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Bitcoin price analysis: BTC aims for $60,000, as the Bullish momentum inflates to $59639

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  • Bitcoin price analysis is strongly bullish today.
  • BTC bulls are on a march towards the $60,000 target.
  • The nearest resistance is found at $61,389.
  • The nearest support for BTC is found at $57,304.

The Bitcoin price analysis is bullish beyond limits today as BTC bulls are aiming for $60,000. Today BTC/USD pair price improved from $57,304 to $59639 after the slow price movement of yesterday when BTC was struggling to maintain the price level. After reaching the $57,000, Bitcoin faced rejection for further upside, but the leader of cryptocurrencies is reigning with mighty hold, as the price function is now advancing towards the higher side. The last time the king cryptocurrency enjoyed the joy of being above $60,000 was on 18th April 2021 and went below $50,000 on 12th May. Recently the Bitcoin again recovered to the $50,000 mark on 5th October, and the pioneering Bitcoin has been on improvement since then.

BTC/USD 1-day price chart: Bitcoin to the moon

The 24 hours price chart for Bitcoin price analysis shows a strongly bullish price function as the price of BTC/USD is trading hands at $59639 at press time, and no weakness in bullish momentum has been observed as yet. But there are some rare worrying indications as well; despite the price spike and BTC/USD gaining 2.55 percent value over the last 24 hours, the trading volume is down by 11.5 percent, which shows some weakness in the roots of the king’s throne.

Bitcoin price analysis: BTC aims for $60,000, as the Bullish momentum inflates to $59639 1

The volatility is high as the Bollinger bands are suggesting, the upper band is at $62,657, representing resistance for BTC, and the lower band is at $39,071, representing the lowest support for the BTC/USD pair. The price is trading near the upper band, and still, there seems to be more room for upwards price function.

Another factor is the relative strength index (RSI) which has moved into the overbought zone and is present at index 71 just above the borderline of the neutral zone. The RSI can anytime revert back and give a sell signal which might make it hard for the king to float above $60,000 in the coming days.

The moving average (MA) is present below the price at $56,142, complementing the bullish momentum, as the short-term MA10, MA20, and MA30 all indicate a bullish trend.

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Bitcoin price analysis: Recent developments and further technical indications

The recent 4-hour price chart for Bitcoin price analysis further confirms the bullish momentum as it shows a continuous increase in price since the start of today’s session; still, no signs of a bearish hindrance have been observed. But as can be seen on the 4-hour chart, the price has moved above the Bollinger bands upper limit, and the selling pressure can kick in anytime, from traders fearing a short-term downside, which will make it hard for the king crypto to break above the $60,000 mark.

Bitcoin price analysis: BTC aims for $60,000, as the Bullish momentum inflates to $59639 2
BTC/USD 4-hours price chart. Source: Tradingview

The volatility is also increasing during the recent hours as the Bollinger bands show divergence after maintaining a narrow channel for the past few days. The upper band, at $59,504 now being below the price level, has turned into support for BTC/USD price. The RSI movement has also turned flat, which is an indication of a balance between buying and selling activity in the market. Now the deciding factor will be, which side overcomes the other side to further dominate the price function.

The overall technical indicators are in support of investment in BTC/USD pair assets, as 15 technical indicators support the buying decisions for BTC, including the MA, EMA, MACD oscillator, and the hull moving average. On the contrary, only one technical indicator of Momentum favors the selling of BTC assets; thus, the majority weight is on the bullish side. However, 20 technical indicators stand neutral and don’t favor either side of the market.

Bitcoin price analysis: Conclusion

The current Bitcoin price analysis shows the bullish momentum is dominating the price function, but the BTC bulls can get exhausted any time soon as the trading volume is still down over the last 24 hours and the RSI is already in the overbought zone. If the buying pace continues, the Bitcoin is likely to make it into the 60,000 range, but as the RSI on the 4-hour chart shows, flat movement chances are diminishing as of now but hopes still exists. If the support at $57304 persists, it will still help Bitcoin to maintain the $59,000 range, which is, however, a step higher from the previous price level of the $57,000 range.

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Bitcoin Senator Rallies For Support Against Powell’s Renomination As Federal Reserve Chair, Here’s Why

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Popular Bitcoin Senator, Senator Cynthia Lummis is reportedly soliciting for the support of her fellow Republicans in her stance against Jay Powell after the latter got renominated to chair the Federal Reserve.

Bitcoin Senator Wary of Crypto-unfriendly Nominees

As reported by Decrypt who first broke the news, a source in Lummis’ office says her reasons border on her belief that there is an unlawful treatment of crypto-based institutions in her home state, Wyoming.

