Some Bitcoin Traders Turn Cautiously Bearish — Why $9.5K Is a Problem

Some Bitcoin Traders Turn Cautiously Bearish — Why $9.5K Is a Problem

The price of Bitcoin surged by 4.6% overnight but some traders are turning cautiously bearish on BTC/USD for two main reasons.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

The price of Bitcoin (BTC) surged from $9,160 to $9,584 within the last 48 hours. But despite the 4.6% gain, some traders are turning short-term bearish on the top cryptocurrency.

According to several technical analysts, the market structure of Bitcoin remains slightly bearish. At higher time frames, $9,500 could still technically be a lower high. The term “lower high” is used when the recent peak of BTC is lower than previous highs.

The daily chart of Bitcoin

The daily chart of Bitcoin. Source: TradingView.com

On June 3, June 10, June 22, and July 22, BTC hit $10,473, $10,180, $9,794 and $9,584, respectively. Each peak is lower than previous highs, making it a lower high formation.

Reasons for a short-term Bitcoin bearish bias 

Some traders are bearish on Bitcoin for two major reasons, namely a lower high structure and declining volume. 

Crypto trader Zoran Kole, for example, said that a bearish market structure at a higher time frame remains intact. On the daily chart, four consecutive lower highs indicate a potentially weak consolidation phase. He wrote:

“HTF Bearish MS remains intact. One shouldn’t use a potential LH as invalidation for a swing position unless that LH is confirmed with a LL. Patiently waiting for the 95xx sweep to compound. Looking to sell 9530-9580. Clear invalidation above 97/98 (break in MS).”

A potential lower high at a higher time frame for Bitcoin

A potential lower high at a higher time frame for Bitcoin. Source: Zoran Kole

Meanwhile, a pseudonymous trader known as Crypto ISO suggested that the market could see a pullback if BTC hit a lower high. For it to confirm, BTC would have to break down from $9,500. The trader said:

“Would be tough for a lot of people if this is the lower high. Those that understand MS will get this.”

Pseudonymous trader DonAlt said that for a short-term bearish trend to confirm, BTC ideally needs to drop below $9,300. If BTC stays above $9,500, the popular trader said short-term market bias could weaken.

He said:

“Close above that red line today ($9300) and I might reconsider my short term bearish bias (mid-term bear bias remains). Close below and I’ll consider shorting more aggressively targeting the green line ($8500) first and green area second (~$7000).”

Bullish variables for BTC

Apart from technicals and market structures, there are more fundamental factors supporting a bullish case for Bitcoin.

For instance, the hash rate of BTC remains resilient, leaving the mining ecosystem healthy. Lower selling pressure from miners, combined with declining exchange inflows, suggests BTC could see an uptrend.

Data from Binance Futures show that the majority of “top” traders on the platform remain majority long on Bitcoin. But over 50% of traders are short on large-market cap alternative cryptocurrencies like Ether (ETH) and XRP.

Raoul Pal, the CEO of Global Macro Investor, said on July 23 that Bitcoin could outperform gold, which has been on a strong rally in recent weeks. He stated:

“The other bet is that bitcoin will likely beat gold too. The bitcoin/gold cross looks powerful but has yet to break out.”

Whether the short-term bearish market structure could cause a near-term pullback, or bullish fundamental factors would offset the risk, remains to be seen.


Zur Quelle
[/ihc-hide-content]

The price of Bitcoin surged by 4.6% overnight but some traders are turning cautiously bearish on BTC/USD for two main reasons.

Bitcoin Price Retakes $9.5K as Analyst Says $12K Breakout May Be Next

Bitcoin Price Retakes $9.5K as Analyst Says $12K Breakout May Be Next

A strong correlation with stock market movements still leaves room for Bitcoin to test five figures, says trader Michaël van de Poppe.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) was testing $9,500 on June 16 after a recovery from near three-week lows stalled at classic resistance levels. 

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC price focuses on $9,500

Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD gaining $600 over the past 24 hours to hit highs of $9,570.

On Tuesday, Bitcoin’s progress stalled, with $9,500 proving a weak support level and hourly performance producing lows of $9,450 at press time.

Bitcoin one-day chart

Bitcoin one-day chart. Source: CoinMarketCap

As Cointelegraph reported, stock market action continues to shape Bitcoin price performance. A pre-trading rout on Monday sparked a brief trip below $9,000, while BTC’s recovery came in tandem with a surge higher across stocks.

The impetus for the dip and subsequent recovery came in the form of coronavirus concerns followed by a stimulus announcement from the United States Federal Reserve.

After the Fed revealed it would step up its presence in bond markets, rumors surfaced that Donald Trump’s administration was preparing an infrastructure investment boost worth $1 trillion. 

The result of Monday’s action appears to be that Bitcoin remains exposed to macro forces, despite the broad “decoupling” phenomenon that the largest cryptocurrency has undergone since the major coronavirus crash in March.

Bitcoin “back on schedule” for $10,500

Despite the volatility, Cointelegraph analyst Michaël van de Poppe welcomed Bitcoin’s return to the focal $9,500 zone. 

“And, the price of #bitcoin is back in range and back on schedule to break above $10,500 towards $12,000,” he summarized in a Twitter update. 

Speaking to Forbes on Monday, meanwhile, Van de Poppe argued that Bitcoin “needs to reclaim $9,300 relatively fast” in order to prevent a loss of momentum.

$8,600 represented a “crucial pivot,” he added, with a failure to hold that level an invitation to test the 200-day moving average — currently at just above $8,000 — or as low as the $6,000 range.

Others are similarly cautious. Among them is fellow analyst filbfilb, who last week warned that $10,000 would likely continue to evade the market. Instead, the focus should be on levels closer to $8,000, he suggested.

Cointelegraph’s latest weekly markets newsletter provides insights into the factors affecting the Bitcoin price in the week ahead.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

A strong correlation with stock market movements still leaves room for Bitcoin to test five figures, says trader Michaël van de Poppe.

