Category: Bitcoin Analysis

Bitcoin Defies Gravity, But $10,900 Still Presents Strong Resistance

boss

Bitcoin price is slowly recovering from the $10,387 low against the US Dollar. BTC broke the $10,650 resistance and it might soon test the $10,800 resistance or the $10,900 barrier. Bitcoin started a fresh upward move above the $10,550 and $10,650 resistance levels. The price is up 2%, and it is trading above the $10,700 level and the 100 hourly simple moving average. There is a key rising channel forming with support near $10,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently…

Bitcoin Pushes $10,700 as Market Shakes Off BitMEX, President Trump News

boss

The Bitcoin market is shaking off the strong correction to $10,400 last week. The leading cryptocurrency currently trades for $10,700, a few percent above those lows as buyers come in ahead of the legacy market open on Sunday. In the past 24 hours, Bitcoin is up a healthy 1%, allowing it to actually outperform a swath of altcoins like Ethereum, XRP, and Litecoin. BTC’s move higher comes in the face of a series of bearish news events that include but are not limited to the $280 million hack of KuCoin,…

Bitcoin Closes Below 100 SMA, Indicators Suggest Larger Decline To $10K

boss

Bitcoin failed to surpass the $11,000 resistance and started a fresh decline against the US Dollar. BTC is now well below the 100 SMA (H4) and it could decline further towards $10,000. Bitcoin failed once again to clear the $10,950 and $11,000 resistance levels. The price is now trading well below $10,750 and the 100 simple moving average (4-hours). There is a key connecting bullish trend line forming with support near $10,330 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but…

Gold Is Poised to Retake a Crucial Support—and That’s Bullish for Bitcoin

boss

Bitcoin has seen muted price action over the past few days after plunging from the $10,900 weekly highs as a result of negative new regarding BitMEX. Gold may soon be primed to retake a crucial support level on a medium-term scale, which may help to boost BTC after the aforementioned correction. Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch Bitcoin Primed to Move Higher as Gold Looks to Retake Key Level One top cryptocurrency trader recently shared this chart below, which shows that the price of…

Why One Bitcoin Analyst Believes the Market is “Scared for All the Wrong Reasons”

boss

Bitcoin’s price action as of late has been driven by a combination of recent news developments, jitters within the macro-economic environment, as well as technical weakness. That being said, these factors have not been enough to push the benchmark cryptocurrency below any crucial support levels, as it is still trading within the macro trading range that it has been caught within throughout the past few weeks. Until this range is firmly broken below, the cryptocurrency’s mid-term outlook remains strong, and its strength in the face of bear-favoring news is surprising.…

Buy Bitcoin and Ethereum, Asserts Industry Exec After BitMEX-Led Crash

boss

Crypto derivative platform BitMEX’s struggle with the American authorities took a toll on Bitcoin and Ethereum markets. The US Commodity Futures Trading Commission on Thursday filed criminal charges against the owners of BitMEX, accusing them of facilitating money laundering and other illegal financial transactions. The news prompted derivative traders to withdraw more than $25 million worth of Bitcoin from their accounts on BitMEX. At the same time, the open interest in the Seychelles-based exchange also dropped significantly, with Bitcoin and Ethereum contracts reporting $100 million and $424 million liquidations, respectively,…

Bitcoin Vulnerable to More Losses After Another Rejection Near $10.9K Highs

boss

Bitcoin price is down over 2% and it faced another rejection below $11,000 against the US Dollar. BTC remains at a risk of more losses below $10,350 and $10,250. Bitcoin is failed again to clear the main $10,950 and $11,000 resistance levels. The price is down over 2%, and it is trading below the $10,700 level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support at $10,690 on the hourly chart of the BTC/USD pair (data feed from Kraken). The…

Bitcoin Is Holding a Support That Stretches Back to 2018’s Lows

boss

Bitcoin has seen weak price action since reaching the highs of $12,500 in late August. At the start of the month, the leading cryptocurrency slipped from the year-to-date highs to a low of $9,800 as it corrected in tandem with legacy markets. Fortunately for bulls, analysis by a number of traders has indicated that BTC is currently trading above pivotal support levels. This adds to the bullish on-chain and fundamental case laid out by a number of researchers in the space. Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase…

Bitcoin Sees 3rd Quarterly Close Over $10K, 3 Reasons This Time will Hold

boss

Bitcoin just closed the 3rd quarter of the year with its best-ever performance, marking the third of only three quarterly finishes over $10,000. All good things come in threes, so here are three reasons why this the third time is the charm, and the cryptocurrency will hold strong above the clearly critical level. Bitcoin Closes 3rd Quarter Above Resistance, Can It Hold Above $10K Support? The first-ever cryptocurrency had a tremendous second and third quarter of 2020, after plunging to $3,800 as Q1 came to a close. At the start…

Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level

boss

It’s been quite the boring past four weeks for the Bitcoin market. The cryptocurrency, after suffering a strong plunge at the start of the month, was largely rangebound between $10,000 and $11,000 over September. Despite the lack of strong price action, not all hope is lost for Bitcoin bulls. In fact, many analysts remarked at the time of the candle close that the cryptocurrency is actually in a good long-term position. Here’s why they think so. Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase Bitcoin Prints Crucial Monthly Candle…