Bitcoin price broke back above $9,000 this morning, making this the second time this month that has happened. Following last week’s slide down from that level, all losses have been reversed since the weekend. So what could be responsible for bitcoin’s change in fortunes?
End Of Chinese New Year
The Lunar New Year always has an effect on bitcoin trading volumes, as Chinese traders take a few days off to celebrate. Despite cryptocurrency trading being technically banned in China, workarounds whereby traders use other Asian markets mean that it is still statistically significant.
BitMEX CEO Arthur Hayes predicted that volatility and trade volume would ‘nose-dive’ as the New Year approached. Indeed, in the week leading up to the New Year, daily volumes dropped by 50%, as BTC price followed them down from $9150, reaching as low as $8325 on Sunday.
Since Sunday’s low, volume has already regained almost all of the value previously lost, and prices have risen steadily to reflect that increase. While the Coronavirus may have meant an extended holiday for many Chinese, orders to stay at home don’t apply to those working outside of the law.
Global Crypto Market Cap Rising
The past few days have seen gains across the entire cryptocurrency market. With this much fresh money flowing into the market, it is only to be expected that Bitcoin price would also benefit from that.
As Bitcoinist reported yesterday, the total cryptocurrency market cap grew by over $17 billion in just 48 hours. It has continued to grow at a more modest rate since then, but is currently just $1.2 billion short of the psychologically significant $250 billion mark.
The market cap was last at this level in November, during the seven-month bear market when cryptocurrency prices were on the way down from their late-summer 2019 highs.
Regaining this level would be a strong indicator that this trend had reversed, and that a bullish cycle is once again underway.
The February Before The Bitcoin Halving
As February rolls ever closer, the market cannot help but consider historical data, which highlights the month as traditionally one of the more bullish for bitcoin. Of course, this doesn’t give any guarantees, and in fact we are closing out January, having bucked its usual trend of being a bearish month.
But of course we also have the ever looming halving event coming up in May of this year. Historical data again suggests that this will have a positive effect on BTC prices. Whether this is already factored in to bitcoin’s price is hotly debated. However, if prices continue to rise then we may find that FOMO makes it a self-fulfilling prophecy in either case.
For now, price just has to hang onto, and indeed build upon, that $9k.
Do you think Bitcoin will continue its current uptrend? Add your thoughts below!
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Bitcoin was failed to break above 200 day Moving average during its last rally from 6800$ to 9200$. But Finally Bulls managed to break above this key level. Bitcoin broke above 200MA when price breached through 9000$ during morning trading hours.
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Ethereum gained momentum and broke the key $170 resistance and bitcoin rallied above $9,000. ETH price seems to be forming a larger trend and it could even clear $180. There were decent bullish moves in Ethereum above the $165 and $170 levels against the US Dollar.
On January 14, the Litecoin price broke out above the descending channel it had been trading in since August 14, 2019. Until the price breaks out above its 200-day moving average (MA), we cannot confidently state that it has begun a new upward trend.
On January 20, the ICON (ICX) price broke out above a descending wedge that had been developing since September 2019. This could be the beginning of a long-term upward movement. ICON Price Highlights The ICON price broke out from a long-term bullish reversal pattern.
On January 14, the IOTA price broke out above a descending resistance line in place for 82 days. Since then, it has increased by nearly 30 percent. The movement could have been the first step in the creation of a long-term reversal pattern, which would be confirmed by a breakout over 2500 satoshis.
On January 14, the EOS price broke out above a significant resistance area. The price has been decreasing since and has validated the previous resistance area as support. In the short-term, the price has created a bullish reversal pattern that coincides with the aforementioned support area.
Ripple extended its rise above the $0. 2450 resistance against the US Dollar, similar to bitcoin above $8,800. XRP price topped near the $0. 2540 area and recently corrected lower. Ripple price is down more than 6% and broke the $0.
On December 17, 2019, the Tezos price reached a high of 25,220 satoshis. It has been decreasing since. On January 16, it created a bullish engulfing candlestick and broke out above the descending resistance line in place since the aforementioned high.
