
After a weak weekly close, lower time frames seem weak for bitcoin (Source: TradingView)
Bearish outlook on the bitcoin market comes after almost two weeks of bullish sentiment, with technical indicators suggesting an extended rally is imminent.
Altcoins have been on the decline after a strong week
After a strong week, major altcoins such as Ethereum and Bitcoin Cash have started to fall steeply against the U.S. dollar.
Bitcoin Cash, for instance, which recorded a 21.5 percent gain in a week, fell by 3 percent on the day from around $271 to $262.
Ethereum, despite having big buy walls on major cryptocurrency exchanges, fell from $147 to $143.
The decline in the momentum of altcoins after an explosive week indicates investors are becoming increasingly cautious about the short-term trend of bitcoin and other major cryptocurrencies.
Throughout the past three weeks, the altcoin market has followed the price trend of bitcoin, which often happens during a bearish trend.
Whether the week close of the weekly candle of bitcoin and the failed tests of $8,400 will lead to a major response from traders remains to be seen.
Since January 6, BTC has been in a relatively tight range between $7,800 and $8,200, struggling to move to a certain direction. The post appeared first on NewsBTC. origin »
Bitcoin is entering a high-stakes game, where the bold may thrive
While FOMO builds, there’s still plenty to unpack
Two crashes in less than a month may have you thinking about exiting, buThe post Bitcoin - Why 'Greed vs.
Better times for Bitcoin may lie ahead as the co-founder of BitMEX feels that the current geopolitical tensions in the Middle East may only push the cryptocurrency to rise higher. According to Arthur Hayes, the effects of war would resonate intensely in the US economy in the form of increased government spending and inflationary levels […]
It may be too early to judge Bitcoin’s performance for the rest of October as investors are “largely reactionary to macro events,” says a crypto analyst.
Bitcoin’s 19% surge to $64,342 faces resistance at $65,000. Investors’ profit-taking and short-term holders may cause a price decline.
The post Bitcoin Price May Drop Below $60,000 Due to Heavy Profit Taking appeared first on BeInCrypto.
BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust, saw an outflow of $13.5 million on Thursday, marking the first withdrawal since May 1st amid a third straight day of outflows from Bitcoin ETFs.
Bitcoin fell around 2% instantly as US nonfarm payrolls rose 272,000 month over month for May, way above the estimated 180,000. The rest of the crypto industry, along with the traditional equities markets, also took a hit.
Bitcoin regained the $66,000 level in the night between May 15 and May 16, recovering some of the losses it incurred in the past week. This spike substantially impacted the derivatives market, significantly influencing both open interest and trading volume.
Bitcoin's slip below its STH Realized Price might capitulate the price to $53,000.
Maintaining support at $69,178 may drive BTC to $92,237.
Bitcoin [BTC] is set to end the month with a negatThe post Bitcoin's May prediction - Is $70,000 a real certainty or is... appeared first on AMBCrypto.
Bitcoin and crypto may still have a friend in U.S. treasury secretary Janet Yellen if liquidity comes roaring back to the economy next week, says Arthur Hayes.
Bitcoin's price is close to validating a Wyckoff pattern as well as investors' conviction.
The post This Is How Bitcoin (BTC) Could Reach $80,000 Before May appeared first on BeInCrypto.
BTC was up by 2% in the last 24 hours.
Metrics suggested that selling sentiment was dominant in the market.
Bitcoin’s [BTC] price witnessed a major correction of late as its value touched The post Bitcoin bulls aim for $72K again, but here's why it may not be easy appeared first on AMBCrypto.
It may seem perplexing to the corporate mindset that bitcoin's price surged this week to a new all-time high above the old record around $69,000, even as the dominant Bitcoin Core software used to run the blockchain remains dependent on a group of volunteers. But there may be help on the way.
Bitcoin may rise, but a significant downtrend remains feasible.
Traders who eye $45,000 with high leverage may be liquidated.
Crypto Analyst Ali Martinez posted that Bitcoin [BTC] has the The post Will Bitcoin's move to $50K cause a 40% correction? appeared first on AMBCrypto.
ETH may displace Bitcoin's dominance next year, an investor pointed out.
Long-term investors are confident of the altcoin's performance.
According to Raoul Pal, Ethereum [ETH] will outperforThe post Why Ethereum may outperform Bitcoin in 2024 appeared first on AMBCrypto.
Bitcoin (BTC) rallied over 10% in the past week, extending gains and reaching levels not seen since the Terra collapse in May 2022. This surge is attributed to increased institutional activity, particularly in the United States.
Bitcoin's utility has increased amid recent losses, signaling a potential increase in value.
Liquidity decreased, but BTC may not drop near $20,000 anytime soon.
