The number of cases of coronavirus has risen to more than 2,700 in mainland China. Photo by Betsy ... [+] Joles

I have maintained for a long time now that China is a very significant driver of bitcoin (BTC). I have also maintained that bitcoin is a leading indicator of troubles in China because it is a safe haven asset and flight capital.

I have repeated the assertion that you cant easily fly out of a country with cash or gold and for countries with capital controls BTC is the only way to get out of town with significant amounts of capital.

Like it or not, the people are never the first to know when trouble is brewing. That is the whole reason insider information is illegal to act upon. The first to know in these emergency situations are the first to act.

So if you were a rich Chinese person and you heard about this outbreak, what would you do? You would certainly consider packing the family off for a bit of a holiday. You might stick around to look after the business, but you would definitely get your loved ones out. You see this in the Riviera. The Russian oligarchs keep their families safe in France while they ply their trade in Moscow. Who would not do the same in that situation?

However, you have to fund a long stay abroad and the best way to go, unless you are very well prepared, is to grab some bitcoin because once you have those crypto wallet keys the money is anywhere you want it. You might also buy it as a hedge against the worst.

The coronavirus outbreaks started in early December, so lets take a look at bitcoin:

Bitcoin's movement since the Coronavirus outbreak in Decwember

Remember we are not looking to the future, we are looking to the past, a past where things are happening before we know about them. Bitcoins recent rally aligns with the assumption that Chinese demand for bitcoin because of coronavirus has driven the price.

However, what are we looking for? We are looking for an early signal that things are going to blow over or get worse and I believe you can look at bitcoin for that temperature. As such, the chart suggests the situation is stabilizing, but of course it cannot predict the future, only the current situation.

This is what we are looking for in the Bitcoin chart

With the media screaming plague at the top of its toxic voice, the stock market could well take a tumble, but unless BTC shoots above $10,000 and heads for the moon I will be holding and looking to buy.

I wrote a fiction novel about global plague called The First Horseman so Im pre-sensitized to think the worse, but people on the ground will know what is really going on and will react like rational economic actors; if they think the game is up the word will spread far faster than the infection and BTC is the instrument that will react sharply and send up the SELL flare and have me pulling up my drawbridge.

I think we are going to get a buying opportunity in the market, not a global catastrophe, but thats simply a barely informed guess. Instead I believe bitcoin will provide early warning of good or bad news and we will have a reasonably clear picture one way or the other within ten days.

As such, Im going to be watching the bitcoin price like a hawk.

From Forbes: Stay informed and ahead of the crowd with Forbes Crypto Confidential, a free weekly e-letter delivered to your inbox. Sign up today.

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Clem Chambers is the CEO of private investors websiteADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginners Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

See more here:
Bitcoin Is A Leading Indicator Of The Coronavirus Outbreak - Forbes

Bitcoin (BTC) plans to move higher and further squeeze bears in the short term, several price indicators suggest.

As the week begins, a group of measurements some surprisingly accurate historically are combining to make traders firmly bullish on BTC.

Leading the positive signs is a useful but somewhat forgotten indicator dubbed the Guppy. This is a collection of exponential moving averages which has flashed green on the daily chart for the first time in around 300 days.

The interval is significant the last flip from red to green for Guppy was on April 9, 2019, coinciding with Bitcoins rapid rise to highs of $13,800.

Before that, Guppy also turned bullish on Jan. 14, 2018, when Bitcoin briefly rose above $9,000 on the way down from the all-time high a month earlier.

Bitcoins Guppy indicator bull and bear phases. Source: Hsaka/ Twitter

A second sign that bullish momentum is building for Bitcoin lies in the so-called Puell Multiple.

Used to identify the cryptocurrencys price cycles, the tool allows traders to tell from a miners perspective when the value of newly-mined Bitcoins is historically too high or too low.

Puell spiked during the 2017 highs, bottoming a year later in January 2019 when BTC/USD traded at under $4,000.

