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Analysis

Bitcoin Dominance Hits 2 Year High But Could Soon Face Resistance

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Bitcoin Dominance

As the Bitcoin dominance hits more than 1% overnight, we have all the proof that this year has been all about Bitcoin and its uptick. Even the couple of altcoins which were featured in the altcoin news for their gains are now losing them as BTC crushed them all with its increasing market share.

As the charts on Tradingview.com show, the Bitcoin dominance hits new highs as it topped 72.5% today. Now, it has moved back to $71. The move back into five figures has kept BTC within its range bound channel – and triggered the altcoins too – which did not share a similar momentum, though.

The last time that the Bitcoin dominance hits a level like this and was this high was back in the month of July 2017, when it was priced at $2,450 with a market capitalization of $900 million. This was a spike, which means that the previous sustained period of BTC supremacy was further back in MAy 2017 when it fell from over 80%.

Analysts are sharing their opinions on many best cryptocurrency news sites now. As they said, it could be facing resistance here though as there are many bearish signals appearing on the chart. As Alan Masters, who is a popular analyst on TradingView recently said:

“We have low and decreasing volume.
Bearish divergence showing up on the MACD and RSI.
Strong resistance ahead.
RSI Overbought.
Our main scenario is marked with arrows on the chart. The situation can easily change if the next resistance at 74.84 is broken with good strength and volume.”

Conversely, some analysts also plotted the clear uptrend and predicted further gains as the altcoins get wiped out. The fellow trader Josh Rager also talked about how the Bitcoin dominance hits new highs. He shared his bullish opinion and claimed that the fundamentals such as the Bakkt launch could keep the dominance up there for a while yet.

Last time Bitcoin moved up into five figures and rallied to a new 2019 high, the coming altcoin news showed a positive momentum and were pulled up with it. This time, however, they appear to be breaking down as Bitcoin continues to consolidate.

Meanwhile, the total crypto market capitalization is at $264 billion as Bitcoin dominance hits new high. Right now, BTC’s share accounts for 70.1% of the entire market.

 

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Analysis

Crypto Critic Peter Schiff: Bitcoin Will Drop To $1,000 To Complete A Pattern

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peter schiff
There are many Bitcoin analysts which are confused by the recent move of the dominant cryptocurrency, going lower than $7,500 and proving that a massive bearish trend is here. Aside from the optimistic analysts who still place their bets on more positive Bitcoin news in the future, there are negative critics too. One of them is the crypto critic Peter Schiff who ridiculed the cryptocurrency and claimed that BTC/USD is set to dive to as low as $1,000.While arguing the current price action and correlating it to a "head and shoulders" formation, the gold bug took to Twitter in a debate and said that a dramatic downturn would characterize the markets in the future.As the crypto critic Peter Schiff wrote:
“#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.”
In a further post, he also doubled down on his position.  “The picture really doesn't look any better if your long Bitcoin!” Schiff wrote.Another attempt saw the crypto critic Peter Schiff taking a photograph of a Bitcoin price chart on his computer screen and ridiculing the coin and its performance in the latest cryptocurrency news.However, those who know Schiff said that he is waiting for times like these just to strengthen his position. Well known for his dubious price commentaries, the gold bug is convinced that Bitcoin (BTC) is doomed to fail. However, not all of his predictions were true - in fact, all of them have proven false so far which made him lose a lot of supporters.One of the people who responded to the crypto critic Peter Schiff was the trader known as CryptoBull. He produced a BTC/USD chart and said that Schiff needs to guess market trajectory correctly.Other long-term warnings from Schiff include the prediction that Bitcoin will never reach $50,000 while gold will top $5,000. Additionally, in late October, the gold bug accused investors of manipulation as BTC gained 30% over gold.
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Analysis

BTC Twitter Engagement Drops to Two-Year Lows: Report

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btc twitter engagement
In the wake of the news that Bitcoin lost support below $8,000, we can also see that BTC Twitter engagement drops to two year lows. As an integral part of the crypto scene, Twitter is a good indicator of the (changing) sentiment about cryptocurrencies. The latest Bitcoin news are signaling that there is a decrease in interest for Bitcoin (and possibly other cryptocurrencies) by users on Twitter.Often gauged from Bitcoin analysts and industry insiders who spend their time on the social network, the BTC Twitter engagement is an obvious sign of interest for the cryptocurrency as a whole. In the latest news, we can see that this sentiment has declined back to levels as low as those seen two years ago.The irony is that a lot of what is going on in the crypto industry revolves around postings on a centralized social media platform. This is testament to the immaturity of the scene in the tribalism and everything else that is still rife on the platform. The bottom line, however, is that the growth of Bitcoin was monumental but now the interest on social networks is dropping.According to reports by Skew Markets, the BTC Twitter engagement has fallen to lows not seen for two years.https://twitter.com/skewdotcom/status/1197216029799309314This obviously may not be the case for other cryptocurrency assets but Bitcoin at least appears to have fallen out of taste on the social media platform. The peak on Twitter also came when the BTC price was at a peak during late 2017 and early 2018 - when the daily tweets for BTC topped 150,000. Today, they are only below the 20,000 level as the charts by Skew Markets show.This could be that the space has evolved beyond Twitter which would be a good thing since the entire scene is a bit of a circus. However, we can also tell that the intrusive advertising, unfettered spam and a lot of "trash posts" result in the drop of the BTC Twitter engagement.Just like Facebook, Twitter also controls what people see in their streams. The fact that Bitcoin is falling to new lows also accounts for the lack of interest, along with the miner capitulation and market manipulation reports which are driving traders outside of social media.https://twitter.com/100trillionUSD/status/1196818121337835523
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Analysis

