Bulls seem to be decisively back in control, with Bitcoin retaking $9,700 just minutes ago for the first time in weeks.
At the current price of $9,700, the asset is trading at highs not seen since the end of June.
Analysts are trying to determine what’s next for this market as it inches above crucial resistance levels.
Bitcoin has just broken above $9,700 for the first time in weeks. This comes on the back of an influx of buying on Saturday morning. With this latest leg higher, the leading cryptocurrency is up by approximately 5.5% on the week, one of the best weekly performances in recent months.
Chart of Bitcoin’s price action over the past few weeks from TradingView.com
BTC is currently been dragged higher by Ethereum, as some market commentators have put it. The second-largest cryptocurrency is up approximately 20% on the week, now trading at a new year-to-date high of $295.
Bitcoin Is At a Pivotal Level
According to multiple analysts, Bitcoin is at a pivotal level that it must break past and hold to confirm the uptrend. One trader said that if BTC manages to hold above $9,700, a move to $10,400 is highly probable:
“I believe we’re at a very pivotal level here. If we break above 9.7k I would expect 10.4k but I won’t get overly bullish before that Lose 9.4k and I’ll have my eyes on 9.2k. If that breaks, I think this will all have been a fakeout and we head to 8k Plan. Wait. React.”
Medium-term BTC analysis by crypto trader “TraderKoz” (@TraderKoz on Twitter). Chart from TradingView.com
This was echoed by Blockroots co-founder Josh Rager, who remarked that if Bitcoin closes the daily candle above $9,700, it will likely reach $10,000.
Bulls Expected To Hold Strong
Bulls are expected to hold $9,700 as the fundamentals and on-chain metrics of this market remain skewed in favor of buyers.
Just last week, it was revealed that U.S. banks can legally hold cryptographic keys to cryptocurrency wallets. That’s to say, they can custody Bitcoin, Ethereum, and other digital assets.
Investors see this news as long-term bullish as it may herald Wall Street adoption of this asset class. A lawyer closely following the space argued, in fact, that he’s never been more bullish on the crypto market than this week due to the news.
Also boosting Bitcoin is the rallying gold price, which just reached a nine-year high as it looks to pass its $1,920 all-time high. Bitcoin will benefit if gold rallies higher, analysts have found. Bloomberg’s Mike McGlone commented in June:
“Increasing companionship with gold is a Bitcoin-price tailwind, in our view. At the highest-for-longest 52-week correlation and beta ever vs. the metal, the first-born crypto should continue to advance for reasons similar to gold, fueled by unprecedented global central-bank easing. Our graphic shows the Bitcoin-to-gold beta near 2x and the metal advancing toward an eight-year high.”
Adding to this, there have been reports from on-chain analytics firms that there has been increased accumulation as Bitcoin holders continue to not sell. This should result in higher prices, according to one on-chain analyst.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Just Surged Past $9,700: What Do Analysts Think Comes Next? origin »
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Bitcoin is exploding higher once again after consolidating under $18,000 for a number of days. The leading cryptocurrency just minutes ago passed $18,700 for the first time since the top of the previous bull market in 2017.
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The post Analyst: here’s why Bitcoin is bound to see further bullishness despite $7,700 rejection appeared first on CryptoSlate.
Bitcoin, the top cryptocurrency by market cap is currently priced at $11,700 and that is nothing to glory about. The latter is the case when consideration is given to the fact that the asset declined by over 10% within a few hours after almost setting a new 2019 high.
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The post Bitcoin Quiets at ~$8,700 Before the $10K Storm appeared first on Invest In Blockchain.
Bitcoin (BTC) Price Jumps $700 in Less than 2 Hours The famous virtual currency Bitcoin (BTC) has surprised crypto enthusiasts when its price spiked from $6,700 to $7,400 dollars in a matter of minutes.
It’s finally happened! At press time, the father of digital currency has leapt to the $6,700 mark and conquered its latest plane of resistance. After weeks of analysts going at it (Will bitcoin reach $6,700? Will bitcoin reach $6,700?), it appears the currency has defeated its latest obstacle. Now, $7,000 could easily be in bitcoin’s […]
Bitcoin price is gaining momentum above $6,600 against the US Dollar. Bitcoin Price Trend This past week, there was a downside correction below the $6,700 support in bitcoin price against the US Dollar.
Key Points Bitcoin cash price found support around the $700 handle and recovered against the US Dollar. There is a major bullish trend line formed with support at $730 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
Europe’s biggest exchange-traded funds [ETF] trader that has handled close to $700 billion in ETF trading in the past year, has now started market making on Ethereum and Bitcoin Exchange traded notes [ETNs].
BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,500, $6,600, $6,700 Support levels: $6,300, $6,200, $6,100 Yesterday, July 5, price of Bitcoin was in a bullish trend. Our intention was to continue to trade the support levels as the bullish trend lasted.
The biggest exchange-traded funds (ETF) trader in Europe, handling some $700 billion in ETF trading last year, is buying and selling ethereum and bitcoin ETN listed in Sweden’s Nasdaq by XBT.
Key Points Bitcoin price remained well supported, but it struggled to break the $6,700-6,800 resistance against the US Dollar. There is a major bullish trend line formed with support at $6,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Amidst the recent cryptocurrency price gains, Bitcoin has managed to pass the $6,700 price mark. The number one cryptocurrency based on market capitalization has reached a new two-week high in the process.
BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,500, $6,600, $6,700 Support levels: $6,300, $6,200, $6,100 Yesterday, July 3, the price of Bitcoin was in a bullish trend. In view of that a Fibonacci retracement tool was attached to determine the support levels of Bitcoin price.
BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,700, $6,800, $6,900 Support levels: $6,500, $6,400, $6,300 Yesterday, price of Bitcoin was in a sideways trend. However, the MACD line and the signal line indicated a buy signal for the price of Bitcoin.
Key Points Bitcoin cash price is positioned nicely above the $700 support with positive signs against the US Dollar. There is a new declining channel formed with resistance near $740 on the hourly chart of the BCH/USD pair (data feed from Kraken).
On the last day of June, Bitcoin has managed a minor rally by gaining more than $500 in 24 hours. Unless a significant market downturn occurs, the top-ranked cryptocurrency may end the first half of the year trading at $6,500.
BCH/USD Long-term Trend – Bearish Distribution territories: $1,500. 00, $1,700. 00, $1,900. 00. Accumulation territories: $500. 00, $400. 00, $300. 00. The USD dollar has been considerably appreciated against the Bitcoin Cash, this week.
Technologist and Apple Inc. co-founder Steve Wozniak played contrarian at the NEX technology conference in late June, comparing the hype around blockchain to the fervor he witnessed just before the implosion of the dot-com bubble.
By Ben Marks, CEO and Founder, Blocktrade Capital In 2013, New York was the center of the US cryptocurrency space. BitInstant, a bitcoin exchange in New York that allowed customers to purchase BTC from 700,000 stores, was booming.
Tether is a cryptocurrency with a growing reputation. Very recently, Tether has been noted to have some impact on the value of Bitcoin, in fact research has recently found that Tether has been used to manipulate the price of Bitcoin, bringing into question a whole host of problems and questions.
Key Points Bitcoin cash price moved a few points above $700, but it failed to gain momentum against the US Dollar. This week’s highlighted important bearish trend line was broken with resistance at $708 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The current cryptocurrency market situation looks no better than it did late last night. In fact, the current market conditions are even worse than they were less than 24 hours ago. All currencies remain in the red, and it remains to be determined if the Bitcoin Cash price can remain above $700 for much longer. […]
At press time, bitcoin is retaining its $ 6,100 price from yesterday. Its initial slump to $ 6,700 occurred after hovering at the $ 7,600 mark for some time, and now the price is just $ 100 away from its February low.
At press time, bitcoin is retaining its $6,100 price from yesterday. The currency fell to this position from $6,700 after Japan’s Financial Services Agency (FSA) sent notifications to more than five digital currency exchanges saying that they must heighten their security measures against money laundering after noticing weaknesses in their infrastructures. Bitcoin has continued to […]
Is contagion from India’s Zebpay flash crash to $ 5,700 responsible for the pullback in bitcoin price or something else in the works? Bears have clearly reasserted control as bitcoin dived below the ledge at $ 6,750 and descended as low as $ 5,914 on Bitfinex. Bitcoin Price: Looking Ahead Buying and selling volume has
Is contagion from India’s Zebpay flash crash to $5,700 responsible for the pullback in bitcoin price or something else in the works? Market Overview Up till yesterday, BTC traded within a narrowing triangle, leaving investors guessing which side the cryptocurrency would choose but as a third attempt to surpass $6,800 failed, BTC briefly reversed back below the $6,700 support and $6,600 protected against further decline.
Key Points Bitcoin price failed to hold gains and broke a major support at $6,700 against the US Dollar. Yesterday’s discussed important contracting triangle was broken with support at $6,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin has experienced sideways this movement following last weeks crypto market carnage where markets purged over $70 billion in market value over 7 days. Bitcoin is currently up 2% over the past 7 days and is exchanging hands, at the time of writing, at a price of $6,700.
A sideways market has many bitcoin investors wondering if the downward volatility has finally subsided. As stated in our previous discussion of the bitcoin market, the $6,425 support level was a very important level to hold.
Key Points Bitcoin price found support near the $6,620 level and recovered well against the US Dollar. There is a key contracting triangle formed with support at $6,700 and resistance near $6,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Over the period of the past 24 hours all major coins have shown positive changes in prices. Some experts suppose that this changes on the market can be probably explained by the decision that was taken by the New York Department of Financial Services.
Bitcoin Price Key Highlights Bitcoin price has broken below one triangle after another as bearish momentum strengthens. Price is now trading below the descending triangle bottom of $6,700 after previously falling below the symmetrical triangle.
Key Points Bitcoin price failed to recover above the $6,750 and $6,800 resistance levels against the US Dollar. There is a key bearish trend line formed with resistance at $6,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin price found support near $6,620 after a major decline against the US Dollar. Yesterday’s highlighted important bearish trend line was breached with resistance at $6,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
By 2 PM (EST) on June 11, 2018, Bitcoin, the number one cryptocurrency, had dropped almost $1,000 from its price, trading at $6,700. BTC is now trading at its lowest value since the middle of March 2018.
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Bitcoin, the number one cryptocurrency, is currently in freefall as it continues its losing streak for the third consecutive day. However, the decline recorded today, June 10, 2018, has seen Bitcoin reach a three-month low.
Coinmint, a cloud mining service provider, has confirmed it will go ahead with its proposed plan to open a cryptocurrency mining plant in an abandoned smelter previously used by Alcoa, in Massena, New York.
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.