At present, the indicator suggests Bitcoin is significantly closer to the too low area than its lifetime highs.

Bitcoin Puell Multiple with peaks and troughs highlighted. Source: Glassnode/ Twitter

Zooming in, steady enthusiasm is already creeping into traders forecasts once again. For regular Cointelegraph contributor Michal van de Poppe, current action means $8,000 has now formed a fresh support level.

BTC/USD has gained around 3.8% since Friday, having bounced off local lows around $8,200.

Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support, he summarized in a Twitter update on Jan. 27.

Van de Poppe continued:

Eyeing to see a retest of $8,500. Holding that and we can aim for $8,900.

A classic guidance signal for Bitcoin comes in the form of the Mayer Multiple, which is also firmly supportive of Bitcoin as a buying opportunity this week.

The brainchild of Proof of Keys organizer, Trace Mayer, the Mayer Multiple divines to what extent it is profitable to buy Bitcoin at a particular time.

To arrive at its conclusions, it uses the current Bitcoin price versus its 200-day moving average. When the multiple is below 2.4, Mayer says, long-term Bitcoin buys saw the best long-term results.

The current multiple is 0.97 and has been higher 63% of the time since Bitcoin was created eleven years ago.

Bitcoin Mayer Multiple with 2.4 boundary highlighted. Source: Mayermultiple.info

Originally posted here:
Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again - Cointelegraph

Bitcoin (BTC) hitting $6,000 again is not only unlikely but would be concerning, a well-known commentator has told Cointelegraph.

Speaking in a market discussion with Cointelegraph, EzeeTrader partner Charlie Burton said that should current market behavior continue, those waiting to buy in closer to $6,000 will face disappointment.

...I think well have upside and then well have downside again, just to the point where a number of players will just get bored and move on, he said. Burton continued:

And then therell be a fast move thatll come, and a lot of people will say, Oh my God, why was I not on that move?

BTC/USD was trading at around $8,600 on Monday, having gained almost 4% over the weekend.

As Cointelegraph reported, a number of price indicators are flipping bullish for Bitcoin under current conditions, providing strong suggestions of bullish momentum on both a short and long-term basis.

I think the market has done a good job of shaking out a load of people into 2018 and 2019, but I think its probably a different type of shakeout now, Burton continued.

The comments broadly echoed previous market discussion guest, Peter Brandt, who also argued that buyers planning to enter at $6,000 had already missed their opportunity.

The weak hands are out the strong hands own it, he famously summarized last weekend.

Fellow guest YouTuber and Twitch regular Eric Krown appeared to agree. Based on technical analysis, he suggested that it would be poetic if Bitcoin denied the lower levels demanded by some traders.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraphs YouTube channel.

View post:
Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K - Cointelegraph

The price of Bitcoin (BTC) found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.

Alongside with that, the total market capitalization of crypto found a support at $215 billion and starting to look bullish. Will this mean that the correction is over, and crypto is trending upwards?

Crypto market daily performance. Source: Coin360

Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support. A recent example is showing a bounce on the green area, which is the $8,200 level. This type of bullish support/resistance flips is a common occurrence in an uptrend market.

BTC USDT 1-day chart. Source: TradingView

A break below $8,200 would have demonstrated weakness, as that level would not have provided enough buying pressure and support. Losing such a level would usually have been followed by a continuation downwards. An example is found after the push to $10,000 in November 2019.

The chart is also showing a clear breakout from the 7-month downtrend. A retest was done at $7,600, after which the price of Bitcoin rallied towards $9,200 for temporary resistance.

BTC USDT 4-hour chart. Source: TradingView

The 4-hour chart of Bitcoin is showing a healthy support/resistance flip at $8,200, after which price broke through the $8,500 resistance. Currently, the price of Bitcoin is facing the next resistance at $8,800.

However, its quite unlikely to see an immediate breakthrough at this level as the indicators on smaller time frames show exhaustion of this upwards move.

