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Bitcoin Reaches a Juncture as Bulls Try to Thwart Selloff to $17,000

Bitcoin Reaches a Juncture as Bulls Try to Thwart Selloff to $17,000

Bitcoin has been facing some immense volatility throughout the past few days and weeks, with sellers stepping up and trying to invalidate the strength seen by the cryptocurrency as they hold it below the key $19,000 level.

A sustained bout of trading below this level will certainly degrade its technical strength. Still, the intensity of each selloff seen following rejections at its all-time highs appears to be diminishing.

This signifies that the cryptocurrency is growing technically stronger, as the series of higher-lows formed in the time since it plunged to $16,400 last week is an incredibly positive sign for the cryptocurrency.

Where it trends in the mid-term may depend largely on whether or not bulls can hold its price within a key channel that has been formed throughout the past few days.

One trader is looking to this channel’s boundaries for insight into where it might trend in the near-term, noting that a break below its lower boundary at roughly $18,500 could lead it significantly lower in the days ahead.

For the time being, however, the cryptocurrency remains above this key support, with bulls ardently attempting to push it above $19,000.

Bitcoin Shows Signs of Strength as Bulls Set Higher-Lows 

One promising trend seen over the past week is the formation of higher-lows following each rejection at the cryptocurrency’s all-time highs within the mid-to-upper $19,000 region.

Following its first visit towards this level last week, the cryptocurrency’s price plunged as low as $16,400 before finding support and rebounding. A rejection and dip followed the second attempt to break above its highs to lows of $18,200.

If this trend persists, it is a sign that bears are losing their control over this level and may indicate that a breakout into the $20,000 region is imminent.

Trader Claims Move Towards $17,000 Could Soon Take Place

One trader explained in a recent tweet that a break below a channel that Bitcoin is currently caught within could lead it to plunge towards $17,000.

He pointed to this pattern in a chart, showing that a break below the mid-$18,000 region would open the gates for a move significantly lower.

“BTC: See if the channel holds or not. Either way would like to play the range from the lows around 17 for a bounce.”

Bitcoin

Bitcoin

Image Courtesy of TraderXO. Source: BTCUSD on TradingView.

The coming few days should provide some insight into whether this bearish possibility will come to fruition.

Featured image from Unsplash.
Charts from TradingView.

Source

Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next

Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next

Following what is described as an “epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap” to $16,400, Bitcoin has officially set a fresh all-time high.

The benchmark digital asset has never traded as a price this high on the spot market before, with bulls now trying to push it above $20,000. It does appear to be facing some resistance as it navigates into this price region, with bears ardently attempting to fade the movement.

Regardless of whether they are successful, the cryptocurrency’s historic move higher this morning will likely market a macro turning point for BTC and the entire crypto market.

Once $20,000 is broken above, there’s a strong likelihood that it will enter price discovery mode and see some serious upside. Parabolic advances like the one it is currently caught within often end in an asset’s price multiplying, which could mean that this is just the beginning of a much larger move.

One trader is now noting that BTC could be well-poised to see some immense upside in the near-term, with the latest decline simply being a <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap that cleared out over-leveraged long positions and reset the sentiment surrounding the crypto.

Bitcoin Explodes Towards $20,000; Sets Fresh All-Time Highs

At the time of writing, Bitcoin is trading up just over 7% at its current price of $19,500. This marks a slight decline from highs of $19,800 that were set just a few minutes ago.

These highs marked fresh all-time highs for spot BTC, but it does appear that bears are putting up a defense of the upper-$20,000 region.

Typically, once an asset sets fresh all-time highs, it enters a price discovery mode that leads it to see significantly further gains.

This will likely take place for BTC once $20,000 has been firmly broken above and established as a support level.

BTC Rallies on the Heels of an “Epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Trap”

A few days ago, Bitcoin’s price reeled from the mid-$19,000 region to lows of $16,400.

This shifted the market’s sentiment and led many investors to believe that BTC had posted a local top.

One analyst spoke about this move in a recent tweet, calling it an “epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap”

“BTC: Bitcoin price crushing the daily high. Yeah, that move down to $16k was an epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap to try and shake people out before $20k.”

