Category: Bitcoin Analysis

Why Bitcoin Price Holding Above $11,850 Is Pivotal For the Bull Case

boss

Bitcoin has begun to move higher after a crushing correction towards the end of last week. As of this article’s writing, the leading cryptocurrency trades for $11,750, around 3% higher than last week’s lows and around 5.5% below last week’s highs. According to most analysts, Bitcoin is in no man’s land. It is safely trading above the $11,500 weekly support but remains below the $12,000 resistance. But a new on-chain analysis by a cryptocurrency data site suggests Bitcoin is on the verge of flipping a pivotal level into support. BTC…

Bitcoin Holds Above The Clouds As Bulls Prepare For Heavenly Monthly Close

boss

Bitcoin’s powerful 2020 rally may have taken a short pause, but the cryptocurrency holding strong above the one-month Ichimoku cloud could be a sign that more upside is coming soon. However, a comparison to the last Bitcoin market cycle shows that the cloud could rain on bulls’ parade any day now, causing the last correction before the bull run begins. Bitcoin Price Holds Above Monthly Ichimoku Cloud, Bulls Must Reclaim Support All eyes are on Bitcoin as the cryptocurrency embarks on its next moon mission. But like any rocketship heading…

Weaker US Dollar Pushes Bitcoin Towards $12K; A Weekly Outlook

boss

In a week that will see the world central bankers convening a virtual conference on the future of the economy, Bitcoin is rising. The benchmark cryptocurrency kicked off Monday with modest gains against the US dollar. It was up by $150, or 1.3 percent, to trade near $11,800 ahead of the New York opening bell. The gains appeared as the US dollar index fell 0.29 percent. Bitcoin chart on TradingView.com shows BTCUSD in a corrective uptrend Traders looked forward to the annual Federal Reserve Symposium that will be held online on…

Bitcoin Hesitates, But Break Above 100 SMA Could Trigger A Sharp Rise

boss

Bitcoin price is currently recovering and trading above $11,500 against the US Dollar. BTC is likely to accelerate higher once it clears the $11,700 resistance and the 100 hourly SMA. Bitcoin is showing a few positive signs and trading above the $11,500 level. The price is testing a major resistance near $11,700 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $11,690 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must settle above the $11,800…

Institutions Have Never Been More Short on Bitcoin Futures Than They Are Now

boss

Bitcoin has been surging higher over recent weeks and months. The cryptocurrency has done so well, in fact, that it is actually the best-performing macro asset of the year — unless you count Ethereum as one. BTC’s rally this year has caught the attention of many on Wall Street. Paul Tudor Jones, the billionaire hedge fund manager, went public with his stake in the cryptocurrency this year. Others, too, have followed suit. But according to data from the CME, where most institutional traders actually transact Bitcoin (or at least derivatives),…

These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop

boss

Bitcoin has seen a slight recovery since the Friday lows of $11,400. The asset now trades for $11,600 as of this article’s writing, but BTC is still around $900 below last week’s $12,500 highs. The cryptocurrency may soon bounce further as a number of positive technical trends form. These technicals do not indicate, though, that Bitcoin is ready to set a new year-to-date high above $12,500. Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC Bitcoin Could Soon Bounce As Three Positive Technical Signals Form An analyst…

Bitcoin Could Avoid a Major Reversal if it Stays Above One Key Support

boss

Bitcoin is declining and trading well below the $12,000 pivot level against the US Dollar. BTC must stay above the $11,100 support zone to start a fresh increase in the near term. Bitcoin is struggling to recover and it is trading well below $12,000 and $11,800. The price is currently holding a couple of strong supports above $11,350 and $11,100. There was a break above a connecting bearish trend line with resistance near $11,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is struggling…

Altcoins Likely to Continue Rallying as Bitcoin Price Stabilizes

boss

Bitcoin and the aggregated crypto market have seen some mixed price action over the past few days, with major digital assets showing signs of weakness while smaller market cap altcoins continue seeing bullish price action. Both BTC and ETH did place some pressure on the entire market overnight, sparking a retrace amongst most altcoins. That being said, the benchmark cryptocurrency is now showing some signs of strength as it holds above a crucial support level. One analyst believes that its ability to hold above this level could be enough to…

Analysts Think the U.S. Dollar May Bottom—and That’s Bad for Bitcoin

boss

Bitcoin has been under pressure over the past three days after peaking at $12,500 earlier this week. Some argue that the retracement is purely based on technicals. But if you check the charts, there seems to be an evident inverse correlation between the value of the U.S. dollar (as calculated by the Dollar Index) and BTC. When the dollar rallies higher, the value of Bitcoin (and gold for that matter) has decreased. The drop to $11,500, where BTC trades as of this article’s writing, was seemingly spurred by a leg…

Here’s the Crucial Level That May Spark Bitcoin’s Next Bloodbath Decline

boss

Bitcoin has been caught in the throes of an intense bout of sideways trading for the past few weeks, with attempts to break above or below the upper-$11,000 region proving to be highly fleeting. Earlier this week, the benchmark cryptocurrency rallied as high as $12,400 before it lost its momentum, with its price subsequently plunging to lows of $11,600. The support at this level has held strong in the time since, with this decline kicking off another bout of consolidation. Although in the short-term it remains somewhat unclear as to…