Tag: BTC price

Bitcoin price dives below $31K after lowest weekly close in 8 months
Altcoins, Bitcoin

Bitcoin price dives below $31K after lowest weekly close in 8 months

Bitcoin (BTC) fell below $31,000 support on Monday after sideways trading gave way to downside pressure. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewFresh pain for BTC priceData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $30,630 on Bitstamp on Monday.Coming a day after Bitcoin's lowest weekly close since December 2020, the price action underscored the sensitivity of a market with low volume and network fundamentals still in their recovery phase.Traders had broadly predicted a move downward after Bitcoin had failed to hold on to support levels higher up, with the integrity of $30,000 itself being called into question.“Volatility, finally for Bitcoin,” in-house trader and analyst Michaël van de Poppe summarized.BTC/USD buy and...
Fed takes on stablecoins: 5 things to watch in Bitcoin this week
Bitcoin

Fed takes on stablecoins: 5 things to watch in Bitcoin this week

Bitcoin (BTC) emerges into a new week with middling price action and optimistic fundamentals — what could the coming days have in store?Still holding $30,000 support, there’s little about Bitcoin to truly excite traders, but volatility has already reminded them of its presence over the past week.As a recovery in mining continues, everyone is playing a game of “wait and see” when it comes to the 2021 Bitcoin bull market.Cointelegraph takes a look at five things that might give BTC price action some direction in the short term.Dollar sees strength as stocks calm advanceIt’s a classic summer picture in equities — a slight comedown last week followed all but constant gains, with caution coming from COVID-19, inflation and other triggers.This time of year, however, is renowned for its lack of a...
$31.5K Bitcoin price on track for lowest weekly close of 2021
Altcoins, Bitcoin

$31.5K Bitcoin price on track for lowest weekly close of 2021

Bitcoin (BTC) was on track to lose nearly $3,000 this week as a weekend of mixed price behavior came to an end.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader hopes for last-minute BTC price volatility Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at just above $31,500 late Sunday — a potential -$2,800 weekly candle.BTC/USD 1-week candle chart (Bitstamp). Source: TradingViewThe weekend had produced little by way of surprises, with Bitcoin moving within a predictable range after seeing an initial brief spurt over $32,000 Friday.Despite retaining $31,000 support and so far not retesting $30,000, Bitcoin was nonetheless on track to seal its lowest weekly close since December 2020.#bitcoin still ranging sideways…. Surprise surprise— Lark...
Bitcoin price passes $32K with traders wary of ‘relief rally’ if resistance stays
Altcoins, Bitcoin

Bitcoin price passes $32K with traders wary of ‘relief rally’ if resistance stays

Bitcoin (BTC) passed $32,000 later on July 16 as positive reactions over Bank of America's (BoA) Bitcoin futures go-ahead continued.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin nears $32,300 point of interest Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising 1.4% on the day to hit new local highs of $32,150 on Bitstamp.The pair saw an abrupt reversal of trajectory on the BoA announcement, having previously tested $31,000 support repeatedly throughout the day.As such, a key zone to retake for potential bullish continuation, $32,300, was now back on the menu, this seeming an unlikely goal just hours before.For trader and analyst Rekt Capital, current levels are key when it comes to the daily close."BTC needs to reclaim orange as support...
Bitcoin bounces off $31K after Bank of America reportedly greenlights BTC futures trading
Altcoins, Bitcoin

Bitcoin bounces off $31K after Bank of America reportedly greenlights BTC futures trading

Bitcoin (BTC) continued to bounce off $31,000 support during Friday as fresh data reinforced the importance of current price levels.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNo trip to $42,000?Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly testing but, so far, not breaking through $31,000 on Friday.A late surge to near $32,000 then entered as unconfirmed reports surfaced that Bank of America had given the go-ahead for Bitcoin futures trading.Market participants held mixed opinions about the short-term outlook, with popular trader Michaël van de Poppe noting on Thursday that $31,000 was something of a final frontier for Bitcoin — lose it, and $29,000 or even $24,000 would logically be next.Fellow trader Crypto Ed also appeared undecided o...
Record outflows from Canada’s biggest Bitcoin fund see BTC reserves drop by 50%
Bitcoin

