Less Chance that Bitcoin Will Crash Towards $6K, Top Analyst Explains Why

Bitcoin opened 2020 with a bang, rising by as much as 32 percent in January as investors’ appetite for safe-haven assets grew. However, the price rally is now looking to fizzle. The bitcoin-to-dollar exchange rate has dipped by circa 9 percent after registering a local top near $9,200. The pair on Friday tested $8,216 as intraday support, hinting risks of an extended downside move that could push the price into a medium-term bearish channel. The BTC/USD exchange rate eyes a crash towards $6,000 | Source: TradingView.com, Coinbase The Descending Channel,…

Bitcoin is Tanking Despite Coronavirus Fears, Showing Lack of Characteristics as Safe Haven

Bitcoin prices on Friday are plunging after marking their highest levels in over two months, hurt by an improving outlook of the eurozone economy, the stronger dollar, and – none the least – the Coronavirus outbreak in China. The benchmark cryptocurrency’s spot rate fell by 1.66 percent to $8,246.14 as of 11:20 UTC today. At the same time, its futures listed on Chicago Mercantile Exchange (CME) slipped 1.49 percent to trade at $8,245. The moves downhill put bitcoin at the risk of closing this week in red, it’s first negative session…

Bitcoin May Explode Into $100,000 Parabolic Rally

Since Bitcoin investors got a taste of parabolic price action in early-2019, during which BTC surged from the low-$3,000s to $14,000 in a few weeks’ time, they have been craving more. According to a Google Trends analysis, another parabolic rally is about to form again in the cryptocurrency market again. Considering historical rallies, this next bull market could bring BTC above $100,000, some analysts have suggested. Google Trends Suggests Bitcoin to Soon Explode Cryptocurrency analyst Cryptokea recently noted that the worldwide Google Trends, well, trends for the search term “Buy…

A Bitcoin Plunge To $8,000 On The Horizon, As Bulls Show Weak Hands

Bitcoin price failed to stay above the key $8,500 support area and extended its decline against the US Dollar. BTC price is likely to continue lower towards $8,000 or $7,880. Bitcoin started a strong corrective decrease from the $9,200 resistance area. The price broke the key $8,500 and $8,470 support levels to move further into a bearish zone. Yesterday’s highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to extend its decline…

Ripple (XRP) Is Plunging And Here’s Why It Could Retest $0.20

Ripple extended its decline and broke the key $0.2270 support against the US Dollar, similar to bitcoin below $8,500. XRP price is now at a risk of more losses towards $0.2050 or $0.2000. Ripple price is gaining bearish momentum and it is now well below $0.2300 against the US dollar. The price is trading near the $0.2200 support and it is likely to extend its decline. This week’s major bearish trend line is still active with resistance near $0.2295 on the hourly chart of the XRP/USD pair (data source from…

Ethereum Just Broke $160 And It’s Vulnerable to a Larger Decline Below $155K

Ethereum price is declining and it recently broke the $160 support, similar to bitcoin. ETH price is likely to continue lower below the $158 and $155 support levels in the near term. Ether price is showing a few bearish signs below the $162 level against the US Dollar. The bears seem to be in control and they are likely to aim a larger decline below $155. This week’s key bearish trend line is in place with resistance near $164 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin…

Bitcoin Plunges on Profit-taking, Losses Limited by Coronavirus Outbreak

Bitcoin entered a negative slope on Thursday as traders took profits from its latest price rally. But the cryptocurrency remained above a strong technical support level. Spot BTC/USD exchange rate was down 3.84 percent at $8,360.87 ahead of the New York morning session open. At the same time, bitcoin futures listed on CME fell by more than 6 percent. to $8,385. $BTC #BITCOIN Getting towards the area, which is basically the high from 8 January. Given that everybody wants to long $8,200-8,250, I doubt we’ll reach it, if we are…

XRP, Ethereum and Bitcoin Cash Dive in Altcoin Purge: What’s Triggering It?

Top bitcoin rivals suffered major losses on Thursday after bulls failed to extend the last week’s wild upside price rally. Bitcoin SV’s BSV, after its stupefying climb before mid-January session, led the march downwards. The token fell by more than 9 percent on a 24-hour adjusted timeframe. Stellar’s XLM and Binance’s BNB followed suit, dipping by more than 6 and 5 percent, respectively. The least affected coins included Ethereum, XRP, and Bitcoin Cash, all of which fell in the range of 2-3 percent. Collectively, the ongoing altcoin purge prompted the…

Bitcoin Just Violently Rejected $8,600: Here’s Why It Likely Means Retest of $7,000s

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. Similar price movement as when bitcoin rejected $10,600 On October 26, the bitcoin price increased to as high as $10,600. It rose 43 percent within a two-day span in an upside movement primarily driven by a big short squeeze. Following the upsurge, the bitcoin price remained volatile within a relatively…

Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Sharp Decline

Bitcoin bulls are facing an uphill task near $8,700 and $8,800 against the US Dollar. BTC price could either rally above $8,800 or decline heavily below $8,470 in the coming sessions. Bitcoin is showing a few bearish signs after it was rejected near $8,800. The price is currently sliding and it is approaching the key $8,560 and $8,470 support levels. There is a major bearish trend line forming with resistance near $8,640 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either start a…