Bitcoin’s brief trip to $13.2K suggests profit-taking price correction
Analysts expect a profit-taking pullback in the Bitcoin market after BTC hits $13,000 upon the PayPal news. The price of Bitcoin (BTC) surpassed $13,000 for the first time since June 2019. The optimism around PayPal supporting crypto purchases led the overall market sentiment to brighten within a short period. Immediately after the PayPal news was reported, the price of Bitcoin increased from $12,300 to $13,200 at the day’s peak. Although the medium-term outlook of the cryptocurrency market remains positive, analysts are not dismissing the likelihood of a pullback.Bitcoin surged 25.5%....
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Bitcoin Trading has been in profit-taking mode for the past 24 hours after buyers pushed the Bitcoin price over $300 and 1,900 CNY yesterday. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Bitcoin Trading and Price Analysis. Time of analysis: 14h30 UTC. Bitfinex 4-Hour Chart. Price has corrected to 38% retracement of the advance across all exchanges. We would expect, based on the Elliott Wave Principle and from the Bitcoin chart history, that the correction should pull much lower - to 50% or 62% at least - but trade pushes price back above 38%....
While demand for Bitcoin remains high, current profit-taking behavior suggests that the market may be on the verge of turning bearish. After weeks of Bitcoin (BTC) sell-offs, high-net worth Bitcoin holders, or whales, are finally back to buying. Their buying activity not only picked up when BTC's price broke out of the two-months ascending triangle to new all-time highs, but it has also stayed intact since the price crash on April 18.Whales have come back to accumulate BitcoinWhales' continuous buying activity comes at a time when the number of addresses holding more than 1,000 Bitcoin has....
Bitcoin has broken back above the $27,000 level during the past day, but if on-chain data is to go by, this surge may not last for long. Bitcoin Investors Are Taking Profits At Highest Rate In 3 Months According to data from the on-chain analytics firm Santiment, there is a chance that a short-term correction could happen for the cryptocurrency. The relevant metric here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume compares against the loss-taking volume on the Bitcoin network....
On-chain data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register a decline in the coming days. Cardano Has Observed High Profit-Taking After The Rally According to data from the on-chain analytics firm Santiment, AAVE, ADA, and CRV are among the altcoins that have recently observed the most extreme profit-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume of any cryptocurrency compares with....
Ethereum Price Key Highlights. Ethereum price made a strong break below a consolidation pattern and showed follow-through with its selloff to new record lows. Profit-taking seems to be taking place, opening the possibility of a correction to nearby resistance levels. Ethereum price appears to be bouncing off its recent lows and might be ready for a quick correction to Fibonacci levels. Potential pullback points. Using the Fibonacci retracement tool on the latest swing high and low on the 1-hour time frame shows that the pair is closing in on the 38.2% level, which might hold as resistance....