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Bitcoin Just Marked New 2020 High, But This Indicator Signals Correction Incoming (BTC Price Analysis)

3 days ago

Starting by looking at the bigger picture, Bitcoin price had made a remarkable run since October began, gaining almost $3000 to its value.
Looking at the following long-term weekly chart, we can see this week’s greenish candle that will be closed later today. From a technical point of view, as long as the candle close price is above the $12,500 area (previous high) – we can safely say that BTC is on a healthy uptrend.
BTC/USD weekly. Chart by TradingViewThe Good and The Bad: New 2020 High but Bearish Divergence
Just a few hours ago, Bitcoin price recorded a new 2020 high close to $13,400 (on Binance Futures); however, the primary cryptocurrency could not hold there, and quickly slumped to $12,700 in a matter of one hour.
Looking at the shorter-term chart, the 4-hour, we

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Bitcoin Price Analysis: Only $1K To 2020 High – Can BTC Reclaim $12,500 Soon?  

18 days ago

Bitcoin took a break from trading during the month of September, with relatively low volatility. As shown on the following 4-hour chart, the marked symmetrical triangle was basically the story of September: Started with a massive dump and a slow consolidation, since then, around $10,600.
As can be seen below, Thursday signaled a breakout – in favor of the Bulls. Since breaking the triangle at $10.8K, we saw a healthy consolidation and finally a breakout of the $11-11.2K area, which was the most recent high.
So far, as writing these lines, today’s daily candle marked $11,500 as the daily high. This is the first resistance to watch.
However, after three consecutive green days, Bitcoin might rest a bit. In case of a correction, the $11,000 – $11,2000 support would consider a

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Bitcoin Still Holds Crucial Support At $10.5K, But Eyes On The White House (BTC Price Analysis)

24 days ago

For the past month, BTC’s volatility had decreased compared to the previous months. The primary cryptocurrency had mainly traded inside a $1K range between $10,000 and $11,000.
Over the past week, Bitcoin reached the upper boundary of that range at $11K; however, the news coming from BitMEX charged by CFTC, along with President Trump’s hospitalization, sent Bitcoin to $10.4K last Thursday, which marked the weekly lowest price.
So far, this weekend had been slightly positive, as BTC reclaimed $10,500. The latter is a significant key level in the 2020 bull-market. $10,500 was the previous high for most of this year, and since breached, the level became a critical support line.
Despite the above, we do expect Bitcoin’s price to follow once Wall Street Futures get into play.

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Failure To Break Above $11K Could Send Bitcoin To Monthly Lows: BTC Weekend Price Analysis

September 20, 2020

Even though the past week was positive for Bitcoin, the recent price action could raise some question marks for the bulls.
After starting the week below $10,500, Bitcoin was able to break above the old tough resistance and reach back to the $11,000 area.
However, while BTC gained 5% over the past week, most of the leading cryptocurrencies lost market cap. LINK  at -18% and even Ethereum at -2% are only two examples. The trending DeFi tokens suffered even harder.
This tells us that some or at least part of BTC’s price gains were coming from the altcoins sell-off, and not from funds entering crypto – just like in a healthy bull market.

Double-Top On the 4-Hour?
Looking at the following 4-hour chart, we can see a double top formation around $11,100, which is textbook

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Bitcoin Fights For $10,000: Is The Sell-Off Over? Updated BTC Price Analysis

September 5, 2020

Just four days ago, one Bitcoin was trading for over $12,000. However, the cryptocurrency markets followed the global markets, and as of writing these lines Bitcoin fights to close the daily candle above $10,000.If the bad blood coming from the equity markets was not enough, then came the SUSHI sell-off by its creator. This led the defi tokens, mainly Ethereum, to severe drops, which did not skip Bitcoin as the primary cryptocurrency.As of now, Bitcoin marks $9850 as of today’s low, which is an intraday loss of $600. $9850 is also the lowest BTC price recorded since July 26, 2020.Key Support and Resistance For Bitcoin’s Short-termThe critical level here is $10,000. There is not much time left for the daily close, and Bitcoin will look to finish today and tomorrow’s candle (the weekly)