Additionally, some significant resistances are shown on the chart, i.e. $9,000 and $9,200-9,400, which are two hurdles to overcome if the price of Bitcoin wants to continue moving upwards.

On the support side, a retest of $8,500 looks quite healthy for confirmation of new support. Range-bound movements are now likely to happen if price cant break through $8,800 or drop below $8,500.

Total market capitalization cryptocurrency chart. Source: TradingView

The total market capitalization of cryptocurrencies is showing an essential bounce from the blue zone (level around $217-218 billion). A retest there was quite healthy as anticipated in a recent article.

This retest is now completed and shows intense buying pressure as the total market capitalization has already rallied up to $238 billion. This retest also indicates confirmation of the uptrend with the total market cap breaking the 7-month downtrend as well.

The first hurdle to overcome now is the $247 billion level. If that is broken, continuation towards $270 and $300 billion is likely to occur.

The total market capitalization chart of altcoins is looking healthy The market cap rallied from $52 billion to $80 billion. Only a slight retracement occurred to $71 billion, which means that it is stuck in a narrow range.

Total altcoin market capitalization chart. Source: TradingView

If we check the rest of the chart, we can spot many tests of the $80 billion level in recent months. Around three tests have happened prior to this latest one, which means that the resistance should become weaker.

Remember, the more times a resistance gets tested, the more exhausted sellers will get, and the weaker a resistance becomes. On the other hand, this also happens with support zones. The $6,000 support of Bitcoin in 2018 was tested many times before it broke down.

Given that these tests of the $80 billion level occurred quite frequently, a breakout to the upside is the most likely scenario at this point, meaning that the altcoin market cap could rally towards $120 billion.

BTC USDT 4-hour chart bullish scenario. Source: TradingView

The most bullish scenario would be a clear breakout of $8,800 and a continuation from there. However, as stated earlier, I find it unlikely to see such a move occur in one go.

A retest and consolidation would be more likely including a likely retest of the $8,500. This is healthy and would be almost required before the price of Bitcoin can continue to face higher resistance levels.

If Bitcoin can hold the $8,500 area for support, I see a breakthrough of the $8,800 and $9,000 as likely, after which $10,000 will become the primary target. Moreover, clearing $10,000 could bring the price of Bitcoin towards $11,000 as well.

BTC USDT 4-hour chart bearish scenario. Source: TradingView

Typically, the bearish scenario has a similar pattern in the beginning, as BTC needs to be rejected at the $8,800 level. However, the difference is in the subsequent pattern.

If the price of Bitcoin is to make lower highs with weak bounces, the downward trend is likely to resume. If this occurs, Id be aiming for bearish retest (support/resistances flips) of the $8,500 level as a potential short opportunity. The main target would then be the $7,600 area.

But first, the price needs to be rejected at $8,800-9,000 to get these scenarios going. Overall, the $8,100 support/resistance flip doesnt say that were bearish at this point. Especially, since that price has broken at a 7-month downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Here is the original post:
Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K - Cointelegraph

Bitcoin (BTC) is currently trading at around $8,610 following a 3% increase in price over the last 24 hours.

Even though BTC seemed to be struggling last week, the worlds largest cryptocurrency recovered nicely over the weekend.

Bitcoin momentarily traded close to $8,300 at the start of the weekend after price dropped 4% from Thursday to Saturday.

Since then, Bitcoin has rebounded to the upside, which reiterates the bullish sentiment surrounding the digital asset ahead of this summers halving event.

Bitcoin now seems to be consolidating above $8,600 and getting ready for another shot at the $8,830 level of resistance.

Lets take a look at Bitcoins chart, courtesy of TradingView.

Bitcoin has been climbing upwards since the start of the new year, breaking through all its EMAs over the past few weeks after a major rally that took the digital asset from just below $7,000 to over $8,600.

From bottom to top, BTC has grown about 28% in the space of 18 days. At the moment, BTC is still around 25% higher than the start of the year.