Bitcoin Climbs Past $9.5K as Analysts Stress ‘Decoupling’ From Stocks

Bitcoin Climbs Past $9.5K as Analysts Stress ‘Decoupling’ From Stocks

A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) rose to reclaim $9,500 on May 14 as the recovery from last weekend’s $1,200 crash gained fresh momentum.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC price up 11% in days

Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD quash another resistance barrier in Thursday trading, taking 3-day gains to 11%.

The past 24 hours alone has seen an uptick from closer to $8,900.

At press time, $9,500 appeared to be holding, the level marking a $1,300 improvement versus a momentary wick to $8,200 during the crash.

$8,200 marks the current zone of Bitcoin’s 200-day moving average.

Bitcoin 1-day chart

Bitcoin 1-day chart. Source: CoinMarketCap

Bitcoin’s fortunes this week contrast it even further with traditional markets and macro assets. This stock “decoupling,” which Cointelegraph reported on previously, shows no signs of abating. 

As Cointelegraph analyst Scott Melker wryly summarized on Twitter:

Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. They’re not correlated now, and they weren’t correlated before. Thanks.

For fellow analyst Michaël van de Poppe, paying too much attention to correlating markets in times of crisis and afterward was a dangerous game.

“When shit hits the fan (which was in March), all correlations tend to go towards 1,” he tweeted on Thursday. 

Since then, gold, silver & Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets. Don’t pin yourself on those correlations.

Meanwhile, the latest technical analysis from Cointelegraph Markets shows several metrics once again suggesting that BTC is back on track toward the key $10,000 level.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.

Bitcoin Price $9.5K Resistance Puts BTC Halving Rally in Jeopardy

Bitcoin Price $9.5K Resistance Puts BTC Halving Rally in Jeopardy

#Bitcoin price rally hits a roadblock with days before the halving

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Investors in Bitcoin (BTC) have seen a tremendous week, as the price of the top-ranked cryptocurrency rallied from $7,500 to $9,500. A rally of $2,000 in just a matter of a week.

Is this halving FOMO? Sustainable growth? All questions are arising in the recent movements, but overall a solid week for Bitcoin and crypto. What can the markets expect from here?

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin touches a crucial resistance level and rejects

The price of Bitcoin held the $7,600 level for support throughout the beginning of the week and momentum picked up after breaking $7,800.

The rally of Bitcoin ended at the significant resistance block between $9,200-9,500. Why did it stop there? This whole resistance zone provided support throughout the summer of 2019.

BTC USD 1-week chart. Source: TradingView

BTC USD 1-week chart. Source: TradingView

Alongside with the horizontal resistance zone, the CME futures chart showed a clear CME gap between $8,200-9,055, which closed during the given rally.

The chart is also showing support levels of $7,800 and $6,600 that could be tested if the price of Bitcoin retraces.

BTC USD 1-day chart. Source: TradingView

BTC USD 1-day chart. Source: TradingView

At the same time, the daily chart of Bitcoin is showing clear levels of support and resistance. The range has resistances at the $9,200-9,500 area, and the support levels are found at $8,200-8,400 and $7,800.

The structure is pretty straight-forward. The price was rejected hard from the $9,500 area as a $1,000 crash occurred in a matter of hours. Such a dropdown marks the confirmation of a strong resistance area with sellers clicking the sell button in this zone.

BTC USD 30-min chart. Source: TradingView

BTC USD 30-min chart. Source: TradingView

The 30-minute chart is showing a clear picture of the recent movements. Normally, I wouldn’t use these smaller time frames inside an article. However, with the recent volatility, these lower time frames can perhaps better identify a structure on the chart than the larger time frames.

Therefore, the chart is showing a clear rejection at the $9,400 area, after which a crash of $1,000 occurred. The chart shows a support area around $8,400 as the price of Bitcoin compressed there just before the big surge happened, making it a key price point that may serve as significant support.

As the chart shows, the price bounced from the $8,400 area and rallied towards $9,000. Here, the same compression occurred, which is now acting as resistance whereas $8,400 is a support level suggesting the establishment of a potential new range for the coming period.

Total market capitalization cryptocurrency touches $260 billion

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

The total market capitalization shows a clear breakout above $220 billion, which triggered a rally. The resistance levels were found at $235, $246 and $260 billion. The first two levels were passed in one-go, after which the market capitalization was rejected at $260 billion.

The same structure is found here as for Bitcoin. Support levels are found at $235 and $218-220 billion, which is classified as the low of the range. The resistance levels are found at $246 and $260 billion, as these are the highs of the range. One should now expect some consolidation before any further volatility after such a breakout.

Bitcoin dominance rallying upwards going into the halving

BTC Dominance 2-day chart. Source: TradingView

BTC Dominance 2-day chart. Source: TradingView

Meanwhile, the Bitcoin dominance index has been rallying up the past week. That’s normal, as people are selling their altcoins to mitigate losses against the BTC pair despite gains in USD.

As the chart is showing, the dominance level is approaching a significant level. If the dominance rallies further above 67.50%, a further dropdown of the altcoins can be expected.

Is that a strange signal? No, as the Bitcoin halving is now 10 days away, the spotlight is fully on BTC. However, when the focus goes away, money should easily flow back to altcoins, giving them a chance to catch up to BTC.

The bullish scenario for Bitcoin

BTC USD 30-minute bullish chart. Source: TradingView

BTC USD 30-minute bullish chart. Source: TradingView

The bullish scenario and bearish scenarios are pretty easy to gather from the charts. For a bullish continuation, the price of Bitcoin needs to hold $8,600 (though tests of $8,400 as further range lows are possible).

Thus, a clear breakthrough of $9,000 is the next hurdle to clear — where the price of Bitcoin was rejected yesterday — and open the door for a continuation of the rally.

