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Crypto News Updates

Bitcoin is Nearing Key Resistance as Market Posts Massive Rebound

  • Bitcoin has seen some immense volatility as of late, with bulls reversing its recent losses entirely overnight as they regain control of the crypto
  • This price action confirms that the latest selloff was one that is quite common during bull markets when the crypto retraces 30-40% before continuing its ascent
  • BTC’s strength is creating tailwinds for the entire market, as ETH and most other major altcoins have also surged higher
  • One trader is now noting that he is flat on Bitcoin, for the time being, cautioning that the resistance around $40,000 could be quite significant and cause it to see a notable pullback
  • Once it can break above this level, however, the crypto could see some massive upwards momentum that leads it to new highs

Bitcoin and the entire cryptocurrency market have exploded higher today, with bulls taking full control of the market as they look to reverse the recent downtrend.

This market-wide strength shows few signs of slowing despite the resistance that Bitcoin is facing within the lower-$40,000 region.

The longer it consolidated below this level, the better poised it may be to post a breakout rally that sends it flying past here.

One trader explained that he is now watching for a break above $40,000 before he flips long on the cryptocurrency. He notes that this is a crucial level, and any strong rejection could lead to significantly further downside.

Bitcoin Explodes to $40,000 as Uptrend Resumes

At the time of writing, Bitcoin is trading up just over 5% at its current price of $39,400. This marks a notable surge from its recent lows of $30,000 set just a few days ago during a market-wide selloff.

Where the entire market trends next will undoubtedly depend on whether or not bulls can maintain their present momentum, as use it to shatter the $40,000 resistance level.

Analyst Claims BTC Still at Risk of Seeing Downside Until $40,000 is Flipped to Support 

While sharing his thoughts on where Bitcoin might trend in the short-term, one analyst explained that he is closely watching to see its reaction to $40,000.

“Nice pop out of the ascending triangle for $BTC. I’m flat as we approach this horizontal resistance zone. I’d be surprised if we blow through to new highs on the first attempt, but BTC has surprised me plenty of times before.”

Bitcoin

Image Courtesy of Jonny Moe. Source: BTCUSD on TradingView.

The coming few days should provide insights into Bitcoin’s strength as it pushes against a crucial resistance level.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Crypto News Updates

Management Sends Bullish Signal to Market with $1.1 Million Personal Investment in BTCS, A Rising Publicly Traded Bitcoin Star

BTCS Inc. (OTCQB: BTCS), a publicly-traded company focused on digital assets and Blockchain technologies, recently announced that management invested $1.1 million in the Company.  This is a particularly bullish sign for investors in BTCS, as it provides strong evidence of management’s belief in its business model and growth potential. The round was led by its CEO, Charles Allen, who personally invested $810,000.

BTCS was one of the first public companies to focus its business model around providing opportunities for investors to indirectly own Bitcoin, Ethereum, other digital assets.  Charles Allen, a highly respected crypto industry pro, has spent the last 7 years building the BTCS platform.  The BTCS crypto portfolio grew 1,327% from December 31, 2019 to December 31, 2020.

BTCS Stock Continues Its Breakout Move As Bitcoin’s Reaches All Time High of over $41,000

The market value of OTCQB: BTCS has increased 500% in first two weeks of January, its stock price up from $0.20 cents to $1.34 as of January 8, 2021.  Its market cap is now $50M, but relative to its publically traded peers, may still be considered undervalued.  With the bullish trend in cryptocurrency prices driven by large institutional investors as a hedge against inflation, cyrptocurrencies are reaching all time highs.  While Bitcoin reached an all-time high of over $41,000 on January 9th, 2021, there are analysts who believe we are still in the very early stages of a very bullish trend for cryptocurrencies.  There are some analysts who believe Bitcoin could reach $400,000, a potential upside of 1,000%.   Cryptocurrency stocks are rising in direct correlation with the movement in crypto prices.

BTCS Growth Strategy, Crypto Portfolio Up 80% in January

The BTCS crypto portfolio increased from approximately $4 million to $7 million in January alone, up 80%, mostly due to management’s well-timed investments in Bitcoin (BTC) and Ethereum (ETH).

In fact, with the newly raised capital, the Company recently added to its portfolio of cryptocurrencies with purchases of both Bitcoin and Ethereum.

