Alexeifedorenko
The first bitcoin ETF is coming? BTCUSD has surged past the $8,000 handle for the first time in two month on Tuesday, continuing its rebound from lows below $6,000. Bitcoin dominance rate also rose significantly over the last days – to 47%, the highest level since December last year, when the price reached all-time highs just below the $20,000 figure.
The world's largest cryptocurrency by market capitalization rallied amid growing expectations for the first bitcoin ETF approval. VanEck and SolidX have joint forced to bring a physically backed bitcoin ETF to market. Now the SEC is expected to make its decision around mid-August or in September. The Commission requested for comment on the issue, and over 97% of responses are positive. So it looks like there is a high probability that the fund will be approved this time.
Positive expectations could push the price of bitcoin north further as the positive verdict hasn’t been priced in yet. The market will continue to monitor highlights and fresh signals from this front, while technicals also point to the prospects for further ascent. In the short term, the pair needs to confirm a break above the $8,000 barrier with the next target at $8,200, where the top of a descending wedge pattern lies.
Bitcoin approaches major resistance Bitcoin staged an impressive rally last week and continues to perform quite well on Monday. The price has regained the 100-DMA at $7,600 and jumped to May 23 highs just below the $7,800 level which represents the immediate resistance for bulls now.
The sentiment in the digital currency markets continues to improve due to a lack of negative headlines and developments in the industry. The ongoing rally is partly fuelled by the so-called fear of missing out or “FOMO”, where traders tend to join the ascent in order not to “miss this train”. However, without fresh bullish catalysts, the ascent will hardly continue much from the current levels.
As for the technical factors, there are some signs pointing to a correction risk already. As such, the bullish MACD in the daily charts shows signs of fading impetus, RSI is indicating overbought conditions, while the $7,800 area serves as a rather stiff resistance on the way to the $8,000 handle. Therefore, the coin could see a corrective retreat before another push higher.
Bitcoin needs bullish confirmation Buying interest in bitcoin has surged over the past week, with the price has eroded important resistance levels on the way to the $7,600 area which looks tough to be broken so far. This level has been capping bulls for a fourth day in a row, and the longer the coin remains below it, the higher the risk of a retreat.
Sentiment in the cryptocurrency markets has improved recently, with the main reason behind the rally is the rising interest from institutional investors. Some progress in regulation also supports optimism and attracts more traders who are afraid to miss the rally. Against this backdrop, bitcoin could continue its ascent in the near future, but a lot depends on the technical factors as well.
In particular, the coin has faced a stiff resistance level of $7,600 which is hard to be broken without some fresh catalysts and positive headlines. Therefore, there is a risk of a corrective retreat from more than one-month highs. On the other hand, the price could try to stay afloat during the weekend, but at some point, a partial profit-taking is inevitable unless BTCUSD confirms the bullish breakthrough.
Bitcoin will resume the ascent after a pause Bitcoin price has stabilized after an impressive rally. The coin faced a tough local resistance just below the $7,600 area and has retreated partially since then. The technical picture has improved significantly after the recent breakthrough as the price has recovered above the 10- and 50-DMAs and almost reached the 100-DMA.
The digital currency is driven higher amid a number of positive news, highlights and comments, accompanied by bullish technical factors. The current picture shows the coin could have bottomed out already, though it is yet to confirm the rebound. The immediate upside goal comes at $7,600. A break above will open the way to $7,800, while above this level, $8,000 will come into focus.
However, it is possible that after an aggressive rally, buyers are waiting for a pullback to enter the market at lower levels. If that is the case, we could see some downside correction in the near future after a short period of consolidation as market participants need some time to decide on further direction. After that, the pair will likely resume the ascent.
Bitcoin: reversal pattern confirmed. What next? Bitcoin has finally surged past the $7,000 mark after a break above the $6,800 resistance which capped gains since June 10. As a result, the coin has been testing the $7,500 area on Wednesday for the first time in more than a month. The latest movements may signal a major change in industry sentiment.
