Update (3 hours after the close): Bitcoin has closed the May candle above the crucial $9,360 level, managing to take $9,450. Analysts say this is “incredibly significant for bulls” and may show that there is more upside in the works.
This is an assertion that can be corroborated by other market factors.
For instance, blockchain data startup Glassnode recently noted that 60% of all BTC in circulation “hasn’t moved in over a year, showing increased investor HODLing behavior.”
This is important because the last time this trend was seen was “right before the BTC bull market of 2017.” That’s to say, this on-chain trend was last experienced just before BTC rallied from under $1,000 to $20,000 in under a year’s time.
Chart of Bitcoin investor habits from crypto analytics firm Glassnode (@Glassnode on Twitter). The image was shared on May 29th, 2020.
In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be crucial for indicating in which direction the cryptocurrency market heads next.
A region of importance that many analysts are eyeing is the low-$9,000s. As one analyst explained:
“We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.”
Indeed, when Bitcoin failed to surmount this level in February, prices dove to $3,700 during March’s capitulation. And when BTC was rejected from this level in 2018, there was a brutal bear market to $3,150 in the ten months that followed.
$9,360 is also around where the downtrend formed after the $20,000 high currently sits, adding to its technical importance.
Right now, things are coming down to the wire in terms of Bitcoin closing above this level. The asset trades at $9,400 as of the time of this article’s writing and the close is just a short while away, TradingView has shown.
BTC price chart from a crypto trader “Cold Blooded Shiller” (@ColdBloodShill on Twitter).
Bitcoin Being Dragged Down by Stock Market
Bitcoin’s retracement to $9,400 ahead of the monthly candle close comes after it surged as high as $9,700 on Saturday, wrested higher by Ethereum.
The underperformance of the flagship cryptocurrency seems to be related to a reversal in the S&P 500 futures, which reversed after passing 3,000 points last week.
The futures market is currently down 1% during the Sunday evening trading session, which is falling in response to a number of events.
This is bearish for Bitcoin because the markets are correlated. The Kansas City Federal Reserve wrote in a recent report:
Overall, our results suggest that the 10-year Treasury has generally exhibited safe-haven behavior, gold has occasionally exhibited safe-haven behavior, and Bitcoin has never exhibited safe-haven behavior since its introduction. Moreover, the introduction of Bitcoin does not appear to have materially changed the safe-haven properties of government bonds or gold. Instead, Bitcoin at times appears to have behaved more like a risk asset than a safe haven.
Featured Image from Shutterstock origin »
Just over an hour ago as of this article’s writing, Bitcoin closed the price candle for the month of May. This was a very important technical event for the cryptocurrency, analysts have said.
In just a day, Bitcoin will close the May’s price candle. Analysts say that this close will be crucial for indicating in which direction the cryptocurrency market heads next. Analyst Eric “Parabolic” Thies, for instance, recently identified a level that bulls should close above to confirm that more upside is in the works.
Following a slightly disappointing start to the week, the BTC-USD pair bounced back from the $8,600s and is now gradually approaching $9,000 yet again. Whether or not the bulls manage to build on this momentum to push the price beyond the resistance around $9,100 remains to be seen.
Bitcoin started the week on a much weaker note after the bulls failed to keep the BTC-USD pair afloat over the key support line at $9,100. As of writing, the benchmark cryptocurrency is down more than 5% since the intraday high of $9,300+ on Saturday and is trading at just over $8,850.
XRP, like most other altcoins, has been caught within a bout of sideways trading throughout the past several days and weeks The cryptocurrency’s rangebound trading may not last long, however, as analysts are now noting that it could be poised to see some major downside in the days and weeks ahead Its next notable decline could be sparked by a bull trapping movement higher Some analysts are even pointing to a fractal that suggests new […]
Bitcoin has continued ranging sideways within the upper-$9,000 region following a series of rejections at $10,000 The ongoing bout of sideways trading may mark buyers’ attempt to generate increased trading activity from bulls Analysts are noting that Bitcoin is nearing the apex of a large ascending triangle The resolution of this pattern could be the impetus for BTC to print a $1,000 candle Bitcoin has struggled to garner much momentum in recent times, with its […]
Key Highlights • XMR/USD market operations yet feature around $70 and $60 range zones.• Bulls have moved the crypto-trade in a rallying mote above a March 12 main price decline-level. • The bulls pushing with a low-weight currently may end trading in an upper range zone not far from a $70 mark afterward. Monero (XMR) […]
Key Highlights • XRP/USD market operations trade in a tight range zone below $0. 20 mark. • Bears tend to be gaining grand around the $0. 20 range trading line at the expense of bulls’relaxation. • It is most likely that the current range price moves will linger on for a while.
