Category: Bitcoin

Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?

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Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000. Bitcoin started a fresh decline and traded below the $60,000 zone. The price is trading below $61,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $60,850 resistance zone. Bitcoin Price Dives 5% Bitcoin…

Bitcoin Price Challenge: Can It Break Through and Resume Climbing?

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Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and might make another attempt to surpass $63,650. Bitcoin started a decent increase above the $62,500 and $63,000 levels. The price is trading above $62,250 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish momentum if it clears the $63,650 resistance zone. Bitcoin Price Holds Ground Bitcoin price started…

Bitcoin blues could extend into July but outlook for the second half is upbeat

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Bitcoin’s blues could linger throughout July, but investors are still optimistic about the cryptocurrency in the second half of the year. The cryptocurrency has yet to break out of the tight range it’s been stuck in – between $60,000 and $70,000 – since March. This week it fell to the lower end of that range and is now on pace to finish June down 10%, according to Coin Metrics. That would make it its worst month since April and second down month in three. July is usually a strong month…

What’s next for bitcoin after it returned to $60,000 this week

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Bitcoin is testing a key level once again after the cryptocurrency fell below $60,000 this week for the first time since May 3. As of Tuesday afternoon, it was trading above $61,000, roughly 17% below its March record of $73,797.68, according to Coin Metrics. Chart analysts see no buy signals, however, and say it could take another leg down, which would be more “damaging” at current levels. “Moderation since March continues and trading can be considered under pressure below $66,000 resistance,” the cryptocurrency’s 50-day moving average, said Oppenheimer analyst Ari…

Bitcoin’s recent weakness signals an imminent S&P 500 correction, according to Stifel

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Bitcoin’s recent weakness could be signaling an upcoming correction in stocks, according to Stifel’s chief equity analyst Barry Bannister. Bitcoin reached its all-time high of $73,797.68 on March 14 before quickly correcting and it has struggled to hold the $70,000 mark since, barring a handful of blips. On Thursday, the S & P 500 briefly touched 5,500 for the first time ever after notching its most recent record close earlier in the week. Historically, the S & P 500 averages flat for about six months after bitcoin peaks and past…

Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles

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Bitcoin price is consolidating above the $64,000 level. BTC could try to follow Ethereum and recover if it manages to clear the $65,650 resistance zone. Bitcoin started a minor recovery wave above the $65,000 level. The price is trading below $65,500 and the 100 hourly Simple moving average. There is a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if it clears the $65,400 and $65,650 resistance levels. Bitcoin Price Faces…

Ethereum Outperforms Bitcoin: Jumps Amid Market Divergence

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Ethereum price started a fresh increase from the $3,350 support zone. ETH is outperforming Bitcoin and might rise further toward the $3,650 resistance. Ethereum is gaining pace from the key $3,365 support zone. The price is trading above $3,450 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD (data feed via Kraken). The pair formed a double-bottom pattern and gained pace above the $3,500 resistance. Ethereum Price Holds Key Support Ethereum price remained…

MicroStrategy ‘building the world’s largest bitcoin company,’ Bernstein says

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MicroStrategy can run another 80% from here thanks to its aggressive bitcoin buying strategy, according to Bernstein. The Wall Street firm initiated research coverage of MicroStrategy on Thursday before the market opened with an outperform rating and a $2,890 price target. That implies upside of another 80% based on the stock’s Wednesday close of $1603.67. By early trading Friday, MicroStrategy was already up 138% year-to-date, morre than double bitcoin’s roughly 57% advance in the same period. “Since August 2020, MSTR has transformed from a small software company to the largest…

Miners are selling their bitcoin as it struggles to hold onto $70,000

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Signs of miner capitulation are emerging as bitcoin continues to wrestle with the $70,000 level. According to data from CryptoQuant, the flow of bitcoin leaving miners wallets for exchanges – which indicates a selling event – reached a two-month high last weekend. Additionally, miner selling through over-the-counter desks saw its biggest daily volume since late March. “The miners are now competing for 450 bitcoin per day network wide versus 900 less than two months ago,” or post-halving , said Mike Colonnese, an analyst at H.C. Wainwright. “While rising transaction fees have helped…

Bitcoin is on the verge of a bullish breakout again. What to watch on the charts

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At the time of my January article , bitcoin was trading near $45k, and there were rumors circulating about the SEC finally approving an ETF. That became a reality the very next day. Let’s revisit the chart now. Our price target back then was $66.5k, which was near the former all-time highs. That has since been hit, but in classic crypto fashion, BTC first fell back to $38.5k by the end of January before bottoming. Despite the wild ride from a performance and volatility perspective, over the last six months, BTC…