Its growth strategy is focused on three areas: (1) Strategic purchases of digital assets to continue to increase the value of its crypto portfolio; (2) making strategic accretive acquisitions of innovative technologies in the crypto space; (3) developing a unique data analytics platform that would allow crypto investors to track crypto holdings for performance metrics and tax purposes.  With this innovative platform, investors would be able to analyse not only their own performance data, but they could also follow and shadow the performance of other crypto investors.  The plan is to make this a subscription based service in which investors can follow and shadow traders with a proven track record of performance.

Management Aligned With Shareholders

Not only did management invest $1.1 million in the recent financing, the CEO was also granted 2 million restrictive stock units which are only earned upon an uplisting to the NASDAQ or NYSE.  CEO Charles Allen, commented: “My interests are totally aligned with investors. I have made a considerable investment in the Company.”

He also added, “I believe the cryptocurrency space is still in its infancy and there is enormous upside for those who invest in Companies like BTCS. Moreover, at some point we intend to uplist our stock to either the New York Stock Exchange or the NASDAQ stock exchange.  An uplisting to a national stock exchange will give us greater access to capital and further propel our growth opportunities.”

The distribution of this content was paid for by the company.

The post Management Sends Bullish Signal to Market with $1.1 Million Personal Investment in BTCS, A Rising Publicly Traded Bitcoin Star appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Crypto News Updates

S2F Creator: Bitcoin Has Yet To Reach “Point of No Return”

After shaking off the worst selloff in months without a scratch, the current Bitcoin uptrend seems completely unstoppable. Despite the incredible momentum that took the cryptocurrency from $10,000 to $40,00o in a flash, the creator of the world’s most cited valuation model says the asset has yet to reach the “point of no return.” When that happens, the real parabolic advance will unfold. 

Here’s what to expect from Bitcoin when it enters the final phase of its bull run later this year.

Plan B: Bitcoin Rally Heats Up, But Hasn’t Reached “The Point Of No Return”

Bitcoin fever is hotter than ever, now the topic of interest of top economists, institutional investors, and hedge fund managers. After writing it off as just a fad, Wall Street and the wealthy are finally beginning to hold the digitally scarce asset.

RELATED READING | BITCOIN WEEKLY “RELATIVE STRENGTH” MORE POWERFUL THAN RECORD 2017 RALLY

The sudden surge of demand coupled with diminishing supply, has caused a bullish breakout that send the price per BTC soaring by more than five times over. The uptick in price appreciation has long been predicted by Plan B’s stock-to-flow model (S2F), but has only recently started to show validity.

The model had some investors expecting the cryptocurrency to trade above $50K by May 2020, but that date came and went, and Bitcoin has still yet to reach such a level. But according to the model’s creator, it very well could soon reach that number and then some, once Bitcoin reaches the “point of no return” in this parabolic cycle.

Can History Calculate The Cryptocurrency’s Remaining Upside?

The stock-to-flow model attempts to affix a estimated valuation on the price per BTC based on scarcity alone. The asset’s hard-coded block reward halving mechanism, further diminishes the already limited supply. When that occurred on May 2020, even though there wasn’t an immediate reaction sending prices to over $50K, it did put Bitcoin on the path it is currently on.

RELATED READING | HERE’S WHAT HISTORY SAYS TO EXPECT FROM BITCOIN IN 2021

And while there are stunning comparisons between now and the 2017 peak, Plan B’s model shows that the real bull run hasn’t even begun yet. That’s the point of no return the model’s creator is referring to.

bitcoin point of no return s2f

Each point of no return offered 600-800% ROI following | Source: BTCUSD on TradingView.com

The chart above demonstrates what “the point of no return” looks like. From that point on, the leading cryptocurrency by market cap adds another between 600-800% to its value. A similar rise from current levels, would put the price per BTC at around $250,000 to $350,000, which isn’t unrealistic considering the targets experts from all walks of life are predicting.

Superimposing the previous bull market over the current one, puts the top at a trajectory of around $325,000. Analysts have offered targets reaching as high as $400,000 to $500,000 per coin in the long-term.

Bitcoin rising higher from here is less important of a question than how high it goes, and when the point of no return begins.

Featured image from Deposit Photos, Charts from TradingView.com and Plan B

Source: Bitcoinist News

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Crypto News Updates

Bitcoin Core 0.21.0 Released: What’s New

Today marks the official release of Bitcoin Core 0.21.0, the 21st major release of Bitcoin’s original software client launched by Satoshi Nakamoto about 12 years ago. 

