BTCUSDT Archives - Page 115 of 119

13th April 2021

Bitcoin Price To Hit $70,000 by April-End? This Analyst Thinks So

Bitcoin is preparing for a supersonic bull run towards $70,000 in April.

So believes Nick Spanos, co-founder of Zap.org — a decentralized oracle data feed startup. In an email interview, the market analyst said that he sees the bitcoin price higher due to two very supportive developments in the cryptocurrency market.

First, Mr. Spanos noted, the much-publicized direct listing of Coinbase Global Inc. shares on the Nasdaq Stock Market would propel the bitcoin prices upward. The Coinbase stock (Ticker: COIN) would serve as a gateway to more conservative investors to embrace the cryptocurrency and other digital assets.

“The upcoming public debut of Coinbase is particularly exciting to mainstream market investors,” Mr. Spanos told NewsBTC. “They will have a more direct opportunity to buy the shares of a company that plays a central role in Bitcoin and crypto space.”

ETF-ETF

Last, the analyst noted a recent spike in the number of companies seeking a bitcoin-enabled exchange-traded fund approval from the US Securities and Exchange Commission. The agency so far has denied every crypto ETF proposal that came to its table, citing concerns related to regulatory uncertainty and price manipulation.

Nevertheless, many believe that the US might see its first Bitcoin ETF, especially after Gary Gensler’s nomination for the SEC’s chairman position. Mr. Gensler taught courses on cryptocurrencies and appear to be softer on the sector, on the whole, than his predecessor Jay Clayton. Mr. Clayton is notorious for dragging many initial coin offering projects under the SEC’s controversial securities law, including Ripple Labs’ XRP token.

Matt Hougan, the chief investment officer of Bitwise Asset Management, which has sought to launch a Bitcoin ETF, believes the new derivative class could bring a lot more capital into the cryptocurrency market. North America’s first Bitcoin ETF in Canada has already amassed more than $1 billion in assets since its launch in February.

Mr. Spanos built his bullish narrative on a similar narrative, stating that the increasing count of companies seeking an ETF could Bitcoin to a new high of $70,000 by the end of April.

Bitcoin Technical Outlook

Technical indicators also point to a sustained rally towards $70,000 or beyond. One of them is Ascending Triangle, a bullish continuation pattern that is now in the process of logging a breakout move to the upside. The chart below shows the triangle.

Bitcoin shows signs of breaking out of triangle pattern. Source: BTCUSD on TradingView.com — Bitcoin shows signs of breaking out of the triangle pattern. Source: BTCUSD on TradingView.com

Anticipations are high about a breakout move above the Triangle’s upper trendline that would at least send the price to $70,000. Its overall upside target remains at $80,000, equal to the maximum distance between Triangle’s upper and lower trendline.

Photo by Waldemar Brandt on Unsplash

13th April 2021

Bitcoin Tops Q1 Results With +103% Gains as Gold Brings up The Rear

Messari has compiled the performance of institutional-grade assets for Q1 2021, and Bitcoin leads the pack with a 103% gain. Oil takes second place, up +26%. But continuing to underperform is gold, losing 10%, making it the worst-performing last quarter asset.

Source: @usgoose on Twitter.com

Bitcoin Leads The Way

The price of Bitcoin started the year with a daily close of $29.5k. This was off the back of a milestone 2020, particularly Q4 2020, in which the leading cryptocurrency managed to break $20k, signaling the start of the current bull cycle.

Since then, a series of powerful surges established Bitcoin as a serious contender. Making it all the more difficult for both institutions and on-the-fence retail investors to ignore. By the end of last quarter, BTC was priced at $59k.

Bitcoin daily chart

Source: BTCUSD on TradingView.com

At the same time, gold was continuing to underperform. Since hitting an all-time high of $2,070/oz in August 2020, the shiny metal has fallen into a descending channel.

While it started 2021 well positioned at $1,894/oz, even steeper declines in Q1 saw it hit $1,686/oz twice to establish support at this price.

Both Bitcoin and gold are seen as ways to diversify a portfolio or as a hedge against inflation. But divergent performances over the last quarter have reignited debate over which to hold in these uncertain times.

Given a choice, David Rosenberg, the former Chief Economist, and Strategist for Merrill Lynch Canada and Merrill Lynch in New York, said:

“My vote would be for gold because it has thousands of years of a historical record as a store of value, has one-fifth the volatility of bitcoin, and doesn’t face the same competition risk. The day that Queen Elizabeth trades in the five pounds of gold in her crown for crypto is the day I’ll shift course.”

But others see gold’s falling fortunes as a direct result of outflows into Bitcoin. Citigroup analyst Aakash Doshi said while it’s difficult to make like-for-like comparisons between the two, data suggests investor flows are going towards Bitcoin and away from gold.

“More interestingly, in the last 19 weeks, gold ETFs and Bitcoin posted net weekly flows and asset under management trends in opposite directions on about a dozen occasions.”

