Bitcoin Price Hits 2-Month High at $8.7K as 3 Bullish Factors Converge

Bitcoin (BTC) surprised traders and analysts alike on Jan. 14 after BTC/USD broke out of its already bullish channel to strike at resistance levels near $8,600. Cryptocurrency market daily overview. Source: Coin360 BTC climbs 2% in an hour Data from Coin360 and Cointelegraph Markets showed Bitcoin jump 2% in just over an hour on Tuesday to hit local highs of $8,745. A slight retracement followed, with the pair circling $8,700 at press time amid heightened volatility. Bitcoin 1-day price chart. Source: Coin360 The latest leg up brings Bitcoin’s 24-hour gains…

Bitcoin Crucially Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

Bitcoin rallied more than 5% and broke key hurdles near $8,250 and $8,500 against the US Dollar. BTC price might continue to rise towards $8,780 and $8,800 in the near term. Bitcoin price is gaining bullish momentum above the $8,400 resistance against the US Dollar. There was a crucial upside break above the range resistance near $8,200. Yesterday’s highlighted important bearish trend line was breached with resistance near $8,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but…

Bitcoin Price $4K by April? One Big Reason to Not Be Bullish Just Yet

Bitcoin price (BTC) increased over 10% over the past week, so it didn’t take long for the usual crypto Twitter suspects to start screaming that they are all bullish now. Even I saw some bullish momentum as outlined in last week’s analysis, but have we seen the bottom yet? Or is there more downside to come before we resume a bull trend? Daily crypto market performance. Source: Coin360.com The monthly MACD is bearish BTC USD monthly chart. Source: TradingView Working backward through various time frames, a look at the Moving…

Gold Correlation With Bitcoin is at 4 Year High, And It’s a High Bullish Sign

The correlation between gold and bitcoin has reached its highest levels since August 2016, according to a new study. Arcane Research, a cryptocurrency-focused data analysis firm, noted a steep direct proportionality between the two rival assets. In a report published on Friday, the firm mentioned that the correlation was “below zero just half a year ago” but strengthened to 0.3 to retest its three-year high. “This will without a doubt strengthen the “digital gold” narrative for bitcoin,” the report added. Correlation between Bitcoin and Gold touches 0.3 | Source: CoinMetrics,…

Changpeng Zhao Makes Super Bullish Case for Binance Coin

Those who missed the 2019’s Binance Coin (BNB) price rally can still stage profits off the cryptocurrency in 2020, hints its supreme backer Changpeng Zhao. The Binance exchange CEO theorized a potential positive correlation between BNB and its top rival Bitcoin. He noted that the current upside sentiment in the bitcoin market could increase the number of trades on Binance. And traders use BNB to pay for trading fees, it would overall boost the coin’s demand. What happens when $btc goes up? More trading volume. What happens when there is…

Why China Is Banning Crypto But Is Bullish on Blockchain

This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Flex Yang is co-founder and CEO of Babel Finance.  Babel Finance is one of China’s largest financial service providers.  The firm works with crypto mining companies to fund the volatile industry and products including crypto-backed loans, deposit services, margin trading and derivatives. Since July 2018, Babel has issued $110 million in crypto-backed loans with a balance of $88 million outstanding. Before pivoting to crypto,…

Bitcoin Just Printed These Key Bullish Signals as Price Surged to $8,100

After seeing a small retracement (as predicted in one of NewBTC’s Bitcoin analysis articles), BTC continued to rocket higher on Tuesday. As of the time of writing this, the leading cryptocurrency has tapped $8,100 for the first time in literal weeks — in six weeks, to be exact — managing to surmount that level on the back of another wave of buying pressure from bulls. Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So This latest bump higher, while still strong, was relatively mild in the grand…

XRP’s Epic 12% Rally is Bullish for Ethereum Price; Here’s Why

For the third or fourth day in a row, bulls have decisively taken control of the cryptocurrency market. Leading the pack wasn’t Bitcoin or Ethereum (ETH), it was XRP, the third-largest cryptocurrency by market capitalization and an asset that is either despised or loved. Related Reading: Bitcoin is On the Brink of Going Parabolic; Here’s the Levels to Watch As reported by NewsBTC previously, the Ripple-linked token surged on Monday, rallying as high as 12% and tapping $0.22 as buyers stepped in en-masse. For some perspective, Bitcoin gained a mere…

$100 Billion in Bitcoin Hasn’t Moved in Over 1 Year, And Its Bullish

The cumulative sum in dormant bitcoin addresses surpassed 12.58 million BTC, worth just about $100 billion at current price. It indicates most investors are holding strong despite volatility in the market. It also demonstrates that amidst one of the steepest falls in recent history from $13,900 to $6,410, the majority of investors were holding onto bitcoin, as pointed out by a researcher known as Rhythm. Its an optimistic macro indicator for bitcoin In the short-term, the price movement of bitcoin is likely to be swayed by trends in the margin…

A Strong Uptrend Forming For Ethereum, Here Are Key Bullish Targets

Ethereum is up around 5% and trading above key hurdles near $140 versus the US Dollar. Bitcoin and ripple surged 5% and 12% respectively, opening the doors for another increase in ETH. Ether price is now trading above the key $140 and $142 resistance levels against the US Dollar. BTC rallied recently and tested the $8,000 resistance area. There is a major bullish trend line forming with support near $138 on the hourly chart of ETH/USD (data feed via Kraken). ETH seems to be eyeing more upsides above the $145…