Bitcoin’s overnight upswing allowed the crypto to gain what appears to be a firm foothold within the $8,000 region
This movement came about shortly after the extended period of sideways trading that it faced throughout the past several days
It also liquidated millions of dollars in short-positions, leading BTC’s open interest to dive as bears go into hiding
Bitcoin’s notable overnight rally has marked a major extension of the uptrend that was first sparked when it rebounded from lows of $3,800 that were set in mid-March.
The price action seen throughout the past month has allowed the crypto to erase all of the losses that came about as a result of this capitulatory decline, as it is now trading back where it was before the rug was pulled out from underneath it.
This latest movement has left a trail of destruction in its wake, as millions of dollars’ worth of short positioned were liquidated, subsequently leading the cryptocurrency’s open interest to dive.
Analysts are now noting that they generally anticipate Bitcoin to push higher, although its uptrend may be running low on fuel.
Bitcoin Bears Eviscerated by Recent Upswing; Millions Liquidated
The most quantifiable byproduct of today’s rally has been the mass liquidation of short positions seen on crypto trading platforms.
According to data from research and analytics platform Skew, roughly $40 million in short positions have been liquidated so far on April 29th.
Image Courtesy of Skew
The benchmark cryptocurrency’s open interest on trading platform Bitmex dived shortly after these liquidations occurred, signaling that these embattled traders have largely moved to the sidelines as the risk of it seeing further volatility grows.
Image Courtesy of Skew
In the near-term, bulls may move to push the crypto higher, using the remining short positions that have yet to be liquidated as fuel for an extension of this uptrend.
Analysts Foresee Further Upside as Bull Trend Strengthens
Analysts are now widely anticipating Bitcoin to push higher in the near-term due to the technical strength that has resulted from this recent movement.
One pseudonymous trader explained that BTC is currently caught within a broadening descending wedge, with the crypto potentially moving to target the upper boundary of this pattern at $9,400 next.
“Bitcoin Weekly Chart – Approx $9400 would be the top of this broadening descending wedge,” he noted.
Image Courtesy of Big Cheds
Josh Rager – a respected analyst – noted in a tweet that he believes this rally could lead Bitcoin all the way up to its long-term resistance around $8,600 before it stalls.
“BTC: Price pushed above the long term resistance near $7800 and has the potential to push as high as $8600. Looking at the grey box area for next resistance after this strong move up. Continues to look good on high time frames and sitting happily in spot Bitcoin holdings,” he said.
Image Courtesy of Josh Rager
Featured image from Unsplash. origin »
Bitcoin and the entire cryptocurrency market witnessed an intense upswing overnight, with BTC and Ethereum outshining altcoins for the first time in many weeks This sharp upwards movement came about suddenly, and for a brief moment allowed Bitcoin to shatter the resistance it previously faced at $10,000 The selling pressure above this level was heavy, however, and caused the cryptocurrency’s price to decline after it hit highs of $10,200 Despite the rejection here, analysts are […]
Bitcoin saw a surprising overnight surge that allowed the cryptocurrency to capture a position within the $8,000 region This movement came about after an extended period of consolidation and multiple firm rejections at $7,800 BTC’s present momentum may not last too long, however, as the crypto is fast approaching a level that analysts are describing as an “optimal short” due to the resistance that has been established here Bitcoin’s intense uptrend from its recent lows […]
Bitcoin has stabilized above $7,500 following yesterday’s upswing Analysts are now noting that a confluence of factors suggest BTC will decline slightly before finding enough support to catalyze continuance of this uptrend This comes after a period that some traders have described as “healthy consolidation” Bitcoin has been able to maintain all of its recent gains overnight, as the benchmark cryptocurrency has begun stabilizing above the $7,500 region even in spite of the strength of […]
Following a 19-day streak of trading in the $6,900 to $7,250 range, Bitcoin closed just below $7,500. The last time the BTC was changing hands at that price was on March 13 — just before an unprecedented market bloodbath pushed it all the way down to $3,800 overnight.
