This “Hidden” Signal Could Ignite a Bitcoin Breakout to $10.5k: Analyst

Even after a healthy rally from $9,000 to a local high of $9,400, Bitcoin remains in no man’s land. The cryptocurrency is caught below $9,500 and caught above $8,500, both important levels on a medium-term time frame. Bitcoin may seem directionless as a result, as it is still anyone’s guess as to which way this range will break. An analyst has observed, however, that there’s a growing likelihood Bitcoin will break to the upside. He primarily cites an indicator suggesting bears are losing their grip on the market. Related Reading:…

Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Likely

Bitcoin started a steady increase and broke the $9,300 resistance against the US Dollar. BTC is currently up close to 3% and it might continue to rise towards the $9,500 resistance. Bitcoin is gaining momentum and it recently broke the $9,300 resistance zone. The price traded to a new weekly high at $9,372 and settled above the 100 hourly simple moving average. There is a short-term ascending channel forming with support near $9,290 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains supported on…

Bitcoin is on the Cusp of Printing a MACD Bull Cross as Stock Market Rallies

Bitcoin was able to post a bullish reaction to its recent dip below $9,000, with its buyers sparking a rally that sent it as high as $9,300. Although this rally has not confirmed any type of notable technical breakout, it has helped shift some of the benchmark cryptocurrency’s technical indicators into the favor of bulls. One analyst is now noting that the crypto is flirting with posting a MACD bull cross. This technical pattern – if confirmed during the imminent daily close – would be a significant development for bulls,…

Here’s Why the Chinese Stock Market’s Rally Might Boost Bitcoin

The Chinese stock market has found itself caught within the throes of a fresh bull market, and it could create a tailwind that lifts Bitcoin. After facing the dire implications of the ongoing pandemic that originated within China’s borders, the country’s investors appear to be moving on, now helping to fuel a fresh bull market. The country’s benchmark stock indices all saw massive growth during their latest trading session, with the Shanghai Composite even seeing its best single-day percentage gain since 2015. A few simple factors are driving this fresh…

One Metric Suggests the Impending Bitcoin “Doom” May Not Arrive

Bitazu Capital founding partner Mohit Sorout pinpointed that the volume of Bitcoin (BTC) declined since May. While the price of the top cryptocurrency has dropped since, its volume suggests it is not entirely bearish. Due to the second rejection of Bitcoin at $10,500 this year, traders have suggested the possibility of a rounded top.   The price of Bitcoin shows a rounded top-like formation, but with declining volume. Source: Mohit Sorout The declining trend of the volume remains as a variable that might potentially prevent a steep downtrend. It could suggest…

Bitcoin Volatiliy Levels Hint “Great Sell-Off,” Skew Data Finds

Bitcoin 10-day realized volatility reaches 20 percent for the first time since November 2018, according to data collected by Skew. The dip follows the cryptocurrency’s sideways consolidation moves in a narrow trading range across the last two weeks. Skew alerted the current volatility levels risks a “great sell-off,” citing a similar downside move from the November 2018 fractal. Bitcoin’s 10-day realized velocity became the quietest in eighteen months on Monday as it retested levels last seen in November 2018. Readings on the BTCUSD 10-day Impending Volatility dropped to 20 percent,…

43% of Crypto Twitter: Bitcoin Will See 1,000% Yearly Returns Again

Bitcoin is known for its parabolic rallies. Every few years, the leading cryptocurrency embarks on bull markets that take it hundreds, often thousands of percent higher in a year’s time. In 2017, for instance, BTC started the year under $1,000 and peaked in the middle of December at $20,000. And during 2013’s rally, the cryptocurrency rallied from double digits to over $1,000 in six months. Macro BTC price chart from TradingView.com Although BTC has matured, gaining steam as a viable investment on Wall Street, there remain some in the industry…

Bitcoin at Potentially Significant Turning Point: $9,000 Holds The Key

Bitcoin declined sharply after it faced a strong rejection near $9,200 against the US Dollar. BTC is still holding the $9,000 support, below which there is a risk of a sustained decline. Bitcoin fell sharply below $9,000, but it recovered quickly from the $8,914 swing low. The price is now facing a major resistance near $9,100 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $9,120 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could…

“No Position Is the Best Position,’ Says Bitcoin Trader as Price Stagnates

From a macro perspective, Bitcoin has basically flatlined. If you’ve followed the cryptocurrency market over the past few weeks, you probably know this. But BTC’s boring price action is a point worth repeating. Just look at the image below shared by a cryptocurrency technician and trader. It shows that the three-day Bitcoin historical volatility index (as per BitMEX market data) is at lows not seen since March/April of 2019. For those that missed the memo, a reminder: Bitcoin traded in a tight consolidation from December 2018 to March 31st, 2019…

Why an Analyst Isn’t Convinced Bitcoin Established a Top at $10,500

Many traders have argued over recent weeks that Bitcoin’s recent price action resembles a textbook top. As NewsBTC has covered extensively, there are a number of signs to corroborate this sentiment: Yet a trader has argued that Bitcoin topping at current prices doesn’t make any sense to him. Here’s why. Related Reading: Nearly Half of Crypto Twitter Doesn’t Think Bitcoin Will Hit $50k in 2021 Did Bitcoin Really Establish a Top at $10,500? A cryptocurrency market technician shared the image below on July 5th, showing that if Bitcoin tops here,…