A “Huge” Bitcoin Move Is Imminent as Price Stalls in the Low-$9,000s

A “Huge” Bitcoin Move Is Imminent as Price Stalls in the Low-$9,000s
фото показано с : newsbtc.com

2020-6-30 03:00

While Bitcoin has seen its fair share of short-term volatility, on a macro scale the cryptocurrency is still consolidating.

The below chart from Blockroots founder Josh Rager, a crypto trader, displays this well. The chart shows that over the past ~seven weeks, BTC has been effectively trapped between $8,500 and $10,000. Each breakout has failed to lead to a follow-through.

Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com

Yet the consolidation is reaching a breaking point: volatility indicators show that any day now, Bitcoin will finally move out of the range. And considering the length and magnitude of this consolidation, it could be “huge.”

Related Reading: A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App Bitcoin Could Soon See a Massive Move, Analysts Say

According to the analysts at Bitcoin Bravado, a crypto research group, a “huge” move in these markets is coming:

“BTC volatility is currently at historic lows as traders wait for a sign regarding where the next move is heading. […] Any time Bitcoin volatility gets this low, it usually means something huge is on the way. […] Suffice to say, the window for placing your bets is quickly narrowing.”

This is surely the case.

One trader shared the chart below late last week, showing Bitcoin’s price action since the start of 2019.

On the bottom of the chart is the Bollinger Bands Width indicator, which tracks the width of the bands. The Bollinger Bands is basically an advanced volatility indicator signaling important price points and when an asset is expected to move.

As can be seen, the width of the bands is reaching a level not seen since February of this year. That was just weeks prior to Bitcoin dropping by 60% in literally half a month.

Bitcoin price chart over the past one and a half years with volatility indicator (Bollinger Band Width). Chart from TradingView.com; shared by Byzantine General (@Byzgeneral on Twitter). Institutional Traders Are Betting on Downside 

With Bitcoin primed to see a massive move, investors have begun to stack their chips to try to capitalize on the impending move.

According to CME futures data, institutions have been building a net short position throughout this consolidation.

One trader recently shared the image below, which shows that entities deemed “institutional traders” are cumulatively shorting 2,038 of the CME’s BTC futures contracts.

Bitcoin price chart with CME's Commitment of Traders report data. Chart from TradingView.com; made by Byzantine General (@Byzgeneral on Twitter).

This is notable as this group of traders has historically predicted downswings.

For instance, near the top of February’s rally, institutional traders started to build a Bitcoin short position via the CME. And prior to the launch of Bakkt, this group did the same.

Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com A "Huge" Bitcoin Move Is Imminent as Price Stalls in the Low-$9,000s

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 74967.76 (+0.09%)
Объем 24H $68.718b
Изменеия 24h: 0.75 %, 7d: 3.82 %
Cегодня L: $74544.69 - H: $76122.08
Капитализация $1482.784b Rank 1
Цена в час новости $ 9135.08 (720.66%)

bitcoin below chart consolidating cryptocurrency macro scale

Источник: newsbtc.com

bitcoin below → Результатов: 126


Фото:

Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges

Since February, Bitcoin has fallen to its lowest price, breaking below $60,000 and hitting $56,900 as of press time. The price is now 23% below its recent pre-halving all-time high of $73,000. Data from Coinglass shows that Binance, the most liquid exchange for Bitcoin trading, has several buy walls in the order book down to […] The post Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges appeared first on CryptoSlate.

2024-5-1 11:42


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average.

Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.

Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average.

Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average.

Bitcoin Price Eyes Further Gains: Can It Keep Climbing?

Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone. Bitcoin started a fresh increase from the $65,200 zone. The price is trading above $67,500 and the 100 hourly Simple moving average.