Bitcoin Price Is Primed For Breakdown Below $8,000: Analysis

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bitcoin price is primed
The USD value of the leading cryptocurrency has extended its decline over the past couple of days and is now below the $8,250 resistance area. Analysts show that the Bitcoin price is primed for a breakdown and will likely decline below the $8,000 and $7,800 support levels if the downward trend remains.Speaking of, there were further losses in the Bitcoin (BTC) price below the $8,200 support area against the US dollar. BTC extended its decline below the 100 hourly simple moving average too - and tested the $8,000 support area.This is how the Bitcoin price is primed for a decline - and how it formed a low near $7,987 before correcting higher. At one moment, we could see that price of BTC trading above the $8,100 level and testing the $8,150 resistance area.The price seems to be facing a strong resistance near the $8,150 and $8,200 levels. It did shock a lot of investors when the crypto news posted a $8,631 high and a $7,987 low in one day for Bitcoin.Analysts agree that Bitcoin is primed for another downfall and believe that there is a major bearis htrend line forming with resistance near $8,150. The technical analysis shows that the 50% Fib retracement level of the recent decline is pushing $8,300 to act as a resistance - and the next major resistance is at the $8,400 level.The 61.8% Fib retracement level, on the other hand, shows that the Bitcoin price is primed for intermediate resistance near $8,360 and the 100 hourly simple moving average. On the downside, however, an initial support is near the $8,000 area.If we see a daily close below $8,000, the price could even break the $7,800 support. Besides, the next key support is near the $7,400 level. Looking at the charts, the Bitcoin price is primed to face resistance near the $8,150 and $8,200 levels.Thus, there is also a risk of more downsides below $8,000. In order to start a decent recovery and in order for the Bitcoin news now to initiate a positive run, the price must settle above $8,200 first and gain momentum above the $8,300 resistance area.The total cryptocurrency market cap today is at $222 billion which is not a signal of a recovery coming. Other altcoins are still influenced by Bitcoin's momentum and may decline further as well.
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Analysis

BTC May Dip Below $7,000 Before Post-Halving Rally: Analyst

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btc may dip
One analyst named Tone Vays recently claimed that BTC may dip to lower regions before the halving event after which it is expected to visit new heights. According to Vays and his statement in the latest crypto news, BTC may dip below $7,000 before the mining reward halving.
“At the moment, I still see lower prices,” Vays noted in an interview with Block TV. “I still think we’re going to go lower than USD 7,000 before the halving. But after that, that would be the final secondary low. Hopefully it’ll be higher than the USD 3,000 low back in December. And then we can finally start a bull market after the halving.”
If the analyst is right, this means that BTC may dip and may drop pretty soon as the Bitcoin halving is expected to happen in May 2020. While the halving price has always been factored, there are still spikes. If the price of the most dominant coin falls, there will be another hype cycle going into the halving.
“It’s all about the proximinty of the halving and where the price is,” the analyst said when he told the media that BTC may dip lower.
Vays does not think that BTC will hit its all-time high in 2020 - in a year from now he sees it a bit over $10,000. Nonetheless, once the barrier of $20,000 is broken, $50,000 and $100,000 can follow "pretty quickly" but it won't be next year he said.The analyst also said that BTC may dip and that he was skeptical about BTC's recent rally when it hit new heights. Many pressured and said that BTC will keep rising - but the analyst notes that he knew that the big run up was "caused by the exodus out of the old coin space, Ethereum (ETH), Litecoin (LTC), Ripple (XRP) – and eventually that stopped.The latest Bitcoin news updates show that the leading cryptocurrency is below $8,200 and trading slowly. When it comes to external factors, the analyst said that Facebook's “Libra is not a competitor to BTC” and China does not drive the market much.
“Maybe an ETF (exchange-traded fund) is actually coming. Things like that are very, very bullish for the space – the more comfortable traditional financial markets are with Bitcoin [and] the more regulated products that appear, the better it actually is for the price of Bitcoin,” concludes Vays.
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