The U.S. Securities and Exchange Commission (SEC) has approved significant regulatory filings for spot ether ETFs. Economist Jim Rickards predicts that gold prices could surpass ,000 based on rigorous analysis. Satoshi Nakamoto’s Genesis wallet now holds over 100 BTC after an accidental transfer added 0.10754671 BTC, bringing its total value to approximately .75 million. The […]
Bitcoin News
Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin price is at the time of this writing slightly above K per BTC, after losing K almost immediately following the Federal Reserves rate hike decision.
The rate increase was less than originally anticipated, but cryptocurrencies and the stock market have tumbled following the decision.
Federal Reserve Proceeds With 25 Bps Rate Hike, Volatility Ensues
The United States Federal Reserve moved forward today with a 25 bps rate increase even amidst a growing crisis in the banking sector – a situation that thus far Bitcoin has responded well to.
Prior to the situation unfolding, the consensus was that the Fed would increase rates to 50 bps instead. Despite coming in less than the worst-case scenario, the market could have been pricing in no increase at all, causing BTC to correct.
As a result, the stock market and cryptocurrencies, including the recently resilient Bitcoin, took a hard dive. In the 1H BTCUSD candlestick beginning at 2PM ET, the top cryptocurrency by market cap plunged by more than ,300 and 4.8%.
The one-hour candle closed as a marubozu, which is a powerful bearish pattern that could suggest the downside could continue through tomorrow.
Bitcoin Retests K: Will Another Higher High Confirm An Uptrend?
The selloff took BTCUSD right to short-term support at K, which must hold or Bitcoin will retest lower prices. If lost, areas that could provide support include K, K, and K below it.
The recent low set below K is the most important line in the sand for bulls. Holding at these levels would create another higher high and higher low, further suggesting an uptrend is brewing across crypto.
The Fed softening its aggressive rate increases could be a sign that things are worse-off in the banking industry and elsewhere, which ultimately could be a boon for Bitcoin.
Since the situation in the banking sector first erupted, BTCUSD climbed more than 47% and caused the world to pay attention. The outcome of this retest and continued upside would also send an important message that the bear market has ended.
Will support at K ultimately hold?
Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion
The global cryptocurrency market was on track for another decline on Saturday, as Bitcoin and other top cryptocurrencies took a significant blow throughout the day.
The .19 trillion crypto industry is currently worth less than it did in July of last year. In the past week, the majority of prominent cryptocurrencies, including Bitcoin, Cardano, Ethereum, Solana, and others, have extended their losses against the US dollar.
Overall, the leading cryptocurrencies have lost between half and 80% of their all-time price peaks.
The BTC price dropped below ,000 on Saturday following the release of a critical inflation report on Friday, which showed little indication that price drops will soon begin to cool off.
Suggested Reading | Dogecoin Mining Revenue Massively Fell In Past 12 Months
Bitcoin Collapses To K
As of this writing, Bitcoin (BTC) is taking a beating and trading at ,560.18, down 7.8% in the last seven days, Coingecko data show. This occurred after the world’s largest cryptocurrency remained steady at ,000 for two days.
The dominant cryptocurrency has been trading inside a narrow range for weeks, as crypto and stock markets have struggled to recoup significant upward momentum following a month-long sell-off.
Analysts also point to the ongoing conflict in Ukraine and worries over a tightening of monetary policy by the U.S. central bank as reasons for the decline in stock and cryptocurrency values.
BTC total market cap at 3 billion on the weekend chart | Source: TradingView.com
Darshan Bathija, CEO and co-founder of Vauld, explains:
“We are witnessing frequent short-term spikes in volatility because market participants are trading inside a restricted range due to uncertainty regarding the crypto market’s response to macroeconomic conditions.”
Currently, the cryptocurrency market has lost 6.1% in the last day alone. This number is lower than the lows recorded in July 2021, when market capitalization reached .32 trillion. The entire crypto-economy has not been priced this low since the first week of February 2021.
Bitcoin fell to two-week lows on June 11 as bears concluded the week’s trading on Wall Street.
‘Substantial Rebound’ Ahead
The BTC/USD pair fell in tandem with stock markets on Friday, wrapping up the week with a hefty loss – the S&P 500 and Nasdaq Composite both dropped 3% and 3%, respectively.