On January 14, the TRON (TRX) price broke out above the descending resistance line that has been in place for the past 77 days. The TRON price has slightly decreased since the breakout — possibly indicating that it will consolidate inside a trading range before eventually continuing the upward movement.
Ethereum is up more than 15% and it broke the key $150 and $160 hurdles versus the US Dollar, while bitcoin jumped above $8,800. However, the current price action suggests ETH could correct towards $160 before it continues higher.
Bitcoin rallied more than 5% and broke key hurdles near $8,250 and $8,500 against the US Dollar. BTC price might continue to rise towards $8,780 and $8,800 in the near term. Bitcoin price is gaining bullish momentum above the $8,400 resistance against the US Dollar.
Ethereum is gaining bullish momentum above the $145 resistance versus the US Dollar. ETH is likely to surge above the $148 and $150 resistance levels, while bitcoin already broke the key $8,400 resistance.
On January 4, the DASH price broke out above a long-term resistance line. After validating it as support, it has continued moving higher. Cryptocurrency trader Nico (@CryptoNTez) stated that the DASH price retested the 670,000 satoshi support and has begun another upward move, reaching his first target.
Last week, Bitcoin price broke out of its 45-day long consolidation range in the low $7,000s and rocketed to over $8,000 where the first-ever cryptocurrency is holding tight above resistance turned support.
Bitcoin price is not so far from reaching a $100,000 valuation, recalled Adam Back, founder of Blockstream. BTC broke $10,000 when it was not even expected to move above $1,000. Bitcoin Price Easily Revisits $10,000, Seen as First “Moon” Level BTC went on to revisit the $10,000 level with ease a few times.
The Binance Coin (BNB) price recently broke out above a descending resistance line in place since November 14, 2019. A breakout above a long-term resistance line is often a sign that the price could begin an upward move.
The Ethereum price has reached a significant resistance level, a breakout above which could indicate that the price has begun an upward trend. On December 17, the Ethereum price broke down below a significant support area and, at the time of writing, was trying to reclaim it.
Bitcoin broke a couple of important hurdles near $7,500 and $8,000 on the daily chart against the US Dollar. BTC price action indicates a strong rise towards $9,100 or even $10,000. Bitcoin price surged $500 and settled above the key $8,000 resistance against the US Dollar.
The DASH price just broke out above a 164-day descending resistance line, possibly suggesting that the current downtrend has ended. The breakout transpired with significant volume. However, the price has reached a confluence of resistance areas, making it unlikely that it will be successful in moving above them on the first try.
Ripple rallied more than 15% after it broke the key $0. 2000 resistance against the US Dollar. XRP bulls now aim $0. 2320 or $0. 2400, considering the current market sentiment for bitcoin. Ripple price surged above the $0.
The total crypto market cap is slowly rising and it is now above the $185. 0B support. Bitcoin price rallied recently, but it failed to climb above the $7,500 resistance. Binance coin (BNB) price is up more than 5% and it broke the $14.
The Bitcoin price is in the process of reclaiming the previous breakdown level of $7600. A weekly close above it would act as confirmation that the current trend is bullish. On December 17 and 18, the Bitcoin price broke down below a significant support area and reached a low of $6400, causing many people to […]
The post Bitcoin Price Movement Splits Bullish and Bearish Analysts [Premium Analysis] appeared first on BeInCrypto.
The total crypto market cap is gaining momentum above the key $192. 0B resistance. Bitcoin price is up more than 5% and it broke the $7,500 resistance area. EOS price is slowly rising towards the $2.
The Stratis price is in the process of breaking out above a significant resistance area. However, the breakout does not have significant strength. On December 15, the Stratis price broke out from its four-month trading range.
The THETA price likely began an upward move on December 10. It has increased above the first resistance area and is currently aiming for the second one. The THETA price has increased by 44 percent since December 10, amounting to a rate of 5.
The total crypto market cap is up more than $20. 0B and it climbed back above $185. 0B. Bitcoin price is up more than 10% and it broke the key $7,000 resistance area. Litecoin (LTC) price is gaining traction and it is back above the $40.
