Bitcoin’s recent decline below the support that had been established in the lower-$7,000 region has been driven by heavy selling pressure, and it does appear that bears are vying to break the short-term support level that has been established at $6,800.
One analyst is noting, however, that the crypto’s buyers have been able to absorb a good majority of this selling pressure – a sign that a failed attempt to break this level could lead to a noteworthy price rebound.
Despite this possibility, traders still believe that the technical degradation resulting from the recent retrace will be enough to catalyze further downwards momentum in the days ahead, potentially leading BTC into the $5,000 region.
Bitcoin Bulls Attempt to Absorb Heavy Selling Pressure
At the time of writing, Bitcoin is trading down just under 3% at its current price of $6,870.
The crypto has been able to hold steady above this support throughout the past day, with buyers and sellers reaching an impasse as they both attempt to tip the scales into their favor.
In the near-term, it does appear that $6,900 is the level that bulls must firmly surmount if they want to catalyze a sustained rebound, with crypto analyst Cantering Clark noting that the strong absorption of sell orders could be enough to push the crypto above this level.
“While this does look weak, I don’t really care to get aggressive here. ‘Weak’ is only 70$ away from putting a lot of traders on the wrong side of the ball. A lot of absorption at this low. Ripping back up only requires a move slightly over 6900,” he noted.
Image Courtesy of Cantering Clark
The above chart elucidates the ongoing absorption of sell orders that comes as bulls defend against a decline below $6,800.
Traders Still Believe a Decline Towards $5,000 is Possible
If Bitcoin does happen to lose its current buying pressure and declines beneath its support, there is a strong chance the next selloff could be quite intense.
One pseudonymous trader on Twitter recently offered a chart showing that BTC could be on the cusp of declining to as low as $5,600 in the days ahead.
Image Courtesy of George
The above chart does indicate that this would be invalidated if the crypto climbs past $7,200.
This level’s importance stems from it being a previous resistance that was flipped into support during the course of the last uptrend, before being broken below last week. It is possible that it will now prove to be an even stronger resistance level.
Featured image from Unplash. origin »
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.
After reclaiming the key support that had been established at $6,800 yesterday, Bitcoin has once again lost this level, surrendering to bears as to navigates back towards its key short-term support that has been established around $6,600.
Following Bitcoin’s bout of consolidation within the mid-$6,000 region, the benchmark cryptocurrency has seen a slight decline that has led it down towards the support that has been established around $6,000.
Like Bitcoin, the past few weeks have seen Ethereum consolidate. The second-largest cryptocurrency has established a base of support around $220, trading within practically 10% of that level for all of the past ten days.
Bitcoin is now firmly caught within a consolidation phase, with the cryptocurrency hovering around the support it established at $9,600 in the time following its recent capitulatory drop from $10,200.
A growing number of platforms allow Russian residents to purchase cryptocurrencies with local fiat money. Established cryptocurrency exchanges are not the most trouble-free option, however, as they often require extensive registration and rarely support popular payment methods in the region, unlike small online exchangers and peer-to-peer platforms.
Much to the chagrin of investors and bulls alike, Bitcoin (BTC) was unable to hold above the key support that had been established within the lower-$7,000 region, as it posted a swift break below this support during a sharp selloff that occurred earlier this morning.
BitPay, a leading bitcoin (BTC) and altcoins payments processor established in May 2011, has added support for top stablecoins including Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX).
Bitcoin has once again dropped down to its near-term support level after a brief attempt from BTC’s bulls to push to crypto back above its previously established support level at $8,700, which appears to have flipped into a resistance level in the time since it broke below this level.
Coinspeaker Cointelegraph Announces Its New Consulting Division to Support Blockchain AdoptionInsolar, the leading enterprise blockchain solutions provider, announced that it has established a partnership with Cointelegraph’s newly-formed consulting division.
Bitcoin (BTC) has been caught in a period of sideways trading over the past several days and weeks, as it has been unable to garner any significant and sustainable upwards momentum in spite of the strong support that it has established at $8,700.