As the chart shows, flipping levels would be a pivotal trigger to watch for. Breaking and holding the $9,000 level for support warrants a continuation towards $9,300-9,400 and opens the road to $10,500 with enough momentum.

The bearish scenario for Bitcoin

BTC USD 30-minute bearish scenario. Source: TradingView

BTC USD 30-minute bearish scenario. Source: TradingView

The bearish scenario is identical to the moves the price saw yesterday. Once the price of Bitcoin can’t break above $9,050-9,100 and doesn’t hold $9,000 support, it’s likely to expect further downwards momentum.

The key levels to watch are found at $8,200 and $8,350-8,425, as the chart shows.

Traders should also be aware of a potential “buy the rumor, sell the news” scenario for the halving of Bitcoin. For example, the price of Bitcoin peaked three weeks before the last halving and resulted in a significant crash after the halving occurred.

Similar scenarios were also seen around the halving of Litecoin (LTC), the seventh-ranked cryptocurrency by market cap. Hence, if the price of Bitcoin can’t reclaim the $9,050-9,100 area, a further retracement of Bitcoin to potentially $7,800 or lower should not come as a surprise.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


Zur Quelle
[/ihc-hide-content]

#Bitcoin price rally hits a roadblock with days before the halving

Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal

Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal

Trading sentiment has taken a hit as Bitcoin price strongly corrected for the second time in one week, is a bearish reversal in the making?

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

On Feb. 20 Bitcoin (BTC) price surprisingly dropped 8.85%, a move which caught many investors off guard as up to that moment the digital asset had recovered well from the President’s Day weekend correction and was trading sideways in the $10,200 range. Citing data from CoinMetrics, ARK Invest crypto analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest USD correction to occur on the hourly time frame since 2017.

Picture

Since the sharp downside move, traders, analysts, and crypto-Twitter have been attempting to pinpoint the source of the flash crash and a handful of theories have arisen. Some have attributed the volatility to the consecutive unplanned Binance exchange outages which halted trading on the platform and prevented many traders from being able to log into their accounts.

Others, like, Cointelegraph contributor and Bitcoin trader filbfilb speculated that a shortage of Tether (USDT) at Binance could possibly have contributed to the current market conditions.

In his Telegram-based trading channel filbfilb explained that the USDT shortage possibly shows that the majority of traders were in long positions, an observation further supported by the decreasing pace of Bitcoin’s momentum and the liquidation of $120 million leveraged longs at BitMex.

BitMEX XBTUSD Liquidations. Source: Skew.com

BitMEX XBTUSD Liquidations. Source: Skew.com

Regardless of the reason, the drop to $9,346 shook a lot of investors from their Bitcoin and altcoin positions and the current state of the market is negatively impacting investors’ bullish sentiment as they are choosing to wait on the sidelines for a clearer signal that a bottom has been reached.

Crypto Fear & Greed Index. Source: Alternative.me

Crypto Fear & Greed Index. Source: Alternative.me

Is the current price action a buy the dip opportunity or is Bitcoin on the verge of a significant trend change? Let’s check the charts to see.

Excited traders overlooked the tweezer top

BTC USDT daily chart. Source: TradingView

BTC USDT daily chart. Source: TradingView

As shown by the daily chart, Bitcoin formed a tweezer top candlestick pattern at $10,250 after recovering from the previous weekend’s drop to $9,450. This should have been a signal that the likelihood of a pullback could occur but traders were probably feeling bullish after Bitcoin’s quick recovery from $9,450 placed the digital asset back above key support levels.

Despite the shock caused by yesterday’s correction Bitcoin price still found support at the high volume node of the volume profile visible range (VPVR) at $9,300 to $9,438. While this is reassuring, some cautionary notes are low purchasing volume which highlights a lack of buyers interested in stepping into the current dip and the state of the two most frequently referenced oscillators by traders not yet registering oversold conditions.

BTC USDT 6-hour chart. Source: TradingView

BTC USDT 6-hour chart. Source: TradingView

On the 6-hour timeframe, the relative strength index (RSI) has yet to manage an oversold bounce and the moving average convergence divergence (MACD) line continues to plummet, pressing on -100 at the time of writing.

Traders will also notice that the MACD histogram bars continue to elongate in negative territory (below 0) and the pattern of lower highs in the 6-hour chart is unbroken.

Bearish scenario

If buyers continue to believe the current price action is not a ‘buy the dip’ opportunity the price could drop below the VPVR high volume node ($9,438) and the 200-day moving average at $8,800 where there is another VPVR high volume node.

The shorter timeframe shows the price slowly making higher lows but the purchasing volume is not significant enough to hold the price above $9,600. Over the short-term, bulls need to defend the $9,500 support (black arrow on chart below) as the daily and weekly timeframe shows it to be a key level. A more significant trend change could push the price lower to $8,800 to $8,400.

Bullish scenario

If we zoom out to assess Bitcoin’s price action since reaching its 2019 top at $13,800 on June 26, 2018, we can see that the 38.2% Fibonacci Retracement level has been a frequent area where the price has bounced after strong corrections.

BTC USDT daily chart. Source: TradingView​​​​​​​

BTC USDT daily chart. Source: TradingView

Since June 26, 2018, the price has bounced here more than 10 times and yesterday’s pullback brought the price to the 38.6% level again. It’s crucial that the price stays above this level because the 38.6% Fibonacci retracement has also functioned as a strong resistance once the price dips below it.

On the flip side, assuming the price breaks out, we can also see that the last three Bitcoin rallies on October 12, 2019, February 12, 2020, and February 18, 2020, have failed to break above the 50% Fibonacci Retracement level. Thus, Bitcoin price needs to secure a few daily closes above $10,250 (50% Fibonacci retracement) before any calls for $11,000 can be seriously considered.

