Category: Bitcoin Analysis

Bitcoin has bullish outlook despite pullback

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Things are still looking up for bitcoin despite an eye-popping drop in its price at the beginning of this week, according to Fairlead Strategies. Bitcoin fell 7% Monday as traders took profits from a two-month rally now at 54%, according to Coin Metrics. The selling took place days after bitcoin surpassed the $40,000 level, rising above $44,000 quickly for the first time since April 2022. On Tuesday, it was trading at about $41,000. That could just be a blip in the chart, however. “It has yet to impact our short-term…

Here’s what chart analysts say about bitcoin’s path from here to $50,000

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After spending much of 2023 stuck near $30,000, bitcoin broke above $40,000 last weekend and has remained above that level for much of this week. Now the next stop could be close to $50,000. Bitcoin has been moving more quickly and persistently for several weeks, notching new 2023 highs more frequently. After beginning November at about $34,000, it’s kicked off December above $40,000 for the first time since April 2022 and is already up 16% for the month already. Chart analysts say the next level of resistance to watch is…

Bitcoin and gold are smashing through key levels. Here’s what’s driving the moves

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While the U.S. equity market pulls closer to new highs, investors are also bidding up the centuries-old asset of gold and the new digital coins that have been touted as the yellow metal’s replacement. Both gold and bitcoin kicked off the week by hitting new milestones — spot gold hit a record high above $2,100 per ounce, and bitcoin topped $42,000 to hit its highest level since April 2022. The recent gains have been more dramatic in bitcoin, which is now up more than 150% for the year. The digital…

Buy a Bitcoin pullback before it gets to $40,000, says Wolfe Research

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Bitcoin’s price may be due for one more pullback in the coming weeks and that could be a good opportunity to buy more of the cryptocurrency before its next leg up, according to Wolfe Research. The flagship cryptocurrency has been riding a wave of positive momentum driven primarily by enthusiasm surrounding the prospects for regulatory approval of a spot bitcoin ETF in the U.S. After stagnating around $30,000 for much of the year, bitcoin has steadily climbed to new 2023 highs in recent weeks – breaking past $38,000 on Friday,…

Bitcoin Price Grinds Lower As Risk of Drop To $35K Escalates

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Bitcoin price is moving lower below the $37,000 level. BTC could continue to move down toward the $36,000 level or even $35,000 zone in the coming sessions. Bitcoin is showing bearish signs and moving lower from the $37,750 resistance. The price is trading below $37,400 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $37,380 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $36,750 support. Bitcoin…

Regulation is the main sticking point for crypto as bitcoin inches to another new 2023 high

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Bitcoin rallied to start the week, touched a new 2023 high to end it and suffered a brief drop in between, weighed down by the trouble at Binance. Bitcoin ended the week higher by about 4% after touching a new 2023 high on Friday above $38,000. Meanwhile, ether advanced 8%. Coin Metrics measures a week in crypto, which trades 24 hours a day, from 4:00 p.m. ET on a given Friday to the same time the following Friday. There was an array of events driving the price this week –…

Altcoins are finally joining the current bitcoin rally as crypto investors turn risk-on

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Altcoins were in rally mode this week after lagging bitcoin in its recent climb to new 2023 highs. While bitcoin touched an 18-month high and ether broke through the key psychological level of $2,000 for the first time since April, the real spikes were in the rest of the crypto market. Solana notched a 40% weekly gain, Polygon’s MATIC token gained 25% and Cardano’s ADA advanced 17%. Bitcoin and ether rose 8% and 15%, respectively, for the week. “The crypto space has largely been a one-man show over the past…

Bernstein’s stock picks to play the expected bitcoin ETF and halving

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Crypto investors are returning attention to two big catalysts – a bitcoin ETF and the Bitcoin halving – and Bernstein has ways to play each. Crypto is entering a seasonally upbeat period for markets just as investor interest in crypto has been brought back to life thanks to renewed optimism in recent weeks around a potential bitcoin ETF being approved in 2024. Even as investors debate whether or not that expected approval has been priced in to the performance of crypto assets and stocks, there’s another positive catalyst set to…

Bitcoin just formed a bullish golden cross. What now after the rally

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The bitcoin price chart just flashed a bullish signal that typically heralds a big rally is on the horizon. On Monday, the cryptocurrency formed a “golden cross,” a pattern that’s drawn when the 50-day moving average crosses through, and above, an ascending 200-day moving average. Traders and analysts use it as an indicator that a market trend is about to turn more positive. The opposite, or so-called death cross, indicates a bearish change. “Golden and dark crosses tend to develop during overbought or oversold environments respectively,” Rob Ginsberg, an analyst…

Bitcoin mining stocks are poised for a fall if the cryptocurrency hits this key level

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Now that bitcoin has pushed above its key resistance level of the year, the pressure is on for mining stocks, some of which could be in trouble if the cryptocurrency doesn’t reach $50,000 by the second quarter of 2024. Earlier this week bitcoin climbed as high as $35,000 at one point, after being stuck under $30,000 for several months. But the Bitcoin halving is expected in the spring and it will likely reduce companies’ revenue. That means the cryptocurrency may need to rally another 60% by then to lessen the…