There were quite a lot of bullish factors in the market recently. In particular, Coinbase, the largest exchange in the world, has been approved to list tokens that are categorizes as securities. Meanwhile, cryptocurrency-friendly David Solomon moves into the chief executive role at Goldman Sachs. Japan’s LINE is reported to launch a cryptocurrency exchange BitBox this month, while BlackRock has formed a team to look into the industry.
The long-awaited series of bullish headlines, highlighting the growing interest in the industry from the institutional investors, indicates an improving outlook for the market which suffered a major decline since mid-December. However, in the short-term charts, RSI is signaling overbought conditions already, which coupled with stochastic is in the overbought zone, may warn about the return of selling pressure in the short term, especially considering a strong resistance around $7,800.
Bitcoin is getting healthier Bitcoin rallied decently on Monday, with the price has easily jumped above the 10-DMA, up to the $6,700 area. BTCUSD has been extending gains for a fifth day in a row today, with the coin is trading within striking distance of the $6,800 key local resistance level which is limiting the upside momentum for over a month already.
The bullish catalyst came from the reports that BlackRock has formed a special working group to focus on the ways it might take advantage of digital currencies and whether it should invest in bitcoin. This is a cheering signal for the industry as BlackRock is the world’s biggest asset management company, so other large firms could follow the suit some time later and join the game.
The pair shows further signs of a reversal, but it is yet to confirm the bottom. The virtual currency still lacks the upside impulse to challenge the key area of $6,800. Only a break above this region will become a confirmation of a local reversal and will open the way to the $,7000 mark and higher. Moreover, after the recent ascent, bitcoin could attract some profit-taking, though the downside potential should be limited.
Bitcoin stuck in limbo BTCUSD had a viable weekend, with the pair has appreciated and thus has trimmed its weekly losses. Nevertheless, the coin remains stuck in limbo, being shut in a limited range of $6,000-$6,400 for the last six days. The market obviously lacks fresh catalysts and headlines to stage a more vivid movement in either direction.
The digital currency returned most of its previous July gains last week, mainly due to some negative comments by prominent names and another exchange hack. Besides, US authorities arraigned twelve Russian officials for using the virtual currency in interfering with the 2016 elections. All these developments derail the buyers’ attempts to push the price of bitcoin out of the boring range.
Technically, the coin shows some signs of bullishness as the price remains reluctant to get below the $6,000 key immediate support. Therefore, should the upcoming week doesn’t bring fresh negative developments and headlines, BTCUSD could try to challenge the $6,400 region which has been limiting the recovery attempts since last week.
Bitcoin swings between gains and losses BTCUSD has been changing hands in the $6,200 area, with a mildly positive bias after a bounce from the $6,000 key short-term support. The digital currency, which continues to swing between gains and losses, managed to hold above this psychological level yesterday, but it remains to be seen if it can build the recovery traction.
The industry sentiment remains subdued this week, with reports on the security breach on Bancor exchange have added some downside pressure on the digital currency as the accident made traders worry about safety of their tokens. The general positive sentiment around the greenback restrains bitcoin’s bullish potential as well.
Some technical indicators reflect the lingering risk of return in selling pressure in the short term. Should the pair derail the $6,000 threshold, the price will target the $5,800 area once again. To prevent such a scenario, the coin needs to regain the 10-DMA at $6,500. The industry needs positive regulatory news and commentary to show a more sustainable and convincing rebound.
Bitcoin maintains stability – good sign in the longer term Bitcoin failed to keep gains above the 10-DMA earlier this week, which triggered a more aggressive sell-off. The coin has extended its slide to the $6,000 key figure on Thursday and remains under pressure. The digital currency is still vulnerable to further losses and could challenge the important support in the nearest future if the bulls don’t enter the game at this stage.
