analyst

Analysts Are Watching This Level After Bitcoin Price Plunged Under $12,000

Bitcoin seriously broke higher on Monday, breaking above $12,400 for the first time since 2019. The asset has since suffered a strong correction to $11,900, where it trades as of this article’s writing. BTC’s drop comes after the value of gold and the S&P 500 plunged after a strong start to the Tuesday trading session. Bitcoin remains above a pivotal support level, though, that analysts say the asset must hold to remain in a bullish state. BTC is now trading below the pivotal $12,000 level. That level held as resistance

As Bitcoin’s Rally Accelerates, Analysts Expect Altcoins to Get Crushed

Bitcoin’s price has remained stable above $12,000 following the strong uptrend it was able to post yesterday The cryptocurrency is now consolidating as bulls attempt to garner greater support It also appears that BTC is trying to test and confirm $12,000 as support. Any dip below this level in the near-term will be grave The stable uptrend seen by BTC in recent weeks has provided altcoins with an ideal backdrop to rally against One analyst, however, is noting that he now expects Bitcoin’s rally to start accelerating – and this

Bitcoin Shoots Past $12,000 While US Dollar Hits 2-Year Low

We’ve been on dollar watch for a couple weeks now, as it loses ground against virtually every asset on the planet. In this graph, we can see that the Dollar Index chart has been declining since late-May, and has now sunk below the near-term support (yellow line) on its third attempt. The Dollar Index, however, only really shows the U.S. dollar’s place within the currency markets. In fact, the purchasing power of all fiat currencies has been falling steadily for many years, a process that has been vastly accelerated by

Here’s Why Bitcoin May Soon See a Sharp “Downside Flush” Despite Stability

Bitcoin has found some strong stability within the lower-$12,000 region following yesterday’s upswing Analysts are widely confident that it is currently caught within the early stages of its next bull run, which may ultimately lead it up towards its all-time highs Despite getting closer to these highs each week, there may still be some turbulence ahead for the cryptocurrency One analyst is noting that high funding rates for BTC on margin trading platform spell trouble for its near-term outlook He believes that BTC will soon see a sharp downswing that

Analyst on Bitcoin: Wall Street Isn’t Ready For What’s Next

Bitcoin price just set a new yearly high after pushing above $12,000 and may be gearing up for an explosive move higher. The first-ever cryptocurrency may be finally entering a new uptrend. If this is the case, and the asset continues to follow the stock-to-flow model, Wall Street may be left in shock after having to adjust their chart settings to keep up with Bitcoin’s logarithmic growth. Institutions Begin Looking Toward Bitcoin As A Hedge Against Inflation Bitcoin is unlike any other financial asset before it. And while it shares

Bitcoin Bull Market ‘Confirmed’ Says PlanB as RSI Repeats 2016 Halving

The creator of arguably the most famous Bitcoin (BTC) price forecasting tool has declared that the largest cryptocurrency is in a bull market.In a tweet on Aug. 18, quant analyst PlanB, creator of the Stock-to-Flow series of Bitcoin price models, said that with a relative strength index (RSI) of 64, the bull market was “confirmed.”PlanB: BTC “looking strong”RSI is used to determine whether Bitcoin is overbought — or oversold — at a specific price point.Current behavior mimics that of previous halving cycles, with 2012 and 2016 both seeing solid RSI

Weekly Bitcoin and Cryptocurrency Market Analysis

Simon Peters, market analyst: Bitcoin Teases Us At $12,000  Suffice it to say, it was a busy week, with mixed performance in equity markets and odd – but not unpromising – movements for bitcoin. The FTSE All-Share index and the STOXX600 both recorded steady rises, while the S&P500, which started the week at 3,352, took a turn for the worse on Wednesday. After its drop to 3,335, it has since recovered to 3,372. Bitcoin broke through $12,000 on Monday, only to suffer a significant fall to $11,275 by Wednesday morning.

Here’s Why Bitcoin Is Primed to Move Towards $13,000

Bitcoin is surging higher after holding in the high-$11,000s for a number of days. As of this article’s writing, the leading cryptocurrency trades for $12,150. Although this is not much higher than the breakout zone at $12,000, analysts are optimistic about what’s next for the market. This rally was predicated on a surge of spot market volume, adding fuel to the case for upside. BTC is expected to move to $13,000 next, which is around where the next level of macro resistance lies. Bitcoin’s ongoing rally seems to be influenced

Altcoins Set to Underperform? Bitcoin Dominance Prints Reversal Signal

While Bitcoin has performed well in recent weeks, some altcoins have done even better. Take the example of Chainlink (LINK), which has almost doubled in the past month. With many altcoins outpacing BTC, the Bitcoin dominance metric has plunged. Bitcoin dominance is the percentage of the crypto market made up of BTC. Despite the drop, an indicator predicts a bearish reversal for altcoins. Bitcoin continuing to undergo volatility could further suppress the bullish altcoin narrative. Analysts are currently expecting more BTC volatility in the days ahead, citing indicators like the

Will Ethereum’s Strong Weekly Close Be Enough to Propel It Higher?

Ethereum has been hovering between $420 and $430 for the past few days, with the resistance found around $450 sparking a prolonged consolidation phase The cryptocurrency has been unable to extend its recent upwards momentum after facing a rejection at this level This has pointed to some underlying short-term weakness, although its long-term outlook remains incredibly bright Analysts are now noting that the token may be well-positioned to see significantly further upside after it sees a low-time-frame dip This potential strength comes after it closed its daily and weekly candle

Cryptocurrency News Roundup for August 17, 2020

More than nine out of ten bitcoins in supply are currently in the money, meaning they have yielded a higher return-on-investment for their owners over time. And this profitability is not just confined to the alpha-crypto. According to new data from cryptocurrency analytics firm, IntoTheBlock, nearly 95% of all Chainlink (LINK) and 94% of all VeChain (VET) addresses are currently in profit. In fact, barring a few exceptions such as Litecoin (LTC), most of the major wallet-bound altcoins are earning sizeable profits for their holders. More on that and other

Bitcoin is Poised to Push Towards $14,000 After Posting Bullish Weekly Close

Bitcoin has continued consolidating within the upper-$11,000 region overnight This extended period of sideways trading has come about despite it facing multiple recent rejections at $12,000 Its inability to break above this level has so far not led it to see any notable near-term downside, with $11,700 becoming a strong level of support This support level was previously a crucial resistance that it was struggling to close above Yesterday marked the first daily – and weekly – close that the cryptocurrency had been able to post above this crucial level