Record outflows from Canada’s biggest Bitcoin fund see BTC reserves drop by 50%

A Canada-based Bitcoin fund, operated by 3iQ Corp, has witnessed a dramatic decline in its BTC reserves since June.Literally named the Bitcoin Fund (QBTC:CN), the closed-end investment product, was holding around 24,000 BTC in its vaults in early June. However, as the monthly session progressed, the reserves first dropped to below 16,000 BTC in a dramatic, straight-line decline. Later, another massive withdrawal pushed the Bitcoin Fund's BTC reserves to around 13,000 BTC, according to on-chain data from South Korea-based analytics firm CryptoQuant.QBTC vs. GBTC Bitcoin reserves (red) vs. BTC price (black). Source: CryptoQuantHowever, the withdrawals from the QBTC fund across June coincided with an inflow spike in 3iQ's exchange-traded fund (ETF), called 3iQ CoinShares Bitcoin ETF (BTCQ). I...
Bitcoin price tumbles to ‘final support’ as trader warns of $24K BTC price target
Bitcoin

Bitcoin price tumbles to ‘final support’ as trader warns of $24K BTC price target

Bitcoin (BTC) dropped to its "final support zone" above $31,000 on July 15 as a low grind downward brought fresh predictions of a BTC price crash.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBinance debacle spreads as $32,000 fallsData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting fresh local lows of $31,550 on Thursday.The pair had made little progress overnight, falling further as Italian lawmakers said that major exchange Binance was unauthorized to trade in their jurisdiction.The latest in a series of setbacks for the exchange, a spokesperson nonetheless told the mainstream media that its operations were unaffected by the announcement."We take a collaborative approach in working with regulators and we take our compliance obligations very serio...
Bitcoin price returns to ‘critical’ pivot zone as $33K stays untouched
Bitcoin

Bitcoin price returns to ‘critical’ pivot zone as $33K stays untouched

Bitcoin (BTC) failed to crack $33,000 on July 14 as a bounce from multi-day lows delivered only modest progress.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price: Fits and starts below $33,000Data from Cointelegraph Markets Pro and TradingView tracked another day of ranging — albeit with increased volatility — for BTC/USD on Wednesday.The pair briefly touched $31,750 overnight before a sharp rebound produced highs of $32,970. This meant that $33,000, once firm support, still remained out of reach.For popular trader Michaël van de Poppe, this zone from $32,600 upwards was "critical to break" in order for Bitcoin to have a chance at hitting targets higher up in its trading range."Many altcoins making double bottom tests. Great," he added in his latest Twitter update.A...
Bitcoin drops below ‘critical’ level for avoiding a return to $31K — gold rises on inflation data
Bitcoin

Bitcoin drops below ‘critical’ level for avoiding a return to $31K — gold rises on inflation data

Bitcoin (BTC) fell to support which could determine a $30,000 retest on July 13 as bulls failed to make their case for fresh gains.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin bulls see $33,000 slip awayData from Cointelegraph Markets Pro and TradingView showed another lackluster performance for BTC/USD on Tuesday, with local lows at $32,240 on Bitstamp.Ranging above $33,000, viewed as the support level to hold as a springboard for bullish continuation, seemed shaky at best this week. Monday saw a brief slip below, with the rebound barely holding out for 18 hours.At the time of writing, $32,500 formed a focus, with Bitcoin bouncing below levels one trader says are necessary to hold in order to prevent a return to closer to $31,000."The critical support that I've ...
Bitcoin price will see breakout ‘during this week’ says trader with $38K target
Altcoins, Bitcoin

Bitcoin price will see breakout ‘during this week’ says trader with $38K target

Bitcoin (BTC) closed beneath a key moving average for the eighth week in a row this weekend, but one analyst is betting on an imminent breakout.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin balances breakout with Grayscale worriesData from Cointelegraph Markets Pro and TradingView tracked Bitcoin as it reversed weekend gains on Monday after a disappointing weekly close.The largest cryptocurrency had maintained its familiar trading range with $33,000 as support through Saturday and Sunday, but the new week dampened momentum.For popular trader and analyst Rekt Capital, unless progress can be made, Bitcoin bulls may not have long to last before fresh losses hit.“The blue 50-week EMA is still holding as support,” he summarized in a series of tweets. “If this HL isn’t ...