Category: Bitcoin Analysis

Bitcoin Could Restart Increase If The Bulls Clear This Resistance

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Bitcoin is consolidating above the $20,000 zone against the US Dollar. BTC must clear the $20,800 resistance to restart increase in the near term. Bitcoin corrected gains and tested the $19,800 support zone. The price is now above the $20,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $20,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $20,550 and $20,800 resistance levels. Bitcoin Price Faces…

Coinbase shares fall after rival Binance.US drops spot bitcoin trading fees

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Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021. Michael Nagle | Bloomberg | Getty Images Coinbase shares fell on Wednesday after rival crypto exchange Binance.US said it’s dropping certain trading fees for customers. Binance.US, the U.S. affiliate of the largest crypto exchange in the world by trading volume, said it will allow users to make spot bitcoin trades for the U.S. dollar and stablecoins tether, USD Coin and Binance USD without paying spot trading…

Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In?

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The price of bitcoin had dropped dangerously close to the 2017 cycle peak on Wednesday. It was a brutal decline for investors who watched their BTC portfolios incur losses after losses. Speculations were rampant in the space on what a touch below $20,000 would have meant for the market. The implications were abundant in their impact but the recovery back above $21,000 has staved off the bears, if only for a little while. Is The Bitcoin Bottom In? After the market recovery on Wednesday, it has become apparent that there…

Bitcoin Shows Signs of Recovery, $23K Presents Resistance

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Bitcoin formed a base near the $21,000 level against the US Dollar. BTC is attempting a recovery wave, but the bears might protect gains above $23,000. Bitcoin traded as low as $20,824 before the bulls took a stand. The price is now trading below the $24,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,000 resistance zone to start a decent…

Bitcoin Drops 20%, Why The Bulls Must Protect $20K

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Bitcoin extended its decline below the $25,000 support against the US Dollar. BTC is down 20% and approaching the key $20,000 support zone. Bitcoin extended its decline below the $23,500 and $22,500 support levels. The price is now trading below the $25,000 level and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the key $20,000 support zone to avoid more downsides. Bitcoin Price…

Falling investor interest, lackluster user adoption threaten bitcoin outlook, Citi says

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The collapse of the Terra network’s algorithmic stablecoin and sister currency luna added pressure to an already downbeat cryptocurrency market. Now investor activity and interest seem to be waning, according to Citi. The firm said that trading volumes and active wallet addresses have reverted back to normal levels after spiking around the time of Terra’s collapse. Google searches for bitcoin and Ethereum have also resumed their six-month slowdown after surging during the Terra blowup. “User adoption rates are a key input to our models for bitcoin projections,” Citi research strategist…

Is Bitcoin Headed For Its Ninth Red Weekly Close?

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This week, Bitcoin had made history when it recorded its eighth consecutive red weekly close. This first-of-its-kind streak had cemented the digital asset on one of the worst bearish trends that have ever been recorded. Now, even as the week runs towards another close, the cryptocurrency has not been able to make any considerable recovery, indicating that it may not be done with its bearish streak. Bitcoin Headed For A Ninth Red Close? With bitcoin still trading well below $30,000, it is no long shot to speculate that the digital…

JPMorgan sees upside for bitcoin after recent washout

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Bitcoin investors have been swept up in the market carnage this year, but those still holding on should expect at least 30% upside to the cryptocurrency from here, according to JPMorgan strategist Nikolaos Panigirtzoglou. He reiterated in a note this week that bitcoin’s fair value is at the $38,000 level, which implies upside of about 32% for the cryptocurrency from where it’s trading. On Friday at 12:30 p.m. ET, it traded at around $28,687. The strategist said the same thing in February , when bitcoin and risk assets more broadly…

Is Bitcoin Headed For A Recovery?

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Bitcoin for the past two months has been closing consecutive weeks in the red. The previous week had seen it close its seventh consecutive weekly candle for the first time in history, and although investors hoped that this would end with a reversal, the digital asset has gone on to mark another week in the red. This makes it the first time ever for bitcoin to see eight consecutive weekly closes, causing major panic among crypto investors. Eight Weeks Red Not Bad? Normally when a large digital asset such as…

Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle

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Bitcoin recorded a significant positive divergence early Monday, following seven days of trading below $30,000. The crypto is trading at $30,536.93 at press time, a decrease of 2.5 percent from the previous week, according to Coingecko data. In the preceding 24 hours, the worldwide cryptocurrency market capitalization increased by almost 2 percent, reaching nearly $1.3 trillion. However, the total trading volume of cryptocurrencies was up by more than 28 percent to $62.13 billion. Bitcoin has struggled in recent weeks as the U.S. Federal Reserve has increased interest rates and inflation has remained up, increasing…