Category: Bitcoin Analysis

Bitcoin Price is Primed For a Rally And Only 1 Thing is Holding it Back

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Bitcoin is showing positive signs above the $10,800 support against the US Dollar. BTC broke the $11,000 level and it is currently correcting lower towards key supports. Bitcoin gained pace and traded to a new weekly high at $11,176. The price is currently correcting below $11,000, but it is well above the 100 simple moving average (4-hours). There are two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher…

A Rejection At This Level Could Result in Bitcoin Falling to $8,000

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Bitcoin is pushing higher as it has normally done over past weekends. The price of the leading cryptocurrency currently is above $11,000 — a pivotal resistance level for BTC. While this is positive for the cryptocurrency in the short term, analysts are still fearful that Bitcoin is subject to a steep retracement. One analyst commented that BTC breaking below $10,600 on a weekly time frame could trigger one such retracement. $10,600 is important to Bitcoin as prices in that general vicinity have marked three previous tops to medium-term rallies. Related…

Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto

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Bitcoin price recently plunged from over $12,000 at the 2020 high to back under $10,000. But after seven straight days of retesting resistance turned support, the crypto asset is already back at $11,000 and climbing. The bounce on weekly timeframes, just so happened to take place at a specific reading on the Relative Strength Index that throughout Bitcoin’s history has acted as bull market support. If the key level continues to hold, 2021 will be the year of the return of crypto. Bitcoin Bear Market Could Be Over With This…

“Unusual” BTC Miner Outflow Could Behind Today’s Bitcoin Price Collapse

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Bitcoin as a cryptocurrency underpinning a blockchain network secured by miners leaves the asset’s price susceptible to sell pressure from the very parties that keep it chugging along. It very well could be BTC miners dumping some Bitcoin for profits or to cover operating expenses that prompted the fall in the cryptocurrency’s valuation today. Are Bitcoin Miners Behind Today’s Selloff And Fall From $11,000? According to a bulletin from CryptoQuant Alerts Beta on Telegram – a tool used to track suspiciously large or notable inflow and outflows of BTC –…

UBS Gold Price Prediction Buoys Mid-Term Bitcoin Bull Case

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UBS, a top-two investment bank in Switzerland after Credit Suisse, has a bullish outlook on gold. In the medium term, the improving sentiment around the precious metal could buoy the bull case of Bitcoin (BTC). Many high-net-worth investors within the cryptocurrency space describe Bitcoin as gold 2.0. Billionaire investors the Winklevoss twins have consistently said they believe BTC is a better store of value than gold. The monthly chart of Bitcoin dating back to 2015. Source: XBTUSD on TradingView.com According to the data from Skew, the correlation between BTC and…

Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

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As many analysts predicted, Bitcoin was cleanly rejected in the low-$11,000s on Wednesday due to a cluster of resistance in that region. $11,000 is a price point that BTC bounced off multiple times during last month’s consolidation. Critical on-chain data, though, predicts that the leading cryptocurrency is poised to move higher in the medium term. This adds to the bullish long-term perspective imposed by other on-chain data points. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Bitcoin Could Soon Surge Upward: Here’s Why One cryptocurrency trader recently…

Technicals Suggest Bitcoin Looks Ready For Another Leg Higher Over $11K

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Bitcoin price corrected lower, but it found support near the $10,750 zone against the US Dollar. BTC is currently rising and it looks ready for another break above the $11,000 resistance. Bitcoin is trading in a positive zone above the $10,650 and $10,750 support levels. The price is likely to break the $11,000 resistance as long as it is above the 100 hourly simple moving average. There is a key bullish trend line forming with support near $10,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).…

How The Xi Pump of 2019 Backs Up Bitcoin Bearish Retest Theory

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Several signs now suggest that Bitcoin’s recent pump to $11,000 that failed to hold could have been a bearish retest and rejection from support turned resistance. And while a bullish retest taking place at the same time has buyers confident, price action closely resembling last year’s Xi pump could be bad for the cryptocurrency. Bitcoin Bearish Retest Theory Gains Ground Due To Comparison With 2019 The recent possible “top” at the 2020 high of $12,400 shares many parallels with the top in 2019 when Bitcoin was rejected from $13,800. For…

Bitcoin Options Open Interest is Growing Again, Hinting at a Big Move

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The open interest of Bitcoin is growing again, indicating at a potentially large price movement in the near term. In the last 24 hours, the Bitcoin price dropped by around 2.2% from $11,093 to $10,860. Many traders talked about the importance of the $11,100 resistance level and BTC cleanly rejected it. The spike in Bitcoin volatility coincides with the imminent expiration of 77,000 BTC options contracts. Bitcoin Options Open Interest is Rising, What Does It Signify? According to Deribit, the BTC options open interest is hovering at around 134,000 contracts.…

Despite Pushing to $11,000, Here’s Why Bitcoin Could Soon Reverse

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Bitcoin has been pressing higher despite weakness in the altcoin market. Seemingly rallying off strength in legacy markets, the leading cryptocurrency on Wednesday morning shot to a price just shy of $11,000. As of this article’s writing, BTC trades for $10,970, far above the price points it was trading at just days ago. While this price action is undoubtedly positive, there are some technical and on-chain signals suggesting a bearish reversal is nigh. Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Bitcoin Could Reverse as Key On-Chain…