For the short term, Bitcoin price needs to knock out $9,630 and above this price, $9,750 is likely to function as a level of resistance. A more convincing maneuver would be to see Bitcoin price overtake the 20-MA of the Bollinger Band indicator and sustain above $9,850.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


Zur Quelle
[/ihc-hide-content]

Trading sentiment has taken a hit as Bitcoin price strongly corrected for the second time in one week, is a bearish reversal in the making?

Bitcoin Price Dips Below $9.5K as Whale Deposits 600 BTC to BitMEX

Bitcoin Price Dips Below $9.5K as Whale Deposits 600 BTC to BitMEX

Bitcoin falls below $9,500 for the first time since Feb. 5 as bullish momentum above $10,000 decisively wanes

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) fell below $9,500 for the first time in almost two weeks on Feb. 17 as downward pressure continued to pressure markets.

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

BTC further rejects $10K

Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting twelve-day lows of $9,485 on Monday. At press time, the BTC price was struggling to find support at $9,500. 

The shift lower followed a four-day slide for Bitcoin, which had topped out at $10,500 before seeing considerable resistance kick in. 

Some traders appeared worried, as evidenced by a single deposit onto derivatives giant BitMEX on Monday, which totaled 600 BTC ($5.72 million).

Weekly losses totaled around 3.5% on the day, while monthly performance remained strong at 7% growth.

As Cointelegraph reported, year-to-date returns for Bitcoin investors likewise remain intact at nearly 40%. 

Bitcoin 1-day price chart

Bitcoin 1-day price chart. Source: Coin360

Last week, veteran trader Tone Vays said that $9,500 would represent an ideal range in which to acquire long positions.

Bulls stay strong on long-term gains

Short-term volatility meanwhile failed to faze some of the industry’s best-known bulls. Speaking in an interview over the weekend, TV host Max Keiser said that he had “officially” raised his BTC/USD outlook for the first time since 2012. 

Now, he said, Bitcoin would not stop at $100,000, but instead, reach four times that amount — $400,000.

Current levels nonetheless mean Bitcoin is frontrunning technical expectations for its average price prior to the May 2020 block reward halving. 

According to calculations using the historically accurate stock-to-flow model, the cryptocurrency should trade at an average of $8,600 until May.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

Bitcoin falls below $9,500 for the first time since Feb. 5 as bullish momentum above $10,000 decisively wanes

Bitcoin’s Best Q1 Since 2013 to ‘Escalate’ If $9.5K Is Broken: Trader

Bitcoin’s Best Q1 Since 2013 to ‘Escalate’ If $9.5K Is Broken: Trader

Bitcoin trading fundamentals are there, but the good times may have come too fast, one indicator warns

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) investors have already made more on their holdings this quarter than any Q1 since 2014, as data shows a sustained influx of institutional interest.

According to findings from statistics resource Skew Markets, Bitcoin’s gains so far in 2020 amount to just under 30%. In no other quarter in the past six years did markets perform that strongly. 

2020 thrashes downbeat Q1 trend

By contrast, Q1 tends to be an underwhelming period for Bitcoiners. 2014 saw 39% losses, while 2015 and 2016 saw BTC/USD drop by 24% and 3% respectively.

Only 2017 and 2019 managed to produce positive moves, but at around 11%, neither comes close to this year. 2011 and 2013 were the years Q1 returns were strongest, at 165% and 570%, according to Bitinfocharts’ price index.

Bitcoin quarterly returns

Bitcoin quarterly returns. Source: Skew Markets

The impressive stats come amid renewed faith in Bitcoin’s long-term potential. As Cointelegraph reported, Bitcoin futures data suggests institutions truly are engaging with the cryptocurrency on a new level as more products hit the market. 

Aggregate open interest across futures products is now higher than ever, with Skew recording a total of around $3.7 billion as of Jan. 28. Volume across Bitcoin markets is also on the increase.

“Volume tells all,” trader Scott Melker summarized as he hailed encouraging progress for BTC price versus volume in 2020.

Conversely, regular consumers appear little interested in Bitcoin’s recent price rise over $9,000 — Google search requests remain flat

Is BTC approaching “greed correction”?

That higher price is also subject to speculation from commentators. In an analysis on Tuesday, trader Tone Vays demanded the $9,000 level hold for at least several days before he considers a bull market in effect.

Another indicator, the Bitcoin Fear & Greed Index, which charts Bitcoin’s likely price trajectory based on investor sentiment, is flashing bearish. 

Currently, with a score of 57, the metric is slanted towards suggesting the market is “due for a correction.”

Bitcoin Fear & Greed Index

Bitcoin Fear & Greed Index. Source: Alternative.me

How much the potential losses would total meanwhile remains a subject of speculation in itself. Bitcoin’s January performance has already turned some analysts decidedly bullish, with several recently telling Cointelegraph that previous lows of $6,000 would not return. 

For regular Cointelegraph contributor filbfilb, by contrast, only one major resistance barrier remains to further highs after Bitcoin beat resistance provided by its 200-day moving average (MA).

“200 dma found the support. Next level is the old resistance at $9,555 daily close above there and things could escalate,” he told subscribers of his Telegram trading channel on Tuesday.


Zur Quelle
[/ihc-hide-content]

Bitcoin trading fundamentals are there, but the good times may have come too fast, one indicator warns

Bitcoin Price Rallies to Set a 2020 High Near $9.5K – Is $10K Next?

Bitcoin Price Rallies to Set a 2020 High Near $9.5K – Is $10K Next?

#Bitcoin price action continues to stun investors as the digital asset has already rallied 15% this week

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) price has rallied to $9,439 and bulls have again shown that they have no intention of letting the crypto market’s most valuable asset stay below the $9K mark. 

Bitcoin daily price chart. Source: Coin360

Earlier in the day Bitcoin’s price dropped below $9,000 to a daily low at $8,879, which led some analysts to issue dismayed calls for a revisit and consolidation around the $8,300 to $8,500 range. 

