How Did Bitcoin’s “Big Week” Turn Out?

Bitcoin is undergoing a correction toward the upward trend. That rebound can become a turn to decline. What is the most likely scenario for a turn? A stop and a rebound of Bitcoin’s price off the level of large trading volumes at $456 indicates that that trend is backed by some degree of support. But that situation can change, which we’ll be able to see, when judging by the structure of the price. If the bulls will continue to hold the advantage, a fortification at the level of $456 is unlikely. That means that in an upward scenario, Bitcoin’s price has to not form a turn at that level. In....

Bitcoin price remains nearly 10% below recent highs, as the major cryptocurrency continues its slump after early last week’s sell off. Since hitting a new all-time high of $61k, BTC has continued to face downward pressure, hovering around the $54,000 price level. The past week’s volatility has resulted in bulls losing nearly $2.6 billion in liquidations, according to ByBt. Understanding Bitcoin’s Recent Price Action  There were two major catalysts that led to last week’s sizable […]

Bitcoin’s price has not followed through with its upward movement and has fallen back to last week’s positions. What are the reasons for this significant drop? Signs of a Downward Trend. The power of the drop that has happened is tied to the scale of the trend. Bitcoin’s price was at a key medium-term level, as was said earlier. The volume of trading at such points is usually much higher than when only short-term deals are involved. That’s why the price underwent such a sharp fall. Because the upward trend was broken and Bitcoin’s price fell back to the medium-term level of $406, there is....

Bitcoin’s price is approaching a critical line, where the following direction of the trend is likely to be decided. Is it a rebound or a turn? Bitcoin’s price is in a rebound toward the downward trend. The fact that Bitcoin’s price didn’t fall lower and faster indicates that the bulls are holding it at the current level. There is always a chance for a turn. But for a more certain signal, this downward movement has to become a rebound, instead of the first downward wave. In that case, the bulls will win the advantage. The buyers will then have to fortify at the level of $418-19, thus....

Bitcoin’s price still undergoes a correction towards the medium-term upward trend. The graph is fluctuating between the two key resistance lines, and one of them will be the point where the market will choose a new direction. Will there be a turn to decline? Bitcoin’s price has stopped near an important resistance of $424-25 which is responsible for the structure of the upward trend. That level is the most likely one for the price to turn to decline. For the upward trend to continue, there has to be a confirmation of bulls holding the advantage. The $430.5 resistance is where the largest....