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Bitcoin Price Hesitates But Further Recovery Is Likely

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Bitcoin Price

There have been a lot of ups and downs in the market so far, and the volatility seems to have moved the price of BTC down a lot over the past few weeks. As we can see from the latest cryptocurrency news, the Bitcoin price hesitates and was testing the $9,800 support while bouncing back against the US dollar.

We can also see that the Bitcoin price is struggling to gain momentum above $10,400 and $10,500. There is a key contracting triangle which is forming with resistance near $10,550 on the hourly chart of the BTC/USD pair. The price is also likely to slowly rise, as analysts featured on many best cryptocurrency news sites mentioned.

While in the yesterday’s analysis we hinted that the Bitcoin price hesitates and discussed the chances of another pullback, it seems like the support line has moved up – and Bitcoin is now trading at $10,500 with 4% increase on the day.

The 100 hourly simple moving average which is currently at $10,450 and there is a key contracting triangle forming with resistance near $10,500. An immediate support on the downside is near the $10,130 levels – representing the 50% Fib retracement level of the recent wave while the Bitcoin price hesitates to make an even more bullish run towards new highs.

On the upside, the price must gain momentum above the $10,500 resistance level. More importantly, a successful close above the 100 hourly SMA could start a strong rise towards $10,600 and $10,800. Conversely, if the price starts a fresh decline and breaks the $10,000 support, analysts featured in the altcoin news think that the next support is near the $9,800 level.

Looking at the current charts, the Bitcoin price hesitates but it is also showing a few positive signs above $10,000 level. Having said that, the bulls need to gain momentum above the 100 hourly SMA and $10,450 in order to push the price further higher in the near term.

The technical indicators right now are as following:

  • Hourly MACD – The MACD is currently moving in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
  • Major Support Levels – $10,030 followed by $9,800.
  • Major Resistance Levels – $10,400, $10,500 and $10,650.

All of this shows that both scenarios are possible as the Bitcoin price hesitates around $10,500.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin News

BTC Price Fights The $9,600 Level One More Time

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The Bitcoin price news today show that the 'lighting Bitcoin' is still below $9,700 but is safely fighting off the $9,600 levels for one more time. On February 20, the price of the most dominant coin dropped by around 9% which was seen as a move that caught investors off guard. However, the BTC price fights the $9,600 level and does not let bears pull it beneath it. Before this, we saw Bitcoin trading at $10,200 and in that range. However, the situation backfired and the most dominant coin reversed. At the time, the ARK Invest analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest correction to occur on the timeframe since 2017. https://twitter.com/yassineark/status/1230267176747229188?s=12 Ever since the sharp downside move, BTC price fights multiple levels. What is interesting is that everyone is trying to pinpoint the main source of the flash crash and a lot of analysts came with theories. The lighting Bitcoin which was seen above $10,200 is not here anymore and many are trying to locate the reason for that. A handful of theories have arisen in that manner and some attributed the drop in the cryptonews and the volatility now to the consecutive unplanned Binance exchange outages which halted trading on the platform and prevented traders from being able to log into their accounts. Other analysts like filbfilb said that there is a shortage of Tether (USDT) at Binance which contributed to the current market conditions. In his Telegram-based channel, the analyst noted that this USDT shortage possibly shows that the majority of traders were in long positions, an observation which was supported by the decreasing pace of Bitcoin's momentum and the liquidation of $120 million leveraged longs at BitMEX. Regardless of the reasons for this, we can see how BTC price fights off new levels every day. The drop to $9,346 certainly shook a lot of investors from their Bitcoin and altcoin positions and the current state of the market is negatively impacting the investors' bullish sentiment. Still, many are choosing to wait and see how the situation will unfold and if there will be a clear signal that a bottom has been reached. At press time, the price of Bitcoin is at $9,667 with a 1% increase on the day.
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Altcoin News

Financial Giant Morgan Stanley Acquires E*Trade For $13 Billion

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If you have logged in today to see news on the topic of regulation crypto exchange and how countries are regulating crypto, this news story is quite connected and similar. As reports show, the major investment bank and financial giant Morgan Stanley is buying the online trading firm E*Trade Financial Group which would extend the bank's offerings to everyday investors. This $13 billion deal marks the largest takeover for Morgan Stanley since the crisis of 2008 which is why it is noteworthy in our cryptocurrency news. The purchase will also see the major investment bank get the 5+ million clients that E*Trade currently has as well as the $360 billion in assets and an online bank. As the Wall Street Journal reported on February 20, the financial giant Morgan Stanley will receive over 4,000 corporate customers as well as $580 billion of stock held on behalf of their employees. At the same time, the CEO of the company Michael Pizzi will retain its position and the company will keep its brand, retail storefronts as well as ad campaigns. In April 2019, E*Trade announced its official plan to begin offering digital currency trading on its platform, when it was related to the regulation crypto exchange news stories. At the time, the company was ready to offer Bitcoin (BTC) and Ether (ETH) after which it would also add other cryptocurrencies. As for the financial giant Morgan Stanley, they were in the Bitcoin news for trying to launch swaps tracking BTC futures since early fall in 2018 but did not receive a single contract by the end of that year. Nonetheless, the firm is ready to launch cryptocurrency services as soon as there is any sign of demand, according to sources familiar with the matter. The Wall Street giant postponed its plans to enter the crypto industry more actively as the value of cryptocurrencies fell at the end of 2018. One of their most recent attempts was the launch of Phemex, a new cryptocurrency derivatives trading platform in Singapore. The developers claim that this platform is ten times faster than the traditional crypto trading platforms - and offering 100x leverage to both retail and institutional investors in BTC, ETH and XRP.  
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Altcoin News