Key Highlights • BCT/USD market still swings in ranges of $9,000 and $8,500 values.• A violent breakout of the $9,000 line will lead to having a good entry for long positions.• Sellers may as well be taking the market advantage from that point if bulls persistently have to encounter tough-areas around the same line earlier […]
• Litecoin makes a comeback but faces rejection at $47 resistance.• The crypto slips beneath 50-EMA as bears took to gain market momentum within the range. LTC/USD Medium-term Trend: Ranging Key levels• Resistance levels : $70, $80, $90• Support levels: $20, $10, $9Litecoin remains in a range-bound market in its medium-term outlook. The bulls manage […]
• Ethereum price stays above the EMA-50 as bulls took to gain market momentum in the medium-term. • The market is going in favor of the bulls at the present in the short-term. ETH/USD Medium-term Trend: Bullish Key levels• Resistance levels : $260, $270, $280• Support levels: $85, $75, $65 ETHUSD is in an uptrend […]
The widely-anticipated third Bitcoin halving finally took place Monday at 19:23 UTC. Unlike what over-optimistic bulls were perhaps hoping for, the BTC-USD pair remained relatively low-key going into the milestone event (even though some wild price fluctuations went on through the last 3-4 hours leading to block #630,000).
Key Highlights • BTC/USD market still trades in a rallying moving mode from a significant fall.• The bulls appear not recovering quickly from the last drop.• An $8,000 mark will serve as a tough area that the bears may not easily break down in the present trading situation of the crypto-economy. Bitcoin (BTC) Price Analysis […]
• LTCUSD- a break-up or break-down is imminent. • Bulls are showing up again in a grand style in the short-term. LTC/USD Medium-term Trend: Ranging • Resistance Levels : $70, $80, $90• Support Levels: $20, $15, $5 Litecoin is ranging in its medium-term outlook.
Key Highlights • BCH/USD market has seen a decline below its lower range trading territory at $240 mark today. • BCH/USD bulls tend to succumb to the bears’ pressure since they have kept losing out momentum at a higher point of $280 mark.
Key Highlights • BNB/USD market operations still witness the dominance of range price moves. • There may still no sign of making a further upswing in the market in the near time. • All in all, bulls still somewhat in control of the range market moves.
• Cardano is going in favor of the bulls now, prices are trading above EMA-50• Staying above EMA-50 can lead to strong growth for ADAUSD. ADA/USD Medium-term Trend: Bullish Key levels • Resistance levels : $0.
• The Medium-term and the short-term are both in upward momentum, price now trades above the EMAs. • Overall the bull seems to be in control above $215. ETH/USD Medium-term Trend: Bullish Key levels• Resistance levels : $220, $240, $260• Support levels: $145, $135, $125 The cryptocurrency looks tasty for the bulls as it is […]
• LTCUSD remains in a range-bound market in the medium-term outlook and looks bullish in its short-term outlook.• The bulls are dominant in the market at the present. LTC/USD Medium-term Trend: Ranging • Resistance Levels : $70, $80, $90• Support Levels: $20, $10, $5 LTCUSD on the daily chart remains in a range-bound market undeniably. […]
After the bulls managed to break above the key resistance around $8,800 earlier this week, the BTC price has been consistently moving upward. The price is now hovering at $9,300 as bulls aim for the $9,400 resistance.
Key Highlights • BTC/USD trade has entered another close upper range trading level of $9,500 and $9,000. • BTC/USD bulls may relatively keep pushing against bears in the next trading sessions. • An occurrence of a bearish engulfing candlestick against the past lower highs formed will signal a return of bears in the market. Bitcoin […]
Bitcoin’s halving is only a mere seven days away, and the bulls are already out in full force. However, according to an eerily similar price fractal that preceded oil’s recent, record-breaking fall into negative territory playing out on Bitcoin price charts, the halving may have the opposite effect than people are expecting. V-Shaped Bitcoin Recovery...
Bitcoin has entered what appears to be a consolidation phase as its bulls and bears reach an impasse This has led the benchmark crypto to trade sideways within the upper-$8,000 region for an extended period of time Analysts are noting that there are some bullish factors that seem to suggest the recent rally is far from over, and that BTC could soon make a bid at $11,000 Bitcoin has seen some highly bullish price action […]
In the month of April, bitcoin price printed a strong and bullish monthly candle. Now that the price is above the level seen before the market crashed in March, bulls are given hope of a bullish trend reversal.
Bitcoin pushed higher overnight as bulls attempted to firmly surmount the $9,000 region, although the crypto faced yet another rejection at these price levels One fund manager is now noting that BTC’s current price region seems like a logical place for its uptrend to stall This comes as a respected trader notes that the crypto has reached a pivotal price level that could determine its fate in the weeks and even months to come Bitcoin […]
• ETHUSD still trades in an uptrend. • Bulls are losing momentum gradually, might be time to buy LTCUSD short-term soon. ETH/USD Medium-term Trend: Bullish Key levels • Resistance levels : $260, $270, $280 • Support levels: $85, $75, $65 Ethereum looks bullish in its medium-term outlook.
Ethereum has pushed higher despite Bitcoin’s stability, leading bulls to retest its key near-term resistance The cryptocurrency is on the cusp of forming a highly bearish technical formation that could be confirmed if it posts another harsh rejection at its current price level This comes as 92% of traders on Bitfinex go long on ETH, signaling that a long squeeze may be imminent Although Bitcoin has continued extending its bout of rangebound trading within the […]
• The medium-term outlook remains in consolidation while the short-term outlook is in a bullish trend market. • The bulls may continue the journey to the upper resistance area. TRX/USD Medium-term Trend: Ranging Key levels • Resistance levels : $0.