While the thought of a pullback was the least desired scenario amongst traders, it seems perfectly reasonable given Bitcoin’s robust rally from $8,200 at the start of this week. 

Previously Cointelegraph contributor Michaël van de Poppe explained that after key overhead resistance levels are broken, assets often need to retrace to the support before resuming an uptrend. Thus, as shown by the Crypto Fear and Greed Index, today’s move below $9,000 had not weighed too heavily on trading sentiment.

Bitcoin’s Fear and Greed Index. Source: alternative.me

The hourly chart shows that the most recent surge to $9,439 was propelled by a high volume spike and the following sell volume candle shows that the 3.4% move triggered a block of sell orders from traders anticipating that $9,500 would present staunch resistance.

BTC USD 1-hour chart. Source: TradingView

Since working its way up from $6,400 on Dec. 18, 2019, Bitcoin has done a good job of flipping strong resistance to new levels of support. Most recently $8,600 was flipped to support, and today’s move may have turned $9,200 to a new level of support. 

Now that a 2020 higher-high has been set, traders will be watching to see if bulls push higher to flip $9,400 to support which would set a good foundation for Bitcoin to make a fresh attempt at $9,600 and $9,948. 

BTC USD 6-hour chart. Source: TradingView

At the time of writing both the 4 and 6-hour timeframe are showing a tweezer top candlestick pattern which typically hints at a price reversal. The relative strength index (RSI) has also reversed course dropping lower in the overbought region. 

In the event that traders book profit and Bitocin price experiences a mild correction, we will watch to see if the underlying supports at $9,100, $8,900, $8,650 hold up. 

BTC USD 6-hour chart. Source: TradingView

Currently, Bitcoin price has popped above the upper Bollinger Band arm right near the tweezer top. After strong upside moves, it’s not unusual for the price to retrace to the moving average of the Bollinger Band indicator.

If $9,100 and $8,900 fail to function as support, traders might look for a bounce at this moving average which is aligned with the $8,650 support. 

Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $256.2 billion and Bitcoin’s dominance rate is 66.3%. Notable gainers amongst altcoins were Cardano (ADA) with a 9.70% gain, Ethereum Classic (ETC) which rallied 10.18%, and IOTA (MIOTA) which notched a 15.92% gain.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

#Bitcoin price action continues to stun investors as the digital asset has already rallied 15% this week

Bitcoin Price Can Bounce to $9.5K After Filling Futures Gap — Analyst

Bitcoin Price Can Bounce to $9.5K After Filling Futures Gap — Analyst

Bitcoin could remain higher and retake the $9,000 range if it finds support around $7,700, trader says

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) fell below $8,000 overnight on Jan. 8, ending a brief period of bullish action that saw the price hit its highest since November 2019.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC tests new upper $7K support

Data from Coin360 and Cointelegraph Markets showed support in the $8,000 range prove to be weak, BTC/USD hitting 24-hour lows of $7,850.

The pair had reached as high as $8,400 on Wednesday, while at press time, markets were targeting an area $500 lower near $7,900. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported, Bitcoin began making gains last week as the crisis in Iran unfolded, despite mixed opinions over whether geopolitical events were influencing the cryptocurrency.

While the highest levels lasted only a matter of hours, analysts began turning their attention to the probability of Bitcoin sustaining support closer to $8,000 or more. 

For regular Cointelegraph contributor Michaël van de Poppe, the retracement looked primed to bounce at press time levels. These, he noted, represented a gap in CME Bitcoin futures prices — around $7,960 — something Bitcoin has historically sought to “fill” on multiple occasions

“This flip would be the best + closing the CME gap,” he summarized in his latest Twitter post on Thursday.

Continuing, Van de Poppe suggested that potential bounce could send BTC/USD much higher than Wednesday’s peak: 

“Breakout upwards and I’d be aiming for $9,500 (or $11,000 as $9,500 is the same as $6,000 -> everybody wants to short there -> extra fuel).”

Nonetheless, the potential for downside remained, with a return to recent lows of $6,400 also possible, he added.

In the long term, the mood is meanwhile turning steadily bullish. As Cointelegraph noted, celebrated Bitcoin proponent Murad Mahmudov this week turned to the Wyckoff Method to demonstrate the strength of Bitcoin’s current position. 

Specifically, he concluded, BTC/USD had delivered a so-called “sign of strength” signal which paved the way for further upside. 

Altcoins copy Bitcoin retracement

Altcoin markets showed sensitivity to Bitcoin’s latest losses, with the majority of the top twenty cryptocurrencies shedding around 5%.

Ether (ETH), the largest altcoin by market cap, fell 4% to $138, while Cardano (ADA) and Chainlink (LINK) fared worse, each losing close to 7% on the day. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

The overall cryptocurrency market cap was $209.2 billion, with Bitcoin’s share at 68.7%.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

Bitcoin could remain higher and retake the $9,000 range if it finds support around $7,700, trader says

Bitcoin Price: Big Move Brewing as $9.5K Becomes Next Key Battleground

Bitcoin Price: Big Move Brewing as $9.5K Becomes Next Key Battleground

Bulls are pushing Bitcoin price higher and the weekly close hints that a big move is brewing

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin price (BTC) closed the week at $9,207, down 3.66%. Despite a surprisingly low volatility weekend, the bulls helped keep Bitcoin price above $9,000 for 10 days and at the time of writing the price continues to consolidate.

So far Monday has brought a move higher to retest $9,300, representing a 1% gain. EOS (EOS) and Ether (ETH) have had notable gains on the day with EOS trading over $3.50 and Ethereum at $185. The total crypto market cap is $249 billion, with Bitcoin dominance at 67.2%

Cryptocurrency market daily view. Source: Coin360

Cryptocurrency market daily view. Source: Coin360

 BTC USD weekly chart. Source: TradingView

BTC USD weekly chart. Source: TradingView

Bitcoin closed the week below the well-established prior support at $9,550 having previously found support at a previous weekly support level at $7,600 and the 100-week moving average (WMA).