On the one hand, the pair’s inability to stage a convincing and sustainable ascent deters long term buyers who start to doubt that the asset could get back to its previous highs, registered in mid-December. The virtual currency still looks unattractive for bulls and draws sellers on rallies.
On the other hand, bitcoin has been steady in the $6,000-$7,000 range over the past few weeks, which highlights some stabilization of the market. In time, lower volatility coupled with higher security levels could attract institutional investors to the industry. In the short term, BTCUSD needs to regain the $6,400 area to resume the rebound and get back above the 10-DMA.
Bitcoin may rise above $7,000 BTCUSD pair is changing hands around $6,600 on Tuesday after another failed attempt to challenge the $6,800 key immediate resistance on the way to the $7,000 threshold. The optimism has been gradually abating after the prices rose decently during the weekend, but in a wider picture, the technicals continue to point to increasing bullish opportunities.
The reason behind the recent slide in bitcoin price this week is the negative tone by influential economists Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini as they insist that digital currencies have no future. However, the industry has already got used to remarks of the kind, and this time, BTC will likely shrug off the skeptics’ highlights in the near future.
Traders will focus on technical factors down the road. There is a good chance that the cryptocurrency will stage another weekly rise after two weekly gains in a row. The bearish pressure looks limited at this stage, and as long as the price keeps above $6,400, the $7,000 mark remains in play. The nearest hurdle for buyers is the $6,800 region.
Bitcoin may rise above $7,000 BTCUSD pair is changing hands around $6,600 on Tuesday after another failed attempt to challenge the $6,800 key immediate resistance on the way to the $7,000 threshold. The optimism has been gradually abating after the prices rose decently during the weekend, but in a wider picture, the technicals continue to point to increasing bullish opportunities.
The reason behind the recent slide in bitcoin price this week is the negative tone by influential economists Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini as they insist that digital currencies have no future. However, the industry has already got used to remarks of the kind, and this time, BTC will likely shrug off the skeptics’ highlights in the near future.
Traders will focus on technical factors down the road. There is a good chance that the cryptocurrency will stage another weekly rise after two weekly gains in a row. The bearish pressure looks limited at this stage, and as long as the price keeps above $6,400, the $7,000 mark remains in play. The nearest hurdle for buyers is the $6,800 region.
Bitcoin: it’s all about market sentiment BTCUSD staged the second weekly gain in a row last week and attempts to preserve the upside bias on Monday. The price has reached the $6,800 key resistance area on Sunday but still lacks the buying pressure to stage a more sustainable ascent from lows below $6,000 reached last month.
The market sentiment seems to be improving gradually due to a lack of fresh negative updates and headlines. However, it’s still not enough to open the way to a rally as there are still a lot of risks and uncertainties in the industry, while the interest from institutional investors remains too timid so far, mainly because of security and regulation issues all over the globe.
From the technical point of view, the pair needs to keep above the $6,400 intermediate support to avoid a sell-off. Despite the industry sentiment has improved over the couple of weeks, the bearish risks still persist as the digital currency remains vulnerable in the face of potential negative industry news and developments.
Bitcoin bulls lack impetus The sentiment in the cryptocurrency industry has been fairly robust these days, with bitcoin tries to tend higher within the established channel. However, the digital currency still lacks buying interest to challenge the top of this channel at $6,800.
The BTCUSD pair keep above the $6,000 area, which is a positive sign for bulls, trying to push the coin north amid the lack of negative headlines in the industry. But this may not be enough to put bitcoin on a firm recovery path as the market needs some bullish developments, comments and signs of increasing demand from institutional investors.
Yesterday, the virtual currency failed to challenge the $6,700 area and had to retreat to $6,500. On Friday, the pair continues to move south, but the bearish impetus looks limited, at least for the time being. The short-term downside risks are still there, but there are a few intermediate support levels that could prevent the price from more aggressive losses at this stage. Moreover, the digital asset could attract buying interest at some point and get back to the $6,700-6,800 area once again.
