Bitcoin paints a clear ‘double bottom’ but ailing momentum could force a $34K...
BTC’s brief spike to $45K prompted some analysts to call a trend reversal, while others caution that a revisit to $34,000 is not out of the question. Bullish optimism returned to the cryptocurrency market on March 1after a majority of tokens turned green and Bitcoin bulls telegraphed their intention to hold the $40,000 level as support going forward.Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has surged 20% from a low of $37,409 on Feb. 28 to an intraday high at $44,951 on Tuesday. BTC/USDT 4-hour chart. Source: TradingViewHere’s what several....
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The selling pressure in the Bitcoin market is not as bad as it was during the Terra and Three Arrows Capital crises. Bitcoin’s (BTC) price may climb by more than 50% in September, a month otherwise considered ominous for the cryptocurrency due to its poor historical returns. BTC price double-bottom and then to $30K?The conflicting upside signal comes from a potential double-bottom pattern on Bitcoin’s longer-timeframe charts against the United States dollar. Double-bottoms are bullish reversal patterns that resemble the letter W due to two lows and a change in direction from downside to....
Bitcoin has been declining since failing to clear the 300 handle at the beginning of March. As we wind down the month, we find the cryprocurrency testing the 235-236 area as support. As the 1H chart shows, price has failed to break this area twice. As we began the week, we saw a sharp rebound from the 236 area. Price is climbing back above the 100-, and 50-hour simple moving averages, which show loss of the prevailing bearish bias. The RSI is about to clear 60, which would reflect loss of the prevailing bearish momentum. Bitcoin (BTCUSD) 1H chart 3/31. The price action in the 1H chart....
Veteran trader Peter Brandt has raised the possibility of Bitcoin dropping to as low as $44,000. He predicted this could happen based on a technical indicator that paints a bearish outlook for the flagship crypto. Why Bitcoin Could Drop To $44,000 Brandt predicted in an X (formerly Twitter) post that Bitcoin could drop to as low as $44,000 if the flagship crypto has completed a double top. A double top is a bearish pattern that indicates that BTC could witness a severe reversal to the downside, having hit two consecutive peaks and a moderate decline between them. Related Reading: Dogecoin....
The billionaire owner of the Dallas Mavericks, Mark Cuban, thinks the number of Bitcoin hodlers could more than double. Estimates put the current number of Bitcoin users at around 100 million people. “It’s not inconceivable that the number of people that own [bitcoin] could more than double.” With momentum behind the cryptocurrency movement, he expects […]
Bitcoin price has taken a beating over the last several months, resulting in the worst quarterly close since 2011. The bearish momentum has been brutal as crippling contagion spreads across the cryptocurrency market. However, bearish momentum on weekly timeframes has begun to weaken, providing bulls with their first opportunity to capitalize in some time. Bitcoin Bearish Weekly Momentum Begins To Weaken, Can Bulls Capitalize? In the real world, momentum is the measure of velocity and mass. In finance, the term describes the rate of speed at which an asset’s price changes. Considering....