Bitcoin Targets $40K? Why Crypto Could See General Price Reversion
Bitcoin finally sees some relief after a start of 2022 with relentless selling pressure. The first crypto by market cap trades at $36,815 with a 9.6% profit in 24 hours. Related Reading | Bitcoin Supply Shock: Only 12% Of BTC Supply Is On Exchanges Now Bitcoin is moving towards a 1:1 correlation to the U.S. Stock Market, in the short term, according to Bloomberg Intelligence’s Senior Commodity Analyst Mike McGlone. The crypto market has been reacting to the potential shift in the U.S. Federal Reserve monetary policy. The financial institution has hinted at an increase in its interest....
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Bitcoin price sold off after falling below its advance channel trendline. The decline is at various stages of development in different exchange charts. Potential targets await lower in the chart. Bitcoin price is correcting the prior advance, or may be in full-blown decline. In the bullish camp, yesterday’s analysis chart illustrated how bitcoin price typically returns to its 1-day 20MA prior to unfolding a main wave of advance. For now it appears that such a reversion to 20MA support at $400 is underway. In the bearish camp: let’s hope that price does not break below $400 (Bitstamp) and....
New York Attorney General Letitia James has ordered two cryptocurrency lending platforms to shut down and requested three other platforms to answer questions regarding their activities immediately. The letters to the companies published on the attorney general’s website indicate that the two platforms are Nexo and Celsius Network.
New York Cracks Down on Unregistered Crypto Lending Platforms
New York Attorney General (NYAG) Letitia James announced Monday her new efforts to crack down on unregistered cryptocurrency companies.
In New York, lending platforms must....
Bitcoin price has held above yesterday’s corrective low. Little upside progress shows the market is now taking a break and perhaps reconsidering the trend. The bitcoin price daily charts show an advance that struck out in a straight line from a weak base. Bitcoin price has lost the steady momentum of the past two weeks. It may return after the market takes a breather. We wait for price to either resume advance, or for a sideways correction to play out. A protracted sideways consolidation could end in a reversion to support at $400.
Yesterday, the Bitcoin price hit target, to the pip, at $465.00 on the Bitstamp chart. Despite good news from many continents that show continued growth in Bitcoin, the price continues to stagnate. As always, Bitcoin's position in the world is constantly changing. Analysis considers the possibilities at mid-month as we go into the weekend. Bitcoin Price Targets. For two weeks running, price has been hitting 1.618 extension targets in an alternating upside-downside pattern. The Bitstamp chart below shows the progression. An interesting feature of the progression is that the targets are....
At the time of writing, the Bitstamp exchange price has entered a holding pattern around $575. Bitcoin price began descending yesterday, 10 August, with acceleration becoming evident today during the US trading session. At the time of writing, the Bitstamp exchange price has entered a holding pattern around $575. Additional downside seems inevitable, and chart analysis suggests that the current wave down may be the last. However, it may also be the strongest wave of the current decline. Before making a hasty trading decision, be sure to read the analysis below and take note of the likely....