Bitcoin Short Sellers Are in Big Trouble For This Reason, And Strong Rally is to Ensue

The bitcoin price is up by 10 percent in the past four days and after such a big rally, a short-term pullback follows. But, a top trader says it will take a lot for short sellers to hunt for longs in this environment, which could push BTC for an ever bigger rally. It will be hard for shorts to hunt longs, maintaining bitcoin momentum As one well-known trader pointed out, even if an investor longed bitcoin near the top in the $8,900 to $9,000 range, the liquidation price would likely…

Bitcoin Falls Back After Briefly Breaking $9k Resistance

View Bitcoin has all but erased the day’s gains after pushing past the $9,000 resistance level this morning. A significant move back above $9,000 could trigger liquidations and a possible short squeeze across the market. Other cryptocurrencies continue to recoup losses from late 2019. Bitcoin’s bulls have failed to make a solid move above $9,000, having briefly topped the level earlier on Friday. After an indecisive Thursday, prices started their rise during the Asian trading day. Based on CoinDesk’s Bitcoin Price Index, the top cryptocurrency by market cap moved from…

New Hampshire’s Second Bill to Accept Bitcoin as Tax Payment Fails

Lawmakers in the New Hampshire state legislature have killed a bill that would have allowed state agencies to accept cryptocurrencies as payment for taxes.  On Jan. 8, the New Hampshire House of Representatives announced a decision to retract the bill, following a motion from the General Court’s Executive Departments and Administration Committee to deem the initiative as “inexpedient to legislate.” Bitcoin’s volatility was too high for state budgets  According to public records, authorities considered the bill ineffective due to the high volatility of cryptocurrencies like Bitcoin (BTC). If the bill…

Bitcoin Price Already Up 25% in 2020 After Hitting $9,000

Bitcoin (BTC) hit $9,000 on Jan. 17 as technical metrics continued to break both local and all-time records.  Cryptocurrency market daily overview. Source: Coin360 BTC clips $9,000 as traders lie in wait Data from Coin360 and Cointelegraph Markets showed BTC/USD finally rising to the significant $9,000 boundary on Friday, following a bullish run-up overnight. At press time, a slight retracement had sent the pair slightly lower to $8,900, with 24-hour returns still at 3% and weekly performance stronger at almost 16%. Bitcoin holders are currently sitting on monthly gains totaling…

Sorry Bears, Bitcoin Won’t Go Down Quietly And Here’s Why It Could Rally

Bitcoin corrected lower below $8,700, but it found a strong support above $8,500 against the US Dollar. BTC price is currently rising and it could rally if it clears the $8,840-$8,900 resistance area. Bitcoin price might not go down quietly and it could rally above $8,800 against the US Dollar. The double top pattern is still valid unless the bulls clear the $8,900 resistance. There is a new breakout pattern forming with resistance near $8,825 on the hourly chart of the BTC/USD pair (data feed from Kraken). The main supports…

The Kindest Cut: Why the 2020 Bitcoin Halvening Is the Most Important Yet

In May of 2020, bitcoin will see its next halving: the reduction of the reward for successfully mining a block. The Nakamoto white paper specifies that every 210,000 blocks, the reward for successfully mining a block is cut by half. But while these occur roughly every four years (with the estimated reward dropping to one Satoshi on or around the year 2140), the Bitcoin Halvening of 2020 is particularly momentous. At present, the reward for mining a block is 12.5 BTC; in May, the reward for successfully adding a block…

Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap

If you’ve spent any time browsing crypto Twitter, or any of the Bitcoin or crypto-focused communities on Reddit, there’s no doubt you’ve come across investors challenging traders sharing charts filled with trendlines, saying that “technical analysis doesn’t work.” While technical analysis does not guarantee success, it can certainly increase the probability of it. However, any bias – something that is ever-present throughout the crypto market – must be removed to accurately get a read on the market. Let’s take a look at how bias can interfere with technical analysis, and…

Bull Breather? Bitcoin Market Turns Indecisive at Two-Month High

The bitcoin market is telling a tale of bullish exhaustion with indecisive price action following a rise to the highest point since November. The top cryptocurrency witnessed two-way business on Wednesday. Prices rose from lows near $8,550 seen during the Asian trading hours to a two-month high of $8,903, only to end the day (UTC) on a flat note at $8,808, according to CoinDesk’s Bitcoin Price Index. Essentially, bitcoin created a “doji” candle, which is widely considered a sign of indecision in the marketplace. In this case, however, the candle…

Bitcoin Just Rejected $8,900 in a Short-Term Top Structure: Traders Fear Bear Trend Isn’t Over

The bitcoin price rose to as high as $8,916 across major cryptocurrency exchanges like BitMEX and Binance on January 15. Since then, BTC fell by three percent in a typical short-term top formation. Lower time frames indicate a double top structure, which normally suggests that the asset tried to break above a key resistance level twice in a short time frame and failed. $8,900 has acted as a heavy resistance level since late October. BTC has breached that level for the first time since mid-November, 2019. What’s next for bitcoin…

Bitcoin Price Rally to $9K in Danger as a Double Top Pattern Appears

Over the last few hours, Bitcoin price (BTC) swiftly dropped 3% from $8,863 to $8,557 and for the third time in 24 hours bulls were forced to defend the $8,600 support level, which has currently been bought into on each dip.  The pullback came after the digital asset struggled to rise above $9,000, twice testing $8,863 over the past day, which could be interpreted as a take profit signal for traders.  Cryptocurrency market weekly overview. Source: Coin360 BTC USD daily chart. Source: TradingView At the time of publishing, the price…