Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next

Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared its intraday gains ahead of Donald Trump’s retaliating press conference on China’s national security law for Hong Kong. Its downside move laggingly tailed a similar price action in the S&P 500. The U.S. benchmark closed Thursday down 0.2 percent. Bitcoin traded lower on Friday as traders refrained from taking more significant risks amid escalating geopolitical tensions between the U.S. and China. The benchmark cryptocurrency was down 1.18 percent at $9,467.04 as…

Bitcoin Breaking $10,500 Will Set the Stage for a Massive Reversal: Here’s Why

Bitcoin has been on an impressive rally over the past two months. From the $3,700 lows seen on March 13th, the asset has rallied over 150%. This 150% performance means BTC has outperformed basically any other multi-billion-dollar asset over the same time period. This strong surge to fresh highs hasn’t convinced everyone that Bitcoin is in a bull market though. Analyst “PlanB,” for instance, recently noted that Bitcoin is not yet in bull market territory as per the weekly relative strength index. Chart from “PlanB” The relative strength index (RSI)…

Derivatives Data Shows That Even After 150% Rally, Bitcoin Is Far From Topping Out

Over the past few weeks, analysts have said Bitcoin is finally finding a local top. For the third time in a matter of months, the cryptocurrency was rejected in the $10,000 range. It was a rejection that caused many to reconsider their bullish stance on BTC due to the level’s importance. Though derivatives data and simple technicals suggest that Bitcoin is far from topping out. The data shows this even after a more than 150% rally from March’s capitulation lows. Bitcoin Is Unlikely to Top Here, Data Shows Financial derivatives…

Millions Upon Millions of BitMEX Shorts Liquidated as Bitcoin Surges to $9,600

Just a day after Goldman Sachs came out with a scathing presentation on Bitcoin, the asset is rallying. Investors are clearly shaking off the “FUD” the multinational bank through the cryptocurrency market’s way. Just minutes ago as of the time of this article’s writing, BTC shot higher to cross $9,600. It reached a local high of $9,625. This is the highest price Bitcoin has traded at in the past seven days. Though, prices remain a few percentage points shy of the May highs of $10,000. Bitcoin price chart from TradingView.com…

Bitcoin At Risk of Correction at $9.1k as U.S. Futures Hint a Sell-Off

Bitcoin is holding its intraday gains above $9,100 on Thursday. But the cryptocurrency risks downside correction as the U.S. futures hint at a shaky start after New York opening bell Thursday. The unsteadiness surfaced as China approved a proposal for a national security law in Hong Kong, raising possibilities of a new geopolitical conflict with the U.S. Bitcoin was trading steadily above $9,100 on Thursday but risked breaking below the level as it heads into the U.S. trade session. The downside sentiment grew stronger as traders failed to push the…

Two Key Reasons Why Bitcoin Must Clear $9,300 To Start A Strong Increase

Bitcoin avoided a major downtrend and recovered from the $8,680 support against the US Dollar. BTC price is trading above $9,000, but it must clear $9,300 to start a strong increase. Bitcoin is up more than 4% and it climbed above the $9,000 resistance. The price is trading well above the $9,100 level, but it is still facing hurdles near $9,300. There is a rising channel forming with support near $9,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong increase…

4 Reasons Why the Bitcoin Price Is Prepared to Explode Towards $10,000

After holding under $9,000 for days on end, Bitcoin surged higher to hit $9,200 on Wednesday morning. It was a small move in percentage terms but still notable in terms of its technical significance. $9,000, after all, has been defined as a key level for Bitcoin both technically and psychologically. With the price breaking out once again, there is a confluence of signs suggesting Bitcoin could rally past its monthly high of $10,000 in the near future. Here are some of these signs. Related Reading: Crypto Tidbits: Satoshi Isn’t Dumping…

Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red

Bitcoin is trading in a bearish zone below $9,000 against the US Dollar. BTC price is likely to accelerate lower if it breaks the $8,680 and $8,600 support levels. Bitcoin is declining and trading well below the key $9,100 pivot level. The price is likely to continue lower towards the $8,400 and $8,200 support levels. There is a major bearish trend line forming with resistance near $8,910 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could only avoid losses if it gains bullish momentum…

JP Morgan Says Bitcoin Is 25% Below Its Intrinsic Value: Here’s Why It Can Catch Up

Although JP Morgan may not trade Bitcoin or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while. This much was made clear very recently. One individual this week shared a report from JP Morgan, dated May 22nd, that included a post-halving analysis of the Bitcoin mining scene. Analysts at the multinational financial institution found that through their analysis of Bitcoin’s intrinsic value, BTC is currently trading “25% below what the intrinsic price would be after the halving.” The intrinsic price JP Morgan…

Bitcoin Price Crosses $9,000: Two Key Reasons Why This Rally Isn’t Sustainable

After trading below $9,000 for over a day, Bitcoin finally pushed past that level just minutes ago. BTC has not seen a massive rally from the weekly lows of $8,600, but $9,000 is a key technical and psychological resistance, analysts say, making the reclamation of the level that much more notable. Bitcoin price chart from TradingView.com. It’s been a slow rally for Bitcoin since the $8,600 lows, hence few positions have been liquidated on BitMEX. According to crypto derivatives tracker Skew.com, approximately $2 million worth of BitMEX short positions have…