As the flagship digital asseThe post Bitcoin may be ready for a rebound - here’s why appeared first on AMBCrypto.
Bitcoin has continued to stagnate recently as another recovery move has failed to prosper. So here’s an indicator that may hint when a break could happen. Bitcoin Rally May Not Resume Until The Stablecoin Market Cap Goes Up Around the start of this week, Bitcoin observed a sharp plunge that had taken the asset’s price from the $30,000 level down to the $29,000 mark.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The U.S. overwhelmingly passed the recent deThe post May ends in red; what next Bitcoin traders? appeared first on AMBCrypto.
Inscription mints via Bitcoin Ordinals reached a daily ATH.
The BRC-20 experiment has been deployed but users may need to be careful with minting in mass numbers.
Quite a number of people caThe post Bitcoin Ordinals may have proven naysayers wrong- Here’s why appeared first on AMBCrypto.
Bitcoin is still strangling at the $16,000 price level with no significant movement up or down. This is normal given the historically low rates of volatility that are being recorded in the market. However, there may be some good rallies in the near future for the digital asset, but it depends on what BTC whales do.
Bitcoin noted some upside over the last 24 hours following a brief recovery back above $20,000. Investors that have kept a close eye on its performance over the last few weeks may have noticed its conThe post Bitcoin [BTC] may be at the tail end of something, but does this warrant caution too appeared first on AMBCrypto.
With the wider crypto-market bleeding, there are many who wish to know how long the drawdown will go on for. It is in this context that during a recent edition of his podcast, Anthony Pompliano discusThe post 'Risky' Bitcoin may have a 'wait and watch' game going on for itself appeared first on AMBCrypto.
I love Bitcoin. It holds down a position in my portfolio, and I don’t intend to sell it anytime soon. I may or may not even dabble with the odd laser eyes profile picture on my Twitter account.
With a plan to buy up $10 billion of bitcoin, Do Kwon’s UST stablecoin project may be fulfilling a prophecy by the late recipient of the first BTC transaction.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
Bitcoin sellers showed their presence at the $44k area, and inThe post Bitcoin: Mapping the drop and examining where large buy orders may be seen appeared first on AMBCrypto.
All of the cryptocurrency industry appears to be in a panic after $100 million were liquidated in around 24 hours. This has caused Bitcoin's price to dip 3.6% during this time, adding on to the 28% itThe post Here's how much Bitcoin may be worth by the end of this decade appeared first on AMBCrypto.
Digital Currency Group’s Flagship Grayscale Bitcoin Trust Is Trading At About 16.52% Below The Bitcoin Spot Price, Marking The Largest Discount Since Bitcoin’s May Price Decline.
Another flood of selling pressure erased nearly $200 Billion from the global crypto market cap over the last 24 hours. Market leaders Bitcoin and Ethereum moved back to monthly lows and tremors wereThe post Bitcoin, Cardano, XRP Price Analysis: 22 May appeared first on AMBCrypto.
Hodlers are being patient amid warnings that a continuation of Bitcoin's bull run may take "some time" thanks to mixed messages from on-chain indicators.
Saylor's proposal could significantly impact global digital currency dynamics, potentially enhancing US economic influence and addressing national debt.
The post Michael Saylor urges US to buy 20% of Bitcoin for digital economy dominance appeared first on Crypto Briefing.
The $2B debt issuance with a 35% premium may enhance Strategy's financial flexibility, potentially impacting its bitcoin investment strategy.
The post Strategy announces pricing of $2B debt issuance with 35% premium appeared first on Crypto Briefing.
Central banks exploring Bitcoin could reshape financial strategies, highlighting the need for adaptation to digital asset integration challenges.
The post Bitcoin deserves special attention from central bankers, says Czech central bank chief appeared first on Crypto Briefing.
Lutnick's confirmation may accelerate the integration of cryptocurrency into U.S. commerce policy, impacting global trade dynamics.
The post Pro-Bitcoin Howard Lutnick confirmed as US Secretary of Commerce appeared first on Crypto Briefing.
Bitcoin price retreated below $95,000 on Tuesday, continuing a downtrend that began four weeks ago when it peaked at a record high of $109,200. Bitcoin (BTC) dropped as the odds of a Strategic Bitcoin Reserve, or SBR, in the United…
Google's integration of Bitcoin wallets could significantly lower barriers for mainstream adoption, enhancing accessibility and security in crypto.
The post Google exploring ‘Sign in with Google’ for Bitcoin wallets appeared first on Crypto Briefing.
Gain deeper insights into market cycles by mastering Bitcoin on-chain data, which illuminates the intricate patterns behind investor behavior and price movements.