Bitcoin needs to step out of its comfort zone Bitcoin price action has been rather muted lately, and it looks like the cryptocurrency has found its comfort zone below the key $6,800 resistance. The bulls lack incentives to push the price above this barrier as the general market sentiment remains neutral for the time being.
For the current picture to change, BTCUSD needs to step out of its familiar trading range. However, there are no any catalysts at the moment to boost the coin in either direction. The longer the pair remains in the limited range, the more aggressive could be its reaction to fresh industry news and incentives down the road.
In the daily charts, BTC sentiment has improved since slate-June. But the impetus is not enough to challenge the mentioned resistance. On the other hand, technicals could push the price north should the digital currency stay afloat above the $6,300 region in the coming days. Only above $6,800 we can call a bottom and target $7,800 in the medium term.
BTCUSD needs more buyers BTCUSD is making a limited downside correction on Wednesday, with the $6,700 area remains the key immediate obstacle for buyers. The pair has been rejected from this area once again and now tries to stay relatively afloat above $6,400, which is the nearest support.
There are no any fresh catalysts in the market this week, and the dynamics is mostly attributed to some technical factors, along with the reemerging bullish impetus at low levels, as bitcion has been attracting buying interest since June 29, when the price briefly dropped below the $6,000 threshold. Despite there is no any straightforward rally, the short- and mid-term technical outlook has improved over the last days.
Despite some bullish signals, the way north will hardly be that easy as there are still many traders that wish to sell the rallies. Moreover, it is still too early to call a bottom for BTCUSD because a number of concerns and the overall uncertainty, including regulation and security, still persist in the industry. In the short term, the coin needs to stay above the $6,400 support to resume its rebound towards the $6,800 region.
Bitcoin needs to keep the recovery impetus Bitcoin was trading up almost 5% on Monday after a decent recovery over the weekend. The price surged above the $6,600 area, to 11-day highs. Other coins also rallied significantly, which helped the market to trim losses after aggressive declines.
The bullish catalyst for BTCUSD was the report that the largest US cryptocurrency exchange Coinbase announced that its crypto-custody product went live. The custody aims to safeguard cryptocurrencies for institutional clients such as hedge funds. Traders hope that this step will attract more institutional investors down the road, which is supportive for the industry.
Bitcoin has been changing hands close to daily highs during the early hours on Tuesday, with the immediate resistance now comes at $6,700. Should the market manage to keep the current optimism, the corrective rebound will continue. However, the downside risks persist as there is still much skepticism in the market, and the latest catalyst won’t be enough to fuel further rise. Therefore, a lack of upside impetus could derail the recovery attempts and bring another sell-off to the market.
BTCUSD wants to form a bottom Over the weekend, the pair has attracted demand close to 2018 lows and briefly jumped to the $6,500 area for the first time since June 22. The price has retraced since then, but remains above the $6,000 threshold, and now the $6,500 region is considered as the major immediate resistance.
The digital currency closed the week marginally higher. Though is remains around this year lows, there are signs that the price attempts to form a bottom. As trading volumes are getting lower amid the bearish trend in BTC, the chances are growing that more bulls will get into the game down the road. Moreover, for long term investors, the current levels look quite attractive.
From the technical point of view, the cryptocurrency is still vulnerable to further losses, but the recovery prospects remain. In the short term, the price needs to keep above the $6,000 support in order to attract buyers again and to challenge the $6,500 area with the next target at $6,800.
Bitcoin at dangerous levels Bitcoin failed to keep above the $6,000 key threshold and dropped to the $5,800 area during the early hours on Friday. There were no any obvious catalysts behind the latest move which seems to be just a continuation of the bearish trend remaining intact since mid-December.
