Yesterday’s Bitcoin news showed that the most dominant cryptocurrency out there, Bitcoin, was trading at $6,500. One day later, however, we can see that Bitcoin has corrected to a price of $6,400 which is about $100 lower than its optimal level.
The highlighted key bullish trend line that had a support at $6,445 yesterday was breached, showing that Bitcoin is not stable and is now trading at a major infection point. Currently, analysts predict that BTC/USD has a support point at $6,375 – after failing to stay or even break through the $6,500 margin.
At the moment, the price of Bitcoin is consolidating a little above the $6,375 level and if buyers reappear, it may test the previous support at $6,440 and the 100 hourly SMA. Looking at the current chart, there may be a few hours (or days) before the next move.
Analysts expect that Bitcoin may test the $6,500 price again in the near term – but are also afraid that it may go back to $6,300 with a new major correction.
Tesla (TSLA) IS The Top Performing Asset In 2020, Surpassing BTC
Bitcoin On A Faint Note This Monday Towards $8K: Analysis
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000
“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
Crazy Analysis Puts BTC At $400,000 By 2021 Based On One Pattern
Where And How To Spend BTC In 2020: The Ultimate List
Basic Attention Token (BAT) Gained 11% As Binance Listed It
Binance Stops Trading To Resolve A Technical Issue
Bitcoin Retakes The $10,000 Level Again, What Is Next?
Moon Will Help Amazon Support Cryptocurrency Payments
Brazilian Cryptocurrency Regulation Tightens, Exchanges Are Hit Hard
‘Golden Cross’ For BTC May Result In Gains To $26,000 By Halving
CME Bitcoin Futures Opened: Can It Make BTC Rise Back To $10k?
Chinese Exchange Fcoin Closes, Still Owes Users $125 Million
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News6 days ago
TRON Grows On Gambling Dapps And Ethereum On Gaming
- Bitcoin News6 days ago
Bitcoin On Valentine’s Day: Will Historic Data Favor BTC Bulls?
- Altcoin News6 days ago
Bitcoin And Altcoins Dip Remains Attractive To Bulls Now
- Bitcoin News5 days ago
Bitcoin Bulls Have To Prepare For Cryptocurrency Regulation Challenges
- Bitcoin News5 days ago
Bitcoin Bull Run May Last 3 Years With $45,000 High: Tone Vays
- Ethereum News4 days ago
Ethereum’s Metamask Browser Hits One Million Users
- Bitcoin News4 days ago
What Pushed Bitcoin Up By 65% In 2 Months?
- Altcoin News7 days ago
84 Patents For Central Bank Digital Currencies Filed By China