Classic bearish chart pattern forms for Bitcoin as BTC price tumbles to $32K

Bitcoin (BTC) bulls should look for a cover, at least as far as chart technicals are concerned. The flagship cryptocurrency continued its price declines into the new weekly session, hitting $32,105 ahead of the London opening bell following a circa 10% intraday drop. In doing so, it raised the prospect of retesting its quarter-to-date low of $30,000 for either a bearish breakdown or a bullish pullback. Bitcoin consolidates between $30,000 and $42,000. Source: TradingView.com But as traders grapple with the ongoing medium-term bias conflict in the Bitcoin market, one classic…

Bitcoin price dips to $32.5K on ‘consistent’ new China FUD

Bitcoin (BTC) shed $1,000 in minutes on June 21 as fresh news from China succeeded in routing bulls yet again.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView 3rd biggest Chinese bank warns on crypto Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows beneath $32,500 on Monday. The cause, which disturbed a day of recovery from another dip, appeared to once again come from China via a major bank statement that confirmed it would not allow the use of its services for transactions related to Bitcoin or cryptocurrency.…

Bitcoin price can hit $450K in 2021, $135K is ‘worst-case scenario’ — PlanB

Bitcoin (BTC) could trade at an eye-watering $450,000 by the end of 2021, while $135,000 would be the “worst case scenario.” That’s according to analyst PlanB, who on June 20 released his latest sentiment-busting bullish BTC price prognosis. Bitcoin to match all-time high in October Well known as the creator of the stock-to-flow Bitcoin price forecasting models, PlanB has repeatedly bucked the overall market mood in recent weeks and months. Even as BTC/USD sees multiple retests of lows from months past, the analyst — and his models — remain firmly…

Bitcoin price dips below $34K as day of Grayscale’s giant BTC unlocking draws near

Bitcoin (BTC) dropped to local lows of $33,750 on June 20 as fears over weak support levels proved to be well founded.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed BTC/USD swiftly dropping below $34,000 on Sunday after choppy behavior at the start of the weekend. A comedown from resistance at near $40,000 continued to unfold, with low volumes highlighting little interest in protecting price action much above $30,000. Orderbook data from Binance confirmed this on the day, with sellers eradicating a major buy wall…

How smart crypto traders caught a 48% price pump

Disparities in information access and data analytics tech are what give institutional players an edge over regular retail investors in the digital asset space. The core idea behind Markets Pro, Cointelegraph’s crypto intelligence platform powered by data analytics firm The TIE, is to equalize the information asymmetries that permeate cryptocurrency markets. Markets Pro bridges the gap with two world-class functionalities: the quant-style VORTECS™ score, and breaking NewsQuake™ alerts. The former is an algorithmic comparison of several key market metrics around each coin to years of historical data, which assesses whether…

Bitcoin may lose $30K price level if stocks tank, analysts warn

The ghost of stock market crash is back again to haunt Bitcoin (BTC). It happened last in March 2020. Back then, the prospect of the fast-spreading coronavirus pandemic led to lockdowns across developed and emerging economies. In turn, global stocks crashed in tandem, and Bitcoin lost half of its value in just two days. Meanwhile, the U.S .dollar index, or DXY, which represents the greenback’s strength against a basket of top foreign currencies, has now climbed by 8.78% to 102.992, its highest level since January 2017. The huge inverse correlation showed that…

Perlin (PERL) price gains 100% as the focus on green energy solutions intensifies

Generating momentum and attracting investor attention can be a challenge during the best of times in the cryptocurrency market and it is an even bigger challenge when the markets are choppy like the entire crypto ecosystem has been the past couple of months.  Despite the recent downturn, Perlin (PERL), which has managed to rally 140% from a low of $0.052 on June 8 to a high of $0.134 on June 18 as its average 24-hour trading volume surged from $3 million to $122 million. PERL/USDT 4-hour chart. Source: TradingView Three…

Hawkish Fed comments push Bitcoin price and stocks lower again

Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, indicating that he expects the first interest rate increase to happen in late 2022.  Bullard’s comments were even more hawkish than Wednesday’s comments from Fed Chair Jerome Powell, who indicated that the rate hikes would come in 2023. Powell’s comments triggered a sell-off across financial markets as the U.S. dollar gained strength. U.S. dollar currency index. 4-hour…

Bulls hesitate to buy the dip after Bitcoin price falls close to $35K

On June 18, Bitcoin (BTC) and traditional markets faced another day of downward pressure comments from the United States Federal Reserve about the possibility of raising interest rates sooner than expected has led to a spike in the price of the U.S. dollar at the expense of risk assets and treasury notes.  The Fed doesn’t deserve all the bla, however, as concerns about a further downturn for BTC have been building for weeks with much of the discussion focused on the approaching death-cross and what it means for the future…