Category: Bitcoin Analysis

Data Shows Whales Are Loading Up On Bitcoin, But Why?

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Bitcoin price is falling and the market is already fearful of a repeat of Black Thursday. But if massive “high net worth” whales have anything to say about it, another such plummet is extremely improbable. Why? Because since that day, these same whales have amassed a substantial amount of the BTC supply. But what is the reason behind this sudden trend? Was it due to Bitcoin’s now-past halving, or is there something else going on behind the scenes, where high wealth individuals are buying it as an insurance policy against…

Boring Bitcoin Sends Tron’s TRX Up By 17% in Three Days; What’s Next

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Tron’s native token TRX was among the top gainers on Tuesday as its price jumped by up to 11.38 percent. The TRX/BTC exchange rate settled an intraday high at 345 sats before correcting lower ahead of the New York trading session. The move downhill appeared in contrast with Bitcoin’s slow and sideways action above $10,000. So it appears, traders decided to move into alternative assets after finding no intraday opportunities in the Bitcoin market. Tron (TRX) surges the third day in a row. Source: TradingView.com DeFi Aid Tron looked appealing…

This Simple Fractal Indicates Bitcoin Has Bottomed After $2,000 Drop

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Bitcoin has collapsed by over $2,000 since the highs of last week. Even after a slight bounce at the $9,800 lows, BTC remains 20% below those highs. Bitcoin’s inability to capture key resistances in the $10,500-11,000 region has left some analysts concerned. The concerned say that consolidation under $10,500 may trigger a move to the $9,000s, maybe even lower. Their sentiment is based on the fact that $10,500 has marked three separate BTC rallies over the past year, meaning it’s a level of importance. A simple fractal, though, suggests that…

Bitcoin Could Recover Above $10,500 As Double Bottom Pattern Emerges

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Bitcoin price retested the $9,900 zone against the US Dollar. BTC seems to be forming a double bottom pattern near $9,900 and it could start a decent increase above $10,500. Bitcoin bounced back above $10,200 after it retested the $10,000 and $9,900 levels. The price is now trading nicely above $10,300 and the 100 hourly simple moving average. There was a break above a key declining channel with resistance near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher…

Bitcoin Tapping This Key Trendline Could Spark an Explosive Move Higher

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Bitcoin has been seeing some rocky price action throughout the past couple of days. There has been an err of caution amongst investors in recent days, with Bitcoin’s position around $10,000 suggesting that its price action in the coming few days and weeks will be pivotal for understanding where it will trend in the days, weeks, and months ahead. Earlier today, bears did try to break the support that sits at $10,000, and they were almost successful. After pushing BTC as low as $9,900, the cryptocurrency’s price saw a massive…

This Simple Price Level Is Crucial to the Bitcoin Bull Case After 20% Drop

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Bitcoin has faced a strong 20% correction over the past five or six days. This drop has brought the leading cryptocurrency from the local highs near $12,100 to a low of $9,800, marking the most notable retracement in months. Analysts remain long-term optimistic about BTC’s bull case. However, the severity of the recent correction has made analysts cautious as to what will happen to Bitcoin’s price in the coming weeks. There is a price level, though, that if retaken, will convince a number of analysts that Bitcoin’s bull trend remains…

Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand

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After such a strong break of $10,000 and surge to above $12,000, Bitcoin investors are shocked to be back again at the key level rather than onward to more new highs. But with $10,000 acting as such strong resistance for so long, the market may be retesting this critical zone to confirm it as support. At the same time, Bitcoin is retesting downtrend resistance as support and was rejected from a multi-year trend line, now acting as resistance. With the cryptocurrency at such a crossroads, what does passing beyond any…

Bitcoin is Conducting a “Bullish Retest” as It Hits Critical Support Level

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Bitcoin is ardently attempting to hold above $10,000, as this crucial psychological support level has been broken and reclaimed on multiple occasions throughout the past several hours. Earlier today, the cryptocurrency showed some significant signs of weakness as it pushed below this level, with bears sending it as low as $9,900 before it saw a sharp rebound that led it all the way up to $10,100. It has been facing some resistance here, however, with bulls struggling to garner any clear upwards momentum as heightened selling pressure persists. That being…

Bitcoin At Potential Risk of Breakdown Below $10,000: Here’s Why

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Bitcoin price traded to a new monthly low at $9,853 before correcting higher against the US Dollar. BTC is still following a bearish pattern and it is likely to accelerate lower below $10,000. Bitcoin is trading in a bearish zone below the $10,800 and $10,500 support levels. The price is facing a strong resistance near $10,500 and the 100 hourly simple moving average. There is a major declining channel forming resistance near $10,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to…

Here’s Why the Bitcoin Price Could Soon Retest $11,000

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Over the past few hours, Bitcoin has undergone a strong bounce from its local lows at $9,800, trading at $10,300 as of this article’s writing. This $500 bounce marks a positive trend for an asset that has shed 20% in the span of four days. Fortunately for bulls, a number of technical analyses indicate that Bitcoin has room to rally. This can be corroborated by the state of BTC futures markets, most of which are printing negative funding rates in a sign that bears are overconfident. Related Reading: There’s an “Unusual”…