Category: Bitcoin Analysis

Crucial Bitcoin Momentum Indicator Opens Red For First Time Since April

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Across crypto Twitter, analysts claim that Bitcoin price just had an extremely bullish close, but a crucial momentum measuring indicator says otherwise. In fact, the tool just flipped bearish for the first time on weekly timeframes since April 2020, right after the Black Thursday rebound and pre-halving rally. Bitcoin Weekly MACD Opens Bearish For First Time Since Black Thursday The leading cryptocurrency by market cap closed above $10,750 last night, ending an otherwise bearish week on a high note. Bulls have held on after successfully defending below $10,000 seven consecutive…

Bitcoin Descending Triangle Hints At Third Downtrend Before Bear Market Finish

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Bitcoin price has now set a handful of lower highs on the daily timeframe but has yet to make a lower low, confirming a downtrend. However, each subsequent lower high has now resulted in what appears to be a descending triangle pattern – a traditionally bearish pattern for the cryptocurrency. Will this triangle eventually break down also, prompting the first lower low and confirming a third stretch of downtrend for Bitcoin before its bear market is officially finished? Lower Highs Form Descending Triangle, But Bears Have Yet To Break $10,000…

Bitcoin Reclaims Crucial Technical Level; Is a Parabolic Move Imminent?

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Bitcoin has seen a strong move higher throughout the past 12 hours, which has come about as a direct result of the cryptocurrency’s strong weekly candle close. Analysts are now noting that it may be positioned to see further near-term upside, as this latest bout of heightened buying activity led it above a crucial technical level that was previously lost as a result of the recent downtrend. One trader, however, is noting that it may see a short-term throwback that leads it into its key near-term support level. He contends…

Bitcoin Holding This Key Macro Level Suggests the Next Bull Market is Nearing

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Bitcoin’s price action has been somewhat stagnant throughout the past few days and weeks, with bulls and bears both reaching a clear impasse The aggregated cryptocurrency market has been following in Bitcoin’s lead and is struggling to garner any decisive momentum One analyst is now noting that BTC has been holding above a key macro level throughout the past few months He believes that the recent consolidation above this level bodes well for its near-term outlook and could indicate that significantly further upside is imminent in the weeks and months…

Bitcoin Is Primed to Decouple From Legacy Markets

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Ever since February, Bitcoin’s price action has been largely dependent on that of legacy markets. Markets like the S&P 500, the U.S. dollar, and gold have strongly swung the directionality of BTC and the rest of the cryptocurrency market. The strong correlations that have formed have signaled to some investors that Bitcoin’s premise of being an uncorrelated asset is false. But according to Willy Woo, a prominent on-chain analyst, BTC may begin to decouple moving forward. Here’s more on why he thinks so. Related Reading: MicroStrategy’s Stock Continues to Soar After…

Bitcoin Remains Stuck Within Key Trading Range; Levels to Watch For

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The price action seen by Bitcoin throughout the past couple of days and weeks has been rather boring, with the benchmark cryptocurrency caught within a firm bout of sideways trading that has offered little insight into its mid-term outlook. Bulls were able to defend against a break below a crucial level yesterday, with the recent dip below $10,200 being met with serious buying pressure that ultimately led its price to rally back up towards the upper-$10,000 region. After facing some intense selling pressure at $10,800, BTC has been caught within…

Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank Report

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Bitcoin could hit a new year-to-date (YTD) high, abetted in part by the risks surrounding the US presidential election. The analogy takes cues from a quarterly commodity outlook published by Citigroup. The American banking giant specifically based its report on gold and its potential behavior amid the election season this November. It noted that the precious metal may rise to a new yearly high, stating that the market is underplaying the asset’s ability to grow against the election’s uncertainty. Connecting Dots Bitcoin, which has erratically tailed the gold market since…

Bitcoin Recovery Runs Into Crucial Resistance, But 100 SMA Holds The Key

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Bitcoin price started a decent recovery from the $10,139 swing low against the US Dollar. BTC gained pace above the $10,550 resistance, but it is facing a major hurdle near $10,800. Bitcoin managed to stay above the $10,000 support and started a decent recovery. The price is now trading above the $10,550 resistance and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $10,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently…

The Pivotal Bitcoin Level Analysts Are Watching as End of September Nears

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It’s been quite a boring month for Bitcoin. After plunging around $2,000 at the start of the month, the leading cryptocurrency has entered a tight consolidation range between $10,000 and $11,000, bouncing back and forth between those pivotal technical levels. As of this article’s writing, BTC trades for $10,700, at levels that some analysts have dubbed no man’s land. Here’s a crucial level analysts are eyeing as Bitcoin nears the end of September. How the cryptocurrency interacts with that level is likely to decide Bitcoin’s directionality moving forward. Related Reading: MicroStrategy’s…

Break of “Market Structure” Puts Bitcoin Uptrend On Thin Ice

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Bitcoin and the rest of crypto have been experiencing a strong uptrend since Black Thursday when markets nuked globally and no assets were safe from the carnage. And while a flip into a downtrend isn’t yet confirmed, a break in market structure at the very least puts the uptrend on thin ice. BTCUSD Break In Market Structure – Waiting For Lower Low | Source: TradingView Bitcoin Market Structure Broken, But Downtrend Has Yet To Confirm Like Other Top Crypto Bitcoin price is now trading in the low- to mid-$10,000 range,…