In a wider picture, the selloff has accelerated in recent weeks amid the renewed concerns over regulatory steps all over the world and the latest wave of hacks in the industry. Following the Japanese regulator, South Korea is also reportedly stepping up its regulatory framework. Yesterday’s Bank of England negative comments on cryptocurrencies the have also added to the bearish sentiment in the market.
Technically, the narrowing gap between the moving averages signals that the downside pressure could ease in the short term. On the other hand, a break below the $6,000 level opens the way to further losses, down to fresh 2018 lows. The key on the downside is the $5,760 figure. Bitcoin needs to get back above the mentioned psychological level to avoid a more aggressive selloff.
Bitcoin barely hangs on to $6,000 Bitcoin price keeps above the $6,000 threshold since the start of the week. However, the coin has been trading with a bearish bias recently, unable to regain the upside impetus amid concerns over regulation in Japan.
Amid the regulatory crackdown, crypto exchange Huobi Pro decided to suspend operations in Japan, citing some compliance issues with the Japanese law. The exchange failed to register with the Financial Services Agency and had to leave the Japanese market. Meanwhile, Facebook has decided to drop its ban on cryptocurrency advertising, which has somehow limited the downside pressure on digital currencies.
BTCUSD still lacks drivers to attract buying interest, with the immediate risks continue to point to the downside. The key support comes at $6,000 as a break below will open the way to early-February lows around $5,700 registered on Sunday. On the upside, the $6,400 area remains the main short-term obstacle for bulls.
Bitcoin at critical support level Bitcoin faced a tough local resistance ahead of $6,400 on Monday and since then trades lower within the bearish trend established late last year. The coin is attempting to keep above the $6,000 threshold to avoid a more aggressive selloff in the short term.
Over the weekend, the upside impetus proved too timid to open the way for further gains, which triggered profit taking, fueled also by dollar strength as trade-war worries have partially eased recently. The additional downside pressure on BTCUSD came from Alibaba’s chairman Jack Ma who advised against investing in bitcoin and called it a bubble, though mentioned that his company is betting on blockchain.
It’ till too early to call a bottom as concerns over tighter regulation in Japan still persist and a number of influential skeptics remains high. The technical picture points to downside risks as well. Should the digital currency derail the $6,000 critical support in the foreseeable future, the price will get down to this year lows at $5,760 and could even challenge this area if the sentiment in the industry doesn't improve in the short term.
Bitcoin: time to buy? Bitcoin price has stabilized after an aggressive crush earlier. The price has been attempting to regain ground and get off the mid-November lows below the $6,000 threshold. As the asset managed to stay above $5,500 and looks cheap, some market participants may consider the current levels as attractive entry points for opening longs.
The sell-off is probably already behind us, though the bearish risks remain as the recovery momentum looks too timid and limited for the time being. There were no any substantial changes in the market sentiment over the recent days, but the ongoing consolidation with some upside bias signals there is a potential for a more sustainable rebound down the road.
Technically, the digital currency has been capped below the $6,400 area. The BTCUSD pair needs a clear break above this local resistance to stage a more substantial and steady corrective rebound from this year’s lows. The longer the coin remains below this level, the higher the risk of another sell-off with a break below the $6,000 figure.
Bitcoin needs bullish drivers The BTCUSD pair has been trading within a rather limited range this week, holding above the $6,500 area since Tuesday. The coin swings between gains and losses due to a lack of directional impetus in the industry, where the local sentiment looks neutral, while the bigger picture remains bearish.
Despite the recent signs of improvement in the market sentiment, bitcoin needs some bullish drivers and catalysts to stage a more convincing rebound and make a breakthrough at this stage. The key upside barrier still comes at $6,800. This area limits the bullish attempts since the major sell off on June 10. And the longer the price remains below this resistance, the higher the risk of resuming the downtrend in the short term.
On the downside, the digital currency needs to hold above the mentioned $6,500 in order to proceed with recovery attempts. The question is whether the market will find any such a catalyst in the coming days that could send the price higher to put an end to the ongoing consolidation pattern.
