Bitcoin has slowly regained value after its major correction two weeks ago. It now appears on the cusp of breaking USD $7,000 yet every gain is followed by a short correction. A series of factors keep preventing it from breaking this important price line.
GLOBAL MARKET UNCERTAINTY
Every commodity market has been shaken over the past few weeks. There is no shortage of investors eager to take advantage of discount prices, yet fear more volatility. Ironically, the price recoveries over the past few days increase this fear, as retracements often follow such moves. In this context Bitcoin is no different than precious metals or stocks, both of which are experiencing a slow recovery from the recent crash.
Bitcoin approached the $7,000 barrier yesterday, indicating that plenty of crypto adopters are eager to drive the price higher. Many merely need to overcome their fear that the price could once again collapse.
$BTC HTF Update
Still no clear signs of which direction we will be heading next as PA repeatedly tests this strong region around $6800-$7000, flipping this into support would be great!
Personally not going to long into such clear resistance but which do you see playing out? pic.twitter.com/lBBbFWP9Ir
— Crypto Cactus (@TheCryptoCactus) March 26, 2020
NEED FOR QUICK CASH RATHER THAN BITCOIN REMAINS STRONG
Nations around the world have seen their economies virtually shut down as a result of the COVID-19 outbreak. Much has been made of the mass sell-off of fixed assets, such as Bitcoin, by furloughed workers now in need of quick cash. The impact of this phenomenon has yet to be fully realized.
Likewise, even workers that remain financially stable are hesitant to purchase Bitcoin, fearing future economic challenges. Simply put, people hold their money tight when they are worried about paying their bills. The current situation does, however, underscore the reach of cryptocurrency among the global working classes.
Governments rushing to provide financial relief may give Bitcoin a tremendous boost, as it will lessen many of these fears. The best-known of these stimulus packages is the massive $2 Trillion under consideration by the U.S. Congress. Such a huge handout of money to the American public is all but certain to spark a wave of spending that will no doubt be good for Bitcoin’s value.
YOUNG ADULTS HAVE BECOME DISTRACTED
Persons under 35 by-far represent the largest group of crypto investors, especially in the developed world. Many have paused interest in the crypto markets as they address recent disruption in their daily routines. Countless young adults now struggle to take care of family and modified work obligations. Also, millions of college students have been forced to leave their campuses.
It is reasonable that these individuals would seek a return to normalcy before they get back to investing in Bitcoin. The good news is that they will no doubt be eager to do so once the current global health crisis abates.
What do you think is the main thing holding back Bitcoin price right now? Add your thoughts below!
Images via Shutterstock, Twitter @TheCryptoCactus origin »
AR’s price shows much strength after breaking out from its long downtrend movement. AR trade with good volume, breaking out from a downtrend as price eyes a rally to a region of $27. AR’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA) but faces resistance at 200 EMA.
At long last, Bitcoin has bounced after Thursday’s brutal performance. Just recently, the price of the leading cryptocurrency hit $5,800 on Coinbase, rallying from the $3,850 low seen just minutes ago.
Bitcoin's price has been erratic for the past couple of weeks. While many expected Bitcoin to post some gains after a disappointing few days, the king coin, unexpectedly, went on a freefall. In fact, The post Breaking: Bitcoin falls by 24% in an hour to drop below 6k appeared first on AMBCrypto.
On March 9, the BTC price reached a major support area at $7,700, initiating a short-term bounce. While the price stayed above this level for three days, it decreased sharply on March 12, creating a bearish engulfing candlestick and breaking down below this area.
Ripple is currently correcting higher from the $0. 1981 monthly low against the US Dollar. XRP price must break $0. 2100 and $0. 2150 to start a strong recovery in the near term. Ripple price is currently consolidating above the $0.
The second largest currency is down thirty percent and has recently been trading in a flat range. However, analysts believe it is going to break out and hit $215-$220
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After breaking above $9,000 and finding support, Bitcoin price is seeking direction again. But the leading asset must cross over the $9,500 resistance to initiate another bull rally, analysts state.
As Bitcoin trades at $9,160, gradually recovering its losses after it fell from under the $10,000 level, analysts are sharing where the price may head next
On February 8, the DOGE price initiated a rapid upward move, breaking out above a long-term descending resistance line. It reached a high of 35 satoshis the next day but has been decreasing since.
Ever since Bitcoin shot over 1,000% higher in 2017 to hit $20,000 — a price point that was once seen as relatively unobtainable by even some of the cryptocurrency’s most dedicated bulls — analysts have been waiting for the asset to “moon” once again.
Since February 10, the WAVES price has made several unsuccessful attempts at breaking out above the 15,000 satoshi resistance area. Waves (WAVES) Highlights There is resistance at 15,000 and 26,000 satoshis.
Since December 27, 2019, the ATOM price has been trading inside a descending wedge. It is currently in the process of breaking out of this pattern. Cosmos (ATOM) Highlights There is resistance at 50,000 and 65,000 satoshis.
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.
Both the OmiseGO (OMG) and Waves (WAVES) charts show long-term signs of a reversal. If they reach their targets, both would represent increases of close to 100% measuring from the current price. Altcoin trader @AltcoinSherpa tweeted two images showing a WAVES and OMG chart respectively, both showing the price breaking out from a long-term range.
Bitcoin price slid away from $10,000 over the weekend inviting renewed predictions of how low the price could go if the correction continues. Bitcoin Broke Toward $9,500, Resparking Deep Correction Fears Bitcoin has started breaking below support levels, most recently crashing below $9,700, as previous price levels once again turn into areas of resistance.
