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#Bitcoin Price Analysis

Bitcoin Price Weekly Analysis: BTC/USD Selling Continues

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Bitcoin price tuned bearish with a nearby underneath $7,260. BTC/USD's upsides stay topped close to the $7,260 and $7,320 levels in the close term.

Bitcoin Price Key Focuses

  • Bitcoin price declined beneath $7,260 and moved into a bearish zone against the US Dollar.
  • There is a noteworthy bearish pattern line-shaped with resistance at $7,320 on the 4-hour chart of the BTC/USD combine (information feed from Kraken).
  • The match should clear the $7,260 and $7,320 resistances to move in a positive zone.

Bitcoin price tuned bearish with a nearby underneath $7,260 against the US Dollar. BTC/USD’s upsides stay topped close to the $7,260 and $7,320 levels in the close term.

Bitcoin Price Upside Obstacles

This previous week, there was a sharp drawback move from well above $7,600 in bitcoin price against the US Dollar. The BTC/USD combine declined and broke the $7,500 and $7,260 support levels to move into a bearish zone. It even exchanged beneath the $7,000 level and is at present well underneath the 100 straightforward moving normal (4-hours). Another month to month low was framed at $6,881 and the price is at present uniting.

An underlying resistance on the upside is close to the 23.6% Lie retracement level of the last plunge from the $8,297 high to $6,881 low. All the more critically, there is a noteworthy bearish pattern line-shaped with resistance at $7,320 on the 4-hour chart of the BTC/USD match. Underneath the pattern line resistance, the past support at $7,260 is a critical resistance. In this way, the $7,260 and $7,320 resistances are significant hindrances for more picks up in BTC in the close term. Ought to there be a break above $7,320, bitcoin price could recoup. The following resistance anticipates close $7,600 and a half Lie retracement level of the last plunge from the $8,297 high to $6,881 low.

BTCUSD Weekly Price Chart

BTCUSD Weekly Price Chart

Taking a gander at the chart, Bitcoin price is obviously exchanging a bearish zone underneath $7,260. In the event that it neglects to recuperate and slides beneath $6,880, the following stop for merchants could be $6,500-6,600.

Taking a gander at the specialized markers:

4-hours MACD – The MACD for BTC/USD is for the most part put in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is right now well underneath the 30 level.

Real Support Level – $6,880

Real Resistance Level – $7,320

#Bitcoin Price Analysis

Bitcoin drops to $3200. $2500 next for BTC?

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Today, bitcoin experienced a massive selling volume which let to the price of bitcoin falling down to $3200 which is a yearly low for BTC.

With the price of bitcoin falling, other major altcoins such as ETH and BCH also fell sharply against USD and other fiat currencies.

The price of BCH has been falling massively over the past few days with more than 25% loss in just a week of time. BCH was trading around $115 last week and fell up to $87 today.

 

Crypto Winters

Major cryptocurrency market analysts are predicting that the current crypto winters may last for months and bitcoin may experience a significant price drop in the coming days. Bitcoin price can fall up to $1500 as being predicted. Trading right now is quite risky as the market is quite volatile at the moment. Bitcoin was trying to recover back above $3400 from the past few days and even experienced a bullish run on 9th of December. But the bulls could not face the robust bears for long and the price started a downfall thereafter. The major price downfall happened today when the price crashed down from over $3450 to $3200 in just a few hours.

 

Technical indicators:

Support level: $3200

Resistance Level:$3300

BTCUSD 5 day chart

BTCUSD 5 day chart

Bitcoin is currently trying to recover from today’s massive selling and may settle somewhere around $3300 before crashing again. The major resistance level is now set around $3300 and the support level is around $3200. Once the current support is broken, bitcoin may fall down to the next support around $3000 before falling beneath that. However, the next long-term major support low lies at around $2500 and bitcoin may crash down to this level if the $3000 support is broken.

Bitcoin may not be able to move above $4000 at least for a month or so. Bitcoin is currently settled between $3000 and $4000 range from the past few weeks. Large venture capital firms that were planning to come into the cryptocurrency market have now started to back out looking at the market situation.

 

The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investments in any digital asset such as bitcoin.

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#Bitcoin

When will Bitcoin return to overcome 2017 highs? Bitcoin miners going bankrupt

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Around 1 year back, Bitcoin hit its all-time high of $19665.39 on December 16, 2017. It has lost 82% of its value resulting in a $700 million fall in 1 year

Around 1 year back, Bitcoin hit its all-time high of $19665.39 on December 16, 2017. It has lost 82.74% of its value since then, as reported by CoinGecko.

 

This accounts for a loss of around $700 billion in a year.

Many experts believe that one of the consequences of this downfall is the fall of Bitcoin mining industry. More than 100,000 individual miners have shut down their operations and have been closed, and around 1.5 million servers have been shut down since September 2018.

According to analysts, a majority of the miners can profit only if BTC trades above $4500 level. As of today, only very few miners can afford to stay in the game, specifically those who have access to very low-cost electricity.

This leads to a problem.

As lesser and lesser companies will control the Bitcoin mining, there is a greater chance of them joining hands and executing the 51% attack.

Ryan Selkis says:

In such a maneuver the miners can reverse transactions and stop new ones, which can potentially make them flee with the money of thousands of people.

 

The hash wars between the 2 groups of Bitcoin cash has already triggered fears in the mind of investors. The truth is that in the short-term and in the mid-term (1-3 years from now), there seems to be no catalyst that will drive the bitcoin price back up (or to the moon). the sentiment is negative and most investors do not want to enter in the midst of a clear bear run.

What are your views on the current market conditions? Let us know in the comments section below.

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#Bitcoin Price Analysis

Bitcoin Price Analysis: Will BTC fall below $3000?

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Bitcoin price is still in a bear zone trading below $3400. The sellers are pushing the price downwards and the price may fall up to $3000.

Short Term Support Level: $3250
Long Term Support Level: $3000
Resistance Level: $3400

Key Points

  • Bitcoin price is still facing bearish pressure with the major resistance close to $3400.
  • On the hourly chart, the bitcoin price is facing major selling pressure above $3400.
  • If bitcoin price fails to break the resistance around $3400, the price will likely experience a downfall.

Bitcoin price is still in a bear zone trading below $3400. The sellers are pushing the price downwards and losses may extend with the price falling up to $3000 in short term.

 

Bitcoin Price Analysis

Bitcoin price is currently experiencing bearish momentum below $3400. The price fell up to $3340 earlier today but recovered back up to $3431. Bitcoin is currently trading at $3399 according to CoinGecko and there are chances of further losses.


 

The major resistance around $3400 is pushing the price downwards and forming a bearish trend line close to the resistance. Bitcoin price needs to break above the resistance between $3400 and $3500 in order to move upside but the selling pressure remains at high which is pulling back the price and the price may fall down to test the little support around $3250. The major long support right now lies at $3000 (200 weekly MA) which if broken could turn up bitcoin to crash down to $2500 or even below.

BTCUSD 24 hour chart

BTCUSD 24 hour chart

Looking at the 24-hour chart, bitcoin price is extending losses and bitcoin price will likely fall below to test the major support at $3000.

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