Meanwhile, the Bitcoin senator is not only against the nomination of Powell. The source still claims that Senator Lummis is also asking her Republican colleagues to help block Leal Brainard’s nomination as well. Brainard is another nominee of President Biden’s for the Fed positions.

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Lummis’ skepticism might be as a result of the Special Purpose Depository Institutions or SPDIs as they are otherwise called. They are a new type of crypto-based bank that Wyoming lawmakers granted a special operational license to, just last year.

Two crypto-based companies that received the license in 2020 include Kraken exchange and Avanti — the stablecoin issuer. However, the Federal Reserve’s decision to not approve their applications for central bank-issued accounts has placed a hold on their banking ambitions.

Speaking about the Federal Reserve’s delay in a Wall Street Journal feature article by Lummis on Wednesday, she says it is an intentional and unlawful obstruction. She added that the Fed’s reasons are ambiguous at best. According to the Bitcoin Senator, Lummis claimed that the Wyoming entities have met all requirements for being a bank under the Federal Reserve Act.

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Lummis insists that Powell and Brainard are only avoiding their legal obligations in their continued treatment of SPDIs and like many other U.S lawmakers, she wants to know why.

Could Lummis’ Pressure Affect Powell’s Confirmation?

As Lummis continues to apply even more pressure on her colleagues, the possible extent to which this pressure can truly go in affecting the confirmation process of both Powell and Brainard, remains to be seen.

But with the chair of the Senate Banking Committee, Sherrod Brown, reportedly holding a vote on the pair sometime this month, both of them could be confirmed.

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Also, there’s a possibility of a potential tight vote now that some progressive Democrats — most notably Elizabeth Warren — are saying they will not be voting for Powell.

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PlanB’s Floor Model First Miss: Bitcoin Price Closed Way Below $98K In November

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PlanB’s floor model was wrong about BTC’s November closing price. The stock-to-flow model, though, is still on track.

Bitcoin’s closing price for November below $60,000 meant that PlanB’s floor model, which was particularly accurate until now, was finally broken.

At the same time, though, the analyst confirmed that the more popular stock-to-flow model was still valid as BTC is on track towards $100,000.

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PlanB’s Floor Model Fails

PlanB is among the most popular analysts in the cryptocurrency space, predominantly known for the Bitcoin stock-to-flow model, which he published in early 2019. However, he also posted another model, which he referred to as the “worst-case scenario,” in July this year.

Also known as the floor model, it’s based on technical aspects, such as the 200-day moving average, and saw BTC closing August at $47,000, September at $43,000, and October at $63,000.

The first two months were spot on. BTC closed in October at $61,000, which was still very near to the model’s predicted price, and PlanB said it was “good enough” for him.

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However, November’s closing actual closing price of way below $60,000 was quite different from what the model envisioned – $98,000. As such, the analyst admitted that this was the model’s first miss after nailing the previous few months.

S2F on Track

As mentioned above, the floor model works separately from the stock-to-flow model, which sees the stock as the size of existing reserves (or stockpiles) and the flow as the annual supply of new bitcoins to the market.

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It’s actually even more bullish as the original version sees bitcoin tapping $100,000 by the end of the year. The upgraded stock-to-flow cross-asset model, which introduced different phases of bitcoin’s development, predicted a price tag of $288,000 until 2024.

Although bitcoin still struggles below $60,000 at the time of this writing, PlanB believes that the original S2F hasn’t been broken as the asset is on its way towards $100,000. If BTC is indeed to go into a six-digit price territory, it would have to increase its USD value by more than 66% in the next 30 days.

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CashApp Added Bitcoin Taproot Support, Here’s Why It Is Important

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CashApp now supports the updated version of Bitcoin

The widely known Cash App mobile payment service developed by Square, which is being used to transfer money with the usage of a mobile app, now fully supports the Bitcoin taproot update.

The mobile payments service is currently available in the U.S. and the U.K. but is still reporting 70 million annual transactions between users and generating $1.8 billion in gross profit.

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The taproot upgrade was highly anticipated by the Bitcoin network and the cryptocurrency community in general. Previously, the update went into effect on Nov. 14, 2021, at block 709,632.

Previously, the announcement appeared on the app’s website that has described numerous benefits that users will experience after the implementation of the update. One of the main advantages is increased privacy and reduced transaction fees.

The two-week period has been chosen to confirm the functionality of the updated version of the currency. As for now, the update has been activated for all customers. Taproot-enabled wallets are now available for both receiving and sending.

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