Category: Bitcoin

Bitcoin’s correlation to stocks has never been higher. When Morgan Stanley thinks its price will bottom

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Bitcoin has been trading in lockstep with stocks all year. In theory, this should mean that, as equities reached a potential bottom in recent week, the digital currency should have done so as well. Unfortunately, it’s not that simple, Morgan Stanley said. Equity strategist Sheena Shah noted that, unlike previous cycles, government stimulus and Federal Reserve monetary policy tightening have driven bitcoin prices up and down. This is similar to what has been seen in equities, and it has contributed to the cryptocurrency’s highest correlation to stocks on record over…

Bitcoin Price Turns Red, Why BTC Could Extend Losses

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Bitcoin started a fresh decline below the $22,000 support against the US Dollar. BTC is declining and might extend losses below the $20,500 support zone. Bitcoin started a fresh decline and traded below the $22,000 level. The price is now trading below the $22,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might decline further if there is a clear move below the $20,800…

Why Hidden Bitcoin Bulls Could Be Ready To Charge

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Bitcoin price is attempting its first major recovery since plunging below $20,000 per BTC during the recent crypto market contagion. A hidden bullish divergence could indicate that although the selloff was extreme, bulls have been lying in the wait and will soon begin to charge. Here is closer look at the potential bullish continuation signal on BTCUSD weekly price charts. Crypto Bulls Lie In Wait, Soon Could Be Ready To Charge Bitcoin became a household name in late 2017 after reaching nearly $20,000 per coin and sent the entire crypto…

What Tesla’s bitcoin sale means for the crypto outlook

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On Wednesday night Tesla reported in its second-quarter earnings that it sold 75% of its bitcoin holdings for $936 million. The company said it was to maximize its cash position amid Covid-related uncertainty in China. But the move comes about 18 months after the company shocked the financial markets by buying $1.5 billion worth of bitcoin, saying at the time in a filing that it believes in crypto’s “long-term potential” both as an investment and as a liquid alternative to cash. Bitcoin’s price subsequently rallied to its all-time high of…

Why Bitcoin Must Beat $25,500 To Establish A Bull Rally

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Bitcoin has recovered above $23,000 off the back of a rally that had started during the last leg of the weekend. This recovery has brought more money into the market, which has helped push the price even further. As bitcoin trends at $23,000, there is significant resistance mounting up ahead, presenting various important technical levels. Bitcoin Must Beat $25,500 Even though bitcoin is making its way towards $24,000 in a tremendous bull trend, there are still some technical levels that the digital asset must beat in order to fully establish…

Tesla’s bitcoin holdings could result in a $460 million hit for the car maker, Barclays says

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Tesla ‘s bitcoin holdings could have taken a big bite out of the electric car maker’s upcoming earnings, according to Barclays. Analyst Brian Johnson said he expects Tesla to report an impairment of roughly $460 million due from bitcoin. Tesla is slated to post earnings Wednesday after the bell. “With Bitcoin ending the quarter at ~$19k (well below TSLA’s likely purchase price range of ~$32-33k), we expect TSLA to take an impairment charge in the quarter of ~$460mn or ~$0.40 per share,” Johnson said. Bitcoin prices have plummeted in recent…

Bitcoin Price Eyes Fresh Increase To $22K, Why Dips Remain Supported

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Bitcoin started a steady increase above the $21,000 resistance against the US Dollar. BTC could rise further towards $22,000 if it stays above the $20,500 support. Bitcoin is slowly moving higher above the $21,000 resistance zone. The price is now trading above the $20,800 level and testing the 100 hourly simple moving average. There was a break above a short-term bearish trend line with resistance near $21,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish momentum if it clears the $21,500…

Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next?

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Bitcoin movements in the 2022 bear market have almost completely deviated from the established bear trends in the market. The digital asset which had never fallen below a previous cycle peak had finally done it when it fell to $17,600 following the June crash. Since then, the cryptocurrency has had a hard time maintaining its price above the previous cycle peak and has now spent a number of weeks nursing this current level. Bitcoin Enters Consolidation Levels Bitcoin has been consolidating around the 2017 peak levels for the last month.…

Underwater bitcoin miners are turning up the selling pressure on crypto

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Bitcoin prices have fallen so low that the cryptocurrency’s miners have become sellers, further pressuring the already downcast market. Recent data shows an increase in the amount of bitcoin moved by miners from the mining pool to crypto exchanges in June, as the price of the cryptocurrency slid from $30,000 to $20,000, according to CryptoQuant. The event, known as “miner capitulation,” implies miners were preparing to sell their bitcoin – likely to cover mining expenses or to capture greater gains by selling at a price they consider to be overvalued.…

Bitcoin Dips Further, Why BTC Could Revisit $20K

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Bitcoin is moving lower below the $21,000 zone against the US Dollar. BTC could gain bearish momentum below the $20,650 support zone. Bitcoin struggled to rise above $21,200 and declined towards $20,650. The price is now below the $21,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline further if there is a clear move below the $20,650 zone. Bitcoin Price Remains At…