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Ethereum Technical Analysis: ETH Teeters Between Bullish Breakout and Bearish Continuation
As ethereum fluctuates within a wide trading range from ,991 to ,266 on April 15, 2024, key technical indicators and chart patterns suggest a nuanced but potential shift in market sentiment. Despite a bearish trend over the past week, recent oscillator and moving average signals point towards a possible bullish reversal. Ethereum The relative strength […]
Bitcoin News
Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance?
Bitcoin (BTC) has been making waves with its steady climb towards setting a new all-time high (ATH), currently finding a foothold at the ,000 zone.
This level of performance represents a culmination of investor confidence, market dynamics, and underlying economic factors that paint a broader picture of the digital currency’s “resilience and appeal.”
Crypto analyst Ali has recently shed light on a critical juncture in Bitcoin’s journey, identifying a significant resistance level that could influence its short-term price movements.
Key Resistance Awaits
Ali’s analysis brings to the forefront a specific resistance barrier that Bitcoin faces on its path to achieving a new ATH. According to Ali, a resistance level at ,320, characterized by a total volume of 599,260 BTC held by 736,380 addresses, stands as the gatekeeper to further bullish momentum.
Surpassing this threshold could potentially catalyze Bitcoin’s ascent, further solidifying its status as the pinnacle of the cryptocurrency market.
This resistance particularly represents the collective anticipation and strategic positioning of hundreds of thousands of investors who have staked their claims in Bitcoin’s digital gold.
#Bitcoin finds solid ground at ,300, yet a break below could lead to a downswing to the next support range at ,250-,150, where 760,000 wallets hold 520,000 $BTC.
On the brighter side, securing ,320 as support is vital for #BTC next leg up! pic.twitter.com/EMPBRRADzT
— Ali (@ali_charts) April 1, 2024
Meanwhile, the crypto market’s sentiment has been a rollercoaster, with Bitcoin experiencing a slight retreat, marking a 1.4% decrease over the past week and a 2.4% dip in the last 24 hours, landing at a market price of ,448, at the time of writing.
Caution Amid Bitcoin Record Streak
Amidst this backdrop, author and former hedge fund manager Jim Cramer has voiced his observations, suggesting that the market is “the most overbought” it has been in a while.
The observations come just as Bitcoin marks its seventh month of positive performance, a milestone last achieved in 2012. This period of growth is highlighted by a monthly candlestick chart closing higher than the peak of its last cycle.
Adding to this “overbought” sentiment by Jim Cramer is a transaction of the seventh wealthiest Bitcoin address withdrawing 8,889 BTC from Bitfinex, valued at roughly 7 million, recorded by Peckshield.
However, despite this, Cramer’s statements have sparked debates and skepticism among the crypto community, with some questioning the timing of his comments as an April Fool’s jest.
April Fools + Cramer Signal = Massive rip incoming
— TB – JDUN (@Jduntrades) April 1, 2024
Featured image from Unsplash, Chart from TradingView
Bitcoin Technical Analysis: Navigating BTC’s Ups and Downs as Price Teeters Above $41K
On Thursday, bitcoin experienced a decline, reaching a low of ,600, and has since been hovering slightly above the ,000 mark. The cryptocurrency world is abuzz with speculation about the duration of this downturn, especially as the excitement surrounding the spot bitcoin exchange-traded fund (ETF) begins to wane.
Bitcoin
The bitcoin daily chart as of Jan. 19, 2024, depicts a predominantly downward trajectory. This shift from a peak near ,048 to a more recent low close to ,727 marks notable market volatility. The chart reflects a series of rises and falls, pointing to a market fraught with uncertainty. Although there has been a recent uptick, suggesting a slight recovery, it’s too early to determine if this is just a brief respite or the start of a significant market shift.
Delving into the 4-hour chart, the bearish momentum is markedly evident, highlighted by a repetitive sequence of lower peaks and troughs. This pattern signals persistent BTC selling pressure, a fact corroborated by increased trading volumes during price declines. Such a view amplifies the prevailing negative market sentiment, signaling to investors the likelihood of this trend’s persistence.
The 1-hour chart presents a more detailed snapshot of bitcoin’s pricing trends, showing some stabilization following a steep decline. This phase is characterized by a sequence of progressively higher lows and highs, though this is a short-term phenomenon. This could indicate the initial phase of a potential trend reversal, or it might be a bear flag continuation pattern, hinting at the downward trend’s possible prolongation.
