Bitcoin Is at the Apex of a Multi-Month Pattern — and Bulls Are in Control

Even taking Bitcoin’s Monday pump from $9,000 to $9,400 into account, the cryptocurrency is still in a macro consolidation. Some traders have joked that considering the length of BTC’s consolidation already, it could go on for months longer. One trader, in fact, postulated that it may be until late-Q3 or Q4 of this year until the crypto market establishes a macro trend. An analyst, however, has observed that Bitcoin is at the apex of a multi-month triangle pattern. And fortunately for bulls, analysts say that buyers are in control. Related…

These 3 Factors Suggest Bitcoin Bulls are About to Make a Big Movement

Bitcoin has remained caught firmly within the throes of its long-held consolidation phase in the lower-$9,000 region. It is now expressing some signs of weakness due to its inability to surmount the slight resistance that sits around $9,300, but it remains unclear as to whether or not sellers are strong enough to catalyze a downtrend from here. There are a few factors that are currently playing into bulls’ favor, however, and BTC’s lackluster consolidation phase may prove to be short-lived. In addition to recently breaking above a descending trendline, the…

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’s “Intrinsic Value” Nears $13k — Here’s Why That’s Big for Bulls

Bitcoin has performed extremely well since March’s lows, rallying over 150% from the $3,700 capitulation bottom. Even after a strong $1,200 retracement from the $10,500 highs, BTC is still one of the best-performing assets of 2020. Yet a crucial indicator suggests that Bitcoin is still intrinsically undervalued, boding well for the bull case. Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & Ethereum A Crucial Bitcoin Indicator Suggests Bitcoin Is Seriously Undervalued Many analysts, especially those on Wall Street, find it hard to value Bitcoin. The…

Bitcoin Price Bulls Pin Hopes on Descending Channel Breakout to $10K

Bitcoin (BTC) price showed a bit of strength by briefly pushing to $9,235 as the daily close occurred but at the time of writing the top-ranked digital asset on CoinMarketCap is trading below the $9,200 resistance.  Crypto market weekly price chart. Source: Coin360 As discussed in the previous analysis by Cointelegraph Markets, the price remains pinned below the 20-MA and the descending trendline from the June 1 high at $10,380. Until Bitcoin can secure a daily close above the $10,400-$10,500 level the price remains at risk of a breakdown to…

Ethereum is Plunging, But It’s Too Early to Say Bulls Have Given Up

Ethereum is down more than 6% and it broke the $235 support against the US Dollar. ETH tested the $228 support zone and it is currently correcting higher. Ethereum declined sharply after it failed to surpass the $250 resistance. The price is currently holding the $228 support, but it is well below the 100 hourly simple moving average. There was a break below a major triangle with support near $244 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently correcting higher and it might face…

A Critical Bitcoin Buy Wall Appears in the Low-$9,000s: Win for Bulls

It’s been a brutal past 24 hours for Bitcoin. After attempting to secure $10,000 as support on June 10th, the cryptocurrency failed to do so, diving instead of rallying as most investors were expecting. The weakness culminated in a $1,000 drop lower on June 11th that took place over the course of approximately eight hours. During the drop, approximately $80 million worth of positions on BitMEX alone were liquidated, crushed as the $9,500 support was rapidly lost. The bull case is getting a strong boost with the news that a…

Liquidations May Loom as Altcoin Bulls Hold Despite Shorts Spiking

Despite yesterday’s 8% crash in the price of Bitcoin (BTC) driving many BTC bulls from the markets, altcoin longs have only seen slight declines, with Ether (ETH) longs defying the trend with a slight rally test recent all-time highs on Bitfinex. However, altcoin bears are quickly emerging from the woods, with shorts against many top altcoins piling up quickly amid Bitcoin’s recent drop.  With many altcoin bulls holding on despite the increase in shorts, numerous leading crypto assets could see a surge in liquidations regardless of what direction the markets…

Bitcoin Price Looks Like a “Carbon Copy” of Gold, and That’s Bad for Bulls

Since the $8,600 lows seen at the start of the week, Bitcoin has mounted a strong comeback, recovering to ~$9,800. A growing number of analysts, however, have said that the recovery is just noise in an otherwise bearish trend. They cite fractals and textbook patterns suggesting that it is only a matter of time before BTC falls back towards the $8,000s, then maybe even lower. Bitcoin Looks Almost Exactly Like Gold — and That’s Bearish A fractal is a technical term used by investors to describe a phase of price…

$230M in BitMEX Liquidations Hit Bulls and Bears Alike

The recent volatility in the Bitcoin (BTC) markets has left both bulls and bears facing significant liquidations, with almost $223 million in 24-hour margin calls on leading derivatives exchange BitMEX being evenly spread between BTC shorts and longs. As of when this story was published, a little over $111.5 million, or 50.04% of the total was liquidated in the form of Bitcoin longs, while shorts represented $111.3 million, or 49.96% of liquidated positions, according to Cryptometer. Altcoin liquidations brought the total to $230 million. Both shorts and longs hit on…