Bitcoin Looks Stronger Compared To Altcoins – Demand Remains Strong As Price ...
Bitcoin and the entire crypto market experienced a rollercoaster of volatility yesterday, plunging on fears of a U.S. trade war before staging a rapid recovery. The price dropped over 9% in just a few hours, hitting a low of $91,530, only to bounce back by more than 12% following reports that President Trump is negotiating with Mexico and Canada to lift tariffs. This shift in sentiment quickly fueled renewed optimism across the market. Related Reading: Solana Retraces TRUMP Meme Pump Gains – But Technicals Suggest A $300 Run Top analyst Daan shared a technical analysis on X, highlighting....
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BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Ethereum Breaks 200,000....
Solana price has finally broken past the $30 price mark and flipped that level into a support line. SOL has gained 6% in the last 24 hours. In the last week, the coin moved up by 4%. The Bitcoin rally has pushed many altcoins up on their respective price charts. Major altcoins have traveled northbound as they followed Bitcoin’s price action. The technical outlook of Solana has displayed bullish price action on the chart. The demand for the coin has shot up, which has caused buyers to enter the market. SOL’s next price movement remains crucial. A move above the $34 mark remains....
If Bitcoin seeing a minor correction or consolidation in the next few days could benefit select altcoins. The supply and demand equation determines the price of an asset. In the past few months, the uptick in institutional demand for Bitcoin (BTC) has resulted in a strong bull run. This uptrend may continue until demand exceeds supply.On-chain data shows two withdrawals of more than 12,000 Bitcoin each from Coinbase Pro this week, which is just short of the 28,000 Bitcoin mined in November. This suggests that demand from institutional investors remains intact even after Bitcoin’s recent....
Bitcoin price might encounter near-term resistance at the top of the rising channel but the overall uptrend remains intact. The 100 SMA is above the 200 SMA so the path of least resistance is to the upside. If bullish pressure is strong enough, bitcoin price could even go for an upside break of the channel resistance, spurring a stronger rally for the virtual currency. RSI is treading sideways, indicating that consolidation could carry on and that buyers and sellers are still undecided. However, stochastic is already indicating overbought conditions so a selloff might take place sooner or....
Bitcoin’s technical developments, incoming class of noobs and (of course) the price were strong in 2020, setting up for a stronger 2021. The post How Bitcoin Grew Even Stronger In 2020 appeared first on Bitcoin Magazine.