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…

Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?

Bitcoin failed to climb above the $9,300 resistance and extended its decline against the US Dollar. BTC is currently showing bearish signs and it might struggle to stay above the $9,000 support. Bitcoin declined below the $9,120 support and traded close to the $9,000 support. The price is currently recovering, but it is facing a lot of hurdles near $9,150. There is a crucial bearish trend line forming with resistance near $9,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $9,150…

Analyst: Bitcoin Bulls Must Reclaim $9400 After Losing Key Level

Bitcoin price has been consolidating for months, but the current level may soon be lost completely if bulls can’t quickly reclaim $9,400. If the first-ever cryptocurrency can’t do so, the asset is at risk potentially for a substantial drop as a result. What’s so important about this level, and why does one crypto analyst think its especially critical to the asset’s continued uptrend? Crypto Analyst Claims Must Reclaim $9400 Or Bearish Trend To Continue Overnight last night, Bitcoin price began falling from the mid-$9,000 range, falling briefly below $9,000 where…

Bitcoin Is at the Apex of a Multi-Month Pattern — and Bulls Are in Control

Even taking Bitcoin’s Monday pump from $9,000 to $9,400 into account, the cryptocurrency is still in a macro consolidation. Some traders have joked that considering the length of BTC’s consolidation already, it could go on for months longer. One trader, in fact, postulated that it may be until late-Q3 or Q4 of this year until the crypto market establishes a macro trend. An analyst, however, has observed that Bitcoin is at the apex of a multi-month triangle pattern. And fortunately for bulls, analysts say that buyers are in control. Related…