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Bitcoin Facing Huge Resistance Expecting Major Price Move Soon (BTC Analysis)

August 30, 2020

As another week comes to its end, let’s start from the bottom line: Bitcoin price ends the week exactly where it started it, hovering around the $10,600 mark.It wasn’t a remarkable week for Bitcoin, unlike the other cryptocurrencies, especially the DeFi ones, that saw triple-digit gains.Looking at the shorter timeframe, which is seen on the following 4-hour chart, Bitcoin had formed a double-bottom around $11,100. The latter is considered to be a bullish pattern unless the bottom is broken below.Shortly after, and for the past three days, Bitcoin was locked again inside the tight range between $11,400 and $11,600. As long as Bitcoin is stagnant, we can assume that the alt-season or the defi-season will continue higher.However, a declining amount of trading volume, along with the stability

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Bitcoin Eyes $10,500 After Losing Crucial Support Line: BTC Price Analysis

August 22, 2020

Bitcoin’s price had seen a four-day decline of over $1150, while the altcoins suffered even harder.Despite that Bitcoin is currently trading around the consolidation range from a week ago, we cannot ignore this week’s false breakout to $12,500. This turned to be a fake-out, and the bearishness that came out of this is clearly seen on the following days.As can be seen on the 4-hour chart, BTC was forming a bullish triangle ($12K as an upper angle), and even after the above mention false breakout, the formation was kept until yesterday.The triangle pattern got broken around $11700, sled down to the $11600 support, retested the triangle (this time as resistance): From there, the way to another leg down was quick.BTC/USD 4-hour chart. Source: TradingViewAs of writing these lines, Bitcoin found

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Bitcoin Price Analysis: Failure To Break $12,100 Can Result In Massive Plunge

August 10, 2020

Bitcoin price continues to breathe the highs, as the coin is currently trading slightly below $12K, following a few days of consolidation between $11,600 and $11,800.However, over the recent hours, we saw Bitcoin’s second attempt to breach the $12,100 resistance, which is the 2020 high from a week ago (August 2nd).Despite a decent price surge, Bitcoin couldn’t hold more than several hours above the $12K prefix and tumbled to $11,500 before recovering slightly, as of writing these lines.The good news is that the dip to $11,500 quickly got bought by the Bulls, and the ascending trend-line on the 4-hour chart (the orange diagonal line) was kept steady.The bad news is that unless Bitcoin price would break $12,100, this can possibly result in a Double Top formation, which is textbook bearish

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Bitcoin Plunged $700 Away From $12K, But There Is Good News (BTC Price Analysis)

August 8, 2020

The past week was incredible for Bitcoin. During the previous weekend, the primary cryptocurrency saw its price touching above $12K and dumping to $10,500. A loss of $1600 in a matter of minutes.However, throughout the past week, the price slowly recovered towards the $12K mark once again. On Thursday, when it seemed that a new 2020 record is coming up, we warned here following a second failure to break the $12,000 resistance mark.Yesterday Bitcoin plunged to as low as $11,200 (prior resistance turned support) on Bitstamp before the bulls bought the dip, and we’re back at the familiar price area of $11,500 – $11,600 (as of now).BTC/USD weekly chart. Source: TradingViewBut There Is Good News: Key Levels To WatchA bull-run with no corrections – which is a parabolic run – is likely to end in

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After Bitcoin’s $1500 Immediate Plunge, Is The 2020 Bull-Run Over? BTC Price Analysis

August 2, 2020

The past ten days, which were the last days of July, were a blessing for the price of Bitcoin.Right after breaking out above the blue-marked trend line at $9200 on July 21st, Bitcoin started to fire its engines, and yesterday – following ten magic days – BTC price recorded a fresh 2020 high above $12,100. An incredible 31% increase.And then it came: Immediately after recording the new high, we got the first significant correction since the 2020 parabolic run had started. And what a correction it was.Only yesterday, we warned here:“keep in mind that when possible price corrections come – it will hurt. Also, the indicators are overextended. The daily RSI is at its highest level since June 2019.”Back To The $10,500 Prior HighAnd it did hurt. In a matter of minutes, billions of long positions

