Category: Bitcoin Analysis

Bitcoin Monthly Closes Above The Clouds For First Time Since 2016

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Last night, Bitcoin closed out August and opened September with a new candle. At the same time, the leading cryptocurrency by market cap also closed its first monthly candle above the Ichimoku cloud since 2016. That year, BTCUSD closed above the key level twice, unable to hold the first time around. On the second, successful attempt, the crypto asset rose more than 1500% over the next 12 months. Will Bitcoin hold and head off on a new uptrend, or is another retest of support necessary for the cryptocurrency to hold…

Bitcoin is About to See Strong “Liftoff” if It’s Able to Hold One Crucial Level

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Bitcoin price is trading in a bullish zone above the $11,600 support against the US Dollar. BTC is likely to gain strong momentum above $11,800 as long as it is above $11,550. Bitcoin is following a nice bullish path above the $11,550 and $11,600 support levels. The price is facing hurdle near $11,800, but it is well above the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $11,580 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

Ethereum Wrapped Bitcoin Supply Doubles In August Alone, But Why?

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The decentralized finance movement has helped drive up the value of Ethereum and other ERC-20 based projects compared to Bitcoin and other assets. It has prompted even Bitcoin holders to “wrap” their BTC in Ethereum. The amount of BTC supply wrapped in Ethereum has doubled in August alone, but why exactly is this happening, and what does it mean for Bitcoin? Explosive DeFi Trend Teaches Old Dogs New Tricks As Crypto Adapts The buzz surrounding DeFi has breathed new life into the crypto market, but no assets more than Ethereum…

Bitcoin’s Monthly Close Just Took Place: Here’s What Comes Next

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A minute ago, Bitcoin’s monthly candle close for the month of August took place. The cryptocurrency did what many thought would be difficult; it closed the month of August above $11,500, a pivotal resistance level. This means that Bitcoin just printed its second-highest monthly close ever. Due to the importance of the monthly chart to BTC’s macro trend, analysts say that the cryptocurrency is prepared to see further upside from here. Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop Why Bitcoin Will Surve Even Higher…

Mastering Elliott Wave Author Claims Demonstrates Case For $150 Bitcoin

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Bitcoin could be in for a “massive” and “devastating” correction ahead, according to the author of Mastering Elliott Wave Theory. The long-time market analyst and expert on the subject sees potentially a couple more months to years of rally in crypto, followed by a “potentially massive change in conditions for Bitcoin.” As wild as it sounds, he even calls for the leading cryptocurrency by market cap to drop to as low as $150 after the current corrective wave is finished. Here’s what the author and analyst expects if the scenario…

These Simple Factors Suggest Bitcoin May Plunge to $11k Before Surging

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It has been a rocky past couple of weeks for Bitcoin and the aggregated crypto market. Despite some turbulence, BTC bulls have been able to guard against it seeing any significant near-term downside. Late last week, the crypto started gaining some momentum that sent it to highs of $11,600, at which point it faced an influx of selling pressure that caused its price to decline to lows of $11,100. Bulls were able to guard against any further downside and have since pushed the crypto up towards highs of $11,800 that…

Here’s Why This Crypto CEO Thinks Bitcoin Soon Hits $15,000

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Bitcoin has seen consolidation under $12,000 ever since unceremoniously losing that pivotal price point the week before last. The cryptocurrency now trades at $11,700 as of this article’s writing, having closed its weekly candle above a crucial support. Arguably the technicals of the Bitcoin market remain in a shaky spot. Some have asserted that BTC’s rejection at $12,000 is a likely sign it will retrace towards the $10,000s, maybe lower. Vinny Lingham, the CEO of Civic, seems to be unphased. The cryptocurrency investor asserted that there’s a good likelihood the…

Bitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally

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Bitcoin price is showing reversal signs above the $11,550 resistance against the US Dollar. BTC must surpass the $12,000 resistance for a sustained upward move. Bitcoin started a steady rise above the $11,500 and $11,550 resistance levels. The price traded as high as $11,731 and it settled above the 100 hourly simple moving average. There is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate higher if it clears the $11,800 and…

There’s a Chance Bitcoin “Barely Moves” in this Bull Market

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Bitcoin has seen extreme strength over recent weeks, rallying around 30% in the past month. One pioneer in the cryptocurrency space thinks, though, that BTC may not see a great bout of price appreciation this market cycle. Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop Synthetix Founder Doesn’t Think Bitcoin May Explode Higher This Cycle Synthetix’s founder Kain Warwick thinks that Bitcoin may actually be a dormant investment during this market cycle. On August 30th, the pioneer in the DeFi space took to Twitter, writing…

Bitcoin Above 100 SMA Could Start Fresh Rally Towards $12,500

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Bitcoin is recovering and it recently broke the $11,500 resistance area against the US Dollar. BTC must climb above the 100 SMA (H4) to continue higher in the near term. Bitcoin is slowly recovering and it surpassed the key $11,500 and $11,550 resistance levels. The price is now facing another hurdle near the 100 simple moving average (4-hours) and $11,800. There was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely…