3 reasons why traders think Bitcoin price bottomed at $29,500

Traders are showing a renewed sense of hope after Bitcoin (BTC) price held onto the $32,000 range for what could be the second day in a row.  Data from Cointelegraph Markets Pro and TradingView shows that bulls have managed to regroup at the $32,000 level where Bitcoin has hovered throughout the day but traders a patiently waiting for further confirmation that Bitcoin may be in the midst of a trend reversal before fully re-entering the market. BTC/USDT 1-day chart. Source: TradingView Here’s what analysts and investors expect next from Bitcoin…

Bitcoin traders watch $32K ahead of Friday’s $330M BTC options expiry

This Friday’s weekly Bitcoin (BTC) options expiry currently holds a $330 million open interest. Considering the recent struggle to regain the $32,000 support, this event is an important test of bulls’ willingness to display reversion signs. On July 21, Alameda Research announced that the company made Bitcoin purchases below $30,000, and Sam Trabucco, the firm’s quantitative trader, mentioned that the narrative for BTC could turn bullish because of the ongoing fear, uncertainty and doubt (FUD) caused by the China BTC mining ban, Grayscale GBTC unlock and recovery in stock markets.…

Bitcoin traders split on $40K chances as altcoins eye potential ’80-150%’ gains

Bitcoin (BTC) circled $32,000 on July 22 after excitement over fresh comments by Elon Musk resulted in strengthening of support. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC bulls regroup at $32,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging between $31,500 and $32,000 overnight on Wednesday, hours after Musk joined others in praising Bitcoin during a conference panel. As Cointelegraph reported, Musk’s words came over broadly positive and less critical than many had assumed they would be — this in turn led to a brief price surge which…

Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?

Bitcoin has recently fallen below a $32,000 critical hold point and in response, retail investors have taken this as an opportunity to make money from the falling bitcoin price. So far, retail investors have started loading up on shorts, an incredibly bearish metric for the market. Retail investors load up on shorts | Source: Twitter So many shorts placed in such a short period of time might show other investors that the price of the digital asset will fall eventually and thus, lead to panic selling. Although this is never…

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: TradingView Bitcoin 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…

Here’s 2 ways clever pro traders spot crypto and stock price reversals

Trading in the direction of the trend is one of the best ways to be profitable. If traders learn to spot a new trend early, it provides an opportunity to buy with a good risk to reward ratio. In addition to identifying a trend, traders should also be able to recognize when it has reversed direction. While several patterns signal a possible trend change, one of the easiest to spot is the double bottom pattern. This can help traders change their strategy when the trend reverses direction from bearish to…

Traders are withdrawing 2,000 BTC from centralized exchanges daily

The number of Bitcoin held on centralized exchanges has consistently fallen since late May, with roughly 2,000 BTC (worth roughly $66 million at current prices) flowing out of exchanges daily. Glassnode’s July 12 Week On-Chain report found that Bitcoin reserves on centralized exchanges have fallen back to levels not seen since April, the month that saw BTC blast to its all-time high of roughly $65,000. The researchers noted that during the bull run leading up to this peak, relentless depletion of exchange coin reserves was a key theme. Glassnode concludes…

Options traders aim for $100K Bitcoin by the end of 2021, is there a chance?

Bitcoin (BTC) investors are known for being bullish, and even during 50% corrections like the current one, most analysts remain optimistic. One reason for investors’ endless optimism and belief in infinite upside could be BTC’s decreasing issuance and the 21 million coins fixed supply limit. However, not even the most accurate models, including the stock-to-flow (S2F) from analyst Plan B, can predict bear markets, crashes, or FOMO-induced (fear of missing out) pumps. Traders usually misinterpret these concepts as value and price expectations can be easily mistaken. Bitcoin does not exist…

Bullish on Ethereum’s London hard fork? Here’s an options strategy pro traders use

The Ethereum network will undergo a major upgrade on Aug. 4, as the long-awaited London hard fork is expected to launch at block 12,965,000. The transition is part of a roadmap leading to the Ethereum 2.0 release, which aims to migrate the network to a proof-of-stake consensus mechanism. By no longer depending on the intense energy-consumption mining, the main goal is to drastically increase the network’s capacity by using parallel processing, also known as sharding. The upcoming London upgrade will implement the critical Ethereum Improvement Proposal EIP-1559, making Ether (ETH)…

Bitcoin battles $35K as traders agree volatile BTC price move incoming

Bitcoin (BTC) took a stab at key resistance around $36,000 on July 7 as anticipation built around a breakout. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC breakout means first stop $39,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedbly tapping but failing to flip the $35,000 mark on Wednesday. The largest cryptocurrency rebounded from lower levels overnight, calming those concerned that important $33,000 support would be violated.  With the area around $36,000 providing a significant resistance band, however, low volumes and a general “compression” structure kept bulls firmly…