However, price needs to continue picking up steam if the hangover from the second half of 2019 is to completely turn around.

In addition, Bitcoins volume must continue to grow. At the time of writing, it is showing signs of having fully recovered and is now between 30-40% higher than last month around $23 billion.

If Bitcoin is able to maintain the positive trend seen so far this year, we might see it top $10,000 sooner than expected.

Last week, I underlined that within the next few days/weeks, we could see a major reversal after a period of serious accumulation by hodlers.

The boost in trading volume means the accumulation cycle could be close to an end and the bull run were all waiting for will start sooner than expected.

The upwards movement over the past few days could mean a shift in sentiment, but it is too early to tell. It seems we already found the bottom (during 2019) and could be making our way towards a mid-term move to the upside.

For the time being though, theres a chance it can go either way. Only if BTC continues to record higher lows will price continue to go up.

Hopefully, the 200-day EMA (blue line) will now become support for Bitcoin and BTC will continue to hold above all its EMAs. In addition, I expect the 20-day EMA to cross both the 50-day and 200-day EMAs to the upside quite soon.

When these golden crosses take place, my take on the market will considerably shift to the upside.

I strongly believe Bitcoin to be a long-term store of value, especially as traditional markets continue to show weaknesses.

How can the markets continue to push higher after the ECBs recent rate cuts, the continuous share buybacks from huge corporations, or the inverted bond yield shoving investors away towards riskier assets?

In addition, repo market activity as in loans from central banks to commercial and investment banks has spiked to new monthly records. That adds up to another signal of weakness for the general economy.

We shouldnt forget that the Bitcoin halving is coming in May 2020, which will put extra positive pressure on price as the number of Bitcoin minted per block is halved.

The key aspect of the halving event is to work out whether it has already been priced-in by miners. I personally doubt it, since most people (and businesses) have a short-term mindset.

Therefore, I see miners pushing for lower prices until the halving takes place. The harder it is to mine until the halving, the more miners will drop off, leaving more room for profits for the players who stay.

In conclusion, investors and traders should pay attention to the overall economic panorama, as it will most likely be a major catalyst for worldwide BTC adoption.

Safe trades!

Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:

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In August 2008, the domain name bitcoin.orgwas registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins.

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

Link:
Latest Bitcoin price and analysis (BTC to USD) - Coin Rivet

While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market.

Prominent cryptocurrency trader MoeMentum recently noted that while Bitcoin has just entered a new week in terms of price action, a key signal has already started to form:

The Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.

If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.

It isnt only the Fisher Transform signal that is suggesting Bitcoin is on the verge of entering another exponential, maybe even parabolic, bull run.

Cryptocurrency analystCryptokearecently notedthat the worldwide Google Trends, well, trends for the search term Buy Bitcoin have recently hit a seven-month high the highest since June 2019.

More specifically, the metric has hit a 10 on a long-term basis, with the metrics maximum being 100. The latest Google Trends 10, Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the$14,000 high.

He added that the long-term upwards trend for this metric, which is correlated with growth in the price of Bitcoin, is undeniable, pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.

Also, the weekly Moving Average Convergence Divergence (MACD) indicator just printed a bullish crossover, with the MACD line just crossing over the signal line.

So why is this relevant? Well, as pointed out in the below chart from NewBTC, the last time this technical signal was seen was in February of 2019, just months prior to a massive price explosion that brought BTC from the depths of the $3,000s to as high as $14,000 in a few months time.

Continue reading here:
Bitcoin Rallied 230% Last Time This Signal Flashed, And Its Back Again - newsBTC

After a five percent increase overnight, the bitcoin price is vulnerable to a major correction. A prominent trader Peter Brandt warned that a fall below a key level may trigger a serious correction.

Brandt named the 18 displaced moving average (DMA) as the important level bitcoin has to defend to prevent a large pullback. Currently, as of January 27, the 18 DMA is at $8,540 on BitMEX.