Lumi Wallet Announces Direct Withdrawals To VISA For EU Users

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The multicurrency wallet known as Lumi Wallet has recently announced that it will allow users in the European Union to directly withdraw their Bitcoin (BTC) to the Visa credit cards they own. As we can see from the Bitcoin price news, the situation is not that good but features like these are certainly shaping up the regulaiton in a good way. Lumi Wallet also said that the new feature has been built with simplicity in mind and an easy-to-follow Know-Your-Customer (KYC) procedure. Transactions can be initiated quickly, which means that crypto enthusiasts don't need to jump through endless hoops. As the company noted, the current methods of converting crypto to fiat are not that practical. They are creating a "perplexing affair" which is not too dissimilar from the arduous process of getting refunds from an online retailer. Lumi Wallet is certain that selling cryptocurrency is the simplest way to exit a position. However, finding a willing buyer can be difficult and even in that case, the price they are willing to pay might not be reflective of the real price of the asset at the given moment. Additionally, the company behind the wallet says that there are a lot of safety concerns if a would-be buyer has dishonest intentions and by the time a transaction has been finalized, volatility in the market might mean that your crypto is worth substantially less. Ultimately, the issue that Lumi Wallet is trying to face is that middleman appear to have embedded themselves in the process of buying and selling cryptocurrencies. When it comes to exchanges, the company believes that there are several downsides having a negative impact on consumers. The team behind the wallet acknowledges that crypto can be intimidating for newcomers and adds that the goal is to demystify the burgeoning industry and make it accessible for everyone. Through a dedicated blog, the company has made a concerted effort to offer a back-to-basics education for people who are exploring the blockchain and cryptocurrency space for the first time - offering posts which explain everything from how decentralized finance works to the key distinctions between types of crypto wallets and other topics. As Lumi Wallet said, all of this could help and build the levels of confidence and credibility that crypto needs and encourage people to purchase coins and tokens for the first time.
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Bitcoin News

Bitcoin Just Signaled “Sell” While Falling To $9,600 Levels

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The top cryptocurrency failed to climb convincingly above the $10,200 region overnight and as a result, declined heavily below $9,800 this morning. Now, Bitcoin just signaled a "sell" order as it is vulnerable for a bigger correction. After failing to clear the $10,200 and $10,300 resistance levels against the US Dollar, we could see a sharp decline below the $10,000 and $9,800 support levels in the latest crypto news. The bearish trend line acted as a strong hurdle near $10,200 on the hourly chart of the BTC/USD pair and now, we can see that BTC is consolidating its losses and might face sellers near $9,800 if it corrects higher. The reality is that Bitcoin just signaled that many traders should sell it. This happened after the bulls failed to gain traction above $10,200. A swing high was formed near the $10,300 levels and the price declined heavily below the $10,000 support area. Moreover, the major bearish trend line from yesterday acted as a strong hurdle near $10,200 on the hourly chart of the BTC/USD pair. Speaking of which, the pair fell by more than 5% and traded below the $9,800 and $9,700 levels. Similarly, there was a strong decline in Ethereum below $270 and Ripple which dived below $0.2850. The XRP news today show that Ripple's token is at $0.2737 at press time while Ethereum (ETH) is testing the $260 price point. On the question if we should expect more losses from the leading cryptocurrency, the reality is that if BTC fails to continue above $9,800 and $9,820, there is a risk of more downsides. A daily close below $9,500 might push BTC in a bearish zone in which the bears would aim at a test of the $9,000 support area. The technical indicators show that Bitcoin signaled a "sell" order while being at $9,627 and is now in a vulnerable position.
  • Hourly MACD – The MACD is now gaining strength in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.
  • Major Support Levels – $9,500 followed by $9,200.
  • Major Resistance Levels – $9,750, $9,800 and $10,000.
The resistance, as we can see, lies from $9,750 and above which is the only chance for bulls to start another rally today. If this does not happen, the cryptocurrencies may witness a new decline and the market may slump again, falling even below $270 billion.
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