On December 15, the Stratis price broke out above its long-term trading range. Since then, it has increased by roughly 25%. Many signs were pointing to this breakout, which we noted in our previous price analysis that predicted a breakout would soon transpire.
The Bitcoin price broke down below the minor support at $7150 and validated it as resistance. It is trading inside a descending wedge with the support line being at $7000. The weekly outlook remains bearish since the price failed to reach a close above the breakdown level.
The total crypto market cap is declining and struggling to stay above the $188. 0B support. Bitcoin price is down more than 2% and it broke the $7,200 support area. Litecoin (LTC) price is declining and approaching the $43.
The total crypto market cap is declining and struggling to stay above the $188. 0B support. Bitcoin price is down more than 2% and it broke the $7,320 support area. Litecoin (LTC) price is sliding and it may soon test the $42.
The Fantom price has been increasing since it reached a low on October 26. On November 26, it broke out above its current resistance area and validated it as support afterward. The Fantom Foundation (@FantomFDN) recently announced that its technology will be used in the health sector.
Bitcoin price is slowly declining and it recently broke the $7,200 support area against the US Dollar. The price is currently consolidating above $7,100 and likely to continue lower. Yesterday’s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
NEO was the first from a group of coins based in China which broke out in late October. The current price structure suggests another price increase awaits. The NEO price broke out above its trading range on October 27 and increased until November 13.
The total crypto market cap broke a major resistance area near the $188. 0B level. Bitcoin price is up more than 5% and it broke the $7,400 resistance area. Litecoin (LTC) price is slowly rising towards the $48.
Bitcoin has once again dropped down to its near-term support level after a brief attempt from BTC’s bulls to push to crypto back above its previously established support level at $8,700, which appears to have flipped into a resistance level in the time since it broke below this level.
The total crypto market cap is following a bearish pattern below the $230. 0B level. Bitcoin price is facing an increase in selling pressure below $8,600 and $8,500. EOS price is currently struggling to stay above the key $3.
Ethereum price is rising and it broke the key $185 and $186 resistance levels against the US Dollar. Bitcoin is up around 3% and it managed to climb above the $9,400 resistance. There is a new bullish trend line forming with support near $185 on the hourly chart of ETH/USD (data feed via Kraken).
The Bitcoin price broke out from a descending wedge an initiated a rapid upward move. However, it has failed to reach a close above a significant resistance area and has created three successive long upper wicks.
The Bitcoin price broke out from a descending wedge. The breakout was swift and done with significant volume. Currently, it is trading slightly above the previous breakdown level, right at the 100-day moving average (MA).
ETH price rallied recently and broke many resistances near $172 and $185 against the US Dollar. The price even spiked above the $188 resistance and it is currently correcting lower. There was a break above a significant bearish trend line with resistance near $170 on the 4-hours chart of ETH/USD (data feed via Kraken).
This week, Bitcoin price broke down from a bear flag pattern, setting a new local low around $7,300, and after some consolidation, broke back upward. The resulting break out of a short-term pennant has led to a short squeeze of epic proportions, and nearly a $1,000 green candle that sent bears into hibernation and Bitcoin.
After a sharp decline, bitcoin price consolidated above the $7,400 level. Finally, BTC to USD started an upside correction and it is now trading above the $7,520 resistance. Key Takeaways: BTC/USD Bitcoin price is currently correcting higher and is trading above the $7,600 level against the US Dollar. BTC/USD broke the $7,520 resistance and a […]
Ripple price declined heavily after it broke the key $0. 2850 support area against the US dollar. The price tested the main $0. 2500 support area and it is currently rebounding above $0. 2650. There is a major bearish trend line forming with resistance near $0.
Bitcoin price is currently correcting higher and it broke the key $8,200 resistance against the US Dollar. The price is now consolidating gains below the $8,300 and $8,350 resistance levels. There is a short term breakout or bullish continuation pattern forming with resistance near $8,250 on the hourly chart of the BTC/USD pair (data feed.
Ethereum price is currently correcting higher and is trading above $172 against the US Dollar. Bitcoin price is up more than 4% and it broke the key $8,200 resistance area. There was a break above a key bearish trend line with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).
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