In the time following Bitcoin’s recent break above its key near-term resistance level at $7,200, the benchmark cryptocurrency’s bears have lost some of their steam as it declines below this level, with it now being at risk of revisiting its support at $7,000.
Analysts are still expressing some bullishness, however, with one noting that he anticipates Bitcoin to ultimately reach its key supply zone around $7,600 before it finds enough selling pressure to catalyze a sustainable downtrend.
This region coincides closely with an upside target recently offered by another trader, who believes that the support just below BTC’s current price level will be enough to push it higher.
Bitcoin Declines Below Key Support, But Analysts Remain Bullish
At the time of writing, Bitcoin is trading down roughly 1% at its current price of $7,180, which is just slightly below its daily highs of $7,270 that were set around this time yesterday.
Today’s decline below $7,200 is a bear-favoring sign as it signals that bulls did not have enough strength to flip this previously intense resistance level into support, and a failure for buyers to recapture its position above this level could be dire.
If bulls are unable to recapture this level in the coming hours and days, it is possible that bears will reestablish this as an intense resistance level, subsequently leading the cryptocurrency to decline further.
Despite these overt signs of bearishness, it is important to note that one popular pseudonymous trader on Twitter recently offered a chart with an upside target around $7,600, concisely stating that he “longed this dip.”
Image Courtesy of George
While looking at the levels marked on the above chart, it appears that his long will be invalidated if Bitcoin declines below roughly $7,050.
A Strong Overhead Supply Zone Could Offer Traders with Reliable Near-Term Target
The aforementioned target at $7,600 may not be unwarranted either, as this level happens to also be where a strong supply zone exists.
Another popular trader spoke about this level in a tweet, noting that he is waiting for BTC to tap this supply zone before he flips short.
“BTC showing declining momentum as we continue the drive up. LTF is still strong and I can’t stand in the way of that yet, if we confirm another lower peak into the region of supply $7600+ then it will trigger a short. For now, it looks like it wants that attempt,” he explained.
Image Courtesy of Cold Blooded Shill
The volatility potentially sparked by this movement comes as Bitcoin’s weekly candle close fast approaches.
Featured image from Unsplash. origin »
Bitcoin is facing a key $91.5K support level with analyst warning $85K retest possible, but double bottom pattern could point to bullish reversal ahead.
The cryptocurrency market is showing signs of stability following days of heavy selling pressure. Bitcoin reclaimed the $93k level a few hours ago, adding 7% to its value in the last 24 hours. The recent positive performance comes amid renewed bets that the Federal Reserve is nearing its first rate cut of the cycle. Fed […]
Bitcoin is consolidating just below a major resistance level at $106,433, with bullish momentum building. If this level breaks with strong volume, a push toward $127,600 could follow swiftly. Despite giving up all of its gains made over the past…
The Bitcoin price has recently attempted to reclaim the $96,400 level as support after breaking above the bearish trend line. A crypto analyst has underscored why this support level is crucial for Bitcoin’s next price rally, as it could set the stage for a potential retest above the $100,000 All-Time High (ATH).
Bitcoin could remain bullish until it trades above $45k.
If BTC falls to the $54,700 level, nearly $2 billion worth of long positions will be liquidated.
After a massive price crash on the 5The post Bitcoin flashes bearish signs! Watch out for THIS crucial level appeared first on AMBCrypto.
Looking at the formation in the daily chart, there is no relief for Bitcoin at spot rates. Following the flash crash on June 6, prices reversed sharply from the $72,000 level, further highlighting the significance of the liquidation level.
After a short while when Bitcoin fell from the $43,700 value to the $40,000 level on Dec. 11, the crypto market is back on track and the price of BTC is hovering above $42,500 again. Like other cryptocurrencies, Ethereum also decreasing, it has strong support at an important level of $1,934-$2,160.
As Bitcoin (BTC) continues to trade below $30,000, questions have been raised on the stakes of the leading cryptocurrency breaching this psychological price level.
Key takeaways Bitcoin dropped below the $29k level on Monday as the market sheds its recent gains. AltSignal’s stage two presale has now surpassed the $1. 2 million mark. The cryptocurrency market has been underperforming in recent weeks.
Historical data of an on-chain indicator may suggest that the $24,400 level could be a major level of support for Bitcoin right now. Bitcoin STH MVRV Would Hit 1. 0 If Price Declines To $24,400 According to this week’s edition of the Glassnode report, the 1.
After a strong rally that pushed Bitcoin (BTC) over the $31,000 level, the largest cryptocurrency by market capitalization has lost its bullish momentum and retraced to its previous consolidation level of $28,400.
Bitcoin price is hovering at the $30,000 resistance level as investors assess the latest American inflation data and the positive FOMC minutes. BTC has soared by over 93% from its lowest level in 2022, making it a better performer than gold, stocks, and other assets.
It is the first time the Bitcoin price is above $30,000 since June last year. The surge comes after a one-month consolidation around $28K. Analysts had set a support level at $25,000 and a resistance level at $30,000.
