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BTC/USD Technical Analysis: Bitcoin Faces Downward Pressure Bitcoin's price experienced a decline on Tuesday and Wednesday following a series of significant legal developments in the industry. The BTC/USD pair dropped to a low of $36,260, significantly below the year's peak of $38,000. The BTC/USD pair retreated after reaching a high of $37,800 on Tuesday. On the 4-hour chart, it remains within an ascending channel represented by black lines. It is currently consolidating at the Exponential Moving Average (EMA) 50 and EMA 25. The Relative Strength Index (RSI) has moved below 50. Upon closer inspection, it has also formed a triple-top pattern, often a sign of a price decline. The neckline of this pattern is at $34,740, the lowest point on November 14th. Therefore, the outlook for this currency pair suggests a potential price decrease, with the next level to watch being $34,738. This perspective will be confirmed if the price moves below the lower boundary of the ascending channel. An alternative scenario is a recovery for this pair, moving above this week's high of $37,800.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin Price Faces Key Support Check Amid Market Weakness The price of Bitcoin (BTC) is displaying weakness, registering a 3% decline in a day, with most of these losses attributed to news surrounding the Binance exchange. Testing a crucial support level at $36,788, and with the Relative Strength Index (RSI) indicating weakening momentum, BTC could face further declines. Increased selling pressure below the critical $36,788 level within the extended supply zone ranging from $36,276 to $37,301 could present an opportunity for an extended downturn, with experts predicting a potential drop to the psychological level of $30,000. Currently, the bars on the Awesome Oscillator (AO) charts have dipped into the red and inch slightly towards the daily midpoint. This signals a gradual dominance by the bearish camp. Conversely, rising buying pressure from investors seeking to capitalize on the $36,788 retest could push the Bitcoin price higher. The first target would be surpassing the local peak at $37,972 before testing the upper range at $37,980 and ultimately achieving the psychological level of $40,000, representing a 10% increase from the current level.
BITSTAMP:BTCUSD
by Larissa-Trader
2
Bitcoin ETFs: Catalyst for Crypto's ComebackThe imminent approval of Bitcoin exchange-traded funds (ETFs) signals a potential resurgence for digital assets, attracting institutional and retail investors alike. The U.S. SEC is expected to greenlight ETFs by mid-January, opening the door for influential players like BlackRock and Fidelity to allocate a portion of their portfolios to cryptocurrencies. This regulatory shift comes in the aftermath of FTX's industry-shaking moves, dampening crypto enthusiasm despite recent market recovery. While traditional investors remain cautious, the normalization of Bitcoin through ETFs could redefine the market, offering transparency and liquidity benefits. The anticipated change holds promise but will likely take time to unfold, marking a potential turning point for digital assets.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin ETF to Further Democratize Financial Access Navigating the intricate landscape of blockchain technology and cryptocurrencies, roundtable host Rob Nelson engaged in a insightful conversation with Lule Demmissie, CEO of eToro USA. Their discussion delved deep into the future of digital assets and the evolving trends in cryptocurrency finance. Demmissie outlined how eToro users can trade not only bitcoin but also ether and over 20 other cryptocurrencies, emphasizing the democratizing aspect of digital assets. This democratization has enabled a broader audience to access a variety of alternative assets. According to Demmissie, this shift reflects the growing diversity in digital asset ownership. The conversation touched upon recent events in the cryptocurrency world, including the legal case involving Sam Bankman-Fried. Nelson pointed out that such fraud cases are not exclusive to cryptocurrencies but are common challenges in the financial world. He highlighted the cleansing effect these incidents have on the cryptocurrency space, supporting the potential democratization of bitcoin as a decentralized currency. The discussion then shifted focus to the anticipated launch of exchange-traded funds (ETFs) for bitcoin. Nelson expressed his belief that these ETFs would significantly democratize bitcoin, a sentiment echoed by Demmissie, who emphasized the importance of not solely concentrating on spot ETFs. She advocated for expanding the use of digital assets and decentralized finance (DeFi), envisioning a future where traditional finance (TradFi) and DeFi coexist to diversify risks in an increasingly complex world. As the conversation concluded, Demmissie underscored the potential of blockchain technology and tokens to empower communities and revolutionize non-profit sectors. She emphasized the role of technology in breaking down access barriers and democratization, a theme resonating throughout their discussion on the future of cryptocurrency. The dialogue between Nelson and Demmissie provided valuable insights into the current state and future potential of cryptocurrency, highlighting the crucial role of technology in democratizing finance and creating new opportunities in the realm of digital assets.
