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Analysis

Bitcoin (BTC) Retests $5,360 Resistance Level: Ready For New Surge?

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The Bitcoin news today show the most dominant cryptocurrency retesting the $5,360 resistance level and aiming at trading further higher in the near term. With a break above a short term contracting triangle with resistance at $5,155 on the hourly chart on the BTC/USD pair, the situation now shows that a surge towards $5,500 to $5,600 is entirely possible once the $5,360 resistance is cleared.

During the surge, there was a break above a short-term contracting triangle with resistance at $5,155 on the hourly chart of the BTC/USD pair. The pair even started trading above the $5,300 level and retested the key $5,360.

However, the main support is near the $5,200 level. If there is an extended downside correction soon, the price could test the $5,120 support area. To the topside, the $5,360 level is now the strongest resistance – but a clear break above the $5,360 resistance is likely to start a solid upward move towards the $5,400 and $5,500 resistance levels.

Looking at the current chart, the Bitcoin price seems to be preparing for a fresh increase above the $5,360 resistance. Right now, the main target for buyers could be $5,500 or $5,600. Conversely, if there is any downside correction, the $5,200 and $5,120 levels may act as a support.

The current technical indicators are as following:

  • Hourly MACD – The MACD is placed nicely in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD tested the 75 level and it is currently correcting lower.
  • Major Support Levels – $5,200 followed by $5,120.
  • Major Resistance Levels – $5,360, $5,400 and $5,500

Ever since Bitcoin came back to life (last week) the price of BTC suddenly rallied and pushed a lot of price points. Volumes started to surge and exchanges across the board registered high trading activities.

The big question for many right now is…

Could the influx of Bitcoin trading push the price of cryptocurrencies higher – or are bears still in control of the market?

 

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Altcoin News

Tezos Price Rises By 10% Reaching A New Five-Month High

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tezos price
Tezos price spiked over the weekend starting a positive movement after multiple rough sessions at the beginning of the week. As the altcoin news show, the XTZ altcoin reached a market cap of $790 million. The Tezos price compared to the dollar exchange rate shows a 10 percent increase by establishing an intraday high at $1.19. The USD/XTZ pair found a slight support level and it is the same one from the Bitcoin Cash forking even in November. The price did drop only to find a bottom area around the $0.34 price point. After the strong rebound, the XTZ value was brought back to $1.19 for the second time in one week. If a break above the $1.19 level happens, this could boost the Tezos price in the near term. The volume distribution on the market looks extremely concentrated on new altcoins. Overall, the XTZ-pairs show a solid $5.69 million worth of trading over the past 24 hours. BitMax, for example, was a host for more than 35.65 percent of those trades mainly against Bitcoin and Ethereum. However, as previously reported in our latest cryptocurrency news, the exchange has a reputation of faking the volumes. It is possible to assume that the Tezos price could find an intraday uptrend and spike further to influence the overall crypto market trend. Over the past 24 hours, most of the crypto assets were trading in green. For example, Bitcoin increased by 2.55 percent against the dollar while Ethereum and Stellar followed. The Minister of Finance of France Bruno Le Maire explained that the Tezos blockchain is superior to its peers. He was also speaking to an audience at the Paris Blockchain Week Summit making bold predictions about the Tezos price as well. He pointed out:
 “France has some nuggets on the entire value chain of new services to companies, hardware, and protocols. I am thinking in particular of Tezos and which allows the development of a blockchain protocol overcoming the known defects of public blockchains.”
The Tezos price was already improving after the partnership with Coinbase crypto exchange. Both of the companies now allow institutional investors to ear passive rewards. San Francisco-based Coinbase even promised up to 6.6 percent yearly returns to the investors.
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Altcoin News

