Bitcoin Price Prediction: BTC/USD Likely to Trade Above $50,000

Bitcoin Price Prediction – August 22 The Bitcoin price prediction reveals that BTC fails in overcoming $50,000 as the latest rejection drives the coin to a daily low of $48,102. BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $54,000, $56,000, $58,000 Support Levels: $44,000, $42,000, $40,000 BTCUSD – Daily Chart BTC/USD is correcting low after touching the daily high of $49,499 and it is likely to start another increase as long as there is no close below $45,500. This past week, the Bitcoin price saw a monthly high

A Lifelong US Dollar Downtrend Paints Bullish Outlook for Bitcoin

The US dollar is on track for its most significant monthly performance since July 2019. But it continues to feel the pressure from its all-time bearish outlook. Why? A monthly chart of the US dollar index (DXY), a barometer to gauge its performance against a basket of top foreign currencies, shows the greenback in a lifelong downtrend. So it appears, the index has been trending lower inside a Descending Channel, as confirmed by more than two lower highs and lower lows. DXY pulls back after testing the upper trendline of

Bitcoin Fractal from June 2020 Hints Major Bull Run Ahead

Bitcoin may head higher in the coming sessions based on its price action’s similarities with a fractal from June 2020. First spotted by TradingShot, an independent trading signals provider, the fractal boasts about a support level near $9,000 that stood firm between June 25 and July 21 this year. Traders attempted to break below the floor for 26-days straight but failed every time owing to a higher buying sentiment around it. Meanwhile, the same period saw a so-called “LMACD Squeeze.” Strong Bitcoin Accumulation In retrospect, LMACD stands for Logarithmic Moving

Bitcoin This Week: All Eyes on Fed Meeting After $10,500-Rejection

Bitcoin closed last week with a brief jump above $10,500, a critical resistance target that excited traders into booking their short-term profits. The result was a dump. Bitcoin’s benchmark symbol BTC/USD trimmed about $350 off its weekly top overnight. Furthermore, the pair fell into the same trading range that trapped its breakout moves throughout this September. Entering the new week, the technical outlook for BTC/USD remains the same as before: Fluctuate inside the $9,800-$10,400 area. Bitcoin rejects $10,500 to enter the previous consolidation range. Chart Source: TradingView Josh Rager, the

Bitcoin Rises Ahead of ECB Meet; How Eurozone Could Impact Price?

Bitcoin bounced back on Thursday as the dollar weakened. But the cryptocurrency refrained from making any significant moves ahead of the European Central Bank’s monetary policy resolution later today. BTC/USD surged by up to 1.89 percent to hit an intraday high at $10,417.80. Earlier this week, the pair was trading for as low as $9,819. That signified that traders wanted to keep the price above $10,000, a psychological support level. While BTC/USD showed signs of upside momentum this Thursday, its overall price action remained choppy at best. Bitcoin recovers on

3 Reasons Why Bitcoin Price May Slip Below $10K This Week

A potential catalyst for Bitcoin’s supersonic price rally in 2020 has been the combination of ultra-flexible monetary policies of central banks and massive spending by governments. The prospects of cheaper money have inspired many to seek hedge in what is now the world’s leading cryptocurrency by market capitalization. As a result, BTC/USD jumped from $3,858 to just shy of $10,500 within only five months of trading. Nevertheless, the very same catalysts that pushed the pair exponentially higher are now giving away the signs of withdrawals. Especially this week, investors have started

Here’s how Tether is bringing stiff competition to the US Dollar

Tether has become more mainstream than ever. It ranks third with a market capitalization of $13.7 B with its market dominance having increased by 2.9% since August 31, 2020.Source: CoinMarketCapHowever, this level of dominance and explosive growth makes it an outlier in stablecoins. Tether was introduced as the ‘digital dollar’ for facilitating entry into cryptocurrency markets and trading. However, it has become more instrumental to liquidity on exchanges.The Tether inflow to cryptocurrency exchanges has increased in the past 30 days. Source: ChainalysisThus it is instrumental in generating liquidity to absorb demand

Binance launches LINK, ADA Coin-margined contracts with eye on BitMEX

Binance may have entered the derivatives space late, but within no time, it has established its place in the market and among users. The reason behind its success was the variety of altcoins offered by the exchange along with the major coins. 2020, has been the year of DeFi and Binance realized this and added DeFi tokens to enable interested users to trade on its platform. Just the previous month, Binance Futures launched a new line of products called the perpetual futures COIN-margin and as per their announcement on Friday,