Day: September 17, 2020

Bitcoin Miner Outflows a Grave Sign for BTC Despite $11,000 Breakout

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Bitcoin has seen some intense strength throughout the past several days, with the cryptocurrency marching from lows of $9,900 to highs of over $11,000 that were set today. This strength is somewhat unique in that BTC is the only major cryptocurrency currently marching higher, as most others are stuck within consolidation phases or downtrends. Ethereum, for instance, is still trading well below its key $380 resistance level, with each attempt to surmount it resulting in strong selloffs. The weakness seen by ETH – relative to that seen by the benchmark…

Bitcoin sentiment at record lows … Does it mean the price will go up?

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A number of metrics indicate that social and trading sentiment for Bitcoin is still low despite its price breaking above $11,000 a couple of hours ago. On-chain analytics provider, Santiment has revealed that weighted social sentiment for Bitcoin is at its lowest level for two years. The metric takes into account the overall volume of Bitcoin mentions on Twitter and compares the ratio of positive vs. negative commentary on the platform. Social sentiment surged a few months ago when Bitcoin started its strong recovery following the mid-March pandemic induced market…

Bitcoin Price Revisiting $11,000 Could Confirm Short-Term Bearish Reversal Pattern

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Bitcoin price today blasted above $11,000, reviving bullish sentiment across the crypto market. Behind the buzz, is the fact that the leading crypto asset successfully confirmed a bullish retest of $10,000 as resistance turned support. But at the same time, the future of finance may have also completed a bearish retest and throwback to confirm a bearish reversal pattern. Both directions can’t be right, so which is it? You be the judge. Bitcoin Price Performance: A Head And Shoulders Above The Rest Throughout most of 2020, Bitcoin and altcoins have…

Despite Pushing to $11,000, Here’s Why Bitcoin Could Soon Reverse

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Bitcoin has been pressing higher despite weakness in the altcoin market. Seemingly rallying off strength in legacy markets, the leading cryptocurrency on Wednesday morning shot to a price just shy of $11,000. As of this article’s writing, BTC trades for $10,970, far above the price points it was trading at just days ago. While this price action is undoubtedly positive, there are some technical and on-chain signals suggesting a bearish reversal is nigh. Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Bitcoin Could Reverse as Key On-Chain…

Here’s How Low Chainlink May Plunge Before Continuing Its Macro Uptrend

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Chainlink has been flashing signs of intense weakness throughout the past few days, with the cryptocurrency breaking below the lower boundary of its long-held trading range as its buying pressure begins dissolving. This type of sustained retrace is quite unusual for LINK, as the cryptocurrency typically only sees sharp downside movements that are followed by even sharper rebounds. This time has been a bit different, however, as the descent from its recent highs of $20.00 has caused it to see a slow grind lower that is showing few signs of…