If the bitcoin price drops below the 17 DMA at $8,540 and enters the downward wedge once again, it would mean that the correction from $13,000 at the 2019 yearly high would merely resume.

The bitcoin price is at a critical point (Source: Peter Brandt Twitter)

Throughout the past week, many technical analysts have pointed out that the current bitcoin price trend eerily resembles the BTC drop from $10,600 to $6,410.

One cryptocurrency trader noted that the altcoin market is particularly weak, and a correction by a major altcoin like Ethereum could fuel a BTC pullback.

The major issue I have is with ETH. I think it presents the cleanest top signal. If I expect ETH to challenge $145 I dont think its feasible to expect BTC to hold $8.1k. It would be unusual to not see any strong move down following this set up, but not impossible, said the trader.

Bitcoin is coming off a 43 percent upsurge since late December, 2019, within merely a month.

After a significant rally in the 40 to 50 percent range for bitcoin, a pullback often ensues.

Major altcoins like Ethereum and Bitcoin Cash increased by anywhere in between 40 to 60 percent in the past month, with Bitcoin Cash rising by 72 percent against the USD at one point.

Traders are generally anticipating the bitcoin price to break below $8,540 and experience a deeper correction as it moves back into the declining wedge.

But, top technical analyst Josh Rager emphasized that if the bitcoin price defends the $8,000 to $8,200 range well, it can maintain its momentum.

Previously, Rager said that the invalidation point for the current bitcoin extended rally is $7,700.

He explained on January 21:

Daily closed under 200 DMA after an 8%+ drop. Could potentially see a push up before continuation down and watching the support at $8000 to $8200 for a bounce. Break below $7700 would be bearish but not expecting it drop that low at this point in time

This week is considered to be the critical decisive moment for BTCs short to medium-term trend, especially approaching the monthly close on January 31.

A close below key levels such as $8,200 and $8,000 would indicate that the trend of the bitcoin market is too weak to maintain upwards momentum.

See original here:
A Serious Bitcoin Correction to Occur if BTC Drops to This Level: Top Trader - newsBTC

Anyone dealing with bitcoin or even reading this will have at some stage had to explain it to someone with no knowledge. It is not always easy, but keeping these major benefits in mind may convince the cynics.

Explaining the benefits of bitcoin can be a challenge as most people with little knowledge of it will be highly skeptical. The first thing they will doubt is how an entity without a physical presence can have a monetary value.

In a recent Medium, The Startup has explained the key benefits of bitcoin for the benefit of non-believers.

One major advantage bitcoin has over traditional finance is identity protection. Even moving small amounts of money these days involve demands for identification and proof of where funds came from.

As the world moves towards a cashless society, every single transaction made can be linked to your identity giving banks and corporations unprecedented amounts of data on your spending habits.

You may not have anything to hide but a little privacy is still a personal right. Bitcoin, and a number of other privacy-based cryptos, can offer anonymity and privacy beyond any traditional method of moving money.

Bitcoin works everywhere and at all times, that is failing a catastrophic collapse of the internet. Centralized platforms such as banks and credit cards can and do go offline with single points of failure. Bitcoin is a global network with 100% up-time.

Mobile payments are made simple and you dont need to understand cryptography to use bitcoin just like you dont need to know how TCP/IP works to send an email.

Banks and centralized payments platforms such as PayPal make billions in profits by charging their customers to manage and move their money. High fees and slow transaction times with SWIFT are commonplace and the system is archaic by todays standards.

Bitcoin can be sent anywhere for a fraction of the cost, regardless of the sum or destination, in a matter of minutes.

Bitcoin also gives you full control of your money. Much of South America and a lot of Asian countries have strict capital flow controls restricting what people can do with their own money. As economic woes escalate these restrictions are likely to spread and people will have less control over their own finances.

Authoritarian regimes and banking systems restrict freedom but bitcoin gives it back. You can send and receive it anywhere in the world without any state meddling or surveillance.

