Tag: 13K

First Mover: As Bitcoin Tops $13K, Analyst Explains How Blockchain Gives Clues on Next Move

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Bitcoin was higher, just above $13,000 and rising for a seventh straight day – the longest winning streak in six months.  “A continuation would probably require more positive news,” Matt Blom, head of sales and trading for the publicly traded cryptocurrency firm Diginex, wrote Thursday in a note to clients. In traditional markets, European indexes rose on positive corporate earnings and strong German manufacturing data, and U.S. stock futures pointed to a higher open. Gold strengthened to $1,911 an ounce.   Market Moves A hallmark of the blockchain analysis is that there’s…

Market Wrap: Bitcoin Sticks Around $13K While Ether Locked in DeFi Dips

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Bitcoin stays in bull mode but on lower volume while the amount of ether locked in DeFi falls. Bitcoin (BTC) trading around $13,103 as of 20:00 UTC (4 p.m. ET). Gaining 3% over the previous 24 hours. Bitcoin’s 24-hour range: $12,685-$13,232 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Bitstamp since Oct. 20.Source: TradingView Bitcoin’s price is still trending upward, hitting as high as $13,232 on spot exchanges the past 24 hours. It was at $13,103 as of press time, leveling…

Bitcoin Deviates Further Away from Dow, S&P 500 as Price Hits $13K

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Bitcoin has wholly sidelined its widely-covered correlation with the US stock market. On Thursday, the benchmark cryptocurrency sustained its weekly gains as its price surged by more than 1 percent. The move briefly pushed the price above $13,000 before a modest pullback turned it back below the level. But overall, the bias appeared extremely bullish for Bitcoin. Bitcoin retests $13,000-resistance in the latest sign of extended upside momentum. Source: BTCUSD on TradingView.com Bitcoin retests $13,000-resistance in the latest sign of extended upside momentum. Source: BTCUSD on TradingView.com That is because…

Bitcoin blasts through $13K following PayPal’s entrance into crypto

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Bitcoin (BTC) has rallied above $13,000 for the first time since July, and only the third time since the all-time high bull run of late-2017. The move follows the long sustained period of five-figure price action, with BTC having spent nearly the entirety of the past 12 weeks trading above $10,000. Weekly BTC/USD chart: BitcoinWisdom The spike was triggered by news that the global payments giant PayPal is launching support for Bitcoin, in addition to Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Quantum Economics founder Mati Greenspan said the…

Analysts Expect Ethereum to “Teleport” Higher as Bitcoin Rockets Towards $13k

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Ethereum’s price action has been incredibly lackluster compared to that seen by Bitcoin and the rest of the crypto market. While BTC pushes up towards fresh yearly highs of $13,000, the rest of the crypto market has remained fairly stagnant. In particular, ETH has only seen tempered gains and remains well below its 2020 highs of $490 set at the peak of the DeFi hype cycle. It is important to note that Ethereum is now gaining some stability above $380, but its lack of momentum compared to that seen by…

3 Key Reasons Traders Pinpoint $13k as Level to Propel Bitcoin to ATH

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In the medium term, technical analysts and traders believe Bitcoin (BTC) is headed for an extended uptrend. For BTC to reach for a new all-time high, traders pinpoint $13,000 as the main resistance level. In the past two years and a half, Bitcoin surpassed $13,000 only once in July 2019. The price of BTC briefly wicked to $13,970, but eventually dropped below $10,000 within a month that followed. Traders say that BTC reaching $13,000 and staying above it is critical for a major bull run for thee reasons. The three…

Despite a $13k+ price tag, YFI is one of the cheapest DeFi tokens by price-to-sales

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Messari believes that Yearn.Finance’s YFI token is one of the least expensive in the DeFi space, according to its price-to-sales multiple. The metric is calculated by dividing a token’s market capitalization by its annualized yield. In YFI’s case, its capitalization at the time of calculation was $390 million. According to Messari, its annualized sales stood at $21 million. Dividing the two numbers, we get approximately 20x. For reference, the same ratio for CRV, another popular DeFi token, is 1568x, making it 78 times more expensive according to this ratio. DeFi…

This Historically Accurate Signal Suggests a Bitcoin Rally to $13K in Q3

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Bitcoin is trading almost 12 percent below from its local top near $10,400, but a historically accurate technical indicator hints a trend reversal. The pattern formed on Monday as the short-term moving average of Bitcoin’s hash rate jumped over the long-term moving average, signaling the beginning of a buying setup. Its previous two formations over the last 12 months led the price higher by circa 45 percent. That roughly puts Bitcoin’s next upside target near $13,000 or beyond. Bitcoin bulls may prefer to hold onto their long-term upside sentiment as…