The price of Bitcoin is in the digital currency news again, this time for bleeding and falling to the $6,300 margin – after many expected a new bullish run. Over the past 24 hours, the most dominant cryptocurrency suffered from two consecutive sell candles on the daily chart.
Even though the daily trading volume of BTC still remains above the $4.4 billion mark and is up more than 46% from earlier this month, Bitcoin is really struggling to sustain momentum and break through the $6,500 price margin. It has been in the mid-$6,000 region for quite some time now.
In the short term, analysts expect Bitcoin to retest the $6,200 region or bounce above the $6,450. However, a major breakout to $7,000 within the next days is still not expected mostly because of the stability in the crypto market.
As the popular analyst and managing partner at UTR named Thies wrote:
Looking for $6275 (at least) on this slow bleed, ideally seeing a try to upside after.
Resistance @ $6375 region continuing to hold us back on several TFs
Supports @ $6k, 6.2k, & 6,275
Resistances above @ $6450, $6650 & $7.4k pic.twitter.com/e2vAFX6Zde
— Parabolic Thies (@KingThies) November 12, 2018
Bitcoin has been bleed out out from the $6,500 mark since November 8th. Throughout the past three months (since August 9th), it has demonstrated stability in the mid-$6,000 region but in the past two weeks has tried to retest the support levels below the $6,300 mark several times due to the high sell pressure.
“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”
If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings.
Currently, Bitcoin is trading at $6,351.
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“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
New Bitcoin 2019 High Surpasses The $5,900 Price Point: Analysis
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
Bitcoin Analysts Are Cautious As BTC Corrects Below $5,800
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