Category: Bitcoin Analysis

A Worrisome Gold Warning Puts Bitcoin At Risk of Plunging; Here’s How

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Bitcoin was trading lower ahead of the New York opening bell Friday as the US dollar rebounded despite its prevailing bearish setup. As of 0649 EST, BTC/USD was changing hands for $10,289, down 0.53 percent from its daily open. The pair surged during the Asian and European session as a strengthening EUR/USD kept dollar bulls at bay. Investors bought euro as the European Central Bank left its existing monetary policy unchanged on Thursday. Prospects of a weak US economic recovery also pressured the dollar, a move that benefited the safe-haven…

Scarily Accurate Analyst Thinks Bitcoin Will Hold $10,000, Triggering Strong Growth

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Bitcoin has flirted with falling under $10,000 multiple times over the past week. If you take a look at BTC’s recent price action, you will see a series of bottom wicks just below $10,000. This shows that Bitcoin traders do not want the leading cryptocurrency to trade under that pivotal support level. By NewsBTC’s count, the coin has slipped under $10,000 on at least seven occasions over the past week. Analysts have become worried as they fear the support will eventually be broken. The loss of that level, some have…

These Key Levels And Dates Could Invalidate Bitcoin’s Stock-To-Flow Model

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At this point following Bitcoin’s halving, expectations were that the cryptocurrency’s price would be a lot higher. This expectation is primarily due to Plan B’s stock-to-flow model – a valuation method based on the asset’s digital scarcity. But before anyone writes off the theory as invalid, another analyst has provided key levels and dates to watch for, which would prove the model invalid if not reached in time. Here are the most important dates and levels critical to this valuation method remaining accurate. Belief In Plan B’s Stock-To-Flow Model Is…

The Dollar Is Poised to Gain Steam—and That’s Bad for Bitcoin

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While Bitcoin is touted as uncorrelated, the cryptocurrency has been following the inverse of one asset over the past few months: the U.S. dollar. Like gold, BTC’s price action is partially dictated by the value of fiat currencies. Over the past few months, the negative correlation gold and Bitcoin have with the U.S. dollar has been exacerbated. Unfortunately for BTC, then, there are analysts expecting the U.S. dollar to bounce in the coming weeks. This could put pressure on Bitcoin, forcing it back under $10,000. Related Reading: Here’s Why This Crypto…

This Accumulation Pattern Suggests Bulls Are On The Right Side Of Bitcoin

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Bitcoin price may be down compared to it was just weeks ago, but it is not out. Bulls are fighting hard and have been keeping $10,000 as unbreakable on the way back down as it was on the way up. With each touch of the key resistance turned support, the cryptocurrency’s price action more closely resembles that of a Wyckoff accumulation schematic. If that’s the case, the crypto asset is being absorbed by smart money and whales, and mark up could come next. Bitcoin Bulls Defending $10,000 Support, Or Is…

Bitcoin’s Recent Drawback May Mark a Bullish Retest as Bulls Defend $10,000

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Bitcoin is currently showing some serious signs of strength. The benchmark cryptocurrency has flown past its $10,400 resistance and is now en route to setting fresh weekly highs. This marks a notable rebound from lows of $9,900 that were set on multiple occasions throughout the past couple of weeks. The buying pressure between this level and $10,000 was rather significant, as it was defended on multiple occasions by buyers keen on maintaining BTC’s mid-term market structure. It now appears that the crypto is poised to see further upside in the…

Underdog Story: Why XRP Could Soon Outperform Bitcoin And Ethereum

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XRP has become among the more somber stories of the crypto market since the bubble burst. The once third-ranked asset has fallen down the list of top crypto assets, due to nearly three years of underperformance compared to the rest of the market. However, that underperformance could turn into an underdog story, where Ripple roars past Bitcoin and Ethereum and beats the rest of the crypto space. Here’s what technicals are possibly saying about a powerful new XRP uptrend. XRP Led Last Crypto Rally To All-Time Highs Back in late…

“Weak Hands” Have Been Shaken Out On The Bitcoin Crash To $10,000

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Bitcoin price this past week collapsed from the 2020 high of over $12,400 to under $10,000. More than seven distinct drops to below $10,000 have been bought up already. During each plunge down, however, some of the weakest hands in the crypto market may have been shaken out, according to one uncommon metric. If that’s the case, and bulls can hold support, the last chance to buy the dip before new highs may already be upon us. Weak Hands: Could The Latest Bitcoin Crash Be A Shakeout Before The Bull…

Bitcoin Needs to Bounce Here Or It May Not Be a “Proper Bull Market”

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Bitcoin has resumed its descent to the downside as legacy markets have opened in the red once again. The leading cryptocurrency has been flirting with $10,000 all morning, nearing the trend lows. The cryptocurrency is reaching pivotal supports as it continues its descent. One trader went as far as to suggest that if BTC doesn’t bounce soon, it may not be in a valid bull market. This is in line with the sentiment of a number of other analysts as many believe that the support in the $9,500-10,500 region is…

Bitcoin Just Surged $300 in Two Minutes, Liquidating Millions

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Wow. In the span of two minutes, Bitcoin (BTC) spiked $300 from the $9,920 to slightly above $10,200. The leading cryptocurrency proceeded to drop by $200 in the five minutes that followed this rally. Chart of BTC’s price action over the past few hours from TradingView.com According to Skew.com, a crypto derivatives tracker, more than $3 million worth of BTC positions on BitMEX were liquidated during this move. Most of the liquidations were sell-side liquidations, suggesting that many traders were short. At current, most Bitcoin and Ethereum futures markets are…