Bitcoin SV Reaches Yearly Low As #DelistBSV Campaign Strengthens

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Bitcoin SV
Bitcoin SV (BSV) will apparently have a tough week ahead since the altcoin dropped up to 34 percent over the past seven days thanks to the delist campaign. Following our latest cryptocurrency news, we show you the analysis of the price of BSV below. Bitcoin SV hit a new low today (Tuesday) reaching $54.53 price point, getting a 21 percent decrease. Its market cap also reached $1 billion. The weekly dropped shaved off about $482 million of the BSV market cap. Currently, the digital asset is one of the leading bearish assets over the entire market. The relative strength index (RSI) shows that Bitcoin SV dipped right into the oversold area. The crash comes after the latest drama hovering over the altcoin. The analyses show that the larger volumes are a consequence of the bears dumping the asset on a large scale. This movement pushes the asset towards a new low. The crash didn’t come as a surprise since the relationship between the Bitcoin SV supporters and ‘’haters’’ has been there for a long time. The founder of BSV Craig Wright claimed that he was the real Satoshi Nakamoto and many got angry of his statement. The entire BTC community asked for proofs that Wright was not able to provide. Crypto users and enthusiasts around the world called him a fraud and a liar for years so now Wright decided to get his revenge. However, his revenged plan also didn’t work out. Changpeng Zhao the CEO of Binance was the first to delist Bitcoin SV from their trading platform. Other platforms followed including Shapeshift, Blockchain.com and many more. The #DeslitBSV campaign against Bitcoin SV spiked over the past seven days. What initially started as a beef between the BSV creators and the twitter user Hodlonaut, ended up becoming massive chaos where everyone got involved. The data from Hash Tagify shows that the usage of the hashtag for the campaign is only increasing. In the next couple of days, the Bitcoin SV price is expected to dive even further. Exchanges such as Kraken, Bittrex, Huobi, and BitFinex are considering delisting the digital currency from their trading platforms.
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Altcoin News

Did Binance Cause A $6 Million Dump On The Market?

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Binance Coin
Following the coming altcoin news which saw Binance delisting Bitcoin SV (BSV) from the exchange, we are also seeing a lot of red in the latest cryptocurrency news. In fact, the total cryptocurrency market cap has now lost more than $6 billion and the sinking is apparently not coming to an end. The Binance BSV debacle has sent the market in a tailspin as $6 billion left the space a few hours after the official announcement. Currently, the volumes and total capitalization are thinning as the market approaches $170 billion - and no major decline has ensued. First on the list is Bitcoin (BTC) which managed to go as low as $5,025 on the day but now retraced to $5,095 following the Binance announcement of its smaller sibling. However, there is still a lot of resistance looming above this level. Ethereum (ETH) is the main spotlight in the altcoin news as it plunged almost 4% and fell back to $160. The markets have been generally bearish over the past 24 hours but ETH took a harder hit this time. Ripple (XRP) which has moved very little in recent days, has receded 2.5% overnight and fell back to $0.32. Right now, the top ten is all in the red. As featured on many best cryptocurrency news sites, the Asian trading session has managed to mop up some of the losses caused by the Binance BSV debacle - but insufficient enough for them to be completely erased. The only gainer is Bitcoin Cash (BCH) - and an altcoin that added 5% on the day to reach $313 after an initial surge of 25% to surpass $330 as it continues to benefit from BSV's misfortune. All of the other altcoins, however, have been dumping and both Litecoin and Stellar managed to drop in the 4% to 5% region, while EOS and Cardano went with losses over 3%. Bitcoin SV's epic dump triggered by Binance has also made its the biggest loser on the day as it shredded 21% so far and is apparently still decreasing. This led to a shortage of $6 billion across the entire market.
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Analysis

Despite The 80 Percent Drop, Bitcoin Outperformed Nasdaq 100

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The Bitcoin price is up by almost 40 percent since the start of this year which means it outperformed S&P 500 and Nasdaq 100. In the coming altcoin news, we take a look closer look at the price analysis. Despite dropping by 80 percent since its all-time high in 2018, Bitcoin had some solid months since the start of this year. These movements show that the number one cryptocurrency gains momentum. Back in 2017, Bitcoin was worth less than $1,000. Since then, Bitcoin is increased by more than 400 percent in just two years. The number one cryptocurrency has managed to surpass Nasdaq yet again. In March, the CEO of Xapo, Wences Casares explained:
‘’I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear. But if Bitcoin succeeds, in 7 to 10 years those $100,000 may be worth more than $25 million, more than twice the value of the entire initial portfolio.’’
Over the years, the overall performance of bitcoin was overshadowed by the strong bull run in 2017, bitcoin still did relatively well against other assets. The currency managed to reach $20,000 and later crashed but still did well compared to others. The entire crypto market is now at a stage of early adoption. Many financial institutions such as ICE and Fidelity are just starting to commit more to the crypto market by launching custodial solutions. New York Stock Exchange chairman Jeff Sprecher noted:
‘’Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.’’
The long-term performance of bitcoin seems to be positive since the entire market is going strong in a positive direction. Companies such as Bitwise, Coinbase, and Gemini are leading the industry and fighting against fake volume. In the short-term, traders have a positive stance for the price trend of bitcoin. For more analysis, stay tuned with one of the best cryptocurrency news sites.
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