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Bitcoin Just Broke To New 2020 High: Those Are The Next Price Targets To Watch

August 1, 2020

Today is the first day of August, and this means that a few hours ago, the monthly candle of July closed.A surprising fact is that only once in its history, Bitcoin had recorded a monthly close higher than yesterday’s – and that was during December 2017 – the peak of the bubble.After two months of dull price action, while Bitcoin was mostly traded at around $9200, there came the breakout. And what a breakout it was.Looking at the following weekly chart, we can clearly see that the current bullish move started upon breaking $9200, and most importantly, was breaking above the descending trend-line. Yes, the line that begun forming during December 2017 – Bitcoin’s all-time high near $20,000.There are still two days to this impressive weekly candle; however, as of now, it is hard to believe

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Bitcoin Price Analysis: BTC Now At Crucial Resistance – $9,200 Or $10K Next?

July 25, 2020

Quick recap: after almost a month of dull price action around the $9200 mark, Bitcoin finally managed to break out.Last Tuesday, we saw a mini-rally in BTC, while the price went up to the next marked resistance at the descending yellow line (shown on both charts below), which is also the $9650 resistance – mentioned in our previous price analysis from the past days.Two great signs for the crypto ecosystem following the mini-rally: first, the total crypto market cap went up together with Bitcoin – new money is entering the ecosystem, and not rotating between Bitcoin and other cryptocurrencies.The other breakthrough is the fact that this rally was taking place while the global markets were tumbling during Thursday and Friday trading days. Decoupling? At least now, it seems so.What we expect

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Bitcoin Price Analysis: 3 Reasons Why A Wild BTC Move Is Anticipated Very Soon

July 12, 2020

Unlike Bitcoin’s stability, the altcoins are celebrating in their own party. Bitcoin dominance recently reached its yearly-low areas after dropping below 62.5% over the past few hours.Wild Move Upcoming?From a technical point of view, Bitcoin’s stability period like this usually ends with a wild move. The indicator we mainly use to measure volatility is the Bollinger Bands.Those are the three lines following the price action’s candlesticks on the following daily chart. Whenever the upper and lower bands are close to each other, there is likely a huge price move upcoming.The last occurrences are marked by yellow arrows. As can be seen, since 2020 had begun, three times the bands were tight, although not as tight as today. In two occurrences the following move was to the bullish side, while

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Bitcoin Price Analysis: BTC Anticipates Huge Upcoming Move To End This Uncommon Stability

July 5, 2020

For the past ten days, the Bitcoin price was trading mostly inside a $200 range between $9000 and $9200.This behavior is very uncommon to a volatile asset such as Bitcoin. Some technical signs point on an end to this saga very soon, probably as the new week starts.Bitcoin Recent Price ActionAs can be seen on the following 4-hour chart, Bitcoin is trading inside a symmetrical triangle pattern.While yesterday BTC was about to break it down from its lowest angle, Bitcoin found support and produced a quick $150 price movement. Guess where? Accurately the top of the mentioned range at $9200.As can be seen below, this candle ended with a massive wick to the upside, no breakout, and as of writing theses lines, Bitcoin price is testing the same lower angle (blue) of the triangle once again.The

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Bitcoin Price Analysis: BTC Bears Eye $8,600 As RSI Divergence Grows

July 1, 2020

On the 1D BTC/USD chart, we can see that the leading crypto-asset remains range-bound between the daily $8,600 and $10,000 levels.Rumors earlier in the week regarding PayPal possibly adding support for Bitcoin and other cryptocurrencies on its platform, sparked a small rally but failed to fuel a much-needed breakout above a key resistance level at $9,780.The pump was subsequently followed by a sharp sell-off below the previous weekly open at $9,300 (white line on the following chart), which will now likely act as a difficult ceiling for bullish traders to break going into the rest of this week.This will be a vital level to watch in the short-term and should provide a good indication of how confident buyers are in the market right now.BTC/USDT Binance Daily ChartBTC/USDT Binance 4-Hour

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Bitcoin Price Analysis: The Worrying Sign That Can Send BTC To New Lows Very Soon