Key Highlights XRP’s market value made a notable spike towards averaging the $0. 21 distribution territory. XRP/USD bulls may not easily break through a price point at $0. 21 in the near time. Traders need to exercise some degree of precautionary measures when placing an order.
Bitcoin bulls had catapulted the king coin's price to $7,143, at the time of writing, with the cryptocurrency breaching a major resistance level along the way. This price action could, in fact, make wThe post Bitcoin may be poised for bullish divergence as DAA flips positive appeared first on AMBCrypto.
After a period of facing some downwards pressure, Bitcoin bulls have been able to step up and lead the crypto higher, pushing it back into the mid-$6,000 region. This recent price action seems to indicate that both bulls and bears have reached an impasse, as neither have been able to garner any decisive momentum in...
Key metrics show that bulls may be betting heavily on Bitcoin as the coin reclaims ground from its late-February tumble in tandem with the global economy. Investors seem to be accumulating with real conviction.
After more than two years of litigation the Tezos Foundation has agreed to settle the USD $25 million lawsuit levied against it by several early investors. This move could open the door to a Tezos rally as a key barrier to development may soon be lifted.
With Bitcoin (BTC) failing to hold its crucial $6,400 support level, its positions look more and more weakly for bulls. One trader explains what may send it below $5,000.
Last week, Bitcoin bulls celebrated when it was revealed that India’s Supreme Court on Wednesday reversed anti-crypto restrictions placed on the industry by the nation’s central bank, the Reserve Bank of India.
As reported by Ethereum World News just a few hours ago, Bitcoin and the rest of the crypto market haven’t been doing too well. In fact, Ethereum, along with practically all other altcoins, has collapsed over 10% (compared to BTC’s relatively measly 7% loss or so) in the past day alone, marking a brutal loss for bulls.
India’s Crypto Bulls Roadshow, a nonprofit initiative to prepare India for the next bull run, is coming up, and government organizations are joining the drive. Currently, 15 cities in India are planned for but more may be added based on demand.
It seems that the bulls are coming back as nothing seems to be able to deter the current excitement and momentum in the blockchain industry. As Ethereum 2. 0 becomes official, the significant players may surface in 2020.
Bitcoin's dominance on the entire crypto-market stood at 63.9% at press time, as the altcoin bulls appeared to struggle above key pivot levels. While many alts dropped following the downward correctioThe post Chainlink, IOTA, Binance Coin, VeChain suggest there may be some life in alts appeared first on AMBCrypto.
Ethereum co-founder Vitalik Buterin dissed the stock-to-flow model that puts bitcoin’s value at above $100k before Dec. 2021 based on its scarcity. According to this model, the reward halving in May 2020 will make the digital asset more scarce than gold.
Key Highlights XRP's price valuation trades in a rally moving mode from a low line at $0. 22 mark. The XRP/USD market bulls are not strong in exerting much-needed forces. There may be an occurrence of a series of range price movements soon around the $0.
Key Highlights The BSV/USD market has dropped from a high $480 value to a low territory at $360 mark. The BSV/USD trade may fall under bearish pressure at $400. A reversal from $360 price value will allow the bulls to regain momentum.
• Moment to buy, not short! may reverse to the top of the channel soon. • Bulls are returning back gradually. LTC/USD Medium-term Trend: Bullish • Resistance Levels : $80, $90, $100 • Support Levels: $35.
Ethereum’s recent price action has been closely tied to that of Bitcoin in the time since it faced a rejection at its recent highs of $290, with its inability to further extend its parabolic uptrend signaling that bulls may not be as strong as they were previously thought to be.
Key Highlights BTC/USD trade has again relatively surged northward from $9,600 value to trade around a high point a bit over $10,000 market zone. The bulls and the bears in this crypto-trade may soon be faintly pushing around $10,400 and $10,000 market trading zones in the near time.
Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700, which is where BTC was able to find some support that helped it climb higher.
Bitcoin price failed to recover above $107,000. BTC is trimming gains and might could continue to move down if it trades below $102,500. Bitcoin started a fresh decline after it failed to clear $107,000.
Square, the payment services arm of Block, has launched its Bitcoin payment feature for small businesses, allowing them to accept BTC payments and manage their digital assets alongside traditional finances through its point-of-sale platform.
Eric Trump, son of US President Donald Trump and executive vice president of the Trump Organization, has revealed new bullish predictions for Bitcoin (BTC).
Bitcoin price is attempting to recover above $103,500. BTC could continue to move up if it clears the $106,500 resistance zone. Bitcoin started a decent recovery wave above the $103,500 support. The price is trading above $104,500 and the 100 hourly Simple moving average.
Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance. Bitcoin started a fresh decline below the $104,000 support. The price is trading below $104,000 and the 100 hourly Simple moving average.