While Bitcoin (BTC) is around 17% lower than its local top of $10,500 established late in October, many analysts have concluded that the bull case for the cryptocurrency market is brewing once again.
After a long period of consolidation within its previously established trading range, Bitcoin’s bears have now taken control and have pushed BTC’s price below its previous support level that existed around $9,000.
The Stellar Development Foundation (SDF), a non-profit entity established in 2014 to support the ongoing development of the open-source Stellar protocol, has burned 55 billion of its XLM tokens, which accounts for half of the...
Upheaval and unrest in established markets, like change and evolution in emerging markets, make a compelling case for Bitcoin adoption.
The post Op Ed: Wall St. May Support Bitcoin Adoption, But Markets of Unrest Are Key appeared first on Bitcoin Magazine.
After incurring a noteworthy rally yesterday that sent Bitcoin’s price surging towards the mid-$8,000 region after a brief visit to $7,800, BTC’s upwards momentum has once again faltered, with the crypto once again nearing its previously established support level at $8,200.
Bitcoin’s bulls have lost their strength and allowed bears to push the cryptocurrency under its previous key support level at $8,200, which may signal that significantly further losses are imminent in the near-future as BTC slowly creeps back towards its recently established range lows at $7,800.
MakerDAO has been one of the most successful Ethereum-based crypto ecosystem, which was established with the motive of providing stability to the unstable cryptoverse. Gregory Di Prisco, the company’s Head of Business Development recently featured in an interview to reiterate his support for the technology.
After facing a significant amount of selling pressure over the past several days, Ethereum (ETH) has been able to post a decent bounce from its recent lows and appears to have established a notable support level around the $160 region.
Earlier this year, the anecdote that bitcoin serves as a safe-haven asset in times of heightened macroeconomic risks received support from factual data. The benchmark cryptocurrency and its traditional rival gold both established year-to-date highs as the U.
Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTC’s ability to hold above this price level may be a bullish sign, as it signals that bears do not currently have enough strength to send the crypto back to its next major support level in the lower-$9,000 region.
Coinbase Pro adds support for Tezos (XTZ) » CryptoNinjas
Coinbase Pro, the advanced cryptocurrency exchange platform from Coinbase, today confirmed listing for XTZ, the native token of open source blockchain protocol Tezos.
After an extended period of consolidation, Bitcoin has failed to hold above its previously established support level at $11,000 and has now plunged into the $10,000 region. Today’s price plunge marks an extension of the.
In a further show of support for Facebook’s crypto asset Libra, the Winklevoss twins waded into the discussion by giving their backing to the much-maligned project. Despite their chequered history with Mark Zuckerberg, the twins believe Facebook’s standing as an established tech company would be beneficial to crypto as a whole.
By CCN Markets: On CNBC’s Fast Money, Cornerstone Macro’s Carter Worth stated that based on technicals, the trend of bitcoin is seemingly positive and is aiming for 2018 levels. Year-to-date, the bitcoin price has risen by 146 percent against the U.
Daily ENJBTC Enjin is in a trendless ranging environment, a very important status that needs to be established before doing any TA (on any chart). The Fib786 and MA200 are acting as current support for ENJ at these levels making the 1700 sats (most recent bottom) a breakdown point.
According to Litecoin. com, the recent onchain metrics for LTC indicate that a “potential floor of support and intrinsic user interest” in the proof-of-work-based cryptocurrency has been established.
Mid May Update: Technicals Daily ENJBTC Enjin is in a trendless ranging environment, a very important status that needs to be established before doing any TA (on any chart). The Fib236 and MA200 are acting as current support for ENJ at these levels making the 1700 sats (most recent bottom) a breakdown point.
Bitcoin has been able to continue extending its upwards momentum and has firmly established its newfound position within the $6,000 region, nearly erasing all of the losses that were incurred in late 2018 after the cryptocurrency failed to find support around $6,400 and was sent spiraling downwards before it found support in the lower-$3,000 region.
On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its regulations apply to businesses that conduct money transmissions in virtual currencies.