Bitcoin began the week climbing to its highest level in 2023. Against all odds, the largest cryptocurrency on the market reclaimed the $25,000 level for the first time since August 2022, only to be rejected hours after reaching the milestone.
In the past 24 hours, Bitcoin has slid beneath the important support level of $17,000 as weekly bears have taken the driver’s seat. The most popular cryptocurrency is presently selling at $16,723, a decrease of 2.
Bitcoin is looking to trade above the $21k level for the first time this month after adding more than 7% to its value in the last 24 hours. The cryptocurrency market has continued its excellent start to the week.
Bitcoin has consistently traded above the $60,000 support level in the past week, proving its resilience since breaching this level for the first time since April. The top coin is up 10 percent in the last 7 days, recently reaching an all-time high of $67,000.
Bitcoin has seen some incredible strength throughout the past few days, with each dip being aggressively absorbed by buyers This has allowed the crypto to rally past the $18,000 level and gain what appears to be a strong and stable foothold here Where it trends in the near-term should depend largely on its continued reaction to this level One analyst is noting that BTC does look like it wants to test its post-2017 highs of […]
The Bitcoin (BTC) price increased incrementally during the week of Nov 9-16. Even though the price failed to reach a close above $16,000, it returned to validate the previous breakout level and has begun to increase once more.
Bitcoin has been inching lower throughout the past few days and weeks, with buyers and sellers both being unable to take control of its near-term trend This slight decline has come about following a period of immense strength and stability as it consolidated above $16,000 If it continues trading below this level, its recent $16,500 highs could mark a long-term top Where it trends next may depend on one key support level that an analyst […]
Bitcoin could be on the cusp of posting a move to fresh all-time highs if it can close its monthly candle today above one critical level. The benchmark cryptocurrency has been caught within the throes of an intense uptrend throughout the past several days and weeks, with each selloff being fleeting and followed by it […]
Ethereum’s price has been closely tracking that of Bitcoin throughout the past few days, but this trend has shown some signs of breaking today While Bitcoin is pushing past its key resistance within the lower-$1,000 region, ETH is still stuck below its $360 resistance level If it is able to break these levels, it will then face a significant hurdle between $380 and $400 A continued inability to break above this level could do some […]
Bitcoin’s bulls and bears are currently engaged in a heated battle for control of $10,000, with this crucial level likely being the sole factor that determines its near-term outlook. Analysts are noting that the ultimate reaction to this level will likely provide BTC with serious guidance, as a failure to hold above it could spark a far-reaching downtrend BTC is also approaching a key technical level that bulls must try to defend ardently – its […]
Bitcoin is currently catching some upwards momentum that has sent it past its key resistance level at $12,000. Although the crypto has yet to post a significant break above this level, bulls do appear to be building strength following the strong weekly close that BTC posted yesterday evening.
Bitcoin and the aggregated crypto market are struggling to extend the mid-term uptrend that has driven them higher over the past few weeks This has come about as BTC pushes up against insurmountable resistance at $12,000 – a level that it has been rejected at on multiple occasions Analysts are now noting that it may require a daily close above $11,900 for it to see further upside that sends it past this price level There […]
Yet another weekend that saw Bitcoin jumping the $12,000 level. After breaking the key level of $10,000, now the largest cryptocurrency is working on another important level. Over the weekend, BTC went down to $11,500 only to start gaining momentum towards the end of the day to start yet another bullish week. And #Bitcoin has […]
Bitcoin is not far from $12,000. After hitting this level the past weekend only to crash soon after, the digital asset is back to flirting with the level that was last seen in August 2019. However, despite the upward momentum, $12k might not come yet.
In the last 950+ days, bitcoin has encountered the $9,000 level a few hundred times. Undoubtedly, this level seems like the one that matters the most, not just for its "Vegeta memes" but also due to tThe post But why is Bitcoin's $9,000 level so important? appeared first on AMBCrypto.
It’s been over a week now since bitcoin first hit $11,000. Although there have been a few small dips below this level, the world’s largest cryptocurrency is hovering around this level for the majority of the time.
Bitcoin’s mining difficulty is up by 14.95% bringing the level to its fourth-most difficult...
The post Bitcoin Mining difficulty rises by almost 15%, the highest level in over two years appeared first on Coin Journal.
The $10,000 level has been and is still a critical level for Bitcoin throughout 2020. The digital asset has tried to break above this level several times and was rejected heavily by the bears every single time.
Over the last few hours, the Bitcoin bulls seem to have taken control of BTC’s price action. Even though a significant resistance level lays ahead, a further bullish advance seems...The post Bitcoin Regains Significant Support Level, Aims for $9,000 appeared first on Crypto Briefing.
After an extended period of trading sideways around $7,200, Bitcoin’s bears have once again gained control of the cryptocurrency and have sent to a key support level. BTC’s bulls have so far been able to defend this level, but it remains unclear as to whether it will continue to hold as the weekend continues on.
Bitcoin’s bulls have built some serious momentum in the time since the crypto’s capitulatory drop that sent it to lows of $6,500, as they have been able to push its price up towards $8,000, with a break above this level potentially opening the gates for further gains.
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.