June 30, 2020

During the past two days, the Bitcoin price was trading under a tight range between $9000 and $9200.This untypical stability by Bitcoin is just showing how indecisive the primary cryptocurrency is. What is for sure is that a wild price move is likely to take place over the next few days.Following the Saturday’s price plunge, reaching out to a new 30-days low, we expected a price pullback. On our recent price analysis, we predicted such pull-back, telling by the oversold RSI levels and the declining number of sellers.The pull-back reached approximately $9200, which was more than $400 correction since Saturday’s low. Not surprisingly, the $9200 is also the 38.2% Fib retracement level of the past week’s drop.This level now becomes the most critical level to watch for the short-term of

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Bitcoin Price Analysis: Crucial Battle Over $9000 – Here Are The Good and The Bad News

June 28, 2020

So far, this weekend hadn’t been the best for the price of Bitcoin. The primary cryptocurrency recorded its lowest level over the last 30 days.Trading for $9800 just six days ago, Bitcoin dropped as of yesterday to nearly $8800 on most leading exchanges.The Good and The Bad NewsAs of writing these lines, Bitcoin is trading around the $9K mark, mostly below it. From a technical point of view, a strong support level that got broken down immediately becomes a huge resistance level.As can be seen on the following 4-hour chart, once Bitcoin broke the critical blue ascending trend-line as support, it is now retesting it as resistance, and, as expected, it is an easy battle for BTC.If Bitcoin fails here, and cannot regain possession above the $9K, we can expect a further drop to new monthly lows.

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Bloody Weekend: Bitcoin Price Tumbles Below $9K – Recording $1000 Loss In 5-Days

June 27, 2020

The crypto investors suffer from hard days recently, as the primary cryptocurrency tumbled approximately $1000 over the past five days.After a long battle to maintain the $9K mark, Bitcoin finally lost, and immediately plunged to $8816 on Binance Futures exchange, which is the current daily low, as of writing these lines.Aside from a quick glitch on June 15, the last time the price of Bitcoin was trading below the $9000 mark was exactly a month ago, on May 27, 2020.Wall Street NightmaresYesterday, the USA recorded its highest daily number of new COVID19 cases. The global fear from a second wave had sent the markets for a deep dive on Friday.U.S. major indices finished the Friday trading session with an average decline of 2.5%, while Facebook (FB) stock dropped more than 8%. Unfortunately

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Bitcoin Price Analysis: Will The 2015 Historic Support Line Save BTC From a Crash To $7000 – $8000?

June 27, 2020

Only five days ago, the price of Bitcoin touched $9800, followed by another failure to break up the critical descending trend-line (marked yellow on the following daily chart).Since then, the primary cryptocurrency had been correlating with the plunging global markets, and as of writing these lines, Bitcoin is trading slightly above $9000.The Micro and Macro LevelIf we look at the micro-level, which is the following 4-hour chart, we can see that Bitcoin so-far holds the supporting blue line. As mentioned here two days ago, the $8900 – $9000 support level is the most crucial for the short term.In case of a break-down, the bullish higher-lows trajectory will be invalidated.From the macro level, the weekly candle (as can be seen on the following chart) touched the long-term descending

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Bitcoin Price Analysis: BTC’s Plunge To $9000 On Markets Collapse – Now This Level Becomes The Most Critical

June 25, 2020

Two days ago, when everyone was bullish watching Bitcoin’s astonishing move breaking above the $9400 towards the $9800 in a matter of hours, we mentioned the importance of the $9800 level.That level created another touch in the descending trend-line, which is marked yellow on both charts below. This was the ninth (!) attempt to break that tough resistance. Guess what? Nine attempts – zero success (aside from the fake-out on June 1st).When you don’t score, the other team will. And when Bitcoin did not break, the way back down was just a matter of time.Global Markets’ Wednesday CollapseYes, we are back in the days when Bitcoin price and the markets go side by side. No decoupling at this moment.Yesterday, Wall Street’s major indices crashed 2-3%, while Bitcoin crashed from the $9600 region,

