btc

Apr 12 2021

Bitcoin Price Prediction: BTC/USD Trades Below $60,000 Level as Downward Correction Lingers

Bitcoin (BTC) Price Prediction – April 12

BTC/USD is seen moving under $60,000 amid the struggle to extend the bullish leg above $61,000.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $64,000, $66,000, $68,000

Support Levels: $56,000, $54,000, $52,000

BTC/USD has been able to touch the daily high of $61,199. Presently, the Bitcoin price is seen trading below the $60,000 level as the coin finds its way back towards the 9-day and 21-day moving averages. Initially, trading above $60,000 has been an uphill battle for the coin, while most of the price actions above $60,000 stalled around this level.

Where is BTC Price Going Next?

According to the daily chart, the break above $62,000 is going to be a big step for bulls as this will allow them to expand their scope above $61,000 which has always been a restriction for the coin. However, Traders should note that BTC/USD is still very much above the moving averages, which could still bring massively bullish signals for the market. But if the price should slump below the moving averages, the $56,500 level could be an important zone to keep an eye on. Once bulls flip this level into support, the next major supports for the world’s leading crypto could be $56,000, $54,000, and $52,000.

Moreover, as the king coin continues to hover around the $60,000 zone, there are two crucial price levels to pay attention to. The underlying support at $59,000 and the overhead resistance at $62,000 will help determine where prices are headed next as the potential resistance levels are located at $64,000, $66,000, and $68,000. Meanwhile, the technical indicator RSI (14) suggests a sideways movement as the signal line moves around 60-level.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, BTC/USD needs to remain above the 9-day and 21-day moving averages to mitigate the short-term bullish pressure and allow for an extended recovery towards $60,000. In addition, a higher resistance level may be found at $62,000 and above.

On the other hand, the nearest support is below the moving averages at $59,000, and a critical move below this level may increase the downside pressure to the support level of $58,000 and below. Meanwhile, the technical indicator RSI (14) is staring at the downward movement as the signal line moves below the 56-level.

Bitcoin Price Prediction: BTC/USD Trades Below $60,000 Level as Downward Correction Lingers

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Apr 11 2021

Bitcoin (BTC) Price Prediction: BTC/USD Holds as Buyers Recoup Above $59,000 Support

Bitcoin (BTC) Price Prediction – April 11, 2021
Bitcoin price is consolidating below the $60,000 overhead resistance. The price action is now characterized by small body candlesticks namely Doji and Spinning tops. These candlesticks are indicating that buyers and sellers are undecided about the direction of the market.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

Following its failure to break the $60,000 psychological price level and subsequent price fall, BTC/USD is consolidating below the overhead resistance. After rejection at the recent high, BTC price fell to $58,450 support but pulled back. The market pulled back above the $58,000 support. This is a very crucial level as price will resume upside momentum. If the bears have succeeded in breaking below the $58,000 support, the selling pressure would have continued on the downside. Presently, Bitcoin has resumed consolidation above the $59,000 support. The price movement is in a stalemate as the price action is now characterized by small body candlesticks. Meanwhile, Bitcoin is trading at $59,555 at the time of writing.

Bitcoin (BTC) Indicator Reading
Bitcoin is presently below the 80% range of the daily stochastic. It indicates that the crypto is in a bearish momentum. Presently, the downward move has been stalled as price indicates small body indecisive candlesticks. BTC price is at level 55 of the Relative Strength index period14. This indicates that the king coin has enough room to rally on the upside.

Meanwhile, on April 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Bitcoin will rise to level 1.618 Fibonacci extension. From the price action, the BTC price is still consolidating above the $59,000 support. Buyers will have to break the overhead resistance to attain the Fibonacci level.

Bitcoin (BTC) Price Prediction: BTC/USD Holds as Buyers Recoup Above $59,000 Support

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Apr 10 2021

Bitcoin (BTC) Price Prediction: BTC/USD Slumps Below $60,000 Support as Bears Overwhelm Bulls

Bitcoin (BTC) Price Prediction – April 10, 2021
BTC/USD made positive moves above the $60,000 overhead resistance as price reached a high of $61,243. Unfortunately, buyers could not sustain the bullish momentum above the overhead resistance. Today, BTC price has fallen below the $60,000 support. A further downward movement of the coin is likely.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

Today, BTC price broke the $60,000 overhead resistance as price reached the high of $61,243. In previous price actions, buyers broke the overhead resistance on two other occasions. On March 14, the bulls broke the psychological price level as price rallied to $61,699 high. On April 2, buyers also made concerted efforts to break the resistance but the market reached a high of $60,190. One common feature in the price action is that buyers failed to sustain the bullish momentum above the overhead resistance. Meanwhile, Bitcoin has fallen to $58,450 low and pulled back. The bottom line is that if the bears break the $58,000 support, the market will further decline to $54,000 low. On the other hand, if the $58,000 supports holds, Bitcoin will resume upside momentum.