The move to retest and briefly break resistance has now seen consolidation with the MACD line flattening above zero, illustrating the decline in bearish momentum. Volume returned to lower levels last week as the price consolidated in preparation for a larger movement which will most likely either send Bitcoin to retest previous weekly resistance at $11,500 or retrace back to find demand at lower prices.

 BTC USD daily chart. Source: TradingView

BTC USD daily chart. Source: TradingView

Today, Bitcoin has continued to find support at the 200-day moving average (DMA), which has been supporting the price since it was broken as resistance. The 100-DMA is now acting as resistance at $9,550, a point which is also a weekly resistance. 

The pinch between these moving averages is an area of interest to follow as a daily close above or below these key averages could indicate the next direction for Bitcoin price. A breakdown could see the 50-WMA act as a support, which is currently around $8,500 and the 61.8% retracement level where there is likely to be buying interest.

The moving average convergence divergence (MACD) shows declining bullish momentum but this is not a surprise given the size of the previous move. Despite the decline in the volatility to the upside, the MACD itself continues to trend higher.

Trading volume has seen a significant decline, which is normally implicit of a bigger move brewing with breakout traders waiting to apply pressure once the inevitable move occurs. The point of control in the range is back at $8,200 where there has been the most price action.

Bitcoin price is tightening up 

BTC USD 4-hour chart. Source: TradingView

BTC USD 4-hour chart. Source: TradingView

With Bitcoin trapped between key moving averages and below weekly resistance on the daily chart, the 4-hour chart Bollinger Bands clearly shows the extent of the tightening on price action.

The bulls are currently pushing the price across the 20-period moving average, which is a bullish sign. Notably, the price is essentially ranging between highs of $9,350 and lows of $9,050. A significant move is seemingly imminent so we will examine the bullish and bearish case.

Bullish case

BTC USD 4-hour chart. Source: TradingView

BTC USD 4-hour chart. Source: TradingView

The bullish case for Bitcoin is that the bulls have maintained support over $9,000 for 10 days and price action is forming a rounding bottom which can be seen as a sign of continuation to the upside when in a bullish move. Occurring just below resistance might imply that the bulls are starting to push the price back to retest the weekly resistance at $9,550. 

If Bitcoin can reclaim $9,550 and turn it into support, it may be an early sign that the digital asset is ready to continue higher. Due to the size of the previous movement, a measured rally higher might include Bitcoin quickly retesting previous resistance at $11,500 and possibly moving higher.

While seemingly a tall order, the most recent breaks above $10,000 saw Bitcoin move sharply higher. A quick move to $12,500 would not be out of the question if there is a significant short squeeze combined with fear of missing out invoked buying.

Bearish case

The bearish case for Bitcoin suggests that the sharp rejection seen when the price briefly crossed $10,000, could imply that the bulls are not done accumulating below. There is a clear void in volume price action between $10,000 and $8,000 which may require more time to be tested. This would not be a bad thing for a medium-term bullish case for Bitcoin. 

The huge 4-hour volume spike shows that Bitcoin has made a significant change in sentiment, but a retest of previous support should not be ruled out after five months of bearish pressure.

The VPVR implies that sustained bearish pressure on $9,000 would most likely see a move back to the 61.8% retracement level in the mid 8,000s.

 BTC USD 4-hour chart. Source: TradingView

BTC USD 4-hour chart. Source: TradingView

With the battle lines tightening and the bulls pushing early on Monday, eyes will be on the critical weekly resistance level at $9,550. A decisive move is likely to occur in the next few days with the potential to the upside being significant. Any retracement is likely to see the price return to the $8,000 level again for some time.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


Zur Quelle
[/ihc-hide-content]

Bulls are pushing Bitcoin price higher and the weekly close hints that a big move is brewing

Bitcoin Price Must Now Break $9.5K to Prove ‘Xi Pump’ Wasn’t a Fluke

Bitcoin Price Must Now Break $9.5K to Prove ‘Xi Pump’ Wasn’t a Fluke

Bitcoin needs to tackle the $9,300 and $9,400 resistance in order to take a shot at $10,000

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin price (BTC) is currently locked in a battle to stay above the descending channel and have another run at the recent high at $10,540. In order to do this, first, the digital asset needs to overtake the resistance levels at $9,300 and $9,400. 

Was the “Xi pump” a fluke? 

As Bitcoin fights to stay above this all-important line, traders are likely beginning to wonder whether or not last week’s explosive pump to $10,540 was simply a one-off driven by Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology. 

Crypto market data daily view. Source: Coin360

Crypto market data daily view. Source: Coin360

But despite this morning’s breakout to $9,433, Bitcoin is still searching for solid ground after pulling back from the blow-off top at 10,540. 

BTC USD daily chart. Source: TradingViewBTC USD daily chart. Source: TradingView

Today’s move did bring Bitcoin above the descending channel but at the time of writing a higher was not achieved and the digital asset is still posting lower highs and lower lows. As shown on the daily chart, there has been a sharp decrease in trading volume and for today’s upside move to see a continuation, the volume will need to sustain. 

Key BTC support/resistance levels to watch for

A number of traders expect Bitcoin to drop to the CME gap at $8,750. This point is also near the 20-MA of the Bollinger Band indicator, a point which is often revisited after price breaks down after a rally. 

Bitcoin remains above the 200-daily moving average (DMA) but a drop below $8,650 would change this status and currently, the 50-DMA continues to curl away from the 200-DMA, avoiding the dreaded ‘death cross’. A drop below to $8,500 and below could bring the moving average closer to pulling below the 200-DMA. 

As discussed in the previous analysis, the 111 and 128 DMA remain too close for comfort but at this point, they have yet to cross. Traders will notice that bull and bear cross overs of these moving averages preceded the April 2019 rally and were a marker of a trend change

Although pierced for a third time this morning, $9,100 remains soft support and below this $9,020. If Bitcoin can overtake $9,300, then over the short-term, the asset needs to overcome key resistance levels at $9,573 and $9,800 in order to begin a bullish reversal. 