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Bitcoin Price Analysis: Now Comes The Line BTC Had Failed To Break 9 Times Already

June 23, 2020

A quick recap: over the past week, we mentioned the dull static price action of Bitcoin between the tight range of $9200 to $9500, forming a 30-days long symmetrical triangle.As we anticipated a breakout of the triangle – that will be followed by a massive price move – yesterday it did happen. Bitcoin price broke the triangle’s upper boundary, along with the $9400 level (along with the MA-50 line), surpassing the next resistance at $9600 – touching $9800 along with the yellow-marked descending line on both attached charts.At this point and as of writing these lines, Bitcoin was not able to breach the critical yellow line while confirming old resistance at $9600 as new support.What’s Next For BTC?As can be seen, the $9600 becomes the new baseline for Bitcoin, and it will look to maintain it

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Bitcoin Price Analysis: Decision Time Facing Now Huge Resistance Area – Hidden Divergence?

June 21, 2020

Over the past two days, Bitcoin (BTC) price maintained the same $9200 – $9500 trading area that followed its price action for quite some time.Bitcoin is known for its volatility and does not tend to stay at one place for long, or trade at a tight range of 3-4% for days already.As we can see on the following 4-hour chart, the Bitcoin price is forming a giant symmetrical triangle for almost a month. This triangle apex is expected sometime in the next week; however, a breakout can occur at any time, usually before the apex itself.Anyways, a decision has soon to be made, also judging by the declining amount of trading volume.What’s Next?Symmetrical triangles have chances to break either way. However, we need to keep in mind that Bitcoin is now facing the top angle of the triangle as

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Bitcoin Price Analysis: Huge Move Anticipated As BTC Forming a Symmetrical Triangle On The Lower Timeframe

June 19, 2020

Over the past days, Bitcoin price was mainly trading around the $9400 mark, following the MA-50 pink line of both the attached 4-hour chart and the daily.This dull sideways action had started a week ago, and despite a little glitch below $9200, we can say that the trading range had been $9200 – $9500, which is quite stable for a currency like Bitcoin.What’s Next?As history taught us, Bitcoin does not like staying at one spot for a long while. We do anticipate a wild move to take place, probably during the upcoming weekend.Looking at the 4-hour chart, we can see that Bitcoin is forming a symmetrical triangle. This emphasizes the tight range the price is consolidating through, along with the fact that both scenarios – the bullish and the bearish are valid.Looking at the trading volume, the

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Bitcoin’s Tight Range Indicates On a Huge Upcoming Move As The New Week Starts (BTC Price Analysis)

June 14, 2020

Quick recap: Last Thursday saw another failed attempt to break the $10,000 mark. Shortly after, followed by the fatal drops of the global markets, Bitcoin found its value recording a daily low near $9K, almost $1000 intraday price move.This is not what the Bitcoin bulls prayed for: Together with the drop, was the idea of the positive correlation between Bitcoin and the markets.That correlation faded away over the past months, but as we could see, when heavy investors are selling off (Wall Street ended Thursday with 6-7% drops), it’s also coming to the cryptocurrencies. Gold, unlike Bitcoin, stayed stable during that period.What’s Next?After the sell-off to $9K, we saw a correction of 1-2% in Wall Street’s Friday trading session. This correction was also reflected in Bitcoin’s value.The

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Bitcoin Price Analysis: After Losing $1000 Yesterday, Is Mid-March Crash Starting All Over Again?

June 12, 2020

Recap of June 11, 2020: Bitcoin price touched nearly $10K as the daily high, and just a few hours later, the price plunged to almost $9K ($9078 on Bitstamp) as the daily low.In our previous price analysis reports from the past days, we anticipated a huge move. This is from yesterday’s analysis: “Bitcoin’s mid-term symmetrical triangle is coming to its apex, and a decision is soon to be made.”As Bitcoin couldn’t breach the $10,000 for maybe the sixth attempt since May 7, and together with the collapsing prices of the global markets – as Wall Street major indices dropped 5-6% on average on Thursday – the panic came to Bitcoin as well.Wall Street didn’t see daily declines of over 3% since March 2020. Following the day with the highest number of new cases of COVID-19 ever on June 10, 2020, is