Meanwhile, despite the negative reports, investors can anticipate a “substantial rebound” in the fourth quarter of this year for the USD value of bitcoin.
According to Nigel Green, CEO and Founder of deVere Group, Bitcoin is highly associated with global stock markets, and a bottom is near for everyone.
“I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency,” Green said.
Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below ,800
Featured image from Inc Magazine, chart from TradingView.com
NewsBTC
Why Bitcoin Could Revisit $27K, Peter Brandt Says
Bitcoin is back below ,000 as the general sentiment in the market seems to turn pessimistic. The first crypto by market cap has been unable to climb back to the ,000 area and has been moving in a tight range around its current levels.
Related Reading | Bitcoin Follows US Stock Dive, Experts Predict ,500 Price Level
Negative predictions for Bitcoin and other larger cryptocurrencies are increasing. The uncertainty around the war between Ukraine and Russia, and the U.S. Federal Reserve (FED) hike in interest rates seem to be the two main catalysts for the weakness in the global market.
Legendary trader Peter Brandt seems to favor the short-term bearish thesis. Pseudonym users shared a Bitcoin price prediction with Brandt which suggest the cryptocurrency could revisit critical areas of support below ,000.
This could BTC’s price to ,000 or ,000 as soon as May or June this year. This prediction matches that of BitMEX CEO Arthur Hayes. He expects BTC and ETH to crash to ,000 and ,000, respectively.
As seen below, in the chart presented to Brandt, Bitcoin would drop to its support zone before resuming its bullish momentum into uncharted territory. In the months after that, the first crypto by market cap could rise by about 0,000. Brandt said:
Very possible. This has been my guess for many months. We will see.
Source: @CrypoFuture via Twitter
The crypto market is currently correlated with traditional finances. The price of Bitcoin has been moving in tandem with the Nasdaq 100.
When big tech stocks show weakness, so does the price of BTC. In that sense, the bearish thesis could find more support in the following chart.
Source: Peter Brandt via Twitter
Shared by Brandt, it suggests a bigger drop in big tech equities which could impact the price of Bitcoin and put additional selling pressure on the crypto market.
Bitcoin Could See Short Term Relief
However, traders should take any prediction with a grain of salt especially coming from Brandt or Hayes. They can change their opinions and forecasts if the market conditions support them.
For my uninitiated followers on TwitterI'm guided by following principles as chart trader-Strong opinions, weakly held -Flexible, not dogmatic about anything-An opinion is not a position, a position is not an opinion-A chart is not necessarily my opinion https://t.co/WwfqyYgx3O
— Peter Brandt (@PeterLBrandt) April 22, 2022
In the short term, Bitcoin has managed to stay at its current levels despite the increase in selling pressure. Data from Material Indicators shows important support below the price.
There are over million in bid orders from ,000 to ,000 which suggest BTC could bounce back from here in case of future downside price action. To the upside, ,500 stands as the potential biggest resistance with around million in asks orders.
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview
Related Reading | Bitcoin Follows US Stock Dive, Experts Predict ,500 Price Level
As NewsBTC reported, the options market is positioning for a potential crash. There has been an uptick in calls selling for May and June and an increase in demand for put options. In other words, traders are getting bearish.
Bitcoin Reaches $27K, Why BTC Could Hit $30K Before New Year
Bitcoin price started another increase and broke the ,000 resistance against the US Dollar. BTC is gaining momentum and it could even visit ,000 in the coming sessions.
- Bitcoin is up 7%, broke the ,000 barrier, and it almost tested the ,000 level.
- The price is now correcting lower, but it remains well supported above K and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near ,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher towards the ,500 and ,000 levels in the near term.
Bitcoin Price Sets New ATH
In the past few days, there was a steady increase in bitcoin price above the ,500 resistance against the US Dollar. The BTC/USD pair broke many hurdles near ,000 and ,500 to continue higher.
It is now up over 7% and it is now trading well above ,000. A new all-time high was formed near ,000 and the price is currently consolidating gains. An initial support on the downside is near the ,400 level. It is close to the 23.6% Fib retracement level of the recent increase from the ,532 swing low to ,991 high.
