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Bitcoin Price Analysis: BTC tests $56,000 again, upside rejected for now

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  • Bitcoin price analysis is bearish today.
  • BTC/USD made another push higher today.
  • Resistance at $56,000 still holds.

Bitcoin price analysis is bearish today as further upside was rejected earlier today after a quick spike to $56,000. Therefore, we assume BTC/USD needs to retrace even more before it can reach further upside.

Bitcoin Price Analysis: BTC tests $56,000 again, upside rejected for now 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 2.09 and 1.26 percent. The rest of the market is mostly in the green, with the largest loss seen for Shiba Inu (SHIB) as it has retraced almost 30 percent after a strong rally earlier this week.

Bitcoin price movement in the last 24 hours: Bitcoin spikes to $56,000 again

BTC/USD traded in a range of $53,525.47 – $55,922.98, indicating strong volatility over the last 24 hours. Trading volume has declined by 18.64 percent, while the total market cap trades around $1.04 billion, resulting in market dominance of 44.83 percent.

BTC/USD 4-hour chart: BTC to retrace again?

On the 4-hour chart, we can see rejection for further upside as Bitcoin price only briefly could remain at the $56,000 resistance.

Bitcoin Price Analysis: BTC tests $56,000 again, upside rejected for now
BTC/USD 4-hour chart. Source: TradingView

After strong bearish momentum in September, Bitcoin has reversed so far this month. From the $41,000 support established by the end of September, BTC/USD has so far gained more than 35 percent, reaching the $56,000 mark.

However, after another strong spike higher on Wednesday, bullish momentum became exhausted, sending BTC in a slow retracement yesterday. Support was found around $53,500, with further upside is seen earlier today.

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As soon as Bitcoin price reached the $56,000 mark, selling pressure returned, leading to a rejection for further upside. Therefore, we expect that BTC/USD will continue to retrace to establish a base from which to continue higher next week,

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish for the rest of the day as a strong rejection for further upside was seen after the $56,000 was reached. Therefore, BTC/USD currently lacks the momentum to reach further upside, and a retracement is needed.

While waiting for Bitcoin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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s are now selling ‘way more’ US Dollars to buy Bitcoin

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El Salvador’s mainstream Bitcoin (BTC) adoption gains momentum during the ongoing bull run as citizens increasingly exchange their United States dollar savings for Bitcoin. 

President Nayib Bukele shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. President Bukele said:

“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”

He also urged media outlets to independently confirm the above information by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”

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The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which initially faced resistance during adoption from the general public. Moreover, the Salvadorean government offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions. 

El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.

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A Cointelegraph report shows that El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, mainly to facilitate local Bitcoin transactions and Bitcoin to U.S. dollars conversions.

Recently, the Salvadorean government announced to build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area: “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”

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Why Bitcoin ETF Is Such A Big Deal and May Push Bitcoin Above $100k?

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Amid a global regulatory crackdown on cryptocurrencies, the U.S. SEC’s approval of a Bitcoin (BTC) Exchange-Traded Fund (ETF) has come as a pleasant surprise to the Bitcoin community. The most awaited ProShares Bitcoin Strategy ETF is reportedly launching as early as Monday, October 18. This ETF is going to be traded with a ticker symbol of BITO and will track Bitcoin futures.

Bitcoin rallies towards $100K

Instead of achieving regulatory green light, Bitcoin price crossed $62K this morning with a slight correction, BTC continued to stand strong at $61.5K, at the time of reporting. The market is raging with speculation of Bitcoin crossing $100K with this ETF. The timing could not have been better as the fourth quarter has commenced the holiday season bull run, with trader bonuses flooding in as cryptocurrencies take to an upward graph. Since the beginning of October, when the potential BTC ETF began gaining mass traction, the impact on Bitcoin prices also became evident.

According to a Bloomberg report, this Bitcoin ETF will further the institutional adoption of the decentralized sphere, specifically focused on Bitcoin. “An ETF should provide greater ease-of-use for retail investors looking to ride Bitcoin’s often hair-raising ups and downs. Like securities tracking oil and gold, it will change hands on relatively familiar U.S. stock-market venues, rather than in cryptocurrency or futures exchanges whose workings are imposing to some users.”

Regulatory approval can make or break a token

The frequently validated fact that regulatory approval radically helps the growth of cryptocurrencies, despite it being a decentralized and unregulated market, continues to gain credibility. XRP is one of the most prominent examples of how drowning in a regulatory puddle may keep certain tokens into a bear rut, while the rest of the industry leaps into the bullish phase. Due to the ongoing XRP lawsuit against Ripple, the XRP community continues to suffer as the fourth quarter has not helped XRP so far. The community blames the SEC for stretching the lawsuit intentionally so that XRP skips this bull run.

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