Overseen by Bitcoin Core lead maintainer Wladimir van der Laan, this latest major release was developed by well over a hundred contributors in a span of about six months. The result of over 600 merged pull requests, Bitcoin Core 0.21.0 is one of the biggest Bitcoin Core releases in recent years, introducing various new features as well as privacy and performance improvements, while taking a big step towards the Schnorr/Taproot protocol upgrade.

Below are some of the more notable changes.

Descriptor Wallets

When coins are sent to a Bitcoin address, what actually happens under the hood is that they are “locked up” in an unspent transaction output (UTXO), to only be “unlocked” (spent) in a later transaction if the conditions hidden in the UTXO are met. A typical condition is the inclusion of a valid signature corresponding to a specific public key. But conditions can for example also consist of the inclusion of a secret code, the lapse of a timelock or a combination of signatures (multisig).

Until now, Bitcoin Core was designed to manage the UTXOs in its wallet around their corresponding private keys — even though private keys are just one of several potential conditions for spending coins. Bitcoin Core 0.21.0 instead introduces “descriptor wallets.” Descriptor wallets let users categorize their UTXOs based on the types of conditions that are required to spend them. (For example: one wallet for UTXOs that just require a valid signature, and one wallet for multisig UTXOs.)

Descriptor wallets are especially useful for application developers who design software on top of Bitcoin Core. A particular application can now easily be designed to utilize only a specific type of UTXO, like multisig UTXOs, and ignore any non-multisig UTXOs.

Regular users may also notice a difference now that descriptor wallets are implemented. Perhaps most notably, no default wallet will be created when a new Bitcoin Core node is started up. Instead, a new wallet is only created when a user specifically chooses to do so, allowing them to create only the specifically desired type of wallet. Descriptor wallets also better support Watch Only wallets: wallets that keep track of certain UTXOs even though the node doesn’t have the private keys needed to spend them.

Bitcoin Core users that upgrade to Bitcoin Core 0.21.0 will still be able to use their legacy wallet for now. (Legacy wallets will eventually be deprecated, meaning users will need to migrate their legacy wallet to a descriptor wallet, but this won’t be strictly necessary until a future Bitcoin Core release.)

Serving Compact Block Filters Over The Peer-To-Peer Network

“Light clients” are Bitcoin wallets and applications that don’t download and validate the entire Bitcoin blockchain, but instead only download and validate parts of blocks and transactions that concern them specifically. This is not optimally secure, but is much less resource intensive.

One popular way to do this is with Bloom Filters. In short, Bloom Filters are a cryptographic trick to request relevant data from more or less random peer nodes on the network. Unfortunately, however, it has become clear over the years that Bloom Filters are rather privacy-unfriendly: they essentially reveal all of the user’s addresses to the (more or less random) peer node, which could of course be operated by a privacy-invading snoop.

A newer and much more privacy-preserving alternative to the Bloom Filter solution is called “compact client-side block filtering” (BIP 157/158). Compact client-side block filtering essentially turns the Bloom Filter trick on its head. Instead of light wallets creating filters to send to full nodes, full nodes create filters for each block and send these to light clients on request. Light clients then use these filters to figure out if transactions relevant to them may have been included in a block. If so, the light wallet will fetch the whole block and pick any relevant transaction data out of it. (There will be some false positives; blocks that won’t have relevant transaction data in them even though the filter suggested they might.)

Existing Bitcoin Core releases could already create the filters locally, and make them available through a remote procedure call (RPC) for applications running on top of the node (like wallets). Bitcoin Core 0.21.0 now also includes the option to make these filters available over Bitcoin’s peer-to-peer network on request. This makes it possible to now operate standalone light clients that use bloom filters.

Fewer Rebroadcast Attempts

Besides Bloom Filters, snoops can also break the privacy of Bitcoin users through network analysis. If they can figure out from which node a particular transaction originated, that node’s Bitcoin address(es) can be tied to its IP address, which can in turn be associated with a real-world identity.

Until now, when Bitcoin Core nodes broadcasted a transaction to the Bitcoin network, they’d try to re-broadcast the transaction every fifteen minutes, until the transaction was included in a block. This meant that if these Bitcoin Core nodes were connected to a snooping peer, it would be obvious for the snoop that the Bitcoin Core node trying to re-broadcast a certain transaction every 15 minutes was also the node where that transaction originated.