HSBC Blacklists Microstrategy’s Stock for Investing In Bitcoin
HSBC is an investment banking giant that has classified MicroStrategy as a “virtual currency product.” HSBC has directed users that already own MicroStrategy stock not to buy additional shares. According to reports, buying MicroStrategy stock is no longer possible for HSBC customers on the bank’s online trading platform — HSBC InvestDirect or HIDC. The message from the banking giant includes the following: “HIDC will not participate in facilitating (buy and/or exchange) products relating to virtual currencies, or products related to or referencing to the performance of the virtual currency.” The reason for the blacklisting is that MicroStrategy is a virtual currency product.

Bitcoin has fallen after breaking the overhead resistance. Meanwhile, the upside momentum will resume if the BTC price retraces and finds support above the $58,000 support. Nevertheless, the Fibonacci tool has indicated an upward movement of price. On April 2 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement gives the impression that BTC price will rise to level 1.618 Fibonacci extension or the high of $66,425.90.

Bitcoin (BTC) Price Prediction: BTC/USD Slumps Below $60,000 Support as Bears Overwhelm Bulls

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Apr 10 2021

Ripple becomes tidal wave, leads weekend pump and notches legal victories

Amid a weekend pump carrying multiple cryptocurrencies higher, Ripple’s XRP looks to be leading the way with a push as high as 30% on the daily — carried on the back of a string of legal victories and rumors of relisting at some exchanges.

Where Bitcoin and Ethereum are up merely 2.7% and 3.4% respectively on the day, XRP climbed to $1.36 before retreating to $1.32, where it sits at the time of publication. The digital currency is now up 111% on a 7 day basis, and a staggering 544% on the year. The recent push has also buoyed XRP back into the top 10 cryptocurrencies by marketcap, behind only BTC, ETH, and BNB at #4.

🙂 pic.twitter.com/qYIf6RPOoY

— sats (@satsdart) April 10, 2021

The rally flies in the face of a lawsuit from the Securities and Exchange Commission, which charges that XRP’s $1.3 billion ICO was an “unregistered securities offering.” The news led multiple exchanges to delist the currency, and XRP lost its place as the 3rd largest currency by marketcap, at time looking as if it would even fall out of the top ten.

The bad news for XRP didn’t stop with the SEC, either. In March Ripple CEO Brad Garlinghouse announced that the company would be “winding down” its relationship with Moneygram — a once highly-touted partnership that investors often pointed to as proof of the digital currency being on a path towards becoming “the standard” for payments and settlement.

Despite the deluge of negative headlines, it appears all buyers needed was a small ray of hope to jump back in — and they’ve gotten exactly that. Ripple lawyers have notched two victories in their legal battle against the SEC, including winning access to internal SEC discussion history regarding cryptocurrencies, and a court denied the SEC the ability to disclose the financial records of two Ripple execs, including Garlinghouse.

Ripple executives themselves seem heartened by the news, with CTO David Schwartz saying the US isn’t “prepared” to regulate cryptocurrencies (a possible dig at the ongoing legal proceedings).

All in all, it’s just another week for one of the most controversial cryptocurrencies in the space.

Ripple becomes tidal wave, leads weekend pump and notches legal victories

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Apr 08 2021

Bitcoin (BTC) Price Prediction: BTC/USD Struggles To Reclaim the $58,000 Support As Bulls Regain Bullish Momentum

Bitcoin (BTC) Price Prediction – April 9, 2021
Since March 14, Bitcoin bulls have been struggling to break the $60,000 psychological price level but to no avail. For the past week, the BTC/USD price has been trading near the resistance zone to break the overhead resistance. It is argued that consolidation near a resistance zone increases the chances of a breakout.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC price now fluctuates between $57,000 and $60,000 as buyers attempt to push Bitcoin above the $60,000 overhead resistance. About 48 hours ago, the bears succeeded in sinking Bitcoin to the low of $55,681. Nevertheless, Bitcoin has recovered as bulls buy the dips. Besides, buyers are attempting to break the $58,000 resistance. Today, if buyers reclaim the $58,000 support, the upside momentum will resume. The $60,000 overhead resistance will be retested again. In the previous attempts, buyers breached the overhead resistance but could not sustain the bullish momentum above it. Today, the BTC price is trading at $58,043 at the time of writing.

More Russians Disclose Their Incomes From Cryptocurrency Operations
According to a Consulting firm, such as PwC Russia, Russians have been reporting their income from cryptocurrency operations. The Russian news agency Izvestia indicated that Russians disclose their income from crypto trading for tax purposes. Evgeny Sivoushkov is the director of PwC Russia’s division of individual taxation. The director indicated that interest in disclosing crypto holdings has increased during the ongoing tax declaration period which ends on May 1. According to Sivoushkov,” the new trend was fueled by the adoption of Russia’s crypto law “. According to the new legislation, Russian residents are to pay income tax from cryptocurrency trading. The bill which had its first reading in February required residents to report crypto transactions if their total amount exceeds 600,000 rubles ($7,800) on an annual basis.

Meanwhile, buyers are struggling to break above the $58,000 resistance. If successful, a retest at the $60,000 overhead resistance is likely. Secondly, the Fibonacci tool analysis is likely to hold. On March 15, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement gives the impression that BTC price will rise to level 1.618 Fibonacci extension or the high of $70,938.10.

Bitcoin (BTC) Price Prediction: BTC/USD Struggles To Reclaim the $58,000 Support As Bulls Regain Bullish Momentum

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