Bulls Stampede Toward $12K Bitcoin Price as Weekly Close Approaches

Bitcoin price is making a strong push toward $12,000 with just 24-hours before the weekly close occurs Despite multiple rejections at the $12K mark, BTC continues to make higher lows and traders are buying dips at underlying support levels Chainlink reached a new all-time high at $19.80 and Ether is struggling to push above $430 Cryptocurrency daily market performance snapshot. Source: Coin360 Typically, for Bitcoin (BTC), weekends are marked by reduced trading volume as day traders take a break and the CME Bitcoin markets are closed.  Experienced traders will also…

Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone

If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a Ponzi scheme with a focus on the Asian cryptocurrency space that was active in 2019. In offering depositors of Bitcoin, Ethereum, EOS and other cryptocurrencies high levels of interest, the operators of the scam managed to garner billions worth of assets. Per some reports, the scam held upwards of $3 billion worth of largely BTC and ETH at its peak. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin,…

Can Bulls Save The Day?

Bitcoin is struggling to stay above the $11,200 resistance level against the US Dollar. BTC is currently correcting lower and it could continue to move down towards $10,700. Bitcoin is slowly moving lower after forming an intraday high near the $11,349 level. A couple of back-to-back candles suggest that the price might continue lower towards $10,700. There was a break below a key bullish trend line with support near $11,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $10,700 support…

Bulls Control Bitcoin Price Even as Funding Rates Reach Record Highs

Bitcoin (BTC) price finally woke up and surged to a new 2020 high but as the markets surged past $10,000, some traders seem to have opened excessively leveraged long positions.  This effect became more noticeable as the funding rate for perpetual contracts reached the second-highest level this year at 12.4% per month. Funding alone shouldn’t be considered a red flag, especially in short-term periods. The problem lies mostly in contango, also known as futures basis, which has been unusually high in the past couple of days. This indicates that professional…

Bitcoin Soars 12% & Smashes Crucial Resistance: Bulls Aim $12K

Bitcoin rallied over 10% and it broke the key $10,500 resistance against the US Dollar. BTC is now trading nicely above $11,000 and it seems like the bulls are aiming a test of $12,000. Bitcoin extended its rally above the $10,000 and $10,500 resistance levels. The price traded to a new monthly high at $11,422 and it is currently consolidating gains. There is a major bullish trend line forming with support near $10,8s00 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to…

Two Bearish Signals, One Indicator: Bulls Beware of Bitcoin Push Beyond $10,000

After trading sideways for several months, Bitcoin may be ready to not only break out of the trading range but also break out from its multi-year triangle pattern. However, bulls must beware of the latest push beyond $10,000 triggering not one, but two sell setups on the same indicator on BTCUSD daily price charts. Bitcoin Possibly Preparing Breakout From Bear Market Into New Uptrend The hype surrounding Bitcoin’s halving took the asset to above $9,000 in late April just weeks after Black Thursday cut the crypto asset down to $3,800.…

Bitcoin Bulls Aim Big After Recent Bullish Breakout At $9,650

Bitcoin is gaining bullish momentum above the $9,500 and $9,600 levels against the US Dollar. BTC is likely to continue higher towards $10,000 as long as it is above $9,500. Bitcoin is up over 3% and it surpassed the $9,650 resistance zone. It traded as high as $9,748 and settled well above the 100 simple moving average (4-hours). There is a crucial bullish trend line forming with support near $9,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $9,650 support…

Bitcoin Smashes Heavy Uptrend Resistance as Bulls Take Over Crypto Market

Bitcoin gained around 2% and it broke the $9,500 resistance against the US Dollar. BTC is currently consolidating gains and indicators suggest high chances of more upsides above $9,600. Bitcoin is up close to 2% and it surpassed the key $9,500 resistance level. The price traded to a new monthly high at $9,568 and it is above the 100 hourly simple moving average. There is a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could…

Why Ethereum Bulls Have Now Opened the Gates for a Move Towards $400

Ethereum is beginning to flash some signs of strength following its intense movement upwards seen yesterday. Although it remains highly correlated with Bitcoin and the aggregated market, its ability to establish a strong foothold within the $240 region is a positive sign for its short-term outlook. One trader is now noting that the price action seen yesterday has completely altered its trajectory, opening the gates for it to see a movement towards the upper-$300 region in the coming weeks. This price region also coincides closely with the neckline of a…

This Model Shows Bitcoin’s Next Big Breakout is Likely to Favor Bulls

Bitcoin’s prolonged bout of sideways trading is bound to end eventually, and all the signs are suggesting that the next large trend-defining movement could take place in the coming days or weeks. This recent price action has been driven primarily by a sharp decline seen in BTC’s liquidity and trading volume – both signs of investors’ heightened interest in the altcoin market. Because of this, the cryptocurrency’s trading range has now narrowed to between $9,100 and $9,200. The last time BTC saw volatility levels this low was right before it…