Bitcoin Core 0.21.0 greatly diminishes the frequency with which it tries to re-broadcast transactions: only once every 12 to 36 hours. Having to re-broadcast less frequently makes it much more likely that the transaction has been confirmed since the initial broadcast, so the node is less likely to have to re-broadcast at all.

In future Bitcoin Core releases, this privacy leak will be fixed entirely. A Bitcoin Core node will then only re-broadcast transactions that should have been confirmed based on its own mempool and fee calculations. Furthermore, it will re-broadcast other transactions as well, not just its own.

Tor V3 Support

Due to a recent upgrade to the privacy-preserving Tor protocol, new V3 (version 3) Tor-addresses are longer than the V2 (version 2) addresses that came before them. V2 addresses are still in use, but will be deprecated in about a year from now.

Deprecation of V2 addresses would have posed a problem for Bitcoin Core users who want to use Bitcoin over the privacy network. Bitcoin Core nodes find peers by sharing with each other Tor addresses of known Tor-using Bitcoin nodes. They shared this through the same message they use to share other nodes’ regular IP addresses. While Tor V2 addresses could be “hidden” in the regular IP address format (IPV6), Tor V3 addresses are too long for that; in other words, the current messages are too limited to be compatible with the Tor upgrade.

Bitcoin Core 0.21.0 therefore introduces a new format to share IP/Tor addresses with peers. These messages can be big enough to share the Tor V3 addresses.

Schnorr/Taproot Code and Signet/Regtest Deployment

Schnorr/Taproot is poised to be Bitcoin’s first protocol upgrade since Segregated Witness (SegWit) in August 2017. Having been in development for well over two years, the Schnorr signature algorithm is considered an all-round improvement over Bitcoin’s current ECDSA signature algorithm. In combination with Taproot — a clever trick to hide various conditions to spend coins in a cryptographic hash tree — the upgrade promises to offer more smart contract flexibility in a scalable and privacy-preserving manner.

The Schnorr/Taproot code is now included in Bitcoin Core 0.21.0. Barring unexpected developments, this means it will not be subject to any more change, which for example means that application developers could start designing software around the upgrade. In addition, Schnorr/Taproot is now available on Signet (a newer and more reliable variant of testnet, used by developers to test new Bitcoin software) and potentially also on Regtests (additional local testnet variants).

Schnorr/Taproot will not, however, be available on Bitcoin’s mainnet just yet. For this, the upgrade will first need to activate, which requires activation logic that isn’t yet included in this Bitcoin Core release. Activation logic is expected to be included in a minor Bitcoin Core release, possibly somewhere in the next months.

Other…

On top of the changes above, Bitcoin Core 0.21.0 includes various bug fixes and performance improvements that won’t be as apparent for regular users. The Bitcoin Core wallet will for example switch from using the Berkeley DB to the SQLite database, which is better suited as an application data file and offers several guarantees in regards of compatibility, support and testing. Of interest is also that Bitcoin Core 0.21.0 includes a transaction request overhaul: the new message protocol that Bitcoin nodes use to learn about new transactions is better tested, better specified and easier to maintain and review.

For a more extensive list of upgrades, also see the Bitcoin Core 0.21.0 release notes, or see this blog post by Bitcoin Core contributor Andrew Chow for a more extensive explanation of descriptor wallets (as well as legacy wallets) and SQLite (as well as Berkeley DB).

Thanks to John Newbery for information and feedback.

The post Bitcoin Core 0.21.0 Released: What’s New appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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Crypto News Updates

Gemini To Launch Bitcoin Rewards Credit Card

Today, cryptocurrency exchange Gemini announced its plans to launch Gemini Credit Card, which will reward users with bitcoin back for purchases, later this year.

The launch announcement follows Gemini’s acquisition of Blockrize, a fintech company that had already been working on such a product. Gemini has started a waitlist for early access to the credit card that will also include Blockrize’s more than 10,000 waitlist members.

“By combining Gemini’s simple, reliable and safe platform with Blockrize’s rewards program, card holders will be able to seamlessly earn up to 3 percent back in bitcoin, or other cryptos, on every purchase they make with the Gemini Credit Card,” according to a press release shared with Bitcoin Magazine.

