On-Chain Data Signals Bitcoin Correction Ahead: Here Are 2 Levels To Watch
Bitcoin has returned above $104,000 following a rather turbulent trading week. As a matter over a GOP tax bill morphed into a major fallout between US President Donald Trump and the world’s richest man Elon Musk, the crypto market experienced significant levels of outflows with Bitcoin prices dipping as low as $101,000 on Thursday. While […]
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Towards the end of last week, we published a piece highlighting the upward sloping channel that formed in the bitcoin price and the breakout we expected to take place shortly before we close for the weekend. A look at the bitcoin price chart that details weakened action, and we can see that this breakout validated, and offered up a medium-term bearish bias in the BTCUSD. This said, what are the levels to keep an eye on as we head into a fresh week of trading? Take a look at the chart. As you can see, we are currently trading just ahead of 291 flat, having sustained a sharp and consistent....
Here's a look at what we are focusing on in the bitcoin price this evening. After this morning’s brief correction, it looks as though things are getting back on track in the bitcoin price. There’s been plenty of volume, so we’re not going to see any action that’s too choppy, and there’s been some decent momentum around to get out levels outlined. We’re not going to do too much rambling this evening. Generally, we discuss a little about how action played out today, but to be honest, there’s not that much to say. After this morning’s dip we saw a bounce to the upside, and this peaked out at....
On-chain data may suggest short-term Bitcoin holders could be behind the latest correction in the cryptocurrency’s price. Bitcoin Short-Term Holders Behind The Correction? As pointed out by a CryptoQuant post, on-chain data may hint that selling from short-term holders might be the drive behind the recent correction. The relevant indicator here is the Spent Output […]
Bitcoin might have an easy path toward the $40,000 mark as on-chain data suggests there isn’t much resistance ahead. Bitcoin Levels Ahead Are Thin With Addresses Right Now According to data from the market intelligence platform IntoTheBlock, there isn’t any exceptionally large resistance ahead for BTC. In on-chain analysis, resistance and support levels are defined on the basis of whether a large number of investors have bought their coins at the price levels or not. The reason behind this is that the holders often show some reaction to the spot price retesting their cost basis....
Just as we did last night, let’s kick things off with a chart. The chart below shows action in the bitcoin price across the last 48 hours or so, and has the levels that we outlined last night being the ones to watch still overlaid. As you can see from the chart, having picked up strength throughout the majority of the week so far, bitcoin looks as though it is going to be heading to the close of the week down on its opening. Overnight saw a considerable and sustained sell off, and price carved out fresh weekly lows at just ahead of 436. Action over the last couple of hours has corrected....