Category: Bitcoin Analysis

Bitcoin Price Trims Gains But Resistance Turned Support Intact

boss

Bitcoin price started a downside correction from $30,200. BTC is now trading near the previous breakout resistance at $29,400. Bitcoin is correcting gains and trading below the $29,800 level. The price is trading above $29,400 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $29,400 support zone. Bitcoin Price Holds Support Bitcoin price started a…

What bitcoin investors can learn from Litecoin’s halving this week

boss

Traders have been looking to next spring’s Bitcoin halving as a beacon of hope while regulatory uncertainty weighs on the industry and trading volumes remain suppressed. The halving is a market moving event that typically happens every four years when the reward for mining bitcoin is cut in half, as designed in the Bitcoin code, to reduce the supply of the cryptocurrency. Historically, it has set the stage for new bull runs, and the next one is expected to come in May 2024. Meanwhile, Litecoin – an offshoot of Bitcoin that…

Bitcoin is in the summer doldrums. Here’s what to expect in August.

boss

Chalk it up to the summer doldrums, perhaps, but for weeks nothing has been able to make the bitcoin price budge and investors may be in for more of the same in August. There’s plenty to look forward to on the other side of the break, however. The largest cryptocurrency by market cap is on pace to finish July down about 3.5%, according to Coin Metrics, after surging 12% in June. In the latest week, bitcoin closed lower by 1.9%. That was its fifth straight weekly decline and worst week…

Bitcoin Price Struggles Post Expected Fed Result, More Losses Ahead?

boss

Bitcoin price is struggling to recover above the $29,000 resistance level. BTC must settle above $29,000 and then $29,600 to move into a positive zone. Bitcoin is attempting a recovery wave above the $28,850 level. The price is trading below $29,200 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could face a strong resistance near the $29,600 resistance. Bitcoin Price Still In The Negative Zone…

TD Cowen analyst just made a risky buy call on a bitcoin play

boss

Investors looking for ways to bet on crypto should look closer at a software company with a unique balance sheet, according to TD Cowen. Analyst Lance Vitanza initiated coverage of MicroStrategy at outperform, saying in a note to clients on Wednesday that the stock was the “best way for institutions to acquire exposure to bitcoin.” “MSTR is a leading provider of [business intelligence] software, but with a twist: it uses all its retained earnings – and then some – to buy and hold bitcoins. This is not a short-term trading…

Bitcoin Price Could Recover But Upsides Might Be Attractive To Bears

boss

Bitcoin price is attempting a recovery wave above the $29,200 level. BTC must clear the $29,600 resistance to start a decent recovery wave. Bitcoin is consolidating above the $29,000 support zone. The price is trading below $29,600 and the 100 hourly Simple moving average. There is a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover but upsides might be limited above the $29,600 resistance. Bitcoin Price Faces Resistance Bitcoin price extended its decline below…

Bitcoin Price Hits Next Bearish Target But Bears Are Not Done Yet

boss

Bitcoin price extended its decline and traded below $29,000. BTC is still at risk of more downsides toward the $28,200 support zone in the near term. Bitcoin is gaining bearish momentum below the $29,200 level. The price is trading below $29,500 and the 100 hourly Simple moving average. There was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline toward the $28,200 support zone. Bitcoin Price Turns Red Bitcoin…

This is why miners are selling their bitcoin at levels not seen since 2019

boss

Recent data shows a major increase in the amount of bitcoin moved by miners from the mining pool to crypto exchanges, but the price of the flagship cryptocurrency continues to show resilience. Selling volume by miners hit its highest level on Friday since March 2019, according to blockchain data firm Glassnode. The day BlackRock filed for a spot bitcoin ETF , selling volume jumped to its highest level since September 2017. This selling behavior, implied by miners’ moving mined bitcoin to exchanges, began at the end of May. Miners are…

Fidelity joins the rush for a bitcoin ETF, following BlackRock, Ark Invest and others

boss

A sign marks a Fidelity Investments office in Boston, Massachusetts, April 28, 2022. Brian Snyder | Reuters Asset management giant Fidelity Investments is again trying to launch a spot bitcoin ETF, according to a Thursday filing. The move comes two weeks after BlackRock filed for a spot bitcoin ETF, which has long been opposed by the Securities and Exchange Commission. Other firms appear to have taken BlackRock’s filing as a sign that the SEC’s stance could soon change. Since then, WisdomTree, VanEck and Invesco have taken the initial steps toward…

The first leveraged bitcoin futures ETF is hitting the market as crypto gains new momentum

boss

Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged ETF in the space. “There’s a big audience that’s already out there for leveraged-type products, and to sort of marry that…