The card will be available to U.S. residents in every state and Gemini expects it to be useable wherever “major cards are accepted.” Bitcoin rewards will be automatically deposited into a user’s Gemini account.

“I often get asked when is the right time to buy bitcoin,” Tyler Winklevoss, CEO of Gemini, told Bitcoin Magazine in an interview. “The Gemini Credit Card answers this question by simply transforming your existing spending behavior into investing behavior. You don’t have to worry about timing the market, you can go about your life and rest easy knowing that you are stacking sats every time you swipe your Gemini Credit Card.”

As a product that makes it seamless for users to acquire BTC, Winklevoss sees the card as another milestone in the asset’s ongoing ascendance among retail investors.

“We believe the Gemini Credit Card will be a major mainstream moment for Bitcoin,” he said. “There are more people in the world who have credit cards than there are people who own bitcoin directly. The Gemini Credit Card can bring bitcoin to this larger audience without asking them to change their behavior. Instead of earning airline miles, points or some other gimmicky rewards, people can instead earn bitcoin and secure their future. The Gemini Credit Card turns spending into the constructive behavior of investing.”

The post Gemini To Launch Bitcoin Rewards Credit Card appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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Bitcoin Eyes Bull Run Towards $40K Ahead of Biden’s Stimulus Plan

Bitcoin extended its recovery trend as traders shifted their focus on Joe Biden’s stimulus plan expected later on Thursday, hoping that a generous spending package would pressure the US dollar and boost demand for alternative safe-haven assets.

The US president-elect’s proposal expects to increase the federal deficit by around $2 trillion.

His bill might contain financial support for state and local governments and a direct check payment worth at most $2,000 to American households. Tom Block, Washington policy analyst at Fundstrat Global Advisors, told CNBC that the Thursday bill could also include an extension of the eviction moratorium and “hundreds of billions” in government aid.

Friday’s labor market data, which showed that employers trimmed about 140,000 jobs in December, has increased the need for larger government spending. Bulls in riskier markets see it as a clue for a weaker US dollar ahead. Meanwhile, Bitcoin speculators watch the entire macroeconomic development as a catalyst to push the cryptocurrency to a new record high.

“Bernie Sanders takes over budget with total deficit worst in 40 years,” said macro analyst Dan Tapiero on the newly-appointed chairman of the Senate Budget Committee. “Interest rates cannot rise with a massive debt load. [The] dollar bear market must continue or equities will suffer. [A] perfect backdrop for gold and bitcoin.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

US Fiscal Deficit hits worst levels in 40 years. Source: Dan Tapiero

Bitcoin Rally Resumes Momentum

The benchmark cryptocurrency did react well to the stimulus narrative. Its rate per token surged to $38,800 in an early London session, up about 29 percent from its session low near $31,000. Nevertheless, Bitcoin was trading still lower from its record high of $41,986.

Many traders noted that the cryptocurrency would reclaim its previous peak—and form a new one in the sessions ahead. One of them—a pseudonymous analyst—noted that Bitcoin flipping $36,500 from resistance to support provides it an ideal footing to continue its rally to a new high.

“Reclaim $39.5k next and then we can attack the highs,” he claimed.

Meanwhile, another analyst drew two sloping trendlines around Bitcoin’s recent downside correction and pullback move, making it look like a Bullish Pennan structure. That also hinted at an upside continuation—by as much as the size of the previous upside move, which easily puts Bitcoin en route to over $42,000.

Stablecoin Inflow

Mr. Biden’s stimulus bill prospects also coincided with an increase in stablecoin deposits across all the exchanges. Data analytics firm CryptoQuant noted that the sideline capital moved back into the trading platforms, pointing to a potential uptick in cryptocurrency buying.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Stablecoin inflows into crypto exchanges rise as Bitcoin reclaims $37K. Source: CryptoQuant

Stablecoins, such as Tether, act as de-factor dollar tokens due to their 1:1 pegging with the greenback. Tether’s supply increased from $20 billion to $24 billion in over a month, pointing to higher demand.

Source: Bitcoinist News

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Crypto News Updates

EOS Price Analysis: Key Breakout Zone Near $2.80

  • EOS started a strong decline from the $3.950 level and declined below $3.00 against the US Dollar.
  • The price is currently trading below the $2.800 resistance and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $2.800 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if it clears the $2.800 and $2.980 resistance levels.

