Connect with us

Bitcoin

BTC price battles for $46K as Polkadot (DOT) ends weekend with 10% surge

Published

on

Bitcoin (BTC) hit problems at $46,000 on Sept. 12 after a “strong bullish divergence” on lower timeframes met with resistance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Higher lows creep in for BTC/USD

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reject sharply after hitting local highs of $46,280 on Bitstamp.

The move continues a ranging weekend, over which the pair failed to recover from Friday’s sell-off.

$45,500 is an important level for Bitcoin in the form of its 50-day moving average, a level which on Sunday continued to hold as support.

Advertisement

As noted by trader and analyst Rekt Capital, lower timeframes showed increasing strength on the day, with a “strong bullish divergence” characterizing the 4-hour chart. At the time of writing, however, no new levels had entered as support.

“Bitcoin formed a Lower Low on the 4-hour timeframe during the days spanning the 8th and 10th of September,” he summarized.

“Over the course of the 10th and 12th of September however, $BTC formed a new Higher Low on the 4-hour timeframe.”

BTC/USD 1-day candle chart (Bitstamp) with 50-day moving average. Source: TradingView

Cointelegraph contributing analyst Michaël van de Poppe was also on the lookout for a higher low construction.

“Looking at a higher low to be constructed at Bitcoin and then we’re ready to go toward $50K,” he said Saturday.

Advertisement

Polkadot leads Sunday’s altcoin moves

As Cointelegraph reported, expectations include a Bitcoin price dip to as low as $38,000 at worst, with September poised to be a month of rumination for the bull run continues.

Bitcoin’s overall crypto market dominance continued to fall at the weekend, nearing 40% in what could prove to be a boon for altcoin performance.

Signs of life were already present on major alts Sunday, with Polkadot (DOT) leading the top ten with 10% daily gains.

Advertisement
DOT/USD 1-day candle chart (Kraken). Source: TradingView

The largest altcoin, Ether (ETH), was up 3.2% at $3,425, albeit still down 13% compared to its position last weekend.

Bitcoin

Bitcoin, Ethereum, Terra, Cardano Price Analysis ‒ 2 December Morning Prediction

Published

on

  • Major coin prices recede after a global market cap efflux of 1.78%.
  • Bitcoin prices fall below $57K after a 1.45% value drop.
  • Ethereum suffers a blow of 4.00% in the last 24-hours.
  • Crypto favorites Terra (LUNA) and Cardano (ADA) see gains of 12.13% and 8.06%, respectively.

After witnessing a blow of 1.78% value drop, the global market cap has suffered a $0.06T loss after a recent efflux. The trading volume has dropped by 6.46% and is on a losing streak as the global market cap drops.

The decreasing market cap is due to the small but not unnoticeable; price drops among the various cryptocurrencies that sit among the top ten. Seeing slightly bearish runs and displaying red charts, Bitcoin, Ethereum, and Binance have recorded sudden value drops.

Continue Reading

Bitcoin

Is Apple Planning For Bitcoin Payments! Will BTC Network Volume Eclipse Visa And Mastercard Payments?

Published

on

In an acute inflationary atmosphere, numerous cryptocurrency projects seem to be more appealing to investors. Possible threats of US inflation and the prevailing pandemic situation prompt investors to espouse Bitcoin payments. On the other hand, the network has been thriving hard to outstrip the network volumes of Visa and Mastercard. 

The global crypto market cap raised its bar to the new highs on, as investors gush into Bitcoin investments as Federal Reserve chairman Jerome Powell made remarks on tapering of monthly bond purchases to occur a couple of weeks before than expected. This move would further result in a hike in the interest rates, resulting in hyperinflation. 

Apple to Adopt Bitcoin Payments?

The reputed tech firms might lookout for investment opportunities that would help manage their purchasing power. Notably, top companies with significant cash reserves such as Apple ($191 billion), Google ($168 billion), Microsoft ($137 billion), Amazon ($86 billion), Facebook ($86 billion), and Oracle ($39 billion) might shift their gears to Crypto investments. Moreover, crypto market insight platform Bitcoin Archive is been optimistic about Apple’s adoption of Bitcoin payments. 

Advertisement

However, crypto analyst Venturefounds recently made remarks on loss of purchasing power by $102 billion in retaliation of record break inflation rate in the US. Hence, possibilities are quite high that top-tier tech firms would soon roll out a red carpet to the Bitcoin payment adoption. 

On the other hand, the Report of Blockdata confirms Bitcoin’s progressive move against PayPalVisa, and Mastercard payments. Bitcoin network acclaimed an evaluated average of $489 billion per quarter in 2021. Besides Visa, Mastercard, and PayPal payments have recorded network volume worth $3.2 trillion, $1.8 trillion, and $302 billion respectively. However, the platform has been optimistic about the massive growth of Bitcoin’s payment network. 

Advertisement

Collectively, investors all across the globe appear to be FOMO-ing Bitcoin. Hence, the flagship asset and other revolutionary cryptocurrency projects would experience sustainable growth in the near future. Especially, the platform has dragged more than 60 to 70% of investments during uncertainties such as pandemic and global financial crises.  

News Source

Advertisement
Continue Reading

Bitcoin

Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecast

Published

on

Bitcoin (BTC) was on repeat on Dec. 2 as markets watched another attack on $60,000 end in defeat.

Bitcoin

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Nothing has changed”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD back at $57,000 Thursday, having come full circle in 24 hours.

The pair had briefly hit $59,000 into the Wall Street open the day prior, this failing to hold as another round of macro triggers skewed sentiment to the downside once more.

Advertisement

Bitcoin thus fell in line with stocks reacting, it seemed, to continued concern over the new coronavirus omicron variant. The S&P 500 ended the day down 1.2%.

With a sense of frustration pervading crypto markets, analysts took the opportunity to reassert a longer-range perspective.

“It’s very simple. Below $60K I’ve remained cautious/bearish as I’d like to see that area flip,” Cointelegraph contributor Michaël van de Poppe summarized.

Advertisement

“Levels to watch for buys; $53K-54K zone and $47-50K zones for Bitcoin. When to buy altcoins? December. Nothing has changed past weeks.”

Those buy target lows were accompanied by renewed predictions for this cycle’s bullish peak, which, as in April this year, place BTC/USD at up to $400,000.

Fellow analyst TechDev, eyeing Fibonacci levels on the two-week chart, also described Thursday as “another day to zoom out.”

Open interest stays near all-time highs

On exchanges, open interest, meanwhile, remained a source of concern due to its sheer volume relative to price action.

Advertisement

Data from on-chain analytics firm Glassnode showed open interest on Bitcoin futures recently matching its second-highest levels in history, nearing its April record.

“At some point, this open interest is going to get flushed out one direction or the other,” analyst William Clemente commented.

Bitcoin

Bitcoin futures open interest 7-day moving average chart. Source: William Clemente/Twitter

With cyclical price action characterizing the week, the mood thus stayed favoring an ultimate exit up or down, with derivatives structures being “reset” as a result.

Advertisement

Funding rates were mostly neutral across exchanges Thursday.

News Source

Advertisement
Continue Reading