Category: Bitcoin Analysis

Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?

boss

Bitcoin price has no doubt had an interesting couple of weeks. After managing to recover from the crash that rocked the market in June, it is now back down to where it began, losing more than $3,000 in a matter of days. The swift decline has put the digital asset below key technical levels. So while the cryptocurrency had managed to maintain some bullish indicators after falling from $25,000 initially, it has now completely reversed this trend. Bitcoin Loses Technical Levels Bitcoin has seen a fast fall in its price,…

Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

boss

Bitcoin declined further below the $23,000 level against the US Dollar. BTC is moving lower and remains at a risk of more losses if it breaks the $22,000 support. Bitcoin extended losses and declined below the $23,200 support. The price is now trading below the $23,500 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if there is a clear move below…

Bitcoin Price Must Clear This Level If It Wants To See $28,000

boss

Bitcoin’s trajectory in the recent recovery showed a clear intent from bulls to target the $28,000. While it hit some important milestones in its big to reach this level, it has been unsuccessful in reclaiming it. The tug-of-war between the bears and the bulls continues as the fight for control wages on. Given this, there is now a critical technical level that the price of bitcoin must clear before it is able to continue on its campaign to reach $28,000. Capitulate And Breakout Bitcoin has held considerably better than what…

TA- Bitcoin Bounced off Key Support After CPI Announcement

boss

The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement in the United States. The metric is used to measure inflation in U.S. dollar and hints at a potential slowdown.  Bitcoin price saw a pullback from $24,200 to $22,800 despite showing signs of relief rally but was faced with resistance to breakout ahead of CPI news sentiments. (Data feeds from Bitstamp) Price Analysis Of BTC On The Weekly Chart Weekly Price Analysis For BTC | Source: BTCUSD On Tradingview.com From…

Bitcoin’s correlation to stocks has never been higher. When Morgan Stanley thinks its price will bottom

boss

Bitcoin has been trading in lockstep with stocks all year. In theory, this should mean that, as equities reached a potential bottom in recent week, the digital currency should have done so as well. Unfortunately, it’s not that simple, Morgan Stanley said. Equity strategist Sheena Shah noted that, unlike previous cycles, government stimulus and Federal Reserve monetary policy tightening have driven bitcoin prices up and down. This is similar to what has been seen in equities, and it has contributed to the cryptocurrency’s highest correlation to stocks on record over…

Bitcoin Price Signals Bearish Reaction, Why BTC Could Revisit $22K

boss

Bitcoin is showing a few bearish signs below the $24,000 resistance zone against the US Dollar. BTC is declining and might test the $22,000 support zone. Bitcoin is slowly moving lower below the $24,000 pivot level. The price is now trading below the $23,500 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down towards the $22,000 support in the near…

Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact

boss

Bitcoin started a fresh increase above the $22,000 resistance zone against the US Dollar. BTC must clear $23,000 and $23,700 to continue higher. Bitcoin started a fresh increase after the fed hiked interest rates by 75bps. The price is now trading above the $22,500 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,000 barrier to continue higher in the…

Bitcoin Price Turns Red, Why BTC Could Extend Losses

boss

Bitcoin started a fresh decline below the $22,000 support against the US Dollar. BTC is declining and might extend losses below the $20,500 support zone. Bitcoin started a fresh decline and traded below the $22,000 level. The price is now trading below the $22,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might decline further if there is a clear move below the $20,800…

Why Hidden Bitcoin Bulls Could Be Ready To Charge

boss

Bitcoin price is attempting its first major recovery since plunging below $20,000 per BTC during the recent crypto market contagion. A hidden bullish divergence could indicate that although the selloff was extreme, bulls have been lying in the wait and will soon begin to charge. Here is closer look at the potential bullish continuation signal on BTCUSD weekly price charts. Crypto Bulls Lie In Wait, Soon Could Be Ready To Charge Bitcoin became a household name in late 2017 after reaching nearly $20,000 per coin and sent the entire crypto…

What Tesla’s bitcoin sale means for the crypto outlook

boss

On Wednesday night Tesla reported in its second-quarter earnings that it sold 75% of its bitcoin holdings for $936 million. The company said it was to maximize its cash position amid Covid-related uncertainty in China. But the move comes about 18 months after the company shocked the financial markets by buying $1.5 billion worth of bitcoin, saying at the time in a filing that it believes in crypto’s “long-term potential” both as an investment and as a liquid alternative to cash. Bitcoin’s price subsequently rallied to its all-time high of…