Short of Target: Bitcoin’s $1K Rally Still Leaves Bear Bias Intact

View Bitcoin’s short-term outlook will remain bearish as long as prices remain below $11,080 resistance. A break above that level would invalidate bearish lower-highs setup. The bulls may have a tough time forcing a break above $11,080 amid news of BitMEX exchange facing a regulatory probe and talks of harsher crypto regulation. Prices could drop below $10,000 in the next 24 hours with daily chart indicators continuing to report bearish bias. A weekly close (Sunday, UTC) above $12,000 is needed to revive the bullish view. Bitcoin (BTC) has rallied sharply…

Bitcoin (BTC) Price Rally And Recent Influx of USD Directly Correlate

Bitcoin (BTC) adds 8.1 percent USDT minting correlates with USD expansion says, Jesse Powell Kraken CEO, Jesse Powell, is confident that there is no link between BTC prices and USDT minting. At the time of press, BTC is up 8.1 percent in the last day. Bitcoin Price Analysis Fundamentals Differentiating between “true demand” and speculation is hard. Critics are adamant that crypto assets are speculative and highly volatile. Although Bitcoin can be a perfect hedge against faltering traditional asset and increasingly embraced by fund managers, rapid price changes present a…

Bitcoin Price Rally Fizzles after Most-Bullish Quarter since 2017

The price of bitcoin (BTC) is going down despite registering its most incredible quarter performance since December 2017. The BTC-to-dollar instrument was trading at $10,875 on Monday, 07:50 UTC, down more than 8.5 percent on a 24-hour adjusted timeframe. The move downhill dragged the bitcoin’s market capitalization close to $193.41 billion. At its highest, the cap was $313.82 billion. Bitcoin price has been soaring in 2019. | Source: TradingView Over the past five days, the bitcoin price has witnessed a sharp decline of more than 21 percent from its 2019 high.…

Bitcoin Price Rally Stalls as Open Futures Hit Record Highs

View The bitcoin price rally seems to have stalled near $9,300 with the price-volume analysis suggesting scope for a minor pullback to $9,000-$8,700. Record open interest in bitcoin futures listed on the Chicago Mercantile Exchange indicates a surge in institutional interest. So, pullbacks, if any, will likely be short-lived. The long-term technical charts indicate scope for a rally to $10,000 and above. Bitcoin (BTC) is struggling to find acceptance above $9,300 even as futures listed on the Chicago Mercantile Exchange (CME) are witnessing record open bets. The top cryptocurrency by…

Bitcoin Price Eyes Stronger Recovery Rally After Bounce to $8K

View Bitcoin has bounced back to $8,000, forming a double bottom breakout – a bullish price pattern – on the 4-hour chart. The price breakout has opened the doors to $8,400. On the way higher, BTC may face resistance at $8,350. A rally to $8,350, if any, could be short-lived if trading volumes remain low. A break below $7,432 (June 4 low) would revive the case for a drop to the 50-day moving average at $6,915. Bitcoin has recovered to $8,000 after defending key support for two consecutive days and…

Long-Term Support Level May Struggle to Revive Bitcoin Price Rally

View Bitcoin is again attempting a recovery from the 30-day moving average, currently at $7,710. The key average has consistently reversed price pullbacks in the last four months. This time, BTC is more likely to end up creating a bearish lower high (shallow bounce) or may find acceptance below the average in the next day or two, as both the daily and weekly technical indicators are calling a deeper price pullback. A UTC close below the 30-day MA would open the doors to $7,000. If the ongoing recovery from the…

Bitcoin Price Looks Poised for Pullback But June Could Revive Rally

View Bitcoin fell $1,100 on Thursday, creating a bearish candle on the daily chart and confirming a bearish divergence of a key indicator. Prices risk falling to the 30-day moving average (MA), currently at $7,342, in the next few days. The pullback could be short-lived, as BTC tends to perform well in June, and the long-term bull case is still intact. The case for BTC extending its four-month winning streak in June would weaken if the price finds acceptance below the 30-day MA. Bitcoin is teasing short-term bearish reversal at…

Down $500 in Minutes: Bitcoin Rally Stalls As Price Rejected Above $9K

Bitcoin’s price peaked above $9,000 for the first time in over a year earlier today, but the rally was short lived as its price returned below $8,600 just minutes later. At 16:00 UTC, the world’s largest cryptocurrency jumped 4.6 percent from today’s UTC opening price of $8,681 and climbed as high as $9,084 – its highest price since May 10, 2018, according to CoinDesk pricing data. However, sellers quickly halted the rally, causing the price of bitcoin to drop more than $500 to $8,548 in just 30 minutes after reaching…

Fund Manager Discusses Three Factors that Will Trigger Next Bitcoin Rally

The bitcoin price has slipped by almost 5.5 percent from its yearly high at $8,388 and could be in for a massive downside correction. But that has not deterred a prominent fund manager from projecting a bullish case for the world’s largest cryptocurrency. Brian Kelly, the founder of BKCM, LLC, a New York-based digital currency investment firm, said in an interview that bitcoin is ready for another breakout action owing to three three core fundamentals: institutional adoption, retail anticipation, and supply cut. He explained that people were bullish because big financial…

Bitcoin Price Rally Stalls As Ether, XRP Shine

View Alternative cryptocurrencies are flying high while bitcoin is having a breather above $8,000. Notably, ether (ETH) has hit a seven-month high of $235 and looks set to extend gains further toward $256 (Sept. 22 high) in the near-term. XRP, meanwhile, has confirmed a bull breakout. With hourly chart indicators diverging in favor of the bears and the daily relative strength index (RSI) reporting overbought conditions, bitcoin is looking increasingly vulnerable to a price pullback to the key rising trendline, currently placed above $7,200. Bitcoin could challenge Tuesday’s high of…