Bitcoin

Bitcoin

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

The coming few days should provide insights into Bitcoin’s macro-outlook. Whether or not it can break above $20,000 and flip this into support will likely determine how it trends into the end of the year.

Featured image from Unsplash.
Charts from TradingView.

Source

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin price started a fresh increase from the $16,200 support zone against the US Dollar. BTC is up 5% and it is trading above $17,500, but facing a major resistance at $18k and $18.2k.

  • Bitcoin started a fresh upward move above the $17,000 and $17,200 levels.
  • The price is now trading nicely above the $17,500 resistance and the 100 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could revisit the $18,200 resistance, where the bears might put a strong fight.

Bitcoin Price is Rising Steadily

This past week, bitcoin saw a sharp downside correction below $18,000 and $17,200 against the US Dollar. The BTC/USD pair even broke the $16,800 support and the 100 simple moving average (4-hours).

It traded as low as $16,219 before forming a support base. A fresh increase was initiated above the $16,500 and $16,800 resistance levels. Bitcoin price cleared the $17,400 resistance and 100 simple moving average (4-hours) to move into a positive zone.

There was also a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear break above the $17,850 and $18,000 levels might lead the price towards the key $18,250 resistance zone. It is close to the 61.8% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

A successful break above the $18,250 and $18,400 levels is needed for a fresh rise towards the $19,000 and $19,500 levels in the coming sessions.

Another Drop in BTC?

If bitcoin fails to clear the $18,000 and $18,250 resistance levels, it could start a fresh decline. An initial support is near the $17,500 level or the 100 simple moving average (4-hours).

The first major support sits at $17,400 levels. A downside break below the $17,400 level could lead the price towards the main $16,800 support level. Any more losses might call for a new low below $16,200.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $17,400

Major Resistance Level – $18,250

Source

Bitcoin’s Recent $3,000 Correction Actually Formed a Bullish Candle

Bitcoin’s Recent $3,000 Correction Actually Formed a Bullish Candle

Bitcoin has faced an extremely strong correction since its local highs around $19,500. The leading cryptocurrency currently trades for $17,000 almost exactly, though fell as low as $16,200 just the other day.

That means that from its local highs, the leading cryptocurrency was down by over $3,000.

Many have not taken this correction well: just days ago, there were many expecting Bitcoin to move towards new all-time highs, citing a confluence of technical and fundamental trends.

But this rally actually formed a somewhat bullish candle, despite what conventional wisdom may lead some to believe. BTC  actually bounced at an extremely important macro level.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Forms Bullish Candle Despite Drop

Bitcoin’s strong $3,000 correction actually stopped an extremely important macro technical level: $16,200.

A trader shared the chart below after the brunt of the downtrend, showing that Bitcoin’s weekly candle bounced at the extremely important macro level. As he shows, the level’s importance stretches back to the 2017/2018 highs. The chart shows that Bitcoin actually topped at $16,200 after a dead count bounce after the week that the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin corrected 40%.

Bitcoin finding support here on a weekly basis could confirm that the uptrend remains intact.

It is important that BTC does trade above $16,200 for the next two days to confirm the level as technical support.

Image

Image

Chart of BTC's price action over the past few years with analysis by crypto trader Alejandro (Pastore1314 on Twitter).
Source: BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For BTC

One More Drop?

Bitcoin may face yet another leg lower, though.

Ki Young Ju, the chief executive of crypto data analytics firm CryptoQuant, recently noted that whales have deposited a larger amount of BTC into exchanges than normal:

“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Investors may be selling those coins, which may result in a further sell-off.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin's Recent $3,000 Correction Actually Formed a Bullish Candle

Source

Whales Dump Ahead Of Bitcoin ATH, More Than 93K BTC Sold Since Peak

Whales Dump Ahead Of Bitcoin ATH, More Than 93K BTC Sold Since Peak

Bitcoin price is now trading at roughly 15% less than it was just days ago, falling short of setting a new all-time high by just a few hundred dollars.