Traders will note that the moving average confluence divergence on the 4-hour timeframe is teasing a bull crossover and the relative strength index has climbed back above 50. 

BTC USD 4-hour chart. Source: TradingViewBTC USD 4-hour chart. Source: TradingView

On the 4-hour time frame, we can see Bitcoin trading within a narrowing wedge and the Bollinger Bands are tightening as this morning’s move to $9,433 brought price above the 20-MA but failed to extend past the upper arm.

Today’s move also brought the price above the 12 and 26 EMA but failure to hold above $9,200 will likely drop the price back to the base of the wedge it trades above now. 

Bitcoin’s price action is also following a similar pattern of dropping below the descending channel trendline (black line) then pumping above the descending trendline of the wedge (blue line). One will note the hourly candles following this morning’s high volume spike are already mirroring this pattern, hence the suggestion that Bitcoin needs to move above $9,573 to convince traders that the asset has turned bullish.

BTC USD 1-hour chart. Source: TradingViewBTC USD 1-hour chart. Source: TradingView

Looking forward 

BTC USD weekly chart. Source: TradingView

BTC USD weekly chart. Source: TradingView

Zooming out to the weekly timeframe shows Bitcoin above the multi-month descending channel and on the verge of changing the trend. The close at $9,540 did not produce a weekly higher high but Bitcoin rides above the 20-WMA and the MACD line has flattened as the histogram flipped pink off the strength of the most recent moves. 

Bitcoin does not immediately need to gain above $10,540, but a pattern of higher highs and higher lows needs to occur on the daily and weekly time frame to set up an eventual overtaking of the local high. As shown by the volume profile visible range, a move above $9,400 resistance is required, after which a quick run to $9,800 could occur. 

Alternatively, if Bitocin cannot hold $9,200, the price will likely drop back to the base of the wedge at the $9,000 support. Below this point, traders will likely target the $8,700 to $8,350 area where there are a series of supports. 

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


Zur Quelle
[/ihc-hide-content]

Bitcoin needs to tackle the $9,300 and $9,400 resistance in order to take a shot at $10,000

Bitcoin Price Tackles $9.5K as Analysts Spot Potential Breakout Signal

Bitcoin Price Tackles $9.5K as Analysts Spot Potential Breakout Signal

Bitcoin seeking next leg up as analysts wait for a bullish signal

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin price (BTC) was challenging $9,500 on Oct. 29 as the largest cryptocurrency preserved its higher levels after a bullish breakout over the weekend.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Analyst: Bitcoin suggests further upside on the cards

Data from Coin360 showed BTC/USD repeatedly attempt a fresh push past $9,500 on Tuesday. The level seemed difficult to crack, however, with each break towards $9,600 met with rejection. 

At press time, Bitcoin was circling $9,430, volatility remaining after a sudden drop to $9,200 earlier in the day. 

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

Rumors around China’s public commitment to blockchain technology continued to form a major talking point among analysts. As Cointelegraph reported, cryptocurrency policy did not feature in officials’ latest remarks, which nonetheless appeared to fuel Bitcoin’s surge

On social media, commentators were still eyeing further upside potential. 

“#Bitcoin keeps pushing for a breakout,” popular account Crypto Rand summarized in a Twitter update on Tuesday.

“After the last few months of events, I’d feel more comfortable with only bitcoin in my portfolio than none at all,” fellow account Rhythm added about Bitcoin’s longer-term prospects.

Other developments focused on the consumer side. Bakkt, the institutional trading platform which saw all-time highs for its Bitcoin futures in recent days, said its consumer app and Starbucks payment partnership would be live in H1 2020.

Altcoins spend a day tracking sideways

Altcoin markets meanwhile posted a day of flat trading, mimicking Bitcoin’s daily performance with 1-2% moves up or down. 

Ether (ETH), the largest altcoin by market cap, was up 1.4% at $187. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

The leader in the top ten was Bitcoin Cash (BCH), which advanced 10% amid turmoil at major backer Bitmain. As Cointelegraph noted, a sudden reshuffle saw co-founder Micree Ketuan Zhan ousted. 

The overall cryptocurrency market cap advanced slightly on the day, reaching $251 billion. Bitcoin’s share fell slightly to 67.7%.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

Bitcoin seeking next leg up as analysts wait for a bullish signal

Bitcoin Price Back Above $9.5K as Fundamentals Reach Record Strength

Bitcoin Price Back Above $9.5K as Fundamentals Reach Record Strength

Never mind the Bitcoin price: data suggests Bitcoin healthier than ever

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) price climbed back above $9,500 on Aug. 30 as the largest cryptocurrency continued to grapple with the fallout of this week’s sudden losses.

Market visualization

Market visualization. Source: Coin360

Bitcoin traders brace for return to $8Ks

Data from Coin360 showed BTC/USD staging a modest recovery on Friday, reaching daily highs of $9,590. 

Markets had slid dramatically a day previously, dropping from $10,200 to hit a local low of just $9,350 hours later. 

At press time, moderate volatility remained, Bitcoin circling $9,550 against a considerable sell wall on major exchanges. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

For the short term, regulator analyst Josh Rager warned, a fresh price breakdown at current levels would send Bitcoin price to an area around $8,700.

“After that, it heads towards $8k but everyone is watching it so either it bounces before or goes through,” he wrote in his latest Twitter update. He added: 

“Needs to break back above $10,100 to get bullish.”

Despite price woes, Bitcoin continues to exhibit highly bullish technical fundamentals. This week, Bitcoin network hash rate set a new record, while its share of the overall cryptocurrency market cap rose above 70% for the first time since mid-March 2017.

