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Bitcoin is witnessing profit-booking near $38,000, but the correction is likely to be shallow as lower levels are likely to attract buyers. Bitcoin (BTC) has started the week on a negative note. The failure of the bulls to pierce and sustain above the $38,000 resistance has given a small window of opportunity for the bears to try and make a comeback. Strong selling has pulled the price below $37,000 on Nov. 27. However, lower levels are likely to attract buyers as the bulls will want to maintain the momentum going into the final month of the year. The bears are likely to have other plans as they will attempt to deepen the correction. That could boost volatility in the last few days of November as both the bulls and the bears try for a monthly closing in their favor. Daily cryptocurrency market performance. Source: Coin360 While near-term uncertainty remains, Rich Dad Poor Dad author Robert Kiyosaki reiterated his long-term bullish view on Bitcoin, gold and silver in a X (formerly Twit...

Bitcoin is facing resistance at $38,000, but UNI, IMX, VET and ALGO may extend their up-move in the short term. Bitcoin (BTC) rose above $38,000 on Nov. 24, but the bulls could not build upon this strength. This suggests hesitation to buy at higher levels. Bitcoin is on track to form a Doji candlestick pattern on the weekly chart for the second consecutive week. This signals indecision among the bulls and the bears about the next directional move. With Bitcoin maintaining near its 18-month high, BitMEX co-founder Arthur Hayes retained his bullish stance. In a X (formerly Twitter) post, Hayes said that the United States dollar liquidity was increasing, which is likely to push Bitcoin higher. Crypto market data daily view. Source: Coin360 Another bullish projection came from PlanB, creator of the stock-to-flow family of BTC price models, who said in a post on X that Bitcoin may not stay at the current levels for long. PlanB expects Bitcoin to maintain an average price of at least $100,...

JPMorgan predicts the ending of the recent crypto market selloff, forecasting limited downside and potential stability in the near term. The latest downturn in the cryptocurrency markets seems to be approaching a conclusion, according to a new analysis by JPMorgan Chase & Co. The firm argues that long-position liquidations in the crypto world are mostly resolved and that further sharp declines are unlikely. While still echoing, the crypto markets’ recent behavior suggests that the market’s unwinding phase is near its end. Open interest in the futures contracts of Bitcoin (BTC) traded on the Chicago Mercantile Exchange (CME) indicates that the market’s correction is nearly over. Open interest, a measure representing the number of unsettled and active futures contracts, typically shows when a price trend might weaken. Analysts, including Nikolaos Panigirtzoglou, have noted that the decrease in open interest signals the potential end of the recent selloff. As a r...

PayPal’s stablecoin announcement and a handful of Ether ETF applications are bulls’ biggest hopes for a price trend reversal. Ether (ETH) price has been locked within a tight trading range spanning from $1,800 to $1,900 since July 21. This remarkable lack of volatility has instilled a sense of uncertainty and skepticism among investors, despite recent positive developments which include the launch of PayPal's Ethereum-based stablecoin, and a surge in requests for Ether-based exchange-traded funds (ETFs). PayPal's entrance into the world of cryptocurrencies could signify a major step toward mainstream adoption for Ethereum. However, this move also raises concerns about centralization and the potential loss of control over personal assets. At the same time, the United States Securities and Exchange Commission (SEC) has recently witnessed a surge in applications for Ether exchange-traded funds (ETFs), which mirrors a trend of major asset management firms seeking to establish spo...

BTC price should see a serious shake-up in the coming days, but Bitcoin market participants are increasingly worried it will be to the downside. Bitcoin (BTC) threatened fresh downside over the weekend as markets geared up for the July 23 candle close. BTC/USD 1-hour chart. Source: TradingView $19,000-$23,000 "still on the cards" for Bitcoin Data from Cointelegraph Markets Pro and TradingView showed acting below $30,000, now set as intraday resistance. July 22 saw a brief dip to $29,640 before a recovery in time for the daily close, but trader s remained worried that worse was to come. https://t.co/GY0AgGbAnn — Crypto Chase (@Crypto_Chase) July 22, 2023 “So we have a double top rejection currently on BTC, so we need to really make a note of levels incase we drop,” popular trader Crypto Tony warned Twitter followers in fresh analysis of the 3-day chart. “Those two levels are $25,000 & $20,000, and these are both key psychological levels. Make a note.” BTC/USD annotated ...

Bitcoin and several altcoins are stuck in a tight range, indicating that a breakout is brewing. A large part of the recent leg of Bitcoin’s (BTC) rally started after BlackRock filed to list a spot Bitcoin exchange-traded fund (ETF) on June 15. Several applications by other firms have been rejected by the United States Securities and Exchange Commission in the past. However, BlackRock’s filing has a 50% possibility of getting approved, said Bloomberg senior ETF analyst Eric Balchunas.  Another bullish catalyst for the cryptocurrency markets could be a filing by asset manager Fidelity Investments to launch its Bitcoin spot ETF. CoinShares Chief Strategy Officer Meltem Demirors said that firms managing $27 trillion of assets are “actively” pursuing efforts to allow their clients exposure in the crypto space. Daily cryptocurrency market performance. Source: Coin360 Most of the focus in recent days has been on institutional money but the retail trader’s power should not be underestimated....

Bitcoin traders always talk about BTC’s correlation with gold and equities, but how much attention should average investors pay to this discussion? Some news sources have been fond of making comparisons between Bitcoin’s (BTC) price action and that of other assets. In particular, the two most commonly compared asset classes are gold and tech stocks. While a correlation holds, it tends to be a big news story. Throughout much of 2022 and early 2023, for example, the “Bitcoin trades in tandem with tech stocks” narrative was prevalent. Since that correlation has broken down, however, there doesn’t seem to be much related news coverage. Now a new narrative has taken the spotlight: that of Bitcoin’s correlation to gold. Ever since the failures of Silvergate, Signature Bank, and Silicon Valley Bank in March, both assets have rallied. Both of these narratives make sense on the surface. If Bitcoin is to be seen as a speculative asset, then it might trade similar to a tech stock. And if Bitcoin...

Bitcoin is down 15% from its 2023-highs, but $40,000 may be closer than you think due to several important factors. Bitcoin (BTC) has dropped nearly 15% from its yearly high of around $31,000, with the recent regulatory crackdowns on Coinbase and Binance crypto exchanges and the Federal Reserve's hawkish forward guidance accelerating its selloff. Still, Bitcoin is up 60% year-to-date (YTD), holding above a technical support level of $25,000. Moreover, a new bull cycle can begin for a few reasons. Bitcoin halving The next Bitcoin halving, a pre-programmed event that slashes the cryptocurrency's supply rate by half every four years, is in April 2024. The previous three Bitcoin halvings (2012, 2016, 2020) have all preceded massive BTC price rallies and new all-time highs. For instance, BTC is up 276% since the previous halving in May 2020.  Bitcoin price performances since the last three halvings. Source: Glassnode The market will likely be in an accumulation zone until the halv...

Bitcoin and altcoins feel the pressure of the week's regulatory bombshells, with BTC price action steadying below the key 200-week moving average. Bitcoin (BTC) challenged three -month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Altcoin bloodbath as exchanges reshape landscape Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,483 on the day, down over $1,200 from the previous day’s high. While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges. Trading app Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC). These subsequently hemorrhaged value, with both Cardano (ADA) and Solana (SOL) down nearly 25% in ...