Connect with us

Bitcoin

Bitcoin Price Analysis: BTC ready to break $65,000?

Published

on

  • Bitcoin price analysis is bullish today.
  • BTC/USD continued to advance yesterday.
  • Resistance at $65,000 is soon to be tested.

Bitcoin price analysis is bullish today as bullish momentum continued to push the market higher over the last 24 hours. Therefore, we expect BTC/USD to test the $65,000 later today, likely leading to a break higher.

Bitcoin Price Analysis: BTC ready to break $65,000? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with Bitcoin gaining  2.54 percent. Ethereum increased by 3.16 percent, while the rest of the top altcoins followed.

BTC: All Exchanges Reserve drops to record low

Bitcoin reserves on cryptocurrency exchanges have hit a record low over the past weeks. While in July we saw reserves of over 2.56 million BTC, a sharp decline was seen by the beginning of August when the reserve reached 2.45 million BTC.

From there, further decline was seen during September, dropping to a yearly low of 2.38 million BTC. The two drops in BTC price correlate with the bullish moves we have seen over the past weeks. Since a record low has been achieved, will this mean that the Bitcoin price is ready for new yearly highs?

Bitcoin Price Analysis: BTC ready to break $65,000? 2

BTC Exchange Reserves vs Price, Source: cryptoquant.com

Bitcoin price movement in the last 24 hours: Bitcoin advances  towards $65,000

BTC/USD traded in a range of $61,622.93 – $64,456.81, indicating moderate volatility over the last 24 hours. Trading volume has increased by 2.11 percent and totals $37.25 billion, while the total market cap trades around $1.214 billion, resulting in the market dominance of 47.43 percent.

Advertisement

BTC/USD 4-hour chart: BTC ready to break $65,000?

On the 4-hour chart, we can see bullish momentum has taken Bitcoin price action to just under the $65,000 mark.

Bitcoin Price Analysis: BTC ready to break $65,000?
BTC/USD 4-hour chart. Source: TradingView

The bullish price action seen over the last 24 hours is the result of a much larger upswing since the beginning of October. From the previous major swing low of $41,000, BTC/USD has since gained almost 60 percent to the current high of $64,500.

After consolidating above the $60,000 mark earlier this week, we saw bullish momentum slowly return as higher lows were set, eventually leading BTC/USD above the $62,000 local resistance. Overall, Bitcoin price action should continue higher over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as bulls have continued to move the market towards the $65,000 mark after a retest of $60,000 as support.  Therefore, we expect BTC/USD to break the $65,000 over the next 24 hours.

Advertisement

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

Bitcoin

Bitcoin Doesn’t Work as a Form of Payment, According to Celsius CEO Alex Mashinsky – Here’s Why

Published

on

The CEO of crypto lending platform Celsius does not think that Bitcoin (BTC) has the correct properties to become a suitable payment option. 

In a new interview on Coin Stories, Alex Mashinsky offers a contrasting picture between the qualities of the US dollar and the leading cryptocurrency. 

“I’d much rather be in a scenario where the dollar remains as the reserve currency but Bitcoin continues to do very well…

Advertisement

The dollar is a phenomenal form of payment. It’s a horrible store of value and Bitcoin is a phenomenal store value, but it’s a pretty bad form of payment.”

Mashinsky highlights that it is not a great idea to use Bitcoin to pay for goods and services as he says that people who have done so in the past often regret making the transaction. 

“If you fell for Elon Musk’s deal where he gave you a Tesla for two or three Bitcoins, obviously you hate driving that Tesla because you would in a second go back and take those three Bitcoins and return the Tesla, which lost value during the same period of time. 

Advertisement

Anything you bought with Bitcoin in the last 10 years, you rather have the Bitcoin back and would have paid in US dollars. That’s really the crux of the matter that you cannot use it as a form of payment or cannot use it in a way that makes you happy about the transaction.”

News Source

Advertisement
Continue Reading

Bitcoin

Is Bitcoin Officially in Bear Territory? Crypto Analyst Michaël van de Poppe Analyzes State of BTC After Deep Pullback

Published

on

A widely followed crypto strategist and trader is looking at the state of Bitcoin to determine whether the largest crypto asset by market cap has crossed bear territory.

