Category: Bitcoin Analysis

Why Bitcoin is At Risk of Drop Below $42,500 In Short-term

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Bitcoin extended increase above the $44,000 resistance zone against the US Dollar. BTC is correcting gains and might decline further if it breaks the $42,800 support. Bitcoin extended gains and even climbed above the $45,000 resistance zone. The price is trading above $42,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline if there is a clear move below the $42,800…

Why Bitcoin Bulls Must Hold Current Position Or Risk A Drop To $36,000

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Bitcoin has now solidified its position in the bull trend. With each recovery trend has come a risk of reversal though, which makes a strong point for bulls to continue to hold the value up. In times like this, a small slip-up can end up being devising for the value of the asset causing it to cascade down into another stretched out downtrend. However, if bulls are able to hold above this point, then bitcoin may well and truly enter into another raging bull market. Why Current Position Is Important…

Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K

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Bitcoin stayed above the $36,000 support zone against the US Dollar. BTC is now rising, but it could face hurdles near $37,800 and $38,000. Bitcoin started a decent recovery wave from the $36,400 zone. The price is still trading below $38,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $37,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear $37,800 and $38,000 to start a steady increase in the near term. Bitcoin Price…

Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom

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Bitcoin on-chain analysis can be a good way to try to guess where the market is headed. The market tends to repeat itself with metrics looking the same before a bull or a bear rally, thus making this data a pretty good indicator of what’s to come. Analyst Willy Woo uses this same data to demonstrate a pattern that occurs before the bull rally, the criteria which are being met once again. Start Of A Bull Run? In a recent string of tweets, analyst Willy Woo presents data from on-chain…

Bitcoin evangelist Michael Saylor says clear crypto regulations would speed institutional adoption

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Tighter government crypto regulations would actually be a positive catalyst for bitcoin, MicroStrategy co-founder and CEO Michael Saylor told CNBC on Wednesday. “Additional regulatory clarity from the [Biden] administration is going to benefit bitcoin and accelerate institutional adoption of that asset,” Saylor said on “Squawk on the Street,” stressing as a major bitcoin believer and holder he’s looking for “clear, bright line definitions of digital property versus a digital security versus a digital currency and the operating rules of the digital exchange.” U.S. Securities and Exchange Commission Chairman Gary Gensler…

‘Take a chill pill, stay long’ — Anthony Scaramucci says bitcoin’s recent plunge won’t last

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Buyers should cool off on cryptocurrency concerns and make some long-term investments instead, SkyBridge Capital’s Anthony Scaramucci told CNBC on Tuesday. Some people think bitcoin is “rat poison,” as billionaire investor Warren Buffett once described it; others think it’s the worst thing to ever happen to civilization, Scaramucci said in a “Squawk Box” interview. “Everyone is a long-term investor until you have short-term losses, and then you start freaking out.” “Take a chill pill, stay long bitcoin, other cryptocurrencies like Algorand and Ethereum, and I think you’re going to be…

MicroStrategy shares drop on bitcoin’s slide, SEC rejection of company’s crypto accounting

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MicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. Joe Raedle | Getty Images Shares of MicroStrategy tumbled 17.8% Friday afternoon after the U.S. Securities and Exchange Commission reportedly rejected the company’s bitcoin accounting strategy. The business-intelligence software company’s stock had been falling in tandem with the price of bitcoin, which dropped more than 10% Friday to its lowest point since August. MicroStrategy shares are down 24.7% for the week. A…