It’s been a tough past few days for Bitcoin. After plunging approximately $1,000 in 24 hours, the cryptocurrency has yet to decisively bounce.
The lack of recovery has led some to suggest that BTC is primed to move under $9,000. As reported by Bitcoinist previously, a top trader opined that with the breakout. Bitcoin is primed to return to $8,575 in the coming week. That would amount to a 10% drop from current prices.
Yet these fears may be invalidated with news that there is a confluence of buy support for BTC around the $9,000s, coupled with a wider spike in demand for cryptocurrency.
Bitfinex’s Bitcoin Order Book Is Favoring Bulls
According to Alistair Milne, the CIO of Altana Digital Currency Fund, there has been an influx of Bitcoin bids on Bitfinex’s order book.
His data shows that there is approximately 6,163 BTC worth of buy orders from $8,700 to $9,400, while there is 2,807 BTC worth of sell orders from $9,400 to $10,100.
That’s to say, there is currently more demand to buy BTC than sell it. This has the ability to act as a bull catalyst moving forward should the buy orders continue to support Bitcoin’s price.
Bids are stacked on Bitfinex again … pic.twitter.com/K5oVbBjGX2
— Alistair Milne (@alistairmilne) June 14, 2020
This isn’t the only sign that BTC is seeing strong buy-side demand.
Data from TradingView.com shows that Grayscale Bitcoin Trust is trading on secondary markets at a premium to the spot price of BTC.
As of the last trading session on June 12th, shares of the trust (GBTC) were about 20% more valuable than the BTC that backs each share.
A high GBTC premium over the spot market, analysts say, is indicative of strong retail demand for Bitcoin. After all, GBTC is effectively the only viable way one can gain exposure to Bitcoin through one’s Wall Street brokerage.
There’s Institutional Demand Too
There is a propensity to buy Bitcoin amongst institutions as well, it seems.
Ecoinometrics reported that as of last week, there is around $300 million worth of call options open through the CME’s Bitcoin market. In comparison, there is only about $6 million worth of put options.
The CME’s Bitcoin market is mainly utilized by institutional players due to the high barriers to entry: the minimum order sizes and how relatively hard it is to set up an account on Coinbase vs. the CME.
Call options are financial contracts that are bought by investors wanting to benefit from an asset moving higher. As Investopedia explains:
“Call options are financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity or other asset or instrument at a specified price within a specific time period.”
This buy-side demand for Bitcoin is further corroborated by a survey from Fidelity Investments, a $2 trillion asset manager.
The Wall Street giant reported this week that a large number of institutions it surveyed have or are interested in Bitcoin and other cryptocurrencies. 36% of respondents have exposure to the digital asset market, while 80% are interested in the industry for basically one of three reasons:
Cryptocurrencies are uncorrelated with other asset classes over the long run
Cryptocurrencies may be “an innovative technology play”
Digital assets have “high potential upside”
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Price tags: xbtusd, btcusd, btcusdt
Bitfinex's Order Book Is Strongly Stacked In Favor of Bitcoin Bulls origin »
Bitcoin is trading near $105,000 just below a key resistance level, with analysts predicting a bounce if the $104,000 support holds.
The post Bitcoin Bounce Coming Soon: Reasons Why appeared first on Coinspeaker.
Whereas most crypto audiences are focused on the bitcoin price pumping to infinity, finding a voice of reason is hard. Bitcoin’s recent hyped rally expected to break the $41,000 ceiling could be a dead cat bounce after all according to some analysts.
Litecoin has had a brutal “bull market” if you can even call it that for the once popular cryptocurrency built on Bitcoin’s code. However, that all might soon turn around, as a massive bounce is brewing on the LTCBTC trading pair.
Bitcoin regained a foothold north of $9,500 on Tuesday, scoring a sizeable ~5% gain in less than 24 hours. This bear-trapping bounce came immediately after yesterday’s subpar performance that saw the alpha-cryptocurrency dip below $9,000.
I believe in Bitcoin, and I believe that Bitcoin will bounce back; however, circumstances surrounding the market do not make this highly expected comeback to happen anytime soon. The truth behind Bitcoin price determination is that Bitcoin price does not rise or fall by magic, but by a combination of factors in the market.
FOMO Moments Markets rebound again, but have a long way to go; Monero, Nem and Zcash rising Bitcoin SV dumping hard. There has been another rebound today as markets bounce between two low levels.
After an extremely bearish weekend and start to the week, the market has been surging over the past 24 hours. Market leader Bitcoin has risen from its 2018 low of around $3500 to about $4000 today.
FOMO Moments Losing gains, markets falling again; Stellar, Monero, Neo hurting, Bitcoin SV bouncing into seventh. Crypto markets have failed to hold their gains from yesterday’s rally and are sliding back again today.
Bitcoin Hits $3,500, Then $4,100, Then $3,500 Again Although optimists recently claimed that the worst was over for Bitcoin (BTC), on Monday morning, the crypto market continued to range in a tumultuous state, moving under $4,000 (yet again), after making a convincing bounce off $3,500 during Sunday’s Asian trading session.
Bitcoin has formed lower highs to trade below a descending trend line on its 1-hour chart. Price is currently testing this resistance and is deciding whether to make a bounce or a break. The 100 SMA is below the longer-term 200 SMA to suggest that the downtrend is more likely to resume than to reverse.
By now, crypto investors have become mentally prepared for the possibility of Bitcoin dropping suddenly and shedding billions of dollars in the process. However, at the back of their mind, many investors were confident that the $4,000 support level would hold strong and Bitcoin would use this level to bounce back.