Central banks also manipulate their currency flows and value in order to perpetuate a massive credit bubble and galloping debts. Bitcoin cannot be manipulated in terms of inflation or supply, it is finite, unlike the US dollar for example which has been flying off the printers in recent months.

These are just a few of the advantages that bitcoin has over traditional finance. It is a revolutionary technology that gives financial freedom back to whoever holds it.

What other benefits does bitcoin have? Add your comments below.

Image via Shutterstock

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Top Bitcoin Benefits Naysayers Need to Know - Bitcoinist

Once Bitcoin (BTC) started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.

Per previous reports from NewsBTC, long-time Bitcoin skeptic and CEO of Euro Pacific Capital Peter Schiff said in a tweet that the price of the leading cryptocurrency could dump to $1,000 to complete a chart pattern.

And even recently, despite the price of digital assets rallying by dozens of percent since the December bottom, a number of traders have asserted that a $3,000 Bitcoin price is in the books.

But, according to a prominent crypto analyst who called BTCs decline to the $6,000s, the idea that BTC is extremely bearish right now is somewhat irrational.

Legendary analyst Dave the Wave recently laid out four reasons why he is surprised at the bearish sentiment he is seeing on Crypto Twitter:

Dave isnt the only analyst expecting for Bitcoin to start to form an uptrend once again.

Willy Woo partner at Bitcoin fund Adaptive Capital said in December that per his analysis of on-chain data, he believes the macro price bottom was established in the low-$6,000s. Woo did say, however, that there is an opportunity for a drop below that bottom, but noted that it would just be a blip in the grand scheme of things.

Also, analyst Cryptokearecently noted that the worldwide Google Trends, well, trends for the search term Buy Bitcoin have recently hit a seven-month high the highest since June 2019 at 10.

The latest Google Trends 10, Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the$14,000 high.

He added that the long-term upwards trend for this metric, which is correlated with growth in the price of Bitcoin, is undeniable, pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.

Read the original here:
Scarily Accurate Analyst Gives 4 Reasons Why Bitcoin Price Wont Crash at $8,500 - newsBTC

Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.

The upside is now showing potential of the beginning of a macro bull run. Nevertheless, there are still resistances to over-come before confirmation on technical charts.

The daily high logged on spot exchanges is $8677.The price of Bitcoin [BTC] at 3: 15 hours UTC on 27th January is $8619.

According to leading analysts, $8650 marks an important area for bullish continuation. Derivatives and crypto trader, TraderXO, tweeted,

Coming into resistance at the weekly mid range of 88s Im currently short from 8640s 1/3rd size filled further asks higher up Targeting low 82s 8150s Clear invalidation level for me is closing above the weekly mid

Not only TraderXO, but also other prominent traders like George and SalsaTekila are in anticipation of resistance at $8650. George tweeted,

If we dont reject around 8650 and close the day strong, Ill close shorts and flip bull. Lets see.

Moreover, the 200-Day Moving Average at $8915 continues to act as the last big hurdles for bulls.

Nevertheless, while the resistance levels are intact, the price also moved above the long-term bear channel once again weakening the bearish sentiments.

The weekly close in the price was above $8500 at $8590. The price look strong above the 50-period moving average at $8000.

Bitcoin [BTC] price records yet another CME gap, nevertheless, this time-around it is a bearish one. The futures contract prices opens with a $100 gap at $8595 yesterday.

Moreover, similar to spot, the 200-Day Moving average seems to be acting as the critical region of support and resistance at the moment. The price has witnessed a bullish and bearish deviation, and is again attempting to make a run for it.

Do you think the bullish run will continue or is it another bull trap? Please share your analysis with us.

Summary

Article Name

Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears

Description

Bitcoin [BTC] bounces back above $8200 breaking the parallel channel resistance around $8450.

Author

Nivesh Rustgi

Publisher Name

CoinGape

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Bitcoin [BTC] Bulls on their Marks above $8500, Analysts Point to the Last Stand for Bears - Coingape