Bitcoin’s overnight break above the resistance it was previously facing at $7,200 has allowed the crypto to significantly extend the momentum that was first incurred when BTC dipped below the support it has established at $6,600 earlier this week.
Following yet another extended period of sideways trading within the lower-$7,000 region for the latter part of the week, Bitcoin was able to incur some further momentum overnight that led it to highs of $7,300.
After incurring an incredibly intense uptrend that led Ethereum to highs of over $175 yesterday, ETH has lost some of its momentum and has declined below $170, with this drop coming about concurrently with that seen by Bitcoin overnight.
While Bitcoin is trading in the $7,300 area and the number of active addresses surged overnight, traders believe that BTC is likely to make a bearish reverse
Following a brief selloff that led Bitcoin down to lows of $5,800 overnight, the crypto has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region. It now appears that bulls are in the...
Bitcoin’s decline to lows of $5,800 overnight was met with significant buying pressure that subsequently allowed the cryptocurrency to climb higher, with BTC bulls now attempting to reclaim the crypto’s previous position within the upper-$6,000 region.
Bitcoin’s sharp overnight selloff marked a firm end to the bout of consolidation that it had been experiencing over the past few days, with this movement sending BTC reeling down to its key support within the lower-$6,000 region.
Bitcoin is currently very volatile after recording one of its greatest crashes last week and a massive recovery in the past few days. For outsiders and mainstream market investors, these huge price swings may be signals for an unreliable investment and an asset they would not likely bank on. However, in the crypto industry, this […]
BitMEX, one of the largest cryptocurrency futures exchanges in terms of daily volume, has fallen behind OKEx, FTX, Deribit, Huobi, and Bybit in Ethereum open interest after the overnight Bitcoin drop to $3,600 on March 12.
The Bitcoin price plummeted by 50 percent on March 12 in a steep sell-off, and one cryptocurrency trader said that it could eliminate the appetite of institutional investors to invest in the space at a large-scale.
The bitcoin price increased in tandem with stocks overnight to around $5,650, stabilizing at the $5,500s, but it remains vulnerable to further consolidation.
Bitcoin plummeted -29. 71% overnight from yesterday’s high of $7967 to a low of $5600 in an epic sell off. The leading crypto has stabilized for the moment at $6065, but we may see further downside price movement as investors panic and a global recession looms.
From March 8 to 10, within a 48-hour span, the Bitcoin price plummeted by 13 percent in a severe short-term pullback. As the cryptocurrency market crashed overnight, one asset outperformed BTC and other major altcoins.
The world is facing a financial crisis as markets continue to crash. World governments led by the U. S are using every financial tool at their disposal to try and mitigate the downfall. Through the FED, the U.
Bitcoin (BTC) has been caught in the throes of immense bearishness over the past several days, with its overnight rally turning into a bout of capitulation after bulls failed to defend the crypto from dropping below its key support at $9,000.
Bitcoin and the aggregated cryptocurrency market have incurred some notable upwards momentum overnight, allowing many altcoins to surge and put some significant distance between their recent lows. This momentum, however, may be short-lived as analysts closely watch to see how Bitcoin’s dominance over the market reacts to a key level, as a bounce at its current level could lead to a selloff amongst altcoins.
One of the rallying cries Bitcoin’s most fervent advocates use to promote the cryptocurrency is “become your own bank.” Indeed, this nascent technology allows you to complete the basic functions of modern banks: receive transactions, store capital, and send transactions (and also verify/process transactions if you want to become a miner). While many libertarians see...
Bitcoin has surged by more than 40 percent this year, but its inability to sustain above a technical resistance area is increasing the risk of a massive correction ahead. The cryptocurrency on Wednesday plunged back below a so-called $10,000 milestone for the third time in eleven days.
Digital asset markets had started to recover over the past day or so but the Bitcoin bulls could not overcome resistance levels. The correction has resumed with an almighty dump overnight. Cryptocurrency markets were just below $300 billion in terms of total capitalization when Bitcoin fell off a cliff.
