Bitcoin Price Broaches New Weekly High But Slips into Bearish Correction

Twitter Facebook LinkedIn On Monday, bitcoin underwent a bearish correction after establishing a new weekly high at 6440-fiat, falling close to 0.8 percent. Bitcoin Hits Weekly High The BTC/USD pair is trading in a bull trend above the 200-period simple moving average on hourly charts. The big move yesterday seems to have appeared more because of Tether, whose USDT token lost its dollar-peg once again, and its holders started jumping towards other coins. Prior to that, the BTC/USD pair was already pursuing a stable uptrend on near-term charts, albeit with…

Bitcoin Cash Volume Surges 7x to $1.4 Billion, Crypto Market Recovering

Twitter Facebook LinkedIn Major cryptocurrencies including Ethereum, Bitcoin Cash, and Litecoin have increased by more than 5 percent in value over the last 24 hours. The cryptocurrency market has started to demonstrate signs of recovery, as the daily trading volume of large digital asset trading platforms has increased over the past week. The volume of Bitcoin, led by an abrupt surge in volume in the cryptocurrency exchange market of South Korea and the BTC-to-KRW trading pair, increased from $3.1 billion to $4.4 billion within a span of seven days, increasing…

Bitcoin Price Intraday Analysis: BTC/USD in Breakout Action

Twitter Facebook LinkedIn Bitcoin on Sunday jumped 2.13 percent against the US Dollar as USD-pegged cryptocurrency tether (USDT) resumed its implosion. BTC/USD was in a sideways sentiment for most of the weekend trading session. The bearish trendline has capped the upside bias on multiple occasions. Nevertheless, the pair — from the past 8 hou rs to the time of this writing — has persuaded a successful breakout action, breaking the cap mentioned above and forming new intraday highs towards 6464-fiat. At the same time, CoinMarketCap.com is showing a massive drop…

‘Tis the Season — to Evaluate Bitcoin’s Price Performance

Twitter Facebook LinkedIn By Rafael Delfin, Head of Research at Brave New Coin, a leading provider of high-value cryptocurrency market data and insights, since 2012. October 31st, 2018 marked the 10-year anniversary of the publication of Bitcoin’s white paper. While it was initially circulated among a small and obscure cryptography mailing list, one decade later, the implementation of the mythical white paper is disrupting the world’s notion of money, sovereignty, and everything in between. Since its inception, bitcoin’s performance has been nothing short of extraordinary. With its highly volatile nature,…

Bitcoin Price Intraday Analysis: BTC/USD Holds Support

Twitter Facebook LinkedIn Bitcoin on Friday witnessed as much as 1.3 percent gains against the US Dollar from the pair’s previous low at 6293-fiat. BTC/USD is in a minor pullback scenario ever since and is trading at 6364-fiat at the time of this writing. In contrast to the Asian session, the European hours today witnessed lower volume. It pushed the pair into a narrow trading range altogether, leaving little-to-no room for day traders to find intraday opportunities. The US Dollar Index (DXY), on the other hand, came under some selling…

Bitcoin Price Intraday Analysis: BTC/USD Recovers amid Vulnerability

Twitter Facebook LinkedIn Bitcoin on Thursday is trending inside a narrow trading channel, sustaining the 1 percent gain it made the previous day. The BTC/USD instrument is rebounding from the highs made during the Wednesday trading session, now 0.67 percent down at 6307-fiat. The high ticks in bitcoin’s volume index somewhat explain how new money has entered the bitcoin space in the past 24 hours. On the other hand, the US Dollar Index was on a downside corrective path on Wednesday, validating investors’ inclination towards redistributing their greenbacks back to…

Bitcoin Bull Tom Lee ‘Pleasantly Surprised’ by Drop in Crypto Volatility

Twitter Facebook Over the past several weeks, the bitcoin price has been uncharacteristically stable, even as equities have lost their footing and the global stock market has flirted with corrective territory. Tom Lee, the founder of Fundstrat Global Advisors and one of Wall Street’s most well-known bitcoin bulls, said that he was pleasantly surprised by the drop in crypto volatility, particularly when juxtaposed with the stock market’s recent swings. He told CNBC: “It’s surprising given how small bitcoin is in terms of market cap. The total crypto market cap is…

Bitcoin Doesn’t Move as Market Continues Stability, Volume Rises 20%

Over the past 24 hours, the cryptocurrency market has demonstrated the same trend it has shown throughout the past 12 days, with Bitcoin at $6,400. The volume of Bitcoin has increased by nearly 20 percent from $3.1 billion to $3.5 billion, hinting a rise in trading activity in the cryptocurrency exchange market across major digital asset trading platforms. The sudden rise in the volume of Bitcoin, which has been stagnant since mid-October, could lead to a potential short-term positive movement on the upside in the days to come. Is Bitcoin…

BTC/USD Predictable amid Low Volume

The Bitcoin-to-dollar exchange rate on Friday remained entrenched into the stable territory amid low volume. The BTC/USD is currently trading at 6406-fiat, just 0.42 percent above its intraday low. The pair continues to bounce between a $58 wide range, providing day traders plenty of profitable opportunities to enter and exit the market on every pullback action. At the same time, the quoted US Dollar index (DXY) recently posted yearly highs at 96.62-fiat but retraced back to the nearby support level at 96.08. The reverse correlation between BTC and DXY continues…

Is Bitcoin Primed to Initiate a Rally Above $7,000 After Weeks of Stability?

Throughout the past ten days, the Bitcoin price has remained in a tight range from $6,300 to $6,500, rarely initiating a noticeable movement. The 1-day price chart of Bitcoin, as shown below, demonstrates nearly two weeks of stability in the lower price range of the dominant cryptocurrency, unable to engage in a short-term upside movement to confirm a breakout above a major resistance level. In the past 24 hours, the volume of BTC has fallen back to $3.1 billion from $3.5 billion, by more than 10 percent. The lack of…