Hours before the deep crypto pullback, analyst Michaël van de Poppe told his 518,000 Twitter followers that he was expecting Bitcoin to correct hard and leave an impression that the bull market is over.

“The scenario is very simple.

Advertisement
  • People expected a peak bull run in December. Not happening.
  • Let the market correct due to that.
  • People will expect a bear market at the low (approx. $47,000-$50,000).
  • Moon the markets and leave everyone behind.

Supercycle.”

With Bitcoin trading below $50,000, Van de Poppe says BTC is still in a bull market and highlights that he believes the correction is now over.

“Overall, this should be the low of a standard 30-40% correction in the markets.

However, corrections are super wicky the past few years in Bitcoin as there’s such a massive amount of leverage in the markets.

Advertisement

Through that, we overshoot.

But all good, should be done now.”

Looking at the charts, Van de Poppe says there’s a decent chance that Bitcoin will launch a V-shaped reversal or a sharp rally where BTC revisits its all-time high around $69,000 by early next year.

Advertisement

“Rounding off the day with this chart on Bitcoin.

I think that the chances for a V-shape recovery are there.

We’ll see coming week how it unfolds, but these bounces are significant and good.”

Advertisement
Image
Source: Van de Poppe/Twitter

Bitcoin is exchanging hands at $48,994, down over 7% in the last 24 hours.

News Source

Continue Reading

Bitcoin

This Bitcoin fractal predicted the fall, but here’s the next price target

Published

on

Bitcoin, along with the larger crypto-market, dropped the ball after the most recent price fall had echoes of 19 May’s crash. With BTC shedding 25% of its value in a matter of a few hours, the market seemed to reset to its September-end levels. While it was trading around the $49k-mark at press time, for a brief moment, it did tread close to $42,000 too.

The aforementioned price fall led to a mass wipeout, giving way to over $2.5 billion liquidations across the market. Ergo, the question – Does the macro bullish outlook for Bitcoin remain intact? 

The dip was overdue 

On the daily chart, Bitcoin’s price had been in a falling wedge structure since the 16 November crash. Looking at the larger structure for the past month, it can be argued that the latest crash to the $42k level was overdue.

Advertisement

On zooming out, a look at BTC’s weekly chart highlighted how after the 4 December crash, the price broke the MA 50 trend-line. 

Source: TradingShot

During the previous major corrections too, the price had broken below this level in May and then again, in late June. However, it has always managed to hold it.

In fact, this level has acted as a support for the +100% rally from July to November. Thus, as long as the weekly closes above or at least around the 1W MA50, BTCUSD has a legitimate probability of forming support there and starting a new rally.

Advertisement

Interestingly, an RSI fractal seemed also to be in play here. As noted in the chart above, a similar RSI structure was seen from mid-2019 to early 2020, as seen from early 2021 to the time of writing. The key catalyst in both cases was the sell-off due to COVID fears.

However, this crash was more of a combination of multiple factors like the panic among retail investors, tech market crash, over-leveraged crypto-markets, high Open Interest, positive funding rate, and so on. 

So, what’s next?

For now, while the price has rebounded, another fall to the lower $40k-level cannot be discarded.

Advertisement

However, BTC’s two main utility indicators continue to rise – A good signal. BTC’s token circulation and its daily active addresses, at press time, sat at a 6-month high. In fact, they seemed likely to continue their uptrend too. 

Source: Sanbase

Furthermore, the estimated leverage ratio dropped by 22% in just one day. This was last seen in September when the price dropped by 24% and touched $40k.

In case a similar rally follows and BTC’s price makes a similar structure, the next minimum target of $75k for Bitcoin towards the end of January 2022 can be expected. 

Advertisement

Source: CryptoQuant

At the time of writing, the biggest takeaway as BTC’s price rebounded from its lower levels seemed to be that the market dynamics have been looking very different than previous cycles.

Even though volatility was still high, the market seemed to move from FOMO-induced price tops and sell-offs to more mature and sustainable growth while flushing leverage. Nonetheless, with the price structure still tilting towards bearish, despite the bounce, it would be best to be cautious.

News Source

Advertisement
Continue Reading