Why Bitcoin’s Tumble Under $6,000 Could Be the Start of Something Worse

Bitcoin hasn’t done too well over the past few hours. As reported by this outlet previously, the cryptocurrency just tumbled under $6,000 just hours ago, falling under this key psychological level for the first time in a week. Related Reading: Crypto Tidbits: Bitcoin Holds $6,000s, Federal Reserve To Do “QE Infinity,” U.S. Digital Dollar Proposed The cryptocurrency seems poised to close its ongoing daily and weekly candles under this level, which would mark a slight blow to bulls. Indeed, many traders expect the asset to continue to trend lower over…

Bitcoins on the Move — Is BTC Price Inversely Correlated to Mempool Size?

After making a strong recovery from $3,775 to $6,450, Bitcoin’s (BTC) price has traded in a tight range which has seen the price struggle to push above resistance at $6,400 and $6,850. Despite the current pullback, technical indicators like the Stock-to-Flow model and the network’s consistent growth in hash rate show that investors have regained a small amount of confidence. Another factor worth considering is Bitcoin’s mempool size as it also can provide some insight into how buyers and sellers are reacting during these uncertain times. Cryptocurrency market weekly overview.…

‘This Will and Needs to Be Bitcoin’s Year’ Says Mike Novogratz

With vast swaths of the world markets in virtual lockdown amid the coronavirus pandemic, some predict that the shocks rippling through the global economy in early 2020 may yet come to dwarf the magnitude of the 2008 financial crash. Just as Bitcoin (BTC)’s creation is bound up with 2008 and the Great Recession, Galaxy Digital founder Mike Novogratz sees this year as make-or-break for the cryptocurrency. In a tweet posted on March 22 — just hours after the United States Congress failed to reach a bipartisan agreement on a proposed…

Bitcoin’s Correlation With S&P500 At 2-Year High Amid the Coronavirus Crisis

Bitcoin’s (BTC) correlation with the S&P 500 is at a 2-year high. This is a bearish sign for the cryptocurrency market. Cryptocurrency market research firm, Santiment, pointed out that the recent market downturn resulted in a high correlation between Bitcoin and the traditional financial markets in a March 20 tweet. According to Santiment, Bitcoin’s correlation with traditional equity cyclically moves from negative to positive values. The coronavirus pandemic, according to the firm, resulted in the growth of this correlation: “With this pandemic, we are obviously seeing very similar movements in…

Analyst Who Predicted Bitcoin’s January Rally Thinks 700% Surge Is Possible: Here’s Why

Bitcoin has been fairly unpredictable over the past few months. In December, when the cryptocurrency fell under $7,000, a majority of analysts were expecting a retracement to the $5,000s, citing the existence of the ever-important 200-week moving average. And at the top near $10,000 established in mid-February, half of Crypto Twitter was convinced BTC was set to retake $14,000, then surge to fresh highs. True to the nature of the age-old Warren Buffet quote, “be fearful when others are greedy and greedy when others are fearful,” BTC did the exact…

Here’s Why Bitcoin’s 15% Rally Could Fail Near The Key $6,500 Barrier

Bitcoin is up more than 15% and it broke the $6,000 resistance against the US Dollar. However, BTC price is now facing a huge barrier near the $6,400 and $6,500 levels. Bitcoin managed to rise above the $5,800 and $6,000 resistance levels against the US Dollar. The price is up more than 15% and it is now approaching the key $6,500 resistance. There is a major bearish trend line forming with resistance near $8,000 on the daily chart of the BTC/USD pair (data feed from Kraken). The bulls are likely…

Coronavirus Financial Crash Is Bitcoin’s Biggest Test, BitMEX Says

BitMEX, the world’s second largest crypto exchange by daily trading volume as of press time, believes that amid the ongoing global coronavirus crash, Bitcoin faces its biggest challenge and the opportunity to prove its potential during the global financial crisis. The 2020 coronavirus financial crash could be the biggest opportunity Bitcoin has ever seen On March 17, BitMEX’s research arm, BitMEX Research, published an analysis of the ongoing impact of COVID-19 pandemic on the financial markets. Titled “Inflation Is Coming,” the blog post by BitMEX Research outlines the coronavirus financial…

Why Did Bitcoin’s Price Plunge 50% to $3,800 In 24 Hours?

Yesterday was undoubtedly one of Bitcoin’s worst days ever; in fact, yesterday’s 40% loss was only second to the BTC price collapse in the wake of the collapse of Mt. Gox, then the largest and most important crypto exchange. At the drop’s worst, the cryptocurrency was down 50% in a single 24-hour period, falling from $7,700 to as low as $3,800. Unsurprisingly, many traders were caught with tier pants down during this move, so to say, with BitMEX reporting that nearly $1 billion worth of Bitcoin positions on their exchange…

Analyst Who Predicted Bitcoin’s $3,000 Bottom & More Thinks This Is Next

Analysts in the Bitcoin market are dime a dozen, but good analysts are hard to come by. One of these “good” analysts is PenarthUdi — a pseudonymous TradingView user who few know nothing about, other than the fact that his calls have been amongst some of the most accurate in the industry. In December 2018, he made the linked infamous call on TradingView, on a chart depicting that he expected for Bitcoin to bottom around $3,000 by the end of 2018, then rally to a price between $10,000 and $20,000…

Analyst Who Called Bitcoin’s Brutal Crash to $7,500 Thinks This is Next

It’s not a secret that Bitcoin hasn’t done well over the past few days and weeks; since the weekend’s $9,200 peak, the cryptocurrency has lost nearly 18%, and since the $10,600 peak in February, BTC has shed over 25%. In the process of this brutal move, hundreds of millions worth of leveraged positions have been liquidated. Furthermore, with a harrowing macro outlook and Bitcoin seemingly becoming correlated with the stock market, some have been wondering if BTC could enter back into a bear market. One analyst, in fact, warned of…