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Bitcoin Price

Bitcoin Price Analysis: BTC retests $63,000 as support, strong higher low established?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD saw a massive selloff yesterday.
  • Support was found at $63,000.

Bitcoin price analysis is bullish today as a strong higher low was set at $63,000 after a quick spike lower. Therefore, BTC/USD market structure is now ready for another attempt to push higher.

Bitcoin Price Analysis: BTC retests $63,000 as support, strong higher low established? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a bearish momentum return over the last 24 hours. Bitcoin dropped by 2.21 percent, while Ethereum by 0.54 percent during the period. One of the leaders yesterday, Litecoin (LTC), is among the worst performers today, with a loss of over 7 percent.

Bitcoin price movement in the last 24 hours: Bitcoin drops 9 percent after failing to breach $68,550 

BTC/USD traded in a range of $63,208.11 – $68,742.31, indicating strong volatility over the last 24 hours. Trading volume has increased by 40.34 percent and totals $50.84 billion, while the total market cap trades around $1.232 trillion, resulting in market dominance of 43.13 percent.

BTC/USD 4-hour chart: BTC starts to recover as more downside is rejected

On the 4-hour chart, we can see the Bitcoin price returning above $65,000, indicating that a strong higher low was set during the overnight selloff.

Bitcoin Price Analysis: BTC retests $63,000 as support, strong higher low established?
BTC/USD 4-hour chart. Source: TradingView

After sideways trading around $60,000 support and $63,000 resistance over the past weeks, Bitcoin price saw a massive advance on Monday. A new all-time high was set at $68,550 after some struggle below the $67,000 previous major high.

On Tuesday, a slow retracement followed, with a brief spike higher seen yesterday. From there, a drop of almost 9 percent was seen in a couple of hours. The drop led to a quick test of the $63,000 previous major resistance close to the end of the day.

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Rejection for further downside followed, quickly returning BTC/USD above $64,000 next resistance turned support. Likely the Bitcoin price action is now ready to continue higher, with the expectation that a new all-time high could be set by the end of the week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a strong higher low has been set after rejection for further downside around $63,000 previous resistance. Therefore, BTC/USD is likely ready to recover and look to move for another push higher later today.

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Bitcoin Price

This Bitcoin price metric just hit ‘oversold’ for only the 7th time in 8 years

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A Bitcoin (BTC) price metric, which made BTC “look seriously cheap” at $56,000, is now in rare oversold territory.

In a tweet on Dec. 6, Philip Swift, creator of analytics platform LookIntoBitcoin, returned to potentially bullish signals coming from Bitcoin’s Advanced NVT Signal.

Advanced NVT deflates in Bitcoin price rout

Advanced NVT calculates whether Bitcoin is overbought or oversold at a certain price point, using market capitalization and network volume.

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In late November, when BTC/USD had already fallen to $56,000, Swift suggested that a bounce was due.

The metric subsequently continued to fall in line with spot price thanks to last Friday’s liquidation cascade. A possible plus, however, lies in the return of “oversold” cues from NVT — something which has only occurred six times since 2015.

“A lot of fear in the market currently, which makes me bullish. Lots of indicators suggest we are near a bottom,” he said.

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“Advanced NVT Signal looks at price relative to onchain transactions. It has only been this oversold a few times before, each time resulting in a strong bounce.”

Bitcoin advanced NVT signal annotated chart. Source: Philip Swift/Twitter

The strength of such a bounce nonetheless may have already faded, with Bitcoin reversing after around 6% overnight gains to $51,500 on Bitstamp.

Trader to BTC buyers: Wait a week to “avoid chop”

At press time, $51,000 formed a focus amid heavy indications from commentators that fresh downside could soon enter.

“Buy in low to mid 40’s. Not get trapped,” trader and analyst Pentoshi advised Twitter followers.

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As Cointelegraph reported Monday, meanwhile, there are plenty of reasons to separate spot price action from underlying strength in Bitcoin.

Among them is the all-time high hash rate, along with a broad lack of selling. Smaller hodlers, by contrast, have been adding to their positions throughout the past week.

Only whales appear to be hedging their bets, as evidenced by exchange flow data.

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Bitcoin Price Rise From the Ashes! Why Should You Buy BTC Below $53K?

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Protagonists and analysts across the crypto market acknowledge that HODLers, especially long-term holders likely be the recipients of prospective Bitcoin price moves ahead. On Tuesday,  increased bets on buying the dip have gradually uplifted the wider crypto space. Notably, the top cryptocurrencies of the space quickly restored their momentum. However, as the majority of the altcoins forfeited their gains, cash-flow tunes in for BTC price action. 

On the other hand, the crypto analyst The Wold Of All Streets shared his view on the current market scenario. He is optimistic about the BTC bull run if the price manages to break above $53k. In case of a bearish move, the price would heavily plunge to $28k if it fails to gain strength around $42k. 

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A crypto metric platform Santiment confirms the huge whale accumulation in a recent price drop. While Bitcoin price plunged to its multi-month low of $43.5k, retail whales holding between 10k to 100k BTC accumulated a record high of 67k more Bitcoin in just 3 days after the market crash. However, the investment move strives to prove the primary coin as a less risky asset. On the other hand, these whales would quickly liquidate in terms of any uncertainties, hence it is mandatory to do thorough research before investing. 

Collectively, Bitcoin price is hopeful of an incredible rally ahead. Analyst Dylan Leclair is likely to be pretty much convinced with the bull market ahead. The chart shown by him hints at a probable steep uptrend in the next couple of weeks. As December holds a high probability of massive leg up, the flagship asset would claim a new ATH. However, short-term holders and newbies are advised to be cautious of uncertainties such as market crashes or whale manipulations.

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Bitcoin Price Flash Crashed to $28.8K on Huobi: Over $2.5B Total Liquidations in 24 Hours

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While bitcoin dumped to $42,000 on most exchanges, Huobi saw a more substantial drop as BTC went below $30,000.

A flash crash transpired on Huobi as BTC went all the way down to $28,800 before recovering just as sharply. At the same time, the liquidations are well above $2.5 trillion on a daily scale as the entire market is deep in the red.

  • As reported earlier, bitcoin, and the entire cryptocurrency market, went through one of its worst crashes in recent history. BTC plummeted by $16,000 in a day from around $58,000 to an intraday low of $42,000 on Bitstamp and most exchanges.
  • However, other trading venues saw even more dramatic price drops. Such was the case with the BTC/USDC trading pair on Huobi, where bitcoin dropped all the way down to $28,801, as the picture below shows.
BTC/USDC on Huobi. Source: TradingView
BTC/USDC on Huobi. Source: TradingView
  • Such events are known as flash crashes, in which the price of the underlying asset drops significantly lower on one (or more) exchanges compared to most and recovers immediately.
  • As it happened in previous times that CryptoPotato reported, the price of BTC recovered just as quickly as it fell.
  • Separately, the aforementioned market dump, which caused massive double-digit price nosedives for almost all coins, resulted in severe pain for leveraged traders.
  • According to data from CoinGlass (formerly known as Bybt), the total liquidations are above $2.5 billion on a daily scale. In the past 4 hours alone, the liquidations are over $1.5 billion.
  • The number of traders liquidated is just shy of 400,000, and the largest single liquidation order was worth $28 million and transpired on Bitfinex.
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