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Bitcoin Price

Bitcoin Price Hitting $100k Is Uncertain, But Altcoins Soaring Higher Is Imminent!

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The crypto market charts have been signalling green for multiple cryptos in the market’s directory. The recent unveiling of the Taproot upgrade on Bitcoin’s network has been successfully activated. While it would need some time before we start finding notable improvements from the network.

Popular crypto proponent believes the prediction of BTC price claiming its much-awaited target to still be under consideration. On the contrary, multiple altcoins are continuing to level up higher. Which has been enticing traders to accumulate more coins to their portfolio.

Will BTC Price Claim Its $100K milestone This December?

The start crypto is currently accumulating gains, towards higher levels. Popular crypto proponent believes that BTC price soars to levels of $98,000 by November. And to levels of $1,35,000 by December remains valid. Which is about 50% gains from current levels, and about 38% thereon. It could seem far-off, but the digital asset has risen to highs of over 60% this Q4, mentions Lark Davis.

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While the recent rejection of VanEck’s spot ETF did pull back BTC price lower. On a positive note, some sources suggest that the Indian Government might take progressive steps towards crypto. And the Russian Ministries might as well legalize crypto mining. 

One cannot be Dollars To Doughnuts with Bitcoin price soaring the target highs, as the largest crypto has been prone to multiple factors affecting its rally. On the other hand, several altcoins have been raging ahead of Bitcoin in terms of returns on investments. 

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Consecutively, the second-largest coin has risen to peak levels of 63.15% since the start of the fourth quarter. While SOL and DOT prices have peaked at about 87.61% and 91.86% respectively. Surprisingly, XRP price has also risen to peaks of 42.5%. Despite the dominance of Bitcoin at higher levels. The rise of altcoins does justify the recent influx of traders. One can be assured of higher returns with altcoins this alt-season.

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Bitcoin Price

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

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  • 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. 

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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.

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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.

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

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  • 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.

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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.

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Bitcoin Price Stumbles But On-Chain Metrics Still Intact!

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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.

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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.

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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.

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