Category: Bitcoin Analysis

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…

On-Chain Analysis Suggests There Are Few Bitcoin Sellers Preventing a Rally

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Bitcoin has seemingly entered no man’s land, with the price ping-ponging between $11,000 and $12,000. A top analyst has corroborated this sentiment, recently noting that neither his bull nor bear case has been confirmed. Chances are that this consolidation will resolve upward, though, according to a new analysis. This analysis suggests that there is little on-chain resistance stopping BTC from rallying to new local highs and beyond. Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC Bitcoin Could Be Buoyed as Few Sellers Remain According to recent…

Yearn.finance (YFI) Jumps 30% Towards Bitcoin’s All-Time High Price of $20k

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Yearn.finance (YFI), one of the hottest crypto assets in the Ethereum decentralized finance space, has seen an extreme price performance in the past day. The asset has gained approximately 30% in the past 24 hours as per data from Coin Market Cap. This is an outperformance of Bitcoin’s 1% gain and Ethereum’s 1.7% move higher. While YFI currently trades at $18,200 as of this article’s writing, it peaked earlier today just shy of $20,000. Chart of YFI’s price action over the past 10 days from TradingView.com What’s especially notable about…

Next Bitcoin Leg Up Could “Overshoot” $15K, $12K Wont Hold Back Rally

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Bitcoin price is currently holding above important weekly support. With just three days left for the weekly close, the next few days are critical. If the cryptocurrency can break through, $12,000, which one analyst claims won’t hold much longer, the next leg up could “overshoot” most targets and touch $15,000. But although that outcome is positive for crypto investors, the overextended move would result in a pullback followed by weeks of consolidation around $14,000 before moving up again. Holding Weekly Support Is Bullish For Bitcoin, “Sub-$12K” Won’t Hold Much Longer…

Bitcoin Bulls Defend Critical Level as Traders Target Upside

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Bitcoin bulls have been able to catalyze some slight momentum today that erased all of the losses that came about as a result of yesterday’s dip. Analysts are now noting that the benchmark cryptocurrency may be well-positioned to see further near-term upside, which could come about as a result of the strong support that was confirmed at $11,150. This is the lowest price BTC fell to yesterday following the Fed-induced selloff. The visit to this level was brief, and the cryptocurrency nearly instantly rebounded after it was touched. This is…

Why Whiskey Becoming “Liquid Gold” Highlights Bitcoin’s True Value

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In a bizarre twist, investors hoarding rare casks of whisky highlights exactly why Bitcoin is among the most valuable assets to ever exist. But why are so many turning to gold, whisky, and Bitcoin even amidst such economic uncertainty? Supply And Demand Dynamics Make Rare Whisky A Hedge Against Inflation Some people enjoy the finer things in life: cars, cigars, watches, jewelry, and a good Scotch every now and again. Each cask of whisky is unique, aged to perfection, picking up flavors of the cask itself, and retaining certain characteristics…

VIX Raising “Red Flag” On Stocks, Could Be Bearish For Bitcoin

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Analysts rely on a variety of tools to tip them off about coming price action, with some offering better results than others. A top and bottom-sniping tool used to call the 2007 top in the stock market, is once again raising a red flag. Here’s why this could also be bearish for Bitcoin and the rest of the cryptocurrency market. Stock Market Raises “Red Flag” Warning Sign, Analyst Warns Of “Impending Reversal” The stock market pumped today on Jerome Powell’s monetary policy speech, while Bitcoin price tanked. The S&P 500…

Bitcoin Plunges Following Failed Breakout; Miner Selling Pressure Ramps Up

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Bitcoin has been caught in the throes of some immense turbulence throughout the past few days. This volatility has primarily favored sellers, and today’s price action has only further enhanced the notion that further downside may be imminent for the benchmark cryptocurrency. Following a speech from the Federal Reserve Chairman earlier today regarding the US Dollar’s inflation, Bitcoin and most other macro assets rallied higher, with BTC surging from lows of $11,200 to highs of $11,600. This movement was short-lived, however, as the rejection it posted at $11,600 caused it…

Bitcoin’s Powell Pump Could Be Crypto Market Shakeout Claims Pseudonymous Trader

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This morning, just as the Fed’s Jerome Powell began his speech, Bitcoin started pumping in a fast-moving short squeeze, driven by inflation narrative. However, the move just as quickly reversed, plummeting back down to lower than where the pump first began. Traders are calling the move a well-time shakeout. But what comes next for the cryptocurrency? Bitcoin Blasts $300 In An Hour, Tanks $300 Moments Later Investors and traders were watching markets like a hawk this morning, expecting some type of movement either way in response to Federal Reserve Chairman…

Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally

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Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels against the US Dollar. BTC could start a steady increase if it clears the $11,500 resistance. Bitcoin is trading in a range below the $11,650 and $11,550 resistance levels. The price is facing a major hurdle near $11,500, $11,550, and the 100 hourly simple moving average. There is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either break the $11,550 barrier…