Bitcoin 200-week moving average hints price will never go below $6.7K

Bitcoin (BTC) speculators waiting for a BTC price drop of even 35% will probably be waiting forever, new data shows. In a tweet on Sep. 22, quant analyst PlanB noted that Bitcoin will break the habit of a lifetime if it goes lower than $6,700. PlanB tracks historical BTC price floor PlanB was referencing the 200-week moving average (200MA) for BTC/USD. A popular tool in his work, the 200MA has never been broken during Bitcoin price downtrends. As of Tuesday, the level equated to $6,700 and continues to rise by…

Ethereum Price Action Suggest More Downsides Below $330: Here’s Why

Ethereum is struggling to recover above the $345 and $350 resistance levels against the US Dollar. ETH price is likely to continue lower below $330 unless it recovers above $355. Ethereum corrected a few points higher, but it failed to climb above the $350 level. The price is declining below $345 and it is well below the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $340 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to…

Bitcoin options still bullish despite this week’s $900 BTC price drop

The $900 Bitcoin (BTC) price drop over the past two days might have been scary for novice traders, but those trading futures and options don’t seem bothered.  Cryptocurrency daily market performance snapshot. Source: Coin360 As Bitcoin price rallied to $11,000 on Sept. 19, investors may have become overly excited as the price briefly broke an important resistance level.  The steady rally lasted ten days and saw Bitcoin’s dominance rate rebound for a 15-month low and this had some traders calling for a return to the $12,000 level. This sentiment began…

Institutional investors plan to buy every Bitcoin price dip, data suggests

A new survey commissioned by crypto asset insurance company, Evertas, a cryptocurrency insurance firm, found that institutional investors plan to significantly increase their stakes in Bitcoin (BTC) and other digital assets in the future. After surveying 50 institutional investors that collectively manage over $78 billion in assets in the United States and United Kingdom, a standout response was that 26% of participants believe that pension funds, insurers, family offices and sovereign wealth funds will raise their stakes in cryptocurrency “drastically”. 64% of participants believe the increase in interaction will be…

Bitcoin price hits $11,100 wall and drops 6% — Relief rally to follow?

The price of Bitcoin (BTC) brutally rejected the $11,100–$11,300 resistance range with a 6% drop. Following the steep pullback, analysts remain cautiously optimistic toward BTC and the rest of the cryptocurrency market. Analysts have generally attributed the short-term fall of Bitcoin to the uncertainty around the COVID-19 pandemic. On Sept. 21, the Dow Jones Industrial Average fell by over 800 points at the day’s lowest point. Bitcoin, gold and other risk-on assets fell in tandem, causing a sell-off across most asset classes. The recent pullback was similar to the market…

New report says Bitcoin price in ‘more sustainable uptrend’ than 2019

Bitcoin (BTC) hitting its highest in over a year was different from the 2019 bull run because exchange balances fell, a new report says. Published on Sep. 21 and seen by Cointelegraph, Delphi Digital’s Bitcoin Outlook highlights unique trends in BTC price action. Report: Bitcoin hodlers now have “longer time horizons” According to the three researchers who compiled the report, Bitcoin reaching $12,500 last month had little in common with its run to $13,800 in 2019. This is because exchange balances at the time increased, while this year, they continued…

Ripple (XRP) Price Turns Red: Indicators Suggest Upsides Likely To Remain Capped

Ripple is down 5% and it broke the key $0.2380 support zone against the US Dollar. XRP price is currently consolidating losses and upsides are likely to remain capped. Ripple started a major decline below the $0.2440 and $0.2380 support levels against the US dollar. The price is down 5% and it is now trading well below the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $0.2335 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could face…

Beware: Bitcoin Price Action Mimics Market Maker Model

Bitcoin price just plunged once again from over $11,000 and is currently holding around $10,500. The support level could just be a quick pitstop before the selloff continues, according to the recent price action resembling the “market maker profile sell model.” If the cryptocurrency continues to follow the projected path this particular model predicts, Bitcoin could fall to new local lows, or worse. Bitcoin Market Maker Sell Model: Wyckoff Distribution By Another Name When an asset falls to attractive prices, it is accumulated by smart money investors who take a…

Analysts Fear a Bitcoin Drop Towards the $9,600 CME Gap as Price Plunges

Bitcoin could soon move towards the crucial CME futures gap at $9,600, formed when the cryptocurrency surged from the $9,000s in late July and early August. The CME futures is closed on the weekends, despite Bitcoin spot markets still trading. This forms natural gaps in the CME’s price action, many of which are filled within a week after they were opened. Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch Bitcoin Could Fill the CME Gap Soon: Analysts BItcoin will soon fill the CME gap according to…