Digital asset markets had started to recover over the past day or so but the Bitcoin bulls could not overcome resistance levels. The correction has resumed with an almighty dump overnight. Cryptocurrency markets were just below $300 billion in terms of total capitalization when Bitcoin fell off a cliff.
Bitcoin (BTC) found itself caught in the throes of intense volatility over the past several hours, with its recent bout of sideways trading within the mid-$10,300 region resulting in a major overnight drop down towards $10,000.
Bitcoin’s 2020 uptrend has been unwavering, with the crypto posting steady gains without ever incurring any notable pullback throughout the course of this rally. Overnight, however, the crypto experienced some intense volatility that appeared to...
Bitcoin’s price action has left many wondering whether this is what a bull market looks like as the bulls and bears appear to be at war trying to gain control of the trend. Bitcoin is going wild The flagship cryptocurrency is going through a period of high volatility today.
Bitcoin (BTC) has been experiencing some intense turbulence over the past several days and weeks, with the cryptocurrency’s recent rally to highs of $10,200 leading to an intense overnight rejection that subsequently sent the crypto reeling back into the $9,000 region.
Bitcoin has seen some intense volatility over the past 24-hours, with the cryptocurrency showing signs yesterday of stabilizing within the $10,000 region before facing a swift overnight selloff that led it to plummet as lows...
XRP saw some intense bullishness over the past week, with the cryptocurrency clocking some major gains in the early part of the week while Bitcoin and the aggregated crypto market faced some bearish turbulence.
Following a brief overnight selloff that sent Bitcoin to lows of $9,200, the cryptocurrency’s bulls have been able to post a strong defense of this key support level and have subsequently rallied BTC back up to its 2020 highs of $9,500.
After facing a constant stream of buying pressure that led Bitcoin’s price to climb as high as $9,550, BTC faced a large influx of overnight selling pressure that sent it reeling down to lows of $9,200 before it found some support.
The Bitcoin price has dropped by around three percent overnight after it rejected $9,600. A handful of traders are now becoming cautious towards BTC for the first time since December 2019. Here’s why a pullback for Bitcoin would make sense In May 2018, after the Bitcoin price rejected the $9,000 region, BTC went onto drop […]
The post Why Bitcoin traders fear a significant pullback for the first time in 2 months appeared first on CryptoSlate.
After a five percent increase overnight, the bitcoin price is vulnerable to a major correction. A prominent trader Peter Brandt warned that a fall below a key level may trigger a serious correction.
Bitcoin has been stuck within a consolidation phase for the past several days, which was first seen when the crypto was ranging around $8,600. This was followed by a range expansion when BTC dipped to lows of $8,200 overnight before bouncing back to the mid-$8,000 region earlier today.
Back in 2017 the cryptocurrency craze hit the mainstream world. Suddenly, news of people getting rich overnight grabbed everyone’s attention. Naturally, the government didn’t fall on deaf ears and has shown a significant interest in the crypto markets.
Overnight Bitcoin (BTC) faced a violent rejection that caused its price to plummet to the lower boundary of an ascending channel it has established over the past several weeks. This rejection has shifted the overall market sentiment and has led many previously euphoric bulls to grow increasingly bearish.
Overnight, Bitcoin faced a firm rejection after attempting to garner significantly further upwards momentum. This instantly led major altcoins like XRP and Ethereum to drop in tandem, shinning a light on some potential underlying weakness within the crypto markets.
Bitcoin SV (BSV) is dumping hard which indicates it may have been a false rally in the first place. Bitcoin SV Pump and Dump Total crypto market capitalization has declined a couple of percent overnight as altcoins correct from massive gains this week.
Bitcoin's many offshoots benefited most from the weekend's market surge, as BCH, BSV, BTG, BCD all outpaced the gains made by BTC.
The post Bitcoin Hardforks Surge Huge 14-38% Pumps Overnight appeared first on CCN.com
Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.
Bitcoin (BTC) is under significant pressure after experiencing a substantial 14% retrace from $65,103 to $55,602. This downturn is occurring amidst a climate of fear and uncertainty impacting both the cryptocurrency and US stock markets.
Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]
Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.
On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]
Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]
An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.
