Bitcoin (BTC) faces the prospects of reaching $47,500-$50,000 based on its current trend's eerie similarity with the one in June through December 2019. 2019 Bitcoin fractal In detail, Bitcoin topped out around $14,000 on June 26, 2019, before turning lower for the remainder of the year on profit-taking sentiment, and as well as FUD sparked by the Bitcoin Cash hardfork, Facebook's stand-off with regulators over its crypto project Libra, and then U.S. President Donald Trump and Treasury Secretary Steven Mnuchin's threatening tone on Bitcoin. The flagship cryptocurrency crashed to near $6,500 in December 2019. In doing so, it prompted its …

Whether a potential sell-off of shares tied to a multi-billion dollar Bitcoin (BTC) investment fund could crash the cryptocurrency's spot prices has turned into a hotly debated topic among the analysts in the space. Grayscale's premium remains negative for months The argument concerns Grayscale Bitcoin Trust, the world's largest digital assets manager that allows institutional investors to gain indirect exposure in the Bitcoin market through its product, GBTC. Investors purchase GBTC shares directly via Grayscale in daily private placements by paying in either Bitcoin or the U.S. dollar. Nevertheless, investors can sell their GBTC shares only after a six-month lockup …

A recent run-down in the Bitcoin (BTC) market faces the prospects of exhaustion before confirming a full-fledged bearish breakdown, so reflects a classic momentum-based oscillator. RSI forming higher lows Dubbed as Relative Strength Index, or RSI, the indicator measures the speed as well as change of directional price movements. It operates within a set range of numbers—between 0 and 100. The close is RSI to 0, the weaker is the price momentum. Conversely, an RSI reading near 100 reflects a period of strong momentum. The range also helps determine an asset's buying and selling opportunity. In detail, an RSI reading …

Gold is set to outperform Bitcoin (BTC) in the second quarter of 2021. An ounce of gold has surged from $1,707.45 on April 1 to over $1,750 in the still-running June 30 session. That marked a roughly 3.9% jump over the quarter. Meanwhile, Bitcoin has plunged by more than 40% to below $35,000 after topping out near $65,000 in mid-April, all in the same period. The inverse correlation between Bitcoin and gold markets surged specifically in April and May 2021. Analysts at JPMorgan noted in May that large institutional investors rotated their money out of the overvalued crypto markets to …

Ethereum Classic (ETC) reached its highest level in almost three weeks Wednesday, buoyed by Barry Silbert-backed Digital Currency Group’s $50-million investment and by an overall cryptocurrency market recovery led by Bitcoin (BTC). The 17th-largest cryptocurrency by market value traded as high as $63.19 — a nearly 98% rise from its June 22 low of $31.91. Meanwhile, the market value of all the Ethereum Classic tokens in circulation crossed $7.53 billion. $ETC was part of the 1%. +65% since Barry told us he was buying. https://t.co/gIa8FAeUQM — Hsaka (@HsakaTrades) June 30, 2021 Digital Currency Group (DCG) revealed on June 21 that …

Ether (ETH) prices reclaimed $2,000 on Monday, increasing expectations that the latest rebound would serve as a cue for further upside moves based on bullish fundamental and technical outlooks. The world’s second-largest cryptocurrency by market capitalization surged up to 4.96% to $2,083 ahead of the London opening bell. Its gains appeared as a part of an overall upside correction that started late Saturday. At that time, bids for ETH/USD had fallen to as low as $1,717.41. On Sunday, the pair closed the session at $1,984.71, following it up with another spike above $2,000 on Monday, a level that traders consider …

Altcoin traders and investors should look for cover if Bitcoin (BTC) undergoes major price declines. So believes Filbfilb, an independent market analyst and co-founder of Decentrader trading suite. In a tweet published late Friday, the pseudonymous entity said a 30% crash in the Bitcoin market could prompt altcoins to drop twice as harder. When Bitcoin consolidated between $50,000 and $60,000 in the March-May period, altcoins exploded. Similarly, the recent correction in the Bitcoin market, which witnessed the flagship cryptocurrency falling from circa $65,000 to as low as $28,000, also had altcoins crash; still, to the levels, they held as support …

Bitcoin (BTC) and the U.S. dollar fell in tandem while the S&P 500 refreshed its record high at open on Friday as the Federal Reserve's preferred inflation indicator surged to its highest levels in almost three decades. According to data shared by the US Bureau of Economic Analysis, the US Core Personal Consumption Expenditure (PCI) rose 0.5% in May, coming in below the estimation of 0.6%. Nevertheless, the expenditure rose 3.4% year-over-year, the highest level since 1991. The Federal Reserve treats core PCI as its benchmark metric to gauge inflation. The U.S. central bank has indicated that it would tolerate …

Ripple blockchain’s native token, XRP, could make a full bearish price swing against Bitcoin (BTC), per a classic technical indicator. Dubbed as Head and Shoulders (H&S), the pattern develops when an asset forms three peaks atop a common baseline. The outside peaks, known as Shoulders, are close in height, while the middle one, called the Head, is the highest. The H&S pattern is completed when the asset breaks below its baselines support, with high volumes, confirming a negative breakout. The so-called neckline also serves as the most common entry point for bearish traders as they target deeper downside levels. Though …

A recent upswing in the price of Bitcoin (BTC) following a nail-biting price crash below $30,000 on June 22 has activated a classic financial model's bullish outlook on the cryptocurrency. Called the Wyckoff method — created by Richard Wyckoff in 1888 — the model attempts to navigate financial market trends based on the relationship between the supply and demand of assets. The method has two schematics: accumulation and distribution. In an accumulation setup, an asset signals bottoming out following a sharper price decline. It eventually leads to the price rebounding to the upside. Meanwhile, the distribution setup sees the asset …

Bitcoin (BTC) plunged 7.38% to hit a five-month low of $29,313 on June 22 as the market faced the prospect of another sell-off, this time led by miners affected by a recent crackdown against cryptocurrency entities in China. The People's Bank of China said on June 21 that it had summoned multiple regional institutions — including the Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Jack Ma's payment platform, Alipay — to “strictly implement” its recent ordinances on curbing Bitcoin- and other cryptocurrency-related activities, including mining. The Sichuan province, a hydropower-rich region in Southwest …

Bitcoin (BTC) bulls should look for a cover, at least as far as chart technicals are concerned. The flagship cryptocurrency continued its price declines into the new weekly session, hitting $32,105 ahead of the London opening bell following an approximately 10% intraday drop. In doing so, it raised the prospect of retesting its quarter-to-date low of $30,000 for either a bearish breakdown or a bullish pullback. But as traders grapple with the ongoing medium-term bias conflict in the Bitcoin market, one classic technical pattern has surfaced to boost a bearish outlook. The cup has turned Spotted by Keith Wareing, an …