Price Analysis 7/3: BTC, ETH, XRP, BCH, BSV, LTC, ADA, BNB, EOS. CRO

Bitcoin and many altcoins are struggling to rise above the 20-day EMA, suggesting bears have the advantage in the short-term. Tesla’s market capitalization has surged from about $76 billion at the start of 2020 to $224.18 billion at market close on July 2. This unending rally has also made it the largest car company in terms of market capitalization, even though it produces only a fraction of cars compared to the second-ranked Toyota motors. One of the reasons for the sharp rise in Tesla’s stock is investors’ expectation that the…

Bitcoin’s Price Correlation With S&P 500 Hits Record Highs

Ever since its inception, bitcoin has been dubbed “digital gold,” given it is durable, fungible, divisible and scarce like the precious metal.  However, while gold has a strong track record of rallying in times of stress in the global equity markets, bitcoin is yet to build a similar reputation as a safe-haven asset. In fact, in recent months, the cryptocurrency has been increasingly correlated with the S&P 500, Wall Street’s equity index and benchmark for global stock markets. Now, data suggests that relationship is stronger than ever, likely denting its…

Bitcoin’s Current Price Impacted By Miners? It’s Possible, Analytics Company Says

Mike Alfred, co-founder and CEO of data analytics outfit Digital Assets Data, recently pointed toward miners as a potential catalyst for recent Bitcoin (BTC) price activity.  “It is tough to say definitively, but it appears as though the miners’ actions are having a direct, immediate impact on price,” Alfred told Cointelegraph on July 1.  “This is especially evident during outlier events like on the 23rd, where we saw miners offload >300% more BTC than they mined that day,” he added, referencing June 23 activity.  Image courtesy of Digital Assets Data…

Cardano Price Hits 2020 Top Following Network Upgrade – Will the Rally Sustain?

ADA, the native token of Cardano, established a new 2020 top on Wednesday. The eighth-largest cryptocurrency surged to $0.097 for the first time in 13 months. The latest gains came as a part of a broader uptrend that began in March 2020 but received an additional boost from Cardano’s network upgrade news. Cardano is going to the moon before its top crypto competitor Bitcoin. The blockchain platform’s native asset ADA reached its year-to-date high on Wednesday. As of 2300 UTC, the ADA/USD exchange rate topped at $0.097, its highest since…

Price Analysis 7/1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, ADA, CRO, EOS

Bitcoin and a few altcoins have bounced off their recent lows, suggesting that the sentiment remains to buy the dips. Bitcoin (BTC), gold, crude oil, and the US equity markets all rose sharply throughout the second quarter of this year. This shows that investors’ appetites remain strong as they are confident that central banks will continue to keep the money supply flowing.  While monetary easing can be a short-term solution, if it is not rolled back at the right time it can destroy the economy in the long-term, as seen…

Analyst Expects Bitcoin Price to Break Below $8,500; Here’s Why

Bitcoin is maintaining its interim support level near $9,100, but an analyst expects the price to break bearish towards $8,500. The trader forecasted the downside move days after Bitcoin established a second-quarter top near $10,500 on June 1. The cryptocurrency has since accurately moved as predicted, further raising the possibility of a breakdown ahead. Bitcoin may undergo an aggressive sell-off in the coming weeks. The downside risks surface as the benchmark cryptocurrency cautiously trades above $9,100, accompanied by lackluster volume and record-low volatility. Traders are showing a clear bias-conflict, unable…

Maturing Bitcoin Pleases Bulls With Huge $50,000 Price

Has all the fun gone out of trading bitcoin? Maybe, but that could be a good thing, with one analyst predicting a $50,000 price for bitcoin as institutional investors begin to allocate. In recent days bitcoin, by some measures, has become less volatile than stocks, although you would be foolish to expect that to continue. And on a wider view the correlation with equities has been tightening – currently at around 0.48 with 1 being a measure of absolute correlation (see data below from blockchaincenter.net). BTC v S&P 500 correlation…

Bitcoin Heading into Bull Trap with Its Latest Price Rally; Here’s Why

Bitcoin is trading more than 150 percent higher from its March 2020 lows below $4,000. The cryptocurrency’s wild move upside has cheered traders, but a textbook technical indicator warns about a potential bull trap. There are possibilities of Bitcoin falling towards $6,700 if the fractal plays out as indicated. A textbook technical indicator may spoil the ongoing bitcoin price rally. Dubbed as Rising Wedge, the bearish pattern forms when an asset’s uptrend leaves behind a trail of successive higher highs and higher lows. The result that appears is two converging, rising trendlines meeting at…

Price Analysis 6/8: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ

Bitcoin price remains range-bound, but as miners sell fewer coins and the BTC reserves on the exchanges drops, a possible up move could occur in the next few days. The total crypto market capitalization was close to $270 billion on May 8 and currently, the metric stands at $275 billion. This suggests that the crypto markets have been largely stuck in a range for about a month.  Daily cryptocurrency market performance. Source: Coin360 As reported by Cointelegraph, Bitcoin (BTC) miners are holding on to their newly minted coins and this…

Bitcoin Price Will Reach $150K and Ethereum $9K, Says Simon Dedic

Blockfyre co-founder Simon Dedic predicts that Bitcoin (BTC) prices will hit $150,000. However, he doesn’t think that this rise will be like the one we observed in 2017. Blockfyre’s Co-founder Simon Dedic has predicted that Bitcoin (BTC) price could reach $150,000. He also said that Ethereum (ETH) could hit $9,000. Dedic believes that these events will occur in the next bull run. For Bitcoin (BTC) this represents a 1,400% increase. At the time of filing this report, Bitcoin (BTC) price was at $9,712.03 (2.1%). Ethereum (ETH) was at $243.37 (2.17%).…