A new record was so close bulls could taste the victory, but the achievement was blocked by massive whales who reloaded centralized crypto exchanges with a flood of BTC to be dumped, stopping the rally in its tracks. Here’s what this could mean for the crypto market over the next few weeks.

Whales Flood Crypto Exchanges With 93K BTC, Bring Bitcoin Rally To Abrupt End

Bitcoin was moments away from making history, setting a new all-time high in price and breaking the 2017 crypto bubble record. New BTC addresses are at record highs, as is hash rate, and even the cryptocurrency’s market cap. But so far, price couldn’t yet follow.

Related Reading | Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End

A new all-time high in Bitcoin price could create a storm of FOMO, which whales potentially sought to stop just before the record was broken.

According to on-chain analytics, whales began moving BTC en masse to centralized crypto exchanges like Coinbase in the days and hours leading up to the near-recording breaking finish to the recent rally.

Sell walls on Coinbase were reported, and whale watching on various crypto quant platforms were giving signs of their activity just before the selloff began.

Over $15 Billion In Profit Taken Since Peak Was Put In

Whales moved and sold as much as 93 BTC since the peak at $19,500, or roughly $1.5 billion in profit taken even at an average sell price of $17,000 per <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin.

bitcoin whale

bitcoin whale

Whales got in the way of the crypto asset setting a new all-time high price record | Source: BTCUSD on TradingView.com

Where the rally stopped is notable for narrative-sake. Double-tops are notorious for causing unbreakable resistance, and the current price action is a candidate for such a top formation.

Related Reading | Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

It could be enough to cause a bearish wave of doubt in the cryptocurrency, just as some negative news begins trickling into the market, in terms of self-custody regulation in the US.

The double-top narrative caused by whales taking profit during an extremely profitable year could provide the sentiment necessary for the final shakeout before the cryptocurrency goes full parabolic and races to its next peak.

All that starts with a break of the previous all-time high. Will whales continue to block the new record, or will the crypto asset’s unstoppable bullish momentum leave whales underwater?

Featured image from Deposit Photos, Charts from TradingView.com

Source

This Bitcoin Whale Trend Suggests a Serious Selloff Could be Imminent

This Bitcoin Whale Trend Suggests a Serious Selloff Could be Imminent

It has been a rough past few days for Bitcoin, with the cryptocurrency seeing immense sell-side pressure as bears aim at erasing the gains that have come about as a result of the recent uptrend.

Where the cryptocurrency trends next will depend largely on whether or not it sustained its recent break below its $17,000 support level.

If bulls cannot reclaim this level in the near-term, it could mean that a decline towards its multi-week support at $16,200 is imminent. If this level is broken, it could strike a serious blow to the cryptocurrency’s technical outlook.

One on-chain analyst is pointing to a disturbing trend that could indicate downside is imminent for BTC.

He notes that whales are depositing BTC into exchanges rapidly, which nearly always indicates that a flurry of sell-side pressure is imminent.

Until trading activity amongst these large Bitcoin investors dies down, he concludes that it will either see sideways trading or slide lower.

This comes as investors are already on edge, with mounting regulatory concerns and the recent $19,500 rejection both striking blows to its underlying strength.

Bitcoin Struggles to Gain Momentum as Bears Take Control

At the time of writing, Bitcoin is trading down just under 3% at its current price of $16,700. This marks a rebound from daily lows of $16,500 but a decline from highs of over $17,000.

Where the entire market trends next will depend largely on whether or not BTC can stabilize around its current price region or if it can push higher in the days ahead.

Any continued decline from here could strike a serious blow to its technical outlook, potentially causing it to see some serious mid-term losses.

This On-Chain Trend Spells Trouble for BTC

One analyst explained that a surge in trading activity amongst Bitcoin whales indicates that further downside could be imminent in the days and weeks ahead.

“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Bitcoin

Bitcoin

Image Courtesy of Ki Young Ju. Source: CryptoQuant.

If whales begin taking profits and offloading their holdings, this could place some immense pressure on Bitcoin’s recent uptrend.

OKEx resuming BTC withdraws could also add some pressure to the cryptocurrency’s near-term outlook.

Featured image from Unsplash.
BTCUSD price data from TradingView.

Source