BITSTAMP:BTCUSD
by Larissa-Trader
We Could See a Macro Wyckoff Accumulation In my opinion we can see the big guys left their footrpints in shape of secondry test which plays a major roll in Wyckoff Accumulation Method I am not sure yet because of there are diffrent typs of Wyckoff Accumulation and Distribution so cant ruled it out which one is going to playout but the best method is wait and watch either we could find support at 15500$ which will be aslo considered as a Wyckoff Accumulation or we could take out that low to make ATL ( bottom ) for BITCION WHATS MORE LIKLY ? In my opinion more likely Bitcoin has to take that low to create a bottom arround 10K to 8K before new bullrun
Short
by MemoCrypto
5
"Bitcoin Price Rises Northward in Recovery Effort" Bitcoin's price is trending upward, attempting to recover recent losses that wiped out $90 million in open interest from the market. With the 25-day Exponential Moving Average (EMA) hovering at $34,572, BTC is striving to reclaim territory above the crucial resistance level at $36,788. To confirm an upward move, investors should monitor Bitcoin's price breaking and closing above $36,788. This would set the stage for BTC to target the highest range within $37,972 before reaching the psychological level of $38,000. In the case of a strong uptrend, Bitcoin's price could extend its reach to the psychological level of $40,000, representing a 10% increase from the current level. The Relative Strength Index (RSI) is pointing upward, indicating increasing momentum, while the Awesome Oscillator (AO) remains in positive territory, providing additional confidence in the bullish argument. Conversely, another rejection from the $36,788 resistance could lead to Bitcoin losing support from the 25-day and 50-day EMAs at $34,572 and $32,456, respectively, before descending into the supply zone, becoming a trend-reversal tool. In this scenario, it may test the 100-day EMA at $30,528.
BITSTAMP:BTCUSD
by Larissa-Trader
"Bitcoin Slides on ETF Closure Fears, $90M Profits Vanish" Bitcoin witnessed a nearly 5% decline on Tuesday, dropping to $35,500 as the cryptocurrency market grows apprehensive ahead of November 17. This downturn resulted in the liquidation of 119,246 million dollars in long positions, erasing $90 million in open interest for BTC. Alternative currencies also faced liquidation, totaling $194.57 million, under substantial selling pressure. Bitcoin holders and the entire cryptocurrency market are eagerly anticipating developments from the U.S. Securities and Exchange Commission (SEC) following recent statements that the financial regulatory body has a narrow 8-day window to approve or reject a Bitcoin spot ETF. With the closing window, the market is increasingly on edge. Bitcoin's 5% drop and the liquidation of $120 million in long positions come as the SEC remains silent just three days before the deadline. The lack of clarity or hints from the SEC regarding the ETF registration has led to a negative market response.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin Dips Below $37,000 Ahead of US CPI Data Bitcoin experienced a surge to nearly $38,000 last week, marking its first such peak since May 2022. However, the cryptocurrency faced a retreat, sliding to $36,880 as traders awaited the release of Consumer Price Index (CPI) data on Tuesday. The overall CPI, a closely watched inflation indicator tied to changes in the cost of living, is expected to show a 0.1% increase from the previous month in October. This marks a significant shift from the 0.4% rise observed in September. In his recent speech, Federal Reserve Chairman Jerome Powell stated that the US central bank would not hesitate to raise interest rates to ensure price stability. Powell expressed skepticism that the Fed had reached a sufficiently restrictive stance. Bitcoin traders remain cautious as the core CPI inflation rate, excluding volatile items like food and energy, indicating a long-term inflation trend, is predicted to stay at 4.1% YoY and 0.3% MoM. This price dip in Bitcoin ahead of the CPI data underscores the market's sensitivity to inflation figures and central bank policies. Investors are monitoring these developments closely as they assess the potential impact on the cryptocurrency market amid broader economic uncertainties.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin's Journey Towards the $40,000 Resistance Level Bitcoin has experienced a notable recovery over the past few months, surging from $25,000 to $38,000 in less than two months. The potential for further upward movement is anticipated in the coming days and weeks until it reaches the key resistance level of $40,000. The strategy involves waiting for the price to close above the minor resistance level of $3,718.5, with a plan to initiate a buy trade upon achieving this closure. The target for this trade is set at the daily main resistance level of $40,000. On smaller timeframes, such as the 15-minute chart, the price is forming a reverse head and shoulders pattern, indicating a continuation of the upward trend. Analyzing this currency pair, the focus is on the anticipation of a bullish breakout above $3,718.5. Once confirmed, traders may look for buying opportunities with a target set at the significant daily resistance level of $40,000. The presence of the reverse head and shoulders pattern on the 15-minute chart adds a bullish signal to the overall analysis, suggesting potential sustained upward momentum in the near term. However, as with any financial market, traders should exercise caution and be mindful of potential market fluctuations.
BITSTAMP:BTCUSD
by Larissa-Trader
1
Bitcoin Surges Past $37,000 in a Short Time On Thursday, November 9, the world's leading cryptocurrency, Bitcoin, rapidly surged above $37,000, approaching the $38,000 mark, marking its first such increase in 18 months. The remarkable 5.69% growth in less than a day (adding $2,000 to its price) is attributed to analysts at Bloomberg anticipating that the U.S. regulatory agency, the SEC, will face a "short window" to greenlight 12 Bitcoin futures ETFs, including BlackRock (NYSE: BLK) and Grayscale, within the next 12 days, starting from Thursday. Another Bloomberg analyst, James Seyffart, shared his expectation that the regulatory agency will approve the first BTC ETF in early January, stating a 90% probability of such an occurrence. Following Bitcoin's growth, Ethereum also experienced a significant increase, reaching $2,133. However, both leading cryptocurrencies have since lost some momentum, with Bitcoin trading at $36,943 and Ethereum at $2,071.
BITSTAMP:BTCUSD
by Larissa-Trader