EOS price is forming a decent support at $2.400 against the US Dollar, while bitcoin is rising. The price could surge if it manages a clear break above the $2.800 level.

EOS Price Analysis

After trading close to the $4.000 level, EOS price started a fresh decline against the US Dollar. There was a sharp decline below the $3.500 and $3.200 support levels. The price even broke the $3.000 level and settled below the 55 simple moving average (4-hours).

Finally, there was a spike below the $2.500 level and the price traded as low as $2.373. Recently, it started a recovery wave and climbed above the $2.500 level.

There was a break above the 23.6% Fib retracement level of the downward move from the $3.940 swing high to $2.373 low. However, the price is now facing a strong resistance near the $2.800 level. There is also a major contracting triangle forming with resistance near $2.800 on the 4-hours chart of the EOS/USD pair.

If there is an upside break above the $2.800 resistance, the price could test the $3.000 resistance and the 55 simple moving average (4-hours). To move further into a positive zone, the price must settle above the $3.000 level.

The next major resistance above $3.000 is near the $3.15 level. It is close to the 50% Fib retracement level of the downward move from the $3.940 swing high to $2.373 low. Any more gains could lead the price towards the $3.500 level.

Conversely, the price could start another decline below the triangle support at $2.600. An initial support on the downside is near the $2.500 level, below which it could revisit $2.350.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly facing a strong resistance near $2.800 and the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.800 and $2.980 resistance levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is still well below the 50 level.

Major Support Levels – $2.600 and $2.500.

Major Resistance Levels – $2.800 and $3.000.

The post EOS Price Analysis: Key Breakout Zone Near $2.80 appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Litecoin (LTC) Price Analysis: Bulls Eye Crucial Upside Break

  • Litecoin price started a fresh increase after testing the $110 zone against the US Dollar.
  • LTC price is back above $140, but it is still below the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher once it clears the $150 resistance zone in the near term.

Litecoin price is showing positive signs above $140 and $142 against the US Dollar, similar to bitcoin. LTC price must stay above $140 to clear $150 and $155.

Litecoin Price Analysis

This week, there were additional losses in bitcoin, Ethereum, ripple, and litecoin before a decent recovery against the US Dollar. Earlier, LTC price broke the $140 and $125 support levels.

There was also a break below the $120 level and the price settled below the 55 simple moving average (4-hours). It traded as low as $111 before the bulls took a stand. The price started a fresh increase and climbed above the $125 resistance level.

There was a clear break above the 23.6% Fib retracement level of the downward move from the $186 swing low to $111 swing low. Moreover, there was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair.

The price is now trading near the $148-$150 resistance zone. The 50% Fib retracement level of the downward move from the $186 swing low to $111 swing low is also acting as a resistance.

If there are more upsides, the price could continue to rise towards the $158 resistance and the 55 simple moving average (4-hours). A close above the $158 and $160 levels will most likely call for a push towards the $180 and $185 resistance levels.

Conversely, the price could start a fresh downside correction below the $145 level. The first major support on the downside is near the $140 level. A break below the $140 level might put a lot of pressure on the bulls.

Litecoin Price

Litecoin Price

Looking at the chart, litecoin price is clearly trading in a positive zone above the $140 support zone. Overall, the price is likely to continue higher once it clears the $150 resistance zone in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now close to the 50 level.

Key Support Levels – $150 and $158.

Key Resistance Levels – $140 and $125.

The post Litecoin (LTC) Price Analysis: Bulls Eye Crucial Upside Break appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Bitcoin Pushes Past $37,000 But Rising Yields Sour Bull Sentiment

A bruising start to the week for Bitcoin shows signs of evaporating as the cryptocurrency reclaims critical resistance levels this Thursday.

Buying opportunities near $30,000—a level Bitcoin touched after its decline from $41,986—renewed traders’ short-term bullish bias. The BTC/USD exchange rate leveled a sharp retracement against the downside outlook caused by the appearance of a Head and Shoulder bearish pattern, instilling hopes of a broader upside move towards $40,000.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin trades 25 percent higher from its session low near $31,000. Source: BTCUSD on TradingView.com

Bullish Bitcoin Metrics

Two of the most brighter market outlooks came from CryptoQuant, a blockchain analytics platform that tracks BTC movements across the exchanges. Its CEO Ki-Young Ju asserted amid Wednesday’s choppy price moves that institutional investors purchased Bitcoin between $30,000 and $32,000. That gave the cryptocurrency a natural defense against short-term dumping sentiment.

“Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it won’t go down below 28k,” Mr. Ju added.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Stablecoin inflows into crypto exchanges rise as Bitcoin reclaims $37K. Source: CryptoQuant

Meanwhile, Nuggets News AU’s co-founder/CEO, Alex Saunders, highlighted another CryptQuant chart that showed an increase in stablecoin deposits across all the crypto exchanges. For speculators, the inflow of dollar-pegged tokens into trading platforms equates to a potential boom in buying behavior.

Yield Correlation

Recent strength in the US dollar was a likely contributing factor to weakness in the Bitcoin market.

Meanwhile, rising bond yields also added to the downside pressure on the cryptocurrency. Many speculators agree that investors jumped into riskier assets like Bitcoin in 2020 because of negative-yielding debt in shorter-maturity bonds and below 1 percent returns in the longer-dated Treasuries.

The newfound sentimental correlation between Bitcoin and yields proved troublesome as the percentage-returns on the US 10-year Treasury note surged above 1 percent for the first time since March. The recovery started after Democrats won key Senate run-offs last week, sparking hopes that the incoming Joe Biden administration will bring additional stimulus to boost the US economy.

US 10-year Treasury note, US10Y, bond yields

The yield on the US 10-year Treasury note rises over 1 percent. Source: US10Y on TradingView.com

That improved growth and inflation expectations, leading both the dollar and the benchmark yield higher. Bitcoin turned lower in response.

The last 24 hours witnessed yields correcting lower, which, in turn, prompted Bitcoin to pare its early-week losses. As of Wednesday, the US10Y was rising all-over again, signaling potential downside correction ahead for the cryptocurrency.

Felipe Villarroel, a portfolio manager at TwentyFour Asset Management, sees the yields rising to 1.5 percent by the end of this year on revised US growth expectations. That would drive up the US Treasury supply higher than anticipated, driving prices lower and yields higher.

Image by ArtTower from Pixabay

Source: Bitcoinist News

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Crypto News Updates

Here’s the Key Level Ethereum Needs to Claim for Bulls to Take Control

  • Ethereum has rebounded from its overnight lows, but it’s slightly underperforming the benchmark cryptocurrency at the moment
  • Bitcoin is now plowing past $35,000, with bulls picking up steam as they look to reverse the recent downtrend
  • There’s a strong possibility that the market’s next trend will depend largely on whether or not BTC can navigate towards $40,000 without seeing a strong rejection
  • This could set the tone for where major altcoins like Ethereum trend as well, as they have generally been tracking Bitcoin’s overall price action as of late
  • One trader is noting that Ethereum is showing some signs of strength at the moment, but he is also noting that $1,140 is a key level for it to close above

Ethereum has seen some mixed price action as of late, with buyers and sellers unable to grasp firm control over its trend as it trades within the lower-$1,000 region.

The selling pressure it has faced as of late has come about due to that seen by Bitcoin, which could mean that BTC’s ongoing uptrend will also lead ETH to extend its ongoing rebound.

One trader is noting that the key level to watch in the near-term sits at $1,140. A sustained bout of trading below here could be a grim sign for the cryptocurrency’s outlook.

Ethereum Rebounds as Bulls Take Control of Crypto Market

At the time of writing, Ethereum is trading up just over 2% at its current price of $1,075. This marks a notable surge from its recent lows of $990 set just a few days ago.

Where the market trends in the mid-term should depend largely on whether or not Bitcoin can break $35,000 and begin moving towards $40,000.

For ETH, flipping $1,100 will be vital for it to see continued momentum in the days ahead.

Analyst: ETH Must Flip $1,140 to Support for Bulls to Take Control

Ethereum isn’t out of the woods yet, as one analyst is noting that it still needs to clear one key level before it can see further upside.

He points to $1,140 as this key level, noting that where the crypto trends next will likely depend entirely on whether it can post a high time frame close above here.

“ETH: Breaking back down after the short term surge. Nice bounce at $980 and looking for this move back up. Want to see a close back above $1140 before I feel good about buying more for long term spot position.”

Ethereum

Image Courtesy of Josh Rager. Source: ETHUSD on TradingView.

The coming few days should offer investors better insight into where Ethereum and the entire market will trend in the weeks to come.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News