Connect with us

Bitcoin Price

Bitcoin Price Optimistic About Hitting $72.5k By Next Week! BTC Aggregation In Jeopardy

Published

on

Bitcoin has been considered a hedge against inflation owing to the latest financial crisis in the USA. The majority of the people are now turning the tables to Crypto space to improvise their purchasing power by deflating the inflation. The further rise in the accumulation would catalyze the price action in the near future yet the trend says sell-off of the asset in the short-term. 

The global crypto space has started a slow recovery after a short retest. The entire market cap now stands at pivotal resistance of $2.85 trillion with 0.11% gains round the clock. If the Bitcoin price buckles up at $65k, then it would further catalyze the total market cap beyond $3 trillion. 

Bitcoin Would Experience a Short Sell-Off? 

The Bitcoin price moves slowly and steadily with short-retests yet the digital coin is hopeful of the next break to rise towards new milestones. The price would experience a major sell-off prior to the next leg-up. The asset’s potential future forecast has been further confirmed by WuBlockchain, a popular crypto analyst.

Advertisement

The chart shared by the analyst highlights, each time the asset has undergone aggressive accumulation, in no time significant liquidations have occurred. Prior to the October bull run, the asset has seen an intense accumulation peaking to a new ATH. Hence, the analyst expects vital sell-offs to occur in the near term and urges traders to be cautious. 

Bitcoin Price Analysis: 

AtlasTrades, a crypto analyst made bullish predictions for the short term. He expects the Bitcoin price to smash $72.5k  by the next 10 days. The chart shown by him highlights the formation of the rising wedge pattern. Further, the converging pattern would result in a potential breakout at $62,172.

Advertisement

At present, the asset has been hovering around a crucial resistance of $64.580k, would gain strength in the region for the next couple of days. Further, the flagship asset would move gradually for a short rally rising up to a new ATH of $72.5k by next week. The analyst further expects the price to creating an immediate higher low at $65.326k.

Collectively, Bitcoin would go for a short rally before a sell-off occurs. Traders are expected to do be cautious of historical sell-offs and trends. Meanwhile, as the accumulation of the asset appears to be taking of a bearish divergence, the price would undergo a short retest in the near term. 

News Source

Advertisement

Bitcoin Price

Bitcoin Price Analysis: BTC rejects upside at $59,000, more downside to follow?

Published

on

  • Bitcoin price analysis is bearish today.
  • BTC/USD spiked to $59,000.
  • Closest support at $56,000.

Bitcoin price analysis is bearish today as we saw upside rejected after a quick rally today. Therefore, BTC/USD is not yet ready to set higher highs, and we will likely see more downside tested over the next 24 hours.

Bitcoin Price Analysis: BTC rejects upside at $59,000, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, declined by 2.29 percent, while Ethereum gained 3.55 percent. Terra (LUNA) was the top performer, with a gain of 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retests $59,000 previous high, quickly rejects lower

BTC/USD traded in a range of $56,375.16 – $58,879.67, indicating strong volatility over the last 24 hours. Trading volume has increased by 19.75 percent, totaling $39.4 billion, while the total market cap trades around $1.08 trillion, resulting in market dominance of 41.17 percent.

BTC/USD 4-hour chart: BTC looks to test downside again

On the 4-hour chart, we can see the Bitcoin price action returning towards previous support over the last hours, likely leading to another retest of the $56,000 support.

Bitcoin Price Analysis: BTC rejects upside at $59,000, more downside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has traded in a clear bearish momentum for most of November. After a quick spike higher on the 8th of November, a new all-time high was set at $69,000. From there, BTC/USD saw a strong reversal over the next week.

Almost 20 percent were lost until strong support was finally found at $56,000 on the 19th of November. After a brief retracement, the support got retested again on the 23rd of November. 

Advertisement

Meanwhile, further lower highs were set, indicating a bearish market structure still in play. This gave the momentum for bears to finally break another lower low to $53,500 last Friday. 

After some consolidation over the weekend, the Bitcoin price saw a quick reaction higher overnight to Monday. Initially, the $58,280 mark was reached, with further higher highs reached with quick spikes higher over the last 24 hours.