Source: BTCUSD on TradingView.com
The first major support on the downside is near the ,8000 level. There is also a key bullish trend line forming with support near ,400 on the 4-hours chart of the BTC/USD pair.
The 50% Fib retracement level of the recent increase from the ,532 swing low to ,991 high is also near the trend line zone. On the upside, the ,000 level is an initial resistance zone. A clear break above the ,000 zone could open the doors for a push towards ,000 and ,800 levels. Any more upsides might set the pace for a test of the key ,000 level.
Dips Supported in BTC?
If there is a decent downside correction, bitcoin price might find bids near the ,800 and ,500 levels. The next major support on the downside is near the ,000 level.
The first major support is near the 24,200 level (the last key breakout zone). Any more losses may possibly lead the price back towards the ,000 support zone.
Technical indicators
4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 70 level.
Major Support Level – ,000
Major Resistance Level – ,000
Yearn Finance (YFI) Pushes Past $27K after MakerDAO Integration
Yearn Finance’s governance token YFI surged Thursday as traders assessed its acceptance at MakerDao as a collateral asset.
The YFI/USD exchange rate ascended 6.62 percent to ,193, a multi-week high that appeared as a part of an explosive bull run in which it has jumped close to 300 percent in two weeks. The pair peaked in September 2020 to ,026 before undergoing a stupefying crash to ,015, a bottom established in early November 2020.
Yearn Finance logs a bullish reversal after crashing 78 percent. Source: YFIUSD on TradingView.com
This time, the YFI token could form a steady bull run, according to many independent analysts on Twitter. Their bullish bias came out of Yearn Finance’s growth as a decentralized asset management platform, primarily after it started making beneficial updates to its protocol via democratic means.
Bullish Upgrades
The platform passed four key YIP proposals this week, a backronym for “Yield Improvement Proposal.” Their effective integration into the Yearn Finance protocol enabled new fee structures, YFI-enabled reward distributions, quarterly financial audits, and operations funding.
The recent parade of $YFI yearn improvement protocols (YIPs) are highly underrated in terms of what they do for the future of @iearnfinance. I am extremely more bullish than I was when I first purchased $YFI. Why?
A thread:
— Matterhorn (@matterhorn_eth) November 15, 2020
The week also saw MakerDAO accepting YFI to open collateralized debt positions and mint stablecoin DAI. The Yearn Finance’s weekly newsletter commented:
“The acceptance of YFI on MakerDAO’s system is an important milestone for the Yearn ecosystem as it opens up the possibility that YFI can be used to mint DAI in upcoming v2 yVaults that utilize YFI as the base asset.”
YFI’s uptrend also coincided highly with the bull run in the Bitcoin market. The flagship cryptocurrency surged from ,115 on November 5 to as high as ,488 on November 18. But while BTC/USD was correcting lower in the previous 24 hours, YFI stayed upward.
A K YFI?
As covered earlier, the Yearn Finance token is en route to ,000, according to a textbook bullish setup.
Yearn Finance Falling Wedge setup. Source: YFIUSD on TradingView.com
Dubbed as Falling Wedge, the structure points to a strong bullish reversal after an asset trades lower inside a pattern with two converging trendlines. After reaching the structure’s apex, the price breaks out to the upside, rising as far as the two trendlines’ maximum distance.
YFI is now going through the final stage, with a Wedge target sitting about ,380 above the breakout point. That is near ,000 (almost).
Conversely, failing to build a bullish momentum after the recent correction risks crashing YFI/USD back below ,000.
Investor Predicts Bitcoin Price to Hit $27k in Four Months
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Investor Predicts Bitcoin Price to Hit $27k in Four Months
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Bitcoin Price to Hit $27K by February Investor Trace Mayer Thinks So
Bitcoin entrepreneur and investor Trace Mayer believes Bitcoin will hit,395 by next February according to his own analysis using a 200 Day Moving Average. Let&8217s be clear &8211 there is absolutely no shortage of Bitcoin price predictions floating around the internet. A quick Google search these days yields no shortage of financial experts utilizing fundamental analysis, technical analysis, and Bayesian regression techniques to produce forecasts as far-ranging as the methods they em
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