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Bitcoin Price Analysis: BTC Facing The Ultimate Make Or Break Level Of $11,000

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  • Bitcoin price is pivotal between the 50-day SMA and $11,000, suggesting possibilities of consolidation taking over.
  • The impact of an ascending wedge is kept at by the 50-day support, breakdown back to $10,000 is still in the picture.

Bitcoin has spent the last three weeks trying to recover from the dip at the beginning of September. There was a break above $11,000 last week, but BTC hit a wall at $11,200, allowing bears to take back control. Since then, support has been established above $10,700. Unfortunately, resistance at $11,000 has stayed put.

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Meanwhile, the flagship cryptocurrency is trading at $10,960 amid attempts to overcome the resistance at $11,000. BTC/USD is also trading at the tip of an ascending wedge pattern. If the hurdle at $11,000 is pushed into the rearview, there is a likelihood of Bitcoin soaring towards $12,000. However, if the rising wedge’s impact comes into play, BTC could embark on a gains-trimming exercise towards the support at $10,000.

Read more: Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The 50 Simple Moving Average (SMA) in the daily range is in line to offer initial support at $10,850. As long as Bitcoin holds above this level, the potential for gains above $11,000 will remain high in this week’s trading.

The Relative Strength Index (RSI) hints that the largest cryptocurrency is ready for consolidation by leveling marginally above 50. Moreover, the low trading volume means that BTC is less volatile at the moment. The reckoning level remains at $11,000, where Bitcoin can either kick start the journey to $12,000 or embark on a reversal to $10,000. Either way, it is essential to wait for a confirmed breakout before going all-in on BTC/USD.

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Bitcoin Intraday Key Levels

Spot rate: $10,655

Relative change: 41

Percentage change: 0.39%

Trend: In consolidation (short term)

Volatility: Low

Read more: Bitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support


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Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/bitcoin-price-analysis-btc-facing-the-ultimate-make-or-break-level-of-11000/

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Profit taking Bitcoin miners won’t stop the next bull run: On-chain analyst

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Historical data shows that some miners began to sell Bitcoin (BTC) at the end of July, leading to increased selling pressure in the cryptocurrency market.

Eventually, the dominant cryptocurrency fell steeply from mid-August, recording a 13% fall and since then BTC has struggled to retake the $12K mark.

Bitcoin selling by miners from 2017-2020. Source: CryptoQuant

Bitcoin selling by miners from 2017-2020. Source: CryptoQuant

According to CryptoQuant CEO Ki Young Ju, continued selling by miners might not be enough to prevent a bull run. On-chain data analysis firms closely observe the movements of miners and whales because they hold significant amounts of BTC.

Willy Woo, an on-chain analyst, explained that miners represent one of the two external sources of selling pressure for Bitcoin. He previously said:

“There’s only two unmatched sell pressures on the market. (1) Miners who dilute the supply and sell onto the market, this is the hidden tax via monetary inflation. And (2) the exchanges who tax the traders and sell onto the market.”

When miners start selling their Bitcoin holdings, typically to cover expenses, it could trigger a correction in the cryptocurrency market.

For instance, From Aug. 17 to Sept. 5, the price of Bitcoin dropped from $12,486 to $9,813. During that time, several whales sold Bitcoin right at $12,000 and the same behaviour was observed amongst miners.

The selling pressure coming from miners and whales noticeably has been attributed to the current crypto market slump but in the longer term, Ki explained it is not enough to stop a prolonged bull run.

If miners abruptly sell a significant amount of BTC, it could cause a severe correction as a small price movement could trigger liquidations from heavily-leveraged traders. Hence, even a relatively small sell-off by miners could theoretically cause massive price swings.

Ki says the intensity of the sell-off from miners was not strong enough to halt future bull runs. He said:

“Miner Update: Some miners began selling at the end of July, but I think in the long-run, miners didn’t sell BTC large enough to stop the next bull-run.”

According to ByteTree, the net inventory of Bitcoin miners declined by 125 BTC per week in the last 12 weeks. The data indicates that miners sold approximately $1.362 million BTC per week week atop the BTC that they mined and sold.

Amount of BTC mined and sold in the last 12 weeks. Source: ByteTree​​​​​​​

Amount of BTC mined and sold in the last 12 weeks. Source: ByteTree

As Ki emphasized, the data shows that miners sold substantial amounts of BTC, but not in amounts that were irregular to normal behaviour.

Post-halving bull cycle remains a possibility

Bitcoin is still hovering above the critical $10,000 technical support level despite multiple attempts by bears to drop the price below the key level.

The resilience of Bitcoin amidst a heightened level of selling pressure suggests a cautiously bullish trend in the long term.

The Bitcoin short-term holder NUPL. Source: Glassnode

The Bitcoin short-term holder NUPL. Source: Glassnode

Several on-chain metrics also indicate that now is a healthy accumulation phase for Bitcoin. Rafael Schultze-Kraft, the CTO at Glassnode, said:

“Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) with a #bullish signal here imo. That bounce of the 0-line was important, is very characteristic for previous bull markets, and historically a good buying opportunity.”

Source: https://cointelegraph.com/news/profit-taking-bitcoin-miners-wont-stop-the-next-bull-run-on-chain-analyst

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Crypto exchange bitFlyer Europe links up with PayPal, enabling account deposits with euros

Crypto exchange bitFlyer Europe has announced integration with PayPal, allowing users to deposit funds using their PayPal accounts to buy cryptocurrencies.

The post Crypto exchange bitFlyer Europe links up with PayPal, enabling account deposits with euros appeared first on The Block.

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