Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Likely

Bitcoin started a steady increase and broke the $9,300 resistance against the US Dollar. BTC is currently up close to 3% and it might continue to rise towards the $9,500 resistance. Bitcoin is gaining momentum and it recently broke the $9,300 resistance zone. The price traded to a new weekly high at $9,372 and settled above the 100 hourly simple moving average. There is a short-term ascending channel forming with support near $9,290 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains supported on…

Bitcoin’s “Intrinsic Value” Nears $13k — Here’s Why That’s Big for Bulls

Bitcoin has performed extremely well since March’s lows, rallying over 150% from the $3,700 capitulation bottom. Even after a strong $1,200 retracement from the $10,500 highs, BTC is still one of the best-performing assets of 2020. Yet a crucial indicator suggests that Bitcoin is still intrinsically undervalued, boding well for the bull case. Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & Ethereum A Crucial Bitcoin Indicator Suggests Bitcoin Is Seriously Undervalued Many analysts, especially those on Wall Street, find it hard to value Bitcoin. The…

Bitcoin Price Bulls Pin Hopes on Descending Channel Breakout to $10K

Bitcoin (BTC) price showed a bit of strength by briefly pushing to $9,235 as the daily close occurred but at the time of writing the top-ranked digital asset on CoinMarketCap is trading below the $9,200 resistance.  Crypto market weekly price chart. Source: Coin360 As discussed in the previous analysis by Cointelegraph Markets, the price remains pinned below the 20-MA and the descending trendline from the June 1 high at $10,380. Until Bitcoin can secure a daily close above the $10,400-$10,500 level the price remains at risk of a breakdown to…

Ethereum is Plunging, But It’s Too Early to Say Bulls Have Given Up

Ethereum is down more than 6% and it broke the $235 support against the US Dollar. ETH tested the $228 support zone and it is currently correcting higher. Ethereum declined sharply after it failed to surpass the $250 resistance. The price is currently holding the $228 support, but it is well below the 100 hourly simple moving average. There was a break below a major triangle with support near $244 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently correcting higher and it might face…

A Critical Bitcoin Buy Wall Appears in the Low-$9,000s: Win for Bulls

It’s been a brutal past 24 hours for Bitcoin. After attempting to secure $10,000 as support on June 10th, the cryptocurrency failed to do so, diving instead of rallying as most investors were expecting. The weakness culminated in a $1,000 drop lower on June 11th that took place over the course of approximately eight hours. During the drop, approximately $80 million worth of positions on BitMEX alone were liquidated, crushed as the $9,500 support was rapidly lost. The bull case is getting a strong boost with the news that a…

Liquidations May Loom as Altcoin Bulls Hold Despite Shorts Spiking

Despite yesterday’s 8% crash in the price of Bitcoin (BTC) driving many BTC bulls from the markets, altcoin longs have only seen slight declines, with Ether (ETH) longs defying the trend with a slight rally test recent all-time highs on Bitfinex. However, altcoin bears are quickly emerging from the woods, with shorts against many top altcoins piling up quickly amid Bitcoin’s recent drop.  With many altcoin bulls holding on despite the increase in shorts, numerous leading crypto assets could see a surge in liquidations regardless of what direction the markets…

Bitcoin Price Looks Like a “Carbon Copy” of Gold, and That’s Bad for Bulls

Since the $8,600 lows seen at the start of the week, Bitcoin has mounted a strong comeback, recovering to ~$9,800. A growing number of analysts, however, have said that the recovery is just noise in an otherwise bearish trend. They cite fractals and textbook patterns suggesting that it is only a matter of time before BTC falls back towards the $8,000s, then maybe even lower. Bitcoin Looks Almost Exactly Like Gold — and That’s Bearish A fractal is a technical term used by investors to describe a phase of price…

$230M in BitMEX Liquidations Hit Bulls and Bears Alike

The recent volatility in the Bitcoin (BTC) markets has left both bulls and bears facing significant liquidations, with almost $223 million in 24-hour margin calls on leading derivatives exchange BitMEX being evenly spread between BTC shorts and longs. As of when this story was published, a little over $111.5 million, or 50.04% of the total was liquidated in the form of Bitcoin longs, while shorts represented $111.3 million, or 49.96% of liquidated positions, according to Cryptometer. Altcoin liquidations brought the total to $230 million. Both shorts and longs hit on…

Bitcoin Closing the May Candle Above $9,360 is Crucial For Bulls: Here’s Why

In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be crucial for indicating in which direction the cryptocurrency market heads next. A region of importance that many analysts are eyeing is the low-$9,000s. As one analyst explained: “We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.” Indeed, when Bitcoin failed to surmount this level in February, prices dove to $3,700 during March’s capitulation. And when…

Ripple (XRP) Signaling Bearish Continuation Until Bulls Overpower $0.20

Ripple traded to a new weekly low at $0.1849 and currently correcting higher against the US Dollar. XRP is likely to face a major resistance near the $0.2000 and $0.2050 levels. Ripple is showing signs of an upside correction from the $0.1850 swing low against the US dollar. The price is currently trading above $0.1920, but it is facing many hurdles near $0.2000. There is a major declining channel forming with resistance near $0.1960 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could rise…