Bitfinex is forging forward despite its ongoing row with the authorities, and it's looking for investors to support its efforts. Today, May 8, 2019, iFinex, the operator and parent company of the popular cryptocurrency exchange, released a private token sale white paper, putting to rest rumors of its Initial Exchange Offering (IEO).
Setting up a bitcoin cash wallet is one of the first steps to getting involved in the world of peer-to-peer electronic cash. And while there are many established wallet providers that support BCH, you can use the Cashaddress platform to create a bitcoin cash wallet all by yourself.
The New York Office of the Attorney General (AG) wants to take a closer look into the business operations of Bitfinex and related stablecoin issuer Tether (USDT). According to a legal petition filed with the Supreme Court of New York, the NY Attorney General Office of Letitia James is applying for a court order to investigate Bitfinex’s suite of interrelated companies (including its umbrella firm iFinex and Tether Holdings Limited) for “ongoing fraud” to the tune of $850 million.
The Infinito Wallet has confirmed that it has been designed to be compatible with four more blockchains, this is the likes of ONTology, Ethereum, EOS and Binance Chain. The Infinito wallet has been established as a universal crypto wallet that has been built in with the DApp browser. The platform also launched its own kind […]
Summary:After breaking out of a macro reaccumulation range, the market saw a small pullback that led to a retest of prior resistance that is now being respected as support.
Summary:Despite some strong, intraday selling, bitcoin’s macro-bullish market structure remains intact. So far, we have seen a test of two daily levels and have clearly established support.
As the crypto community squabbles over the rights and wrongs of Binance’s decision to delist Bitcoin S. V, one exchange, Gemini, has further established its credentials as a stalwart for trust.
The crypto markets have been able to halt their downwards descent, finding relatively strong levels of support slightly below their current price levels. Bitcoin (BTC) – which recently dropped into the $4,900 region after quickly advancing to $5,400 – has established its recent lows as a region of support and has since been able to.
Summary:The bullish market structure that we have established over the last couple of weeks remains intact, despite the strong round of selling that the bitcoin market saw a couple of days ago.
From “killers” to “second layer solutions looking to support it”, the evolution of the Ethereum imitators/innovators market has been an interesting thing to behold. At a certain point in the last couple of years, crypto projects realized that straight up replacing currently established giants won’t be easy.
Summary:The bitcoin market has seen sustained buying pressure as the daily candles have continuously closed new highs following the impulsive move that brought us to the $5,000 levels.
Since mid-February, the bitcoin market has continued to drift upward toward a band of strong, macro resistance (shown below as a red band). This slow, drift upward marks our fourth test of the resistance zone and, unlike the three prior tests, our rejection of the level has shown a weakness on the side of the bears:Figure 1: BTC-USD, Daily Candles, Fourth RejectionIf we compare the three prior rejections (labeled 1, 2 and 3), we see that the move into this resistance level was violent — and had equally violent rejections.
Bithoven is a new crypto-to-crypto exchange that is gaining momentum in the recent months. It offers a wide range of trading tools, charts and security features which in combination with its stellar customer support makes a it a serious challenger for the incumbent, established names like Bittrex or Binance.
EOS is surging ahead of other top cryptocurrencies this Wednesday. The EOS protocol’s native token established a fresh session high at $4. 11, up 11. 68-percent from today’s open. In contrast, Bitcoin, Ethereum, XRP, and other top coins managed gains between 2- and 7-percent, barring Cardano’s ADA, which surged up to 10-percent.
After trading within an incredibly tight trading range in between $4,000 and $4,100 for an extended period of time, Bitcoin (BTC) has now broken downwards below its previously established support level at the important psychological level of $4,000.
Progressive rising star Alexandria Ocasio-Cortez isn’t alone in her belief that the rich don’t pay their fair share, as a new OECD report has established that nearly 70% of people living in developed countries support hiking taxes on the wealthy to reduce income inequality.
Blockstream has launched its satellite messaging application programming interface (API) on mainnet. Essentially, this means users can now broadcast data via the company’s satellite network and pay with Lightning payments.
Blockstream has launched its satellite messaging application programming interface (API) on mainnet. Essentially, this means users can now broadcast data via the company’s satellite network and pay with Lightning payments.
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.
