Category: Bitcoin Analysis

Bitcoin’s Weekly Rejection May Lead Price Below $10K; Here’s Why

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Bitcoin bulls once again failed to hold the price above $12,000, owing to a higher selling pressure near the level. The benchmark cryptocurrency broke upwards of $12,000 on Monday. The rally exceeded towards $12,486 (data from Coinbase), a level that saw massive liquidations of long positions. The higher bids failed to find any fresh buyers, leading the bitcoin price lower in the daily sessions ahead. As of Wednesday, the BTC/USD exchange rate had established an intraday low at circa $11,611. Bitcoin price chart on TradingView.com shows BTCUSD pulling back after…

Bitcoin Takes a Bit Hit, But Price Action Suggests Limited Downsides

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Bitcoin price started a downside correction from the $12,500 resistance against the US Dollar. BTC is currently trading below $12,000, but there are many key supports on the downside. Bitcoin started a short-term downside correction and traded below the $12,000 support. The price is likely to find a strong support near $11,800 or $11,550. There is a major bullish trend line forming with support near $11,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might bounce back as long as it is above the…

Here’s Why Bitcoin’s Hash Rate Has Dropped Around 10% In the Past Day

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Although Bitcoin is a decentralized technology, the mining of the cryptocurrency is somewhat centralized in China. Per some reports, around two-thirds of all mining machines are based in the country, concentrated in the river regions where electricity is cheap. Some argue that this centralization is something that shouldn’t be worried about; after all, China has been a stable to Bitcoin mining since the earliest days. But reports indicate that due to centralization, upwards of 10% of Bitcoin’s hash rate is going offline due to floods in China. Related Reading: Crypto Tidbits:…

Same Indicator That Called March Plunge Raises Chances For Big Bitcoin Drop

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Bitcoin has been rocketing over the last several weeks, along with the rest of the cryptocurrency market. Most assets are up over 80% on average since the start of 2020. However, an unorthodox and unusual financial forecasting tool could indicate that a major trend change is playing out across markets, with the turning point taking place over the next 24 hours. Tools of The Trader: How Crypto Analysts And Investors Predict Price Movements Analysts, investors, and traders rely on several important tools in an attempt to predict or forecast future…

How Rising Bitcoin Fees May Have Prevented Post-Halving Death Spiral

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Bitcoin price has grown over 40% since the asset’s halving this past May. The market braced for the miner “death spiral” caused by the sudden doubling of the cost of producing each BTC, but it never arrived. Now data is showing that rising Bitcoin fees might have been responsible, at least in part, for avoiding the miner death spiral from the cryptocurrency’s previous halving. BTC Mining Blockchain Backbone Healthier Than Ever To ensure that Bitcoin required no third-party or intermediary to validate transactions and keep the network secure, Satoshi Nakamoto…

Bitcoin is “On Route” to $13,600 as Bulls Defend Crucial Support

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Bitcoin’s strong price action has shown some signs of faltering as the cryptocurrency’s price declines down towards $12,000 following yesterday’s sharp upswing. This level – which was previously heavy resistance – may soon be confirmed as support as the cryptocurrency’s price begins drifting lower. Analysts are now widely noting that BTC is well-positioned to see further upside in the days and weeks ahead, which could potentially lead it as high as $13,600. This mid-term technical strength, however, does not mean that the cryptocurrency won’t see any short-term downside, as there…

This Bullish Continuation Pattern Suggests Bitcoin Could Rally Above $12,500

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Bitcoin price gained nearly 5% and it tested the $12,500 resistance against the US Dollar. BTC is currently correcting gains, but technicals suggest more upsides above $12,500. Bitcoin broke the main $12,000 resistance area to start a strong upward move. The price traded close to the $12,500 resistance and it is currently correcting gains. There is a key bullish flag pattern forming with resistance near $12,380 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally if it clears the $12,380…

These 4 Trends Show Bitcoin Is on the Verge of a “Multi-Year Bull Run”

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Bitcoin is pressing higher after consolidating under $12,000 for two weeks. The asset trades at $12,400 as of this article’s writing, having broken above important resistance levels. BTC remains below critical long-term resistances at $14,000, but analysts are expecting the start of a macro bull run. They cite a confluence of fundamental, on-chain, and technical trends suggesting that Bitcoin is gaining momentum. Related Reading: Crypto Tidbits: MicroStrategy’s $250m BTC Purchase, Ethereum DeFi Boom, BitMEX KYC Bitcoin Is on the Verge of a Big Run Prominent Bitcoin proponent “Vortex” recently noted that…

Bitcoin Dominance Readies Deadly Blow Against Altcoins, Indicator Says

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Bitcoin is up over 70% year to date and its recent break through resistance at $10,000 helped propel altcoins toward even stronger ROI. Several altcoins are up well over a few hundred percent, beating out the first-ever cryptocurrency by a wide margin. This all could soon reverse according to a handful of signals on BTC dominance charts, causing Bitcoin to vastly outperform the rest of the crypto market. Altcoins Outperform Bitcoin in 2020 After Last Year’s Crypto Market Capitulation Bitcoin is the first-ever cryptocurrency and anything that came after it…

These Two Liquidity Regions Could Spark a Sharp Bitcoin Price Decline

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Bitcoin is currently catching some upwards momentum that has sent it past its key resistance level at $12,000. Although the crypto has yet to post a significant break above this level, bulls do appear to be building strength following the strong weekly close that BTC posted yesterday evening. Analysts are now offering mixed outlooks on where the crypto may trend next, but there are a few factors that indicate downside may be imminent. One trader, in particular, believes that BTC may push towards $12,500 before facing significant resistance that sends it…