Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Analysis

Bitcoin’s Recovery Could Face A Major Obstacle Towards $5,000

Published

on

The ongoing recovery of the major cryptocurrency asset could face a huge obstacle that can stop the progress towards $5,000 according to the technical charts and we will see why in our latest bitcoin news.

The largest cryptocurrency by market cap jumped to a two-week high at $4,108 thus validating the short term to a bullish trend which change was confirmed earlier in the week.

The break above the $4,000 looks pretty sustainable as we can see throughout the 24-hour charts and the trading volume has jumped above $8 billion as well. This can lead to many new users joining the party creating even bigger upward pressure in the prices. If this happens, there is still a chance for the rally to hover near $4,400 for some time.

At the time of writing, BTC is trading at $4,107 which shows a 9 percent increase over the 24-hour period. According to the charts, we can clearly point out that there is a 50-day exponential moving average located at $4,402, bearish lower price at $4,410 and 38.2 percent Fibonacci retracement of the sell-off from November.

The RSI is also reporting overbought conditions as well. This combined; BTC will have a pretty hard time scaling the resistance zone of $4,400-$4,430 in one attempt. A minor pullback from the current price level will allow the RSI to move over from the overbought territory to bulls favor territory.

Bitcoin may find hard to beat the resistance zone of $4,400 in the short term and a high daily volume above $4,430 could be followed by an even higher movement to $5,000. However, a rally to $4,400 could drop BTC if it falls back below $3,924.

Share This With Your Friends

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

Continue Reading
Comments

Analysis

Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst

Published

on

By

A new experimental metric is featured in the latest cryptocurrency news, indicating that the Bitcoin 2019 price run was triggered by real and confirmed transaction growth. The quality of activity, as the metric shows, allowed Bitcoin to clock a 28-week high last Saturday, signaling that the cryptocurrency's latest price rally may be more fundamentally driven compared to what many expect. Named the Transaction Amount to Active Addresses Ratio (TAAR), the metric was first proposed by the Pugilist Ventures Founder Chris Brookins, who divided the 24-hour adjusted transaction volume (USD) of Bitcoin with the number of its active addresses, identifying how much each of the active addresses spends in transactions per day, on average. Brookins found that the Bitcoin 2019 price run was signaled from this ratio. For those of you who don't know or are unfamiliar with the TAAR ratio which is a viral topic on many best cryptocurrency news sites... If the TAAR is high, it means that each user (active address) is transacting in high notional values. In other words, TAAR was high over the past couple of weeks during the Bitcoin 2019 price run which showed that the network "quantity" (how much is being spent i.e. transaction volume) was high per the "quality" (how many users are spending the funds from active addresses). So, the TAAR's quantity and quality matched and were both high. This is how a positive reaction in Bitcoin's market occurred. Since April of 2013, the oldest data point (as we can see from Coinmetrics) has been this one - making it clear that the Bitcoin 2019 price run entered a sustainable trend when it was accompanied by a TAAR trend in the same direction. As the chart associated with TAAR indicate, the Bitcoin 2019 price run was impressive. When seeing the network activity, Bitcoin managed to escape its bear market in 2015 with the same technical traction. However, weeks ago, this added fundamental validation to the Bitcoin price growth at the time, which is often a victim to pure speculation. And what's most interesting is the fact that the Bitcoin TAAR performance is once again rising, indicating that the bear market may be over soon and that corrections in price should be expected - both in the Bitcoin as well as the coming altcoin news.
`
Continue Reading