Bitcoin is keeping its head above the bottom of its falling wedge visible on the daily time frame and looks prime for a bounce back to the top. This coincides with an area of interest or former support zone that might now hold as resistance.
Bitcoin is down 78 percent, Litecoin is down 85 percent, Dash is at 90 percent and VeChain is down an astonishing 99 percent. November has been a grueling month for crypto investors, and the skeptics have taken this as their cue to reiterate their anti-crypto stand.
Bitcoin is testing the bottom of its descending channel seen on the 4-hour time frame and looks due for a bounce. However, this might merely spur a correction to the area of interest that lines up with the channel top around $6,200.
The expectation people had for Bitcoin at the beginning of the year was really high following the impressive run it made at the last quarter of 2017. However, those expectations have changed considering its recent performance.
Now that the Bitcoin Cash hard fork is complete, will Bitcoin bounce back from a $1,200 loss? Market Overview Yesterday’s 8% move from $5,188 to $5,700 was nice but does the King of Cryptocurrencies have any other cards up its sleeve? At the moment bull volume is nearly non-existent and as the weekend approaches it could taper even further so barring some positive breaking news, bitcoin (BTC) seems set to trade in the current range
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The post Bitcoin Price Analysis: Will Bitcoin Bite Back? appeared first on Bitcoinist.com.
Bitcoin sold off sharply yesterday but is now finding support at the bottom of its falling wedge formation. A bounce could take it up for a pullback to the nearby resistance area, which lines up with the top of the wedge.
Bitcoin has formed higher lows and higher highs to trade inside an ascending channel visible on its 4-hour chart. Price has dropped back to test support, and bulls are still defending this area for now.
Key Points Bitcoin price declined recently and traded below the $6,470 support level against the US Dollar. There is a significant bullish trend line in place with support at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin appears to be getting back on its feet as it forms a fresh rising trend line on its 1-hour chart. A quick pullback to the support area may be in order and a bounce could take it past the swing high at $6,530.
Latest Bitcoin News It is increasingly becoming clear that institutions are beginning to embrace crypto as an investment asset. After Morgan Stanley research findings concluded that BTC is no longer a store of value but an institutional asset class, it is only necessary for regulators to formulate laws that satiate the demand of investors.
The overall crypto market cap has declined ~1. 9% over the past 5 days from ~$209b to ~$205b. After being hammered in the past week the S&P500 has rebounded ~3% and Bitcoin’s correlation with the S&P continued its October downtrend, declining on the week to a semi-weak correlation of .
The overall crypto market cap has declined ~1. 9% over the past 5 days from ~$209b to ~$205b. After being hammered in the past week the S&P 500 has rebounded ~3% and Bitcoin’s correlation with the S&P continued its October downtrend, declining on the week to a semi-weak correlation of .
Bitcoin Price Key Highlights Bitcoin price is gaining traction on it bounce off the channel support on its 4-hour time frame. A move to the next upside targets might be in the works and the Fibonacci extension tool marks these.
Key Points Bitcoin price declined and retested the $6,200 support before recovering sharply against the US Dollar. There was a break above a major bearish trend line with resistance at $6,275 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Dogecoin has been declining since its spike in early September. A recent bounce which took place late last week was followed up by Doge continuing its decline. But the decline continuation was stopped short, and today Doge is back to rising.
As all cryptocurrencies try to find their own pace once again, it appears Stellar may be one of the first in the top 10 to rebound. Its deficit over Bitcoin has almost been negated, which can easily turn into a net USD gain over the coming hours.
Bitcoin suffered another sharp selloff from its earlier consolidation but is finding support at the bottom of the symmetrical triangle on its 4-hour chart. Price could be due for a bounce to the top of the triangle around $6,400 again.
Blockchain payments startup Ripple has reported a notable improvement in XRP sales during Q3 2018. The company released its XRP market report for the quarter on Oct 25 where it outlined a more than 120 percent growth as compared to the corresponding figure from the preceding three months.
Summary The pair seemed to find resistance at the $6800 mark and support at the $6500 mark. A slow 0. 19% loss was registered throughout the week. The chart The BTC/USD pair was dominated by a bearish trend.
Jeff Kilburg at the CME and Anthony Grisanti at the NYMEX both futures traders believes that bitcoin is in a range and a bullish move is in the offing. Bitcoin Bounce is Ahead Anthony Grisanti and Jeff Kilburg both shared their opinion on the future trade of the top value cryptocurrency, bitcoin on CNBC.
FOMO Moments Crypto markets are horizontal today; Only Digitex Futures is pumping. Cryptocurrency markets are still at the bottom following their mid-week dump. There has been no sign of a bounce back to previous levels as total market capitalization is still hovering just above $200 billion.
FOMO Moments Markets are in pain and have not recovered; Only 0x is making progress today. There has been no notable recovery or bounce following yesterday’s 15 billion dollar dump. Markets have remained low and are just over $200 billion total capitalization at the time of writing.
Bitcoin could be in for more losses as it fell through the bottom of the longer-term triangle consolidation visible on the daily time frame. This could mean that further declines are in the cards, although price could still bounce off the line in the sand for bulls around $5,800.
Key Points Bitcoin cash price failed to bounce back and broke the $500 support against the US Dollar. There was a break below a declining channel with support at $495 on the hourly chart of the BCH/USD pair (data feed from Kraken).
Bitcoin appeared to make an upside break from the long-term triangle consolidation but wound up falling through a short-term triangle support. This brought price back to the longer-term floor, which bulls seem to be defending for now.
Bitcoin Price Key Highlights Bitcoin price has formed lower highs and higher lows on its 1-hour chart to trade inside a symmetrical triangle. Price is currently testing the bottom of the triangle and might be due for a bounce back to the top around $6,700.
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.