On Feb 16, the Litecoin price underwent a rapid price decrease. However, it is still trading above significant support areas and its long-term outlook remains bullish. Cryptocurrency swing trader @PostyXBT posted a Litecoin chart showing that while the price was initially successful in breaking through resistance, the recent Bitcoin decrease caused it to fall right […]
The post Will Litecoin Manage to Maintain its Bullish Momentum? appeared first on BeInCrypto.
A trader took full advantage of bZx’s use of a price oracle by crashing the price of wBTC after opening a 5,000 ETH wBTC short on the platform. Breaking Down...The post Trader Exploits bZx Oracle for $330,000 Profit appeared first on Crypto Briefing.
Bitcoin saw an incredibly sharp selloff this morning after previously being caught within a firm bout of sideways trading around $10,300. This latest selloff sent BTC reeling below the key $10,000 price region, marking the first break below this level since last Monday.
On February 11, the XRP price validated the previous breakout line and has been increasing considerably since. XRP Price Highlights XRP broke out from a descending wedge. There is resistance at 3250 satoshis.
Ripple?s XRP is trading at $0.29, finally approaching $0.30, however, prominent crypto trader Luke Martin believes the coin should be around 30 percent higher than it is
Just 30 or so minutes ago, Bitcoin made an attempt at $10,000, breaking past $9,900 for the first time in about forever to jump as high as $9,950. The price spike, unfortunately for bulls, fell short of the ever-so-important five digits.
The long-awaited lunch date between TRON founder Justin Sun and billionaire investor Warren Buffet has just taken place. Upon the news breaking, the price of the TRON network’s native crypto asset TRX took off upwards violently.
On Feb 5, the Bitcoin price created a bullish engulfing candlestick and is in the process of breaking out above a significant resistance area. Bitcoin Price Highlights The Bitcoin price is in the process of breaking out above major resistance.
On Feb 3, the Bitcoin price reached the $9,600 resistance area and created a bearish shooting star. A short-term correction is likely in store before another attempt at breaking out. Bitcoin Price Highlights The Bitcoin price has been consolidating over the past week.
In the past 20 minutes, Bitcoin has finally exploded higher out of the weekend range, breaking above $9,500 for the first time since the strong top seen on January the 30th. Per data from TradingView, the cryptocurrency just minutes ago hit $9,620 — rallying 2.
The TRX price has broken out above a symmetrical triangle. It is currently making an attempt at breaking out above 205 satoshis, a movement which, if successful, could take the price to 235 satoshis.
Bitcoin has been having a great year so far for the first month of 2020, up 28. 6% since the first of January. The daily chart is looking bullish, and a golden cross is forming, but Bitcoin hasn’t crossed the 10K mark, yet.
The Litecoin price has been sinking since Jan 17. It is trading inside a symmetrical triangle, of which it looks close to breaking out to the upside. Litecoin Highlights The Litecoin price is trading inside a symmetrical triangle.
Coinspeaker XRP Price Could Reach $14 Breaking Out from Two-Year Bear MarketIt is believed that XRP is ready to leave the bear market aside and move higher. XRP price could reach $14 with the next bull run.
The Ontology price is making an attempt at breaking out above a descending resistance line. Due to a bullish pattern and a similar previous fractal, it looks like it could be successful and move towards the next resistance area this time around.
The bitcoin price just strongly rejected the $8,600 level, breaking down from a tight range for the first time in four days. BTC dropped below $8,400 on major exchanges like BitMEX, leaving the dominant cryptocurrency vulnerable to a deeper pullback.
Ripple is currently recovering above $0. 2325 against the US Dollar and bitcoin is trading above $8,700. XRP price is likely to surge towards $0. 2500 or $0. 2600 once it clears the $0. 2400-$0. 2420 resistance.
Bitcoin’s 2020 uptrend has drastically shifted the market structure of BTC, which was previously shaping up to be incredibly bearish while it was hovering within the $6,000 region. The subsequent rallies from this price region, however, have allowed it to climb all the way up to $9,200, which appears to be a key resistance level... The post appeared first on NewsBTC.
The Ethereum Classic price could soon make another attempt at breaking out above 74,000 satoshis. The Ethereum Classic price has been increasing since December 19, when it was near the bottom of its long-term trading range.
Now that the dust seems to be settling in Iran, bitcoin has retreated back below $8,000 again. Price movements were definitely correlated with breaking news but how has BTC interest in the area been affected? Are Iranians Interested In Bitcoin? There is no doubting that bitcoin has cemented itself as a store of value asset this year.
Bitcoin (BTC) awakened from its post-holiday slump, breaking easily above $8,000. A combination of geopolitical tensions and renewed appetite for trading led BTC as high as $8,360. Bitcoin on Verge of Entering Six-Month Bullish Channel The most recent price move also shifted the analysis of technical indicators, signaling bitcoin may be ready to follow a bullish scenario.
The Bitcoin price has a chance of breaking above the current level of $7,280 ? towards $7,530, if the two support levels ($7,225 and $7,160) hold, a trader predicts
On December 16, the XLM price broke down from its trading pattern and has reached a significant support area. An upward bounce is expected to follow — preventing the price from breaking down below the support area.
The second biggest coin ETH has been in the lows recently, however, analysts believe the price may spike in the near future ? when certain marks on the chart are behind
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