Analysis

Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst

Published

on

By

bitcoin is vulnerable
According to analysts featured in our latest cryptocurrency news, Bitcoin is vulnerable as it is still correcting below the $8,000 mark. Despite the stability of BTC over the past 24 hours, there are changes that the pullback could accelerate - mostly because BTC failed to close above $8,000 yesterday. Right now, a lot of traders and analysts are looking at the next major buying zones. As we can see from Bitcoin's performance over the past 24 hours, the dominant cryptocurrency has been relatively flat. It suffered a drop to $7,600 before retracing to the current level at $7,750 which showed that Bitcoin is vulnerable. The intraday high for BTC has been established around the $7,900 level but started consolidating around $7,800. The daily volume is also on the decline as Bitcoin dropped to $20 billion on the day trading activities. Traders and analysts are viral on many best cryptocurrency news sites for their current outlook as the path of resistance is slowing down. With this, it is certain that Bitcoin is likely to fall back to support at $7,600. One of the analysts featured in the crypto currency news was Alex Kruger, who has been looking at the current possibilities. As he wrote on Twitter:
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”
https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”
Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”
https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
`
Continue Reading

Analysis

Bitcoin Goes Below $8,000 Overnight: What Is The Reason?

Published

on

By

bitcoin goes
The Bitcoin price has plunged by 14% overnight and visited the $7,700 region - before correcting to $7,900 which is its current price as the latest cryptocurrency news show. The market has been in red over the past 12 hours and as it stands, Bitcoin goes on declining. Analysts believe that the steep fall for BTC from $8,500 to $7,700 occurred in a relatively short frame and was with a high magnitude. If Bitcoin goes to visit lower regions, it may test support in the $7,100 range. Analysts shared their opinions on many best cryptocurrency news sites this morning. They believe that the abrupt drop in the BTC price was caused by manipulation by whales or investors which are holding large amounts of the dominant cryptocurrency - from hundreds to millions of dollars. One Redditor commented on the BTC decline, stating:
“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”
In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales - and the market cap of $253 billion is solid proof for that. What's fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red. The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
"Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way."
On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.  
`
Continue Reading

Altcoin News

Bitcoin Satoshi Vision Price Surges Another 19%, Why?

Published

on

By

bitcoin satoshi vision price
Bitcoin Satoshi Vision price surges another 19 percent since the recent surge but crypto analysts don’t have a reason why. So in today’s altcoin news, we try to understand why. The BSV-to dollar ratio increased by another 19 percent today and established a new, fresh intraday high at $194.90 on Huobi crypto exchange. That led the pair to get a new 23-day rise by more than 260 percent, adjusting the year-to-day gains to more than 150 percent in total. Over the past 24 hours alone, Bitcoin Satoshi Vision price recorded gains up to 11.57 percent against the US dollar and at the same time, the digital asset appreciated at least 13 percent gains against Bitcoin as its main rival as the downside correction began. In the meantime, the crypto market cap increased by another $41 million and is now standing at $3.751 billion. Over the past 24 hours, the adjusted timeline recorded more than $844 million worth of volume in Bitcoin SV-enabled markets. However, the Tether stablecoin USDT appeared to have taken some beating the most by Bitcoin SV after it posted around 49-percent of the net BSV daily volume. The crypto analysts are not sure what caused the new surge in price for this altcoin. They stated that the value of BSV increased by up to $2.5 billion since May 20. The first upside break appeared in the wake of the fake hype. For example, Dr. Craig Wright who is the founder of Bitcoin SV project earned a copyright claim over the bitcoin whitepaper but it seems like this have little impact on the price surge for BSV. The co-founder of Bitcoin SV mouthpiece CoinGeek Calvin Ayre predicted the event as proof that Wright is the real Satoshi. The BSV-to-dollar exchange rate surged by more than 118-percent on the day. Nevertheless, the press release issued by the Copyright Office later made clear that they did not verify Wright’s claim. As reported in the latest cryptocurrency news, there was a fake, impersonated Chinese news website attempt for Coinbull and was trying to spread false information that Wright has transferred 50,000 BTC from the wallet belonging to Satoshi Nakamoto to binance which is an exchange that earlier delisted Bitcoin SV. The false alert prompted that the price of BSV will jump aggressively and will establish its all-time high at $254.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

july

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X