Tag: Analysis

Bitcoin price looks slightly overextended in the short-term and may take a break while altcoins play catch-up. The United States Federal Reserve Chair Jerome Powell recently said that additional fiscal stimulus could result in a stronger recovery. He also emphasized that the Fed had enough tools to support the economy. After the winner of the U.S. election is announced, the focus of lawmakers could shift to the next stimulus package. However, additional money printing will only worsen the existing national debt which is currently at $27.2 trillion. Even though a…

After reaching a new 2020 high, Bitcoin traders are fighting to flip $14,100 to support and Ethereum is attempting to do the same to the $400 level. Today Bitcoin (BTC) price briefly pushed through the $14,100 resistance to achieve a new 2020 high at $14,259 before pulling back to retest $14,100 as support.  Although this level represents a critical resistance, data suggests that Bitcoin whales are not closing their positions in a hurry as they expect the current rally to continue. This strong show of confidence is occurring even as…

Bitcoin is facing selling at the $14,000 mark and this has resulted in several cryptocurrencies dropping below their support levels. China’s central bank governor Yi Gang has said that the nation’s digital yuan pilot projects have processed transactions worth over $299 million without any major problems. This suggests that China is much ahead of its competitors in developing and studying the central bank digital currency (CBDC). However, the European Central Bank does not want to be left behind. European Central Bank President Christine Lagarde has invited comments from the public…

Bitcoin’s consolidation near a key overhead resistance is a sign of strength but the technical structure of most altcoins has weakened. Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range. While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the…

Altcoins took a serious hit as Bitcoin dropped below $13K today, meanwhile, BTC’s macrostructure remains bullish. The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen. In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when it has followed…

Bitcoin and altcoins are showing signs of short-term exhaustion, meaning a few days of consolidation could occur. Morgan Creek Digital co-founder Anthony Pompliano highlighted data from Santiment, which showed that the 30-day rolling correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp stressed that the lack of correlation shows that Bitcoin is a store of value.  Along with that, Bitcoin has also outperformed most traditional asset classes such as gold, the S&P 500, crude oil, and the U.S. dollar since the sector wide crash that took place in…