Big Finance Tried to Discredit Bitcoin, Here’s Why They’re Wrong

Key Takeaways Critics believe Bitcoin is a bad investment because of its lack of yield and use in money laundering. The argument that Bitcoin’s volatility is the main reason for hedge fund interest is a coherent argument, but could be discarded in the years to come. Bitcoin is a monetary asset, not a claim on ownership of a company; a lack of cash flows is not detrimental to its investment thesis Systemic financial institutions using dollars have been charged with more serious fraud than any criminals using BTC have. Share…

XRP Price Can Outperform Bitcoin in the Short Term — Here’s Why

Bitcoin (BTC) price sidewards action of late has been a hunting ground where whales can easily liquidate misinformed traders on leverage trading platforms. Without decent swings, any asset can become boring. But let’s not forget BTC isn’t the only cryptocurrency out there as several altcoins are currently staging somewhat of a comeback. However, there’s one coin that doesn’t seem to be having a good time lately, namely XRP, the fourth-largest digital asset by market capitalization. So in today’s analysis, I’m going to look at whether holding XRP is likely to…

Analyst Expects Bitcoin Price to Break Below $8,500; Here’s Why

Bitcoin is maintaining its interim support level near $9,100, but an analyst expects the price to break bearish towards $8,500. The trader forecasted the downside move days after Bitcoin established a second-quarter top near $10,500 on June 1. The cryptocurrency has since accurately moved as predicted, further raising the possibility of a breakdown ahead. Bitcoin may undergo an aggressive sell-off in the coming weeks. The downside risks surface as the benchmark cryptocurrency cautiously trades above $9,100, accompanied by lackluster volume and record-low volatility. Traders are showing a clear bias-conflict, unable…

Here’s Why 100 SMA Could Spark New Rally

Bitcoin is consolidating above the $9,100 level against the US Dollar. BTC could start a strong increase towards $9,500 as long as it is above the 100 hourly SMA. Bitcoin is currently trading in a contracting range below the $9,300 resistance. The price is holding the $9,000 support and trading above the 100 hourly simple moving average. There is a crucial contracting triangle forming with resistance near $9,160 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either rally above $9,200 or it might…

Ethereum’s Booming Usage Could Spark ETH Drop: Here’s Why

Ethereum has undergone a consolidation period for over the past month. Since the beginning of June, the second-largest cryptocurrency by market cap has mostly traded between the $217 support and the $250 resistance level. Such a narrow trading range has made it nearly impossible to determine what the future holds for Ether. Nonetheless, the TD sequential index recently signaled that ETH was bound for a bearish impulse based on its 1-week chart. Data reveals that each time this technical index has provided a sell signal in the form of a…

Here’s Why It Could Tumble

Ethereum is currently recovering from the $216 swing low against the US Dollar. ETH is now facing an uphill task near $228-$230, and it could resume its slide. Ethereum is currently trading above the $220 and $222 resistance levels. The price is now facing a crucial resistance near the $228 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $226 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline if it fails to…

Bitcoin Dives Below Key Uptrend Support: Here’s Why Bears Are Comfortable

Bitcoin started a major decline after it broke the $9,500 support against the US Dollar. BTC is now trading below $9,000 and it remains at a risk of more losses below $8,800. Bitcoin is gaining bearish momentum below the $9,500 and $9,200 support levels. The price traded as low as $8,813 and it is currently correcting higher. There is a crucial bearish trend line forming with resistance near $9,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but it is likely…

Bitcoin Recovery Runs Into Resistance: Here’s Are Key Breakout Levels

Bitcoin started an upside correction after testing the $9,000 support against the US Dollar. BTC is now facing a strong resistance near the $9,300 and $9,400 levels. Bitcoin is recovering and it is trading above the $9,200 support level. The price is facing a few key hurdles near $9,300, $9,400, and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $9,330 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either climb further above $9,330 or start…

Here’s What Could Trigger Another Sharp Decline

Bitcoin started a sharp decline after it failed to continue higher above $9,800 against the US Dollar. BTC is currently testing the $9,200 support, below which it could decline further. Bitcoin is down more than 4% and it broke the key $9,500 support level. The price is trading near the $9,200 support and well below the 100 hourly simple moving average. There is a short-term contracting triangle forming with support near $9,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either correct a…

Chainlink (LINK) Near New All-Time High — Here’s 3 Reasons for the Rally

Chainlink (LINK), a smart contract blockchain network, is nearing an all-time high after the altcoin broke out today, notching a 11% gain at the time of writing. The altcoin first hit a record high at $5.10 in July 2019 before crashing to $1.35 during the Black Thursday marketwide correction on March 12. Over the past two weeks LINK has gained 33% and if the price pushes above its previous all time high there is room for price discovery. Crypto market daily performance. Source: Coin360 Three factors likely triggering LINK’s upsurge…