Hash rate, as Cointelegraph reported, has achieved personal bests throughout 2019. The metric refers to the overall computing power securing and verifying transactions on the Bitcoin network.

Altcoins seize chance to stem losses

Altcoin markets meanwhile faced a day of modest recovery after hemorrhaging value during Bitcoin’s sell-off.

Ether (ETH), the largest altcoin by market cap, rose 0.8% to cling to $170, while XRP and EOS (EOS) gained around 2%. 

Bitcoin SV (BSV) was the surprise champion in the top twenty, delivering 5.2% daily gains. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

According to Max Keiser, however, Bitcoin’s market cap share should soon reach 85% once again at altcoins’ expense. In a tweet on Friday, the RT host also repeated previous claims that ETH/USD was due to halve in value from $170 to just $90. 

At press time, the overall crypto market cap stood at $248 billion.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

Never mind the Bitcoin price: data suggests Bitcoin healthier than ever

Bitcoin Price Falls Under $9.5K as Keiser Gives Ethereum $90 Target

Bitcoin Price Falls Under $9.5K as Keiser Gives Ethereum $90 Target

Bears make a comeback as Bitcoin price hits a fresh 2-month low

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) price fell below $9,500 on Aug. 29 as the largest cryptocurrency’s sudden bearish move continued to bite. 

Market visualization

Market visualization. Source: Coin360

Bitcoin price must finish week above $9,533

Data from Coin360 painted a gloomy picture for day traders Thursday, BTC/USD having lost 8% in the past 24 hours. 

The turbulence began late on Wednesday, Bitcoin markets shedding $500 in minutes to completely lose support at $10,000. Selling pressure then mounted, BTC/USD putting in a local low of $9,350 before stabilizing closer to $9,500.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported, expectations had been mounting throughout the week that Bitcoin would break its sideways trading pattern to produce fresh volatility. 

Those omens came true, albeit to the downside, as analysts admitted that the monthly outlook as well was now looking less than appetizing. 

“Price is near weekly support & on weekly perspective, I want to see BTC close above $9533 Sunday or it would form a lower-low,” regular contributor Josh Rager summarized in his latest update.

“Monthly chart looks ugly too,” he added.

Not everyone was concerned by the drop, however. PlanB, the well-known cryptocurrency Twitter account, likened current conditions to Bitcoin in mid-2016, shortly before momentum built to take the cryptocurrency to its record high of $20,000. 

That forecast would likely provide little comfort to traders who longed Bitcoin, however, with $150 million liquidated on derivatives giant BitMEX late Wednesday. 

Altcoins face “oblivion,” says Keiser

Altcoins meanwhile felt the full force of the bears, with many tokens considerably outpacing Bitcoin in shedding value. 

Ether (ETH), the largest altcoin by market cap, fell 8.8% to $170, a drop similar to most of the top twenty cryptocurrencies. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

The action fuelled the existing lack of faith in altcoin markets, with RT host Max Keiser declaring ETH/USD could soon fall to just $90. 

“Bitcoin dominance climbs as alt-season fails to materialize and alts resume downward trek to oblivion,” he summarized on Twitter.

Altcoin Bitcoin Cash (BCH) and its controversial spin-off Bitcoin SV (BSV) should additionally shed another 90% of their value, he claimed.

The overall cryptocurrency market cap took a $20 billion hit from the combined losses, currently sitting at $246 billion, with Bitcoin’s share at 69%.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

Bears make a comeback as Bitcoin price hits a fresh 2-month low

Bitcoin Price Below $9.5K Could Spark 80% Parabolic Advance Correction

Bitcoin Price Below $9.5K Could Spark 80% Parabolic Advance Correction

Crypto markets keep feeling the squeeze amid talk for 80% downturn

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin Price Clings to $9,500 Support

Bitcoin (BTC) continued to trade down on July 17 after a further 10% fall sent the price of the largest cryptocurrency back below $10,000. 

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 showed a problematic 24 hours for traders Wednesday, BTC/USD circling $9,600 after bouncing off lows at just $9,266.

The downward trend followed increased United States government attention on cryptocurrency and related phenomena, with comments by Treasury Secretary Steven Mnuchin and the ongoing hearings on Facebook’s Libra closely watched by markets.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Courtesy of Coin360

‘Looks Like the Trend Has Changed’

As Bitcoin’s previous parabolic trend appeared firmly over, now, analysts were preparing to brace for a further major correction which could erase even more of its advances.

For Peter Brandt, the veteran trader who predicted several of BTC/USD’s previous phases, that correction could amount to 80% of the combined cryptocurrency market cap gains.

“While the parabola in BTC was subject to different renderings, the parabola in the total market cap chart was loud and clear. Total cap should correct 80%. Most of the damage of decline will occur to altcoins,” he wrote on Twitter Tuesday.

“Market structure is broken and lower-lows have been set on higher time frames,” investor and regular commentator, Josh Rager, continued. 

“There will be smaller bounces in between, but it looks like the trend has changed folks – for the short term,” he added, noting the previous bull market pullback lasted up to five weeks before positive sentiment took over.

Altcoins Suffer Heavier Losses

On Wednesday, Brandt’s forecast of more heavy losses for altcoins in particular had yet to come true, with Bitcoin and many major altcoin tokens losing similar amounts in the past 24 hours.

Ether (ETH) fell slightly less than BTC, shedding 10.4% to hit $203, while Litecoin (LTC) and Binance Coin (BNB) mirrored the behavior. 

Ether 7-day price chart

Ether 7-day price chart. Courtesy of Coin360

Some managed to avoid such serious losses, perhaps temporarily, such as Bitcoin Cash (BCH), which declined 6.2% in the same period. 

Bitcoin currently accounts for just over 66% of the total cryptocurrency market cap, a near two-year high.

Keep track of top crypto markets in real time here


Zur Quelle
[/ihc-hide-content]

Crypto markets keep feeling the squeeze amid talk for 80% downturn