Category: Cryptocurrency News

Bitcoin remained strong above the $28,500 support against the US Dollar. BTC is rising, but it must clear $28,500 to move into a positive zone. Bitcoin started a fresh increase after it tested the $28,500 support zone. The price is now trading above the $29,500 level and the 100 hourly simple moving average. There was break above a major bearish trend line with resistance near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move higher towards the key $30,600 resistance zone. Bitcoin Price Forms Triple Bottom Bitcoin price extended decline below the $29,500 support zone. However, the bulls were active near the main $28,500 support zone. A fresh base was formed near $28,600 and the price started a fresh increase. There was a clear move above the $29,200 and $29,500 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $30,630 swing high to $28,635 low. Besides, there was break above a major bearish trend line with resistance near $29,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $29,500 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $30,160 level. It is near the 76.4% Fib retracement level of the downward move from the $30,630 swing high to $28,635 low. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance level might start a steady increase. In the stated case, the price may perhaps clear the $31,200 resistance zone. Fresh Decline in BTC? If bitcoin fails to clear the $30,600 resistance zone, it could start another decline. An immediate support on the downside is near the $29,600 level. The first major support is near the $29,500 level and the 100 hourly simple moving average. A downside break below the $29,500 support might send the price further lower. The main support is still near the $28,500 level, where the bulls are likely to take a strong stand. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $29,500, followed by $28,500. Major Resistance Levels – $30,150, $30,500 and $30,600.

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Uniswap has hit two major milestones this month, with the DEX topping $1 trillion in volume and hitting around 3.9 million cumulative users this month.

Today’s Bitcoin price analysis is positive, as a dip to $29,000 was met with solid support and rejection, indicating that additional downside is unlikely. As a result, BTC/USD is expected to rise further in the next days, most likely above the $31,000 resistance level. Naturally, the psychological price of $30,000 for Bitcoin implies a solid purchase zone. We’ll look at why Bitcoin’s recent consolidation around $30,000 is a promising sign of future price increases. Bitcoin Fall 57% From ATH Bitcoin prices have fallen from a high of $69,600 to a current level of $29,350. The entire cryptocurrency market was destroyed by this 57 percent price decrease. As a result of the decreasing prices, a snowball effect began to occur, causing other crypto projects to be hit and sink even more. The price range of $30,000 for Bitcoin is critical. Many large corporations bought Bitcoins at that price. Furthermore, as shown in Figure 2, Bitcoin prices historically consolidated around those precise positions before beginning an advance. BTC/USD 1-day chart showing the consolidation area. Source: TradingView For more than a week, bitcoin has been trading sideways, with the $31,000 mark acting as solid resistance. Meanwhile, significant support has been established at $29,000, signaling a clear consolidation region that must be overcome before the market can continue to develop. The previous high was set at the same level as the previous low, signaling market hesitation. As a result, the recent $29,000 test could lead to another retest of the resistance. Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery? Will Consolidation occur? If BTC prices happen to drop below $28,000 again, the next support area would be around $20,000. However, it is more likely that prices will increase from this Bitcoin price consolidation phase. The first target is around $35,000, or a 17% increase in prices. After that, prices should target the next psychological price of $40,000. From there, we might see a slight adjustment lower, but in the long term, prices should break higher. This would mark the official start of the uptrend. In order for bitcoin’s price to establish a foothold at the bottom in the short term, according to Josh Olszewicz, head of research at investment management Valkyrie, volatility must reduce. “We can look at things like the 200-week moving average, which is around $22,000. We can look at realized price, which is the average price of coins that have moved on-chain, which is around $23,800,” Olszewicz said on CoinDesk TV’s “First Mover” program. “This [movement to hit bottom] will probably take at least all of Q3, perhaps Q4 as well, if it were to happen this year.” Other variables, like as the US Federal Reserve boosting interest rates, are also influencing bitcoin’s market performance, according to Olszewicz. He speculated that institutional investors may be in the forefront of the downturn. The average size of on-chain transactions, according to Olszewicz, is in the tens of thousands of BTC. Nonetheless, according to Olszewicz, ordinary traders continue to influence market movement more than institutional investors. Those learning about cryptocurrencies are now jumping in during this bear market to “test the waters” and “see if they can survive,” according to him. Suggested Reading | Ripple (XRP) Plunges To $0.43 With Bears In Full Swing Featured image from iStock photo, chart from TradingView.com

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Guggenheim Chief Investment Officer Scott Minerd Says there’s a lot more downside to crypto after the market plunged. He has predicted that the price of bitcoin could fall to $8K. Guggenheim’s Scott Minerd Predicts the Future Outlook for Bitcoin, Crypto Bitcoin bear Scott Minard, global chief investment officer of Guggenheim Partners, shared his recent predictions […]

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