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Bitcoin’s Crucial Week: Huge Price Move Anticipated As 2017-Weekly Trendline Comes To An End (BTC Analysis)

June 8, 2020

Yesterday, Bitcoin closed another weekly candle – the first week of June. During the past week, the price had gone through extreme volatility ($9100 – $10,500); however, there is good and bad news following the weekly close.The good news is that the weekly candle ended green while holding the long-term support at the ascending line started forming in January 2015. The weekly low was $9135 on Bitstamp, as seen on the following chart.The bad news is that the weekly candle could not close above the long-term descending resistance line, which started forming on December 2017 (Bitcoin’s all-time high).As can be seen in the following weekly chart, this week’s candle could be critical for the price of Bitcoin in the short-term.Bitcoin will look to break the crucial level of resistance between

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Bitcoin Now Fighting For Month-Old Resistance Line: Huge Move Coming Up? (BTC Price Analysis)

June 6, 2020

June started very violently for Bitcoin. On the first day of the month of June, the primary cryptocurrency recorded a 3-month high after touching the $10,500 resistance mark.However, the drop was even quicker, as Bitcoin price saw a free-fall to $9135 on Bitstamp, and even lower on BitMEX exchange.Over the past days, the volatility had decreased, along with the declining amount of trading volume. Keeping in mind also the RSI indicator, which is also indecisive around the 50-neutral area.All that time, there is the month-old descending trend-line (since the $10K May-7 high) that Bitcoin cannot breach on the daily (with a full body candle above the line).The bottom line is that after two false breakouts over the past week and numerous failed attempts to break, the chances for a bearish move

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Bitcoin Price Analysis: $9000 Incoming? BTC’s After Another Failure To Break Critical Resistance

June 4, 2020

This week had been quite volatile, even for Bitcoin. After the primary cryptocurrency broke-up to the 2020 highs near $10.5K, followed by a quicker drop back below the same critical trend-line, BTC is left now at the same levels it was trading at for the majority of the past week.The bottom line is that Bitcoin has hard times dealing with the descending trend-line as can be seen on both charts below – the daily and the 4-hour chart.This trend-line was started forming a month ago when Bitcoin reached the $10,000 mark for the first time since recording the 2020 high around mid-February.Another Rejection: $9K Incoming?As can be seen below, today’s daily candle tested the same trend-line and failed to break above. Immediately, Bitcoin lost over $100, getting away from the line.As of now,

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Bitcoin Price Breaks $10,000 First Time Since February: Updated Analysis and Next Targets

June 2, 2020

The new month of June brings new vibes to the primary cryptocurrency. After five failed attempts to break the $10,000 resistance level and its descending trend-line during the month of May, it finally happened on the first day of June.Bitcoin price just broke the huge resistance and spiked to reach a high of $10,500 on most exchanges. As of writing these lines, Bitcoin retraced a bit and now trading safely above the $10K benchmark level.The $10,000 was reached on May 7, 2020, just a few days before the halving event. However, the cryptocurrency didn’t hold it for long and quickly dropped to $8K over the following days.3 Months of PandemicFollowing the breakout, Bitcoin records its highest level since February 13, 2020, the day when the primary cryptocurrency reached the price of $10,500,

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Bitcoin Price Analysis: Huge Incoming Price Move, As BTC Will Soon Choose Between $10,000 And $9,000

May 31, 2020

Over the past days, the Bitcoin price is seeing only one direction, which is in favor of the Bulls. The coin that was trading for $8600 just five days ago is now aiming to re-target the $10K mark. However, will it be so easy?On our most recent BTC analysis from Friday, we pointed out a critical descending trend-line, which started forming once Bitcoin reached the $10K mark for the first time this month (May 7).On both the 4-hour and the following daily chart, you can see this line marked by yellow. As seen below, Bitcoin nicely reached up that line over the past several hours, for the fifth attempt over the past 24 days.However, the attempt quickly turned around and failed: Once Bitcoin reached over $9700, the coin rapidly corrected down, and as of writing these lines, BTC is trading even

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