Oscillators offer key insights into market dynamics and potential pivot points. The relative strength index (RSI) is currently at 43, suggesting a neutral position. Other indicators like the Stochastic, commodity channel index (CCI), average directional index (ADX), and awesome oscillator reinforce this neutral view. However, the momentum indicator at -4690 points to a bullish signal, while the moving average convergence/divergence (MACD) at -222 tilts towards bearish sentiment, presenting conflicting signals.
On Jan. 19, bitcoin’s exponential moving averages (EMAs) and simple moving averages (SMAs) for the 10, 20, 30, and 50-day periods signal bearish undertones. However, the 100 and 200-day EMAs and SMAs indicate bullish sentiment, reflecting a potential longer-term upward trend amidst the shorter-term bearish sentiment.
Bull Verdict:
Despite the immediate bearish signals, the long-term indicators point toward an optimistic future for bitcoin. The 100 and 200-day moving averages suggest a strong underlying bullish trend, potentially overriding the current bearish momentum. The mixed signals from oscillators, along with the recent formation of higher lows on the 1-hour chart, hint at a possible reversal.
Bear Verdict:
The prevailing bearish patterns observed in bitcoin’s price movements on Jan. 19, 2023, indicate a continuation of the downward trend. The consistent lower highs and lower lows on the 4-hour chart, coupled with sell signals from short-term moving averages, underscore a strong bearish sentiment. The oscillators, predominantly signaling neutrality, fail to provide a compelling counter-narrative. Unless there is a significant shift in market dynamics, it seems likely that the bearish trend will persist, posing challenges for bullish investors in the near term.
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Decision Time For Future Of Bitcoin As Crypto Teeters On Bear-Bull Edge
After spending the first half of the year in a powerful, parabolic uptrend, Bitcoin price has been suffering from a downward spiral ever since the summer when the first-ever cryptocurrency topped out at ,000.
Now that Bitcoin has erased nearly 50% of the gains from the run-up, it’s decision time for the leading crypto asset and the rest of the crypto as a whole, according to one financial analyst, who says that whatever happens here, will either send Bitcoin into a new bull market, or an extended, multi-year bear market – a first for the cryptocurrency who has long been in a secular bull market.
Is The Secular Bull Market in Trouble, Ready for First Real Bear Market?
The crypto market is at an impasse. Bears cannot seem to push the price of Bitcoin lower than current levels, but bulls have been unable to push Bitcoin out of the downtrend it has been in since late June 2019.
Related Reading | Bah Humbug! If Bitcoin Bulls Can’t Reclaim ,800 It’s Coal For Christmas
Most of the projections analysts have been using, suggest Bitcoin should be ready to embark on its next bull run, and many indicators had been supporting the theory up until recently.
But ever since Bitcoin price was rejected at ,000 – setting a lower high in the crypto asset’s price charts – the market has turned bearish, and Bitcoin is at risk of falling back into a bear market for the foreseeable future.
This is really decision time for ₿ and crypto as a whole, either we go up from here, or we will have a multi-year bear market. I am leaning bullish here. .8K is my GTFO to fiat alarm. pic.twitter.com/CMKMtMesE7
— Panama ₿ (@Panama_TJ) December 6, 2019
Decision Time for The Future Bitcoin and Crypto
In fact, one crypto analyst believes that its’ decision time for Bitcoin and the entire crypto market. If the number one cryptocurrency by market cap goes up from here, it will, as it has always done in the past, go on yet another parabolic rally that’ll propel the crypto asset’s prices to as high as 0,000 to million per BTC.
Throughout its history, Bitcoin has been in a secular bull market. Even during the asset’s short-lived bear markets, certain indicators never reached into bear territory, suggesting that the young financial asset has only known bull market during its 11-years since its inception.
But that all may change if Bitcoin breaks below ,800, which the analyst says is his “GTFO to fiat alarm,” or his signal to liquidate his crypto holdings into cash to weather the coming storm.
Related Reading | BTC To Spend 2020 In Accumulation Mode, Ideal Buy Zone
The analyst shared a chart that shows Bitcoin touching the bottom of a cyclical market curve, ready to turn up toward new all-time highs. However, the RSI and MACD appear to suggest that the cryptocurrency is headed toward another bear market, unless it bounces back up into bull territory here.
Whatever happens in the weeks ahead, it will shape the future of the crypto market and Bitcoin itself.
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