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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 mining difficulty is approaching a new all-time-high

Bitcoin mining difficulty is approaching a new all-time-high

Mining difficulty saw a sharp rise yesterday as Bitcoin saw its “Thanksgiving  price slump” over the weekend

The rise in mining difficulty comes as Bitcoin tries to settle just above $18,000 following a week of massive surges and dips. Last week, Bitcoin price broke into the $19,000 level but plunged to below $17,000 afterwards.

Data from crypto analytics firm Glassnode showed mining difficulty on the network was approaching its all-time high after an 8.9% increase yesterday alone. This sharp swell put the current difficulty level within 5% of its all-time high value that was seen last month. The network’s hash rate is now north of 130 EH/s.

“#Bitcoin mining difficulty increased by 8.9% today. It is now only 4.4% below its ATH,” the on-chain analytics firm posted on Twitter.

The possible effects of the increase in mining difficulty

Judging from history, an increase in mining difficulty has signified the onset of the bullish run. This was the case in 2013 and also in 2016. At the moment, it remains uncertain if the recent upswing in BTC price to within range of its all-time high is a long-term bull cycle.

Although Bitcoin had a great upward momentum last week, its price plummeted by slightly over 10%; the result of several Bitcoin whales transferring their holdings onto exchanges. Bitcoin price, as of writing, is $18,650 — up 4.96 % in the last 24 hours.

The increased mining difficulty on the network can have a huge impact on the cryptocurrency. It could potentially result in higher fees for users as well as increased block generation time. It could also lead to an increase in the number of unmined transactions in the crypto’s mempool.

Bitcoin isn’t the only crypto seeing a rise in mining difficulty

Ethereum also posted an increase in mining difficulty recently. Glassnode revealed that the mining difficulty for the blockchain surpassed a two-year high at the end of last week. This came after ETH price dropped from over $600 at the start of the week to $513 by mid-week.

“#Ethereum $ETH Mining Difficulty just reached an ATH of 3,719,917,244,648,520. Previous ATH of 3,696,664,670,930,580 was observed on 04 August 2018,” Glassnode alerts wrote.

Ethereum is currently changing hands at $586.04, having climbed up 8.30% in the last 24 hours.

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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 Price Prediction: BTC/USD Rebounds above $17,000 Low, Revisits the $19,400 High

Bitcoin Price Prediction: BTC/USD Rebounds above $17,000 Low, Revisits the $19,400 High

Bitcoin (BTC) Price Prediction – November 29, 2020
On November 26, after the breakdown, the bearish candlesticks were closed with long tails. The long tails indicate that the bulls have bought the dips as the support level holds. Today, BTC/USD is trading above the $18,000 price level. Bitcoin is moving up to retest the previous highs.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Bitcoin upward move above $18,000 is facing rejection. Today, a candlestick with a long wick pointing at $18.300 is facing resistance. It indicates that there is selling pressure at that price level. Similarly, on November 18, at that price level, buyers were repelled. However, after a pullback the resistance level was retested and broken. On the upside, if the bulls can push BTC above $18,300, a rally above $19,000 is likely. However, if buyers fail to resume the upside momentum, Bitcoin will be compelled to a sideways move. Perhaps a downward movement of the coin is likely.

Bitcoin (BTC) Indicator Reading
The 21-day SMA and the 50-day SMA are pointing northward indicating the uptrend.The 21-day SMA is acting as a support for the BTC price. A break below the SMAs means a downward movement of the coin.Meanwhile, BTC price is above 80% range of the daily stochastic. It indicates that the coin is trading in the overbought region of the market.

BTC/USD – 4 Hour Chart

Nevertheless, buyers are attempting to push BTC on the upside. The Fibonacci tool indicates a possible move of the coin. On November 18 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.272 Fibonacci extensions. In other words, Bitcoin will rise to $19,145 and reverse. BTC price will reverse and return to the 78.6% Fibonacci retracement level where it originated.

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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