Tag: Analysis

Bitcoin and select altcoins continue to face selling at higher levels, a sign that the bears have not yet given up. The cryptocurrency market witnessed sharp volatility on April 26 on rumors that large sums of Bitcoin (BTC) were on the move from the wallets linked to the defunct cryptocurrency exchange Mt. Gox and the United States government. A minor positive is that Bitcoin and select altcoins held their respective support levels. After Bitcoin’s sharp rally in 2023, some traders seem to be planning to book profits. Coinglass reported that…

Bitcoin and select altcoins have fallen below their respective support levels — a worrying sign that the bulls could be losing their grip. Bitcoin (BTC) and most major cryptocurrencies have pulled back from their recent local highs, signaling profit-booking by traders. Is the current pullback a buying opportunity, or has the trend turned lower? This is likely to be the question in every trader’s mind. Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin had turned down from the upper Bollinger Band and reached the middle bank,…

Bitcoin and select altcoins turned down sharply on April 19 but a minor positive is that the bulls are trying to defend their respective support levels. Bitcoin (BTC) has been witnessing volatile moves in the past three days. The pick-up in volatility shows that the buyers and sellers are vying for supremacy.  Bitcoin recovered sharply on April 18 but gave back all the gains on April 19. The latest sell-off may have been triggered by the high inflation figures in the United Kingdom and the regulatory uncertainty in the United…

Bitcoin hit a year-to-date high at $31,000 and ETH price followed. Which altcoins will be next? Bitcoin (BTC) and Ether (ETH) are trading above the psychologically important levels of $30,000 and $2,000 respectively. This suggests that the crypto winter may be on its last legs.  Some analysts are calling for an altseason to begin but it may be too early for that. When most of the crypto bears turn bullish, Bitcoin is likely to turn down sharply and catch the late entrants off guard. That could hurt sentiment in the…

Bitcoin’s failure to clear the overhead resistance at $30,000 is attracting profit-booking in select altcoins. Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made. Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels…