Bitcoin Weekly Outlook: A $70,000 BTC Likely Despite Brutal Sell-Off
Bitcoin had a super-depressive weekend session as traders decided to secure the profits off its Coinbase-led market rally, but all is not lost for the flagship cryptocurrency yet. Bullish traders showed remarkable resistance against the declines in the BTC/USD exchange rates. In retrospect, the weekend crash came as a part of a broader downside correction […]
Related News
Ripple Labs’ native cryptocurrency XRP experienced a brutal sell-off on Monday after its price rallied to a multi-year high. The XRP/USD exchange rate reached $0.79 for the first time since April 2018, after rising four weeks in a row by almost 230 percent. Nevertheless, the pair failed to attract fresh upside bids near its latest […]
In the short-term, supporting the upside outlook is the uncertainty led by a rising number of coronavirus infections in the US.
Bitcoin bloomed higher last week despite weaker demand for safe-haven assets against a prosperous US economic outlook.
There have been multiple sell-off trends recorded in bitcoin since the crash in December 2021. These sell-offs have been responsible for the decline in prices recorded in the digital asset over the last couple of months. Naturally, sell-off trends can be recorded on their magnitude depending on when the trading hours of a particular region are open. This time around, it seems that macro pressure on the U.S. market has been the culprit. U.S. Traders Drive Sell-Offs The sell-offs of the past two months have been especially brutal and have dragged down the year-to-date values. However, it....
Bitcoin did its own thing during the late Monday trading session. The benchmark cryptocurrency plunged suddenly towards $10,600 after maintaining intraday gains above the $10,800-support all day. The sell-off appeared despite a healthier macroeconomic outlook led by signs of progress in the release of the second COVID-19 stimulus package. US House Democrats released a $2.2 trillion aid that would reinstate $600 weekly unemployment benefits. The revelation followed House Speaker Nancy Pelosi’s commitment to revive stalled […]