Bitcoin Price Watch: BTC/USD Trading Near Major Inflection Point

Key Points Bitcoin price declined further and traded below the $6,440 support against the US Dollar. Yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken). The price tested the next important support at $6,375 and later started consolidating losses. Bitcoin price failed to stay above the $6,440 support against the US Dollar. BTC/USD is currently consolidating above the $6,375 support with bearish moves. Bitcoin Price Analysis Recently, bitcoin price started a downside correction and traded…

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…

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…

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…

Bitcoin Price Watch: BTC/USD Remains Vulnerable Below 100 SMA

Key Points Bitcoin price failed to move above the $6,400-6,410 resistance area against the US Dollar. There is a key bearish trend line in place with resistance at $6,405 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently trading below the $6,410 resistance and the 100 hourly simple moving average. Bitcoin price is trading lower within range below $6,410 against the US Dollar. BTC/USD could revisit the $6,370 or $6,350 support levels if sellers gain control. Bitcoin Price Analysis Recently, there was a…

Bitcoin Price Intraday Analysis: BTC/USD Slips Intrarange

The bitcoin-to-dollar exchange rate on Thursday dropped a little over 1 percent from its intraday high towards 6377-fiat. Currently, the pair is trading at 6412-fiat, up 0.54 percent from the latest low. On the US Dollar front, the DXY continues to act inverse against the bitcoin market. The correlation is too visible to evade notice. When DXY rises, bitcoin starts dropping. And when DXY starts dropping, bitcoin rises. In the past 24 hours, the DXY market has established a fresh two-month top near 96.60 after dropping to lows yesterday, while…

Bitcoin Price Watch: BTC/USD Forms Double Bottom Near $6,360

Key Points Bitcoin price declined recently and tested the $6,350-60 support area against the US Dollar. There is a major bearish trend line formed with resistance at $6,410 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is likely forming a double bottom pattern near the $6,350-60 support area. Bitcoin price bounced back sharply from $6,360 against the US Dollar. BTC/USD could accelerate higher once there is a break above the $6,410 resistance. Bitcoin Price Analysis Yesterday, there was a downside reaction from the $6,460…

Bitcoin Price Intraday Analysis: BTC/USD Retests Interim Resistance

The Bitcoin-to-dollar exchange rate on Wednesday traded at 6435-fiat after jumping 1.76 percent from the previous day’s low. The pair is now reversing its upside action to extend the prevailing sideways bias. Selling pressure got renewed near the interim resistance level at 6450-fiat and BTC/USD gyrated above 6620-fiat as a result. The pair is now looking to the US Securities and Exchange Commission’s latest comments on VanEck and SolidX ETF for extended bullish movements. Meanwhile, the US Dollar Index is losing momentum after establishing fresh tops at 96.50-fiat. The overall…

BTC/USD More Bearish than Ever

The bitcoin price continues to trade sideways on Monday after a stable showing during the weekend on the daily charts. The bitcoin-to-dollar exchange rate is trading at 6398-fiat at the time of writing, 0.85 percent lower than its Sunday high. The pair has found a decent support area in 6350-6400-fiat zone. But, it does not signal enough buying sentiment to break above the giant descending trendline. BTC/USD also formed another Doji on Sunday, confirming an equilibrium between bulls and bears. Frankly, the market is in a long-term bearish bias, so…