Ultimately, the $59,000 previous high was not broken, meaning that another wave lower should follow over the next days.

Advertisement

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we saw the $59,000 resistance reject the market lower over the past hours. Therefore, BTC/USD is still not ready to break previous highs, likely leading to more downside later this week.

While waiting for Bitcoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

News Source

Advertisement
Continue Reading

Bitcoin Price

Bitcoin Price Analysis: BTC slowly consolidates above $54,000, prepares to retrace?

Published

on

  • Bitcoin price analysis is bullish today.
  • BTC/USD continues to respect support at $54,000.
  • Closest resistance at $56,000

Bitcoin price analysis is bullish today as we expect a retracement to follow after failure to reach more downside over the last 24 hours. Therefore, BTC/USD is set to recover some of the loss seen on Friday, with the closest resistance seen at $56,000 previous support.

Bitcoin Price Analysis: BTC slowly consolidates above $54,000, prepares to retrace? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen bearish sentiment over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the red, with a loss of 0.98 and 1.02 percent. Meanwhile, Terra (LUNA) is one of the exceptions, with a gain of over 5 percent

Bitcoin price movement in the last 24 hours: Bitcoin consolidates above $54,000

BTC/USD traded in a range of $53,806.36 – $55,223.47, indicating small volatility over the last 24 hours. Trading volume has declined by 24.84 percent, totaling $24.4 billion, while the total market cap trades around $1 trillion, resulting in a market dominance of 41.79 percent.

BTC/USD 4-hour chart: BTC looks to reverse? 

On the 4-hour chart, we can see the Bitcoin price failing to move lower, likely leading to a reversal over the next 24 hours.

Bitcoin Price Analysis: BTC consolidates above $54,000, prepares to retrace?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen previous bearish momentum slow down this week. After a strong decline last week to the $56,000 mark, the support was retested again early this week.

Bears failed to breach lower, resulting in a consolidation formed on Tuesday. From there, BTC/USD rallied to set another lower high, around $59,000, before moving lower again.

Advertisement

This time, the $56,000 support failed, leading to the next support at $54,000 quickly reached. However, since then, the Bitcoin price action has consolidated close to the low as the market is indecisive on where to go next. The most likely scenario is a retracement from the previous lows as bears are likely exhausted after a strong selloff on Friday.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we expect more upside to be tested later today after the $54,000 support prevented further downside over the last 24 hours. Therefore, BTC/USD could see the $56,000 support tested as resistance later today.

While waiting for Bitcoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Advertisement

News Source

Continue Reading

Bitcoin Price

Bitcoin Price Stumbles But On-Chain Metrics Still Intact!

Published

on

The cryptocurrency market has taken a hit as a result of concerns about a new Covid version that was discovered in South Africa. The price of Bitcoin is currently trading at $54,941 and has gained 1.5 percent in the last 24 hours.

Although the short-term price action appears bearish, the underlying fundamental and on-chain trend remains robust, implying that the bull market is likely to continue. Bitcoin has tested a significant uptrend support line near $54K, putting it in a critical technical support zone.

Despite a 22% drop from recent highs of $69K, the trend in on-chain measures is still very favourable. The fact that LTHs and miners aren’t selling aggressively is a tremendously optimistic sign. Long liquidations, younger coins realising losses, and, more lately, the macro risk-off related virus concerns have all contributed to the selling pressure.

Advertisement

The SOPR is a basic on-chain data indicator that can indicate the current benefit of each exit on the blockchain or simply determine the ratio between the prices of a purchase and sell order.

If the SOPR number is more than one, it indicates that a trader made a profit on the market. Most short-term traders have quit at a loss in this situation, which means they’ll be looking at the entry as the price approaches their departure point. According to market statistics, the most selling pressure existed between $56,000 and $55,000.

Advertisement

Short-term traders were the most active sellers on the market during yesterday’s severe sell-off, according to Glassnode data.The Spent Output Profit Ratio of short-term Bitcoin holders has sharply reduced, indicating that most short-term Bitcoin holders “panic sold” when the first cryptocurrency retraced a few percentage points, according to the presented graphic.

News Source

Advertisement
Continue Reading