$100k BTC Coming?

Bitcoin broke above $60k on Saturday for the first time since mid-March. Today it makes a new all-time high of $62,824, and market sentiment is riding high.

Where will Bitcoin head next?

Despite the controversy surrounding the stock-to-flow model, BNY Mellon referred to it in a new report predicting a $100k Bitcoin by July.

“The stock-to-flow ratio is one of the more interesting valuation concepts and is worth understanding despite its flaws.”

Critics argue that the stock-to-flow model takes no account of demand, only supply, when correlating Bitcoin’s historical price with scarcity.

13th April 2021

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

Bitcoin price is consolidating above the $59,500 support zone against the US Dollar. BTC is now showing a few positive signs, but it must clear $61,200 for a fresh rally in the near term.

Bitcoin is holding gains above the $60,000 and $59,500 support levels.
The price is now trading well above the $59,500 level and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a sharp upward move once it clears the $60,800 and $61,200 levels.

Bitcoin Price is Showing Positive Signs

Bitcoin remained in a range above the $59,000 level and it is showing a few positive signs. Recently, BTC made another attempt to clear the $61,200 resistance, but it failed.

It corrected lower and retested the $59,500 support level. A low is formed near $59,432 and the price is now moving higher. It is also trading well above the $59,500 level and the 100 hourly simple moving average.

There was a break above the 50% Fib retracement level of the recent decline from the $61,212 high to $59,432 low. There is also a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Bitcoin is now trading above $60,400, but it is facing resistance near $60,800. It is close to the 76.4% Fib retracement level of the recent decline from the $61,212 high to $59,432 low.

A successful break above the $60,800 level could open the doors for a move above $61,200. If the bulls succeed in clearing $61,200, the price could rally in the coming sessions.

Dips Limited in BTC?

If bitcoin fails to climb above $60,800 and $61,200, there could be a short-term downside correction. An initial support on the downside is near the $60,000 level.

The main support is now forming near the trend line, $59,500 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a major decline. In this case, the price might decline towards the $58,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $59,500, followed by $59,000.

Major Resistance Levels – $60,800, $61,200 and $62,000.

13th April 2021

By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

Bitcoin is a numbers game through and through. There are only 21 million BTC. The code and its consensus algorithm are both made up of complex math. The total coins are slashed in half every four years, and so on and so fourth.

Most important of all, here’s the growth rate Bitcoin price must hit steadily to reach $100K per BTC by July 2021 according to one crypto capital manager – as well as the one thing that could get in the way.

Bitcoin Price Growth Rate Should Take Crypto Valuation To $100K By July

Bitcoin’s growth from virtually worthless to more than $60,000 per coin today is nothing short of incredible. Even beyond ROI that is simply incomparable, the story of how the coin came to be reads as if it was ripped from a sci-fi film: Mysterious person takes a shot at all money, and takes no credit for the monumental effort.

Satoshi’s creation is now more than a decade old and has grown far beyond most people’s expectations. Over the last year alone, the leading cryptocurrency by market cap has grown at a daily average rate of 0.65% since April, resulting in a nearly a ten times climb in value.

At the current pace, according to crypto capital manager Timothy Peterson, Bitcoin price would reach $100K by June 30th.

bitcoin 100000 july

At only a daily growth rate of 0.64% the top crypto should hit $100K by July | Source: BTCUSD on TradingView.com

The One Factor That Could Cause BTC To Fall Short Of Target

Bitcoin price must maintain comparable momentum over the last year to keep climbing at a similar rate and reach more than $100K per coin. The number is now closer to the current price action than $10K is, and thus potentially more achievable.

Price predictions for the next cycle top reach as much as $400K, with estimates more steeped in reality ranging from $125,000 to $325,000 per BTC.

bitcoin btc pi cycle top indicator

The rally could really be over if the historically accurate signal is right again  | Source: BTCUSD on TradingView.com

There’s a chance, however, the cycle top is in, according to the Pi Cycle Top Indicator. If the historically accurate tool is right yet again, the leading cryptocurrency’s daily growth rate will begin to decline from here on out until another bull market breaks out.

Bitcoin price wouldn’t make it to $100K by July, and a return to prices much lower would follow. If that’s the case, crypto investors would have to wait a while longer for the number one cryptocurrency by market cap to reach that ultimate target.

Featured image from Deposit Photos, Charts from TradingView.com

12th April 2021

Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Bitcoin price is currently flirting with prices above $60,000, as the momentum of the ongoing bull market slowly begins to push the asset above the key resistance level.

The start of a breakout through resistance might have began with last night’s historic weekly close – the highest ever recorded. However, despite what could be a clean bullish breakout, there’s a bearish factor lingering that could make this the last weekly close the high for some time.

Bitcoin Price Closes Record High Weekly Candle Above $60,000

Bitcoin price has poked above $60,000 dozens of times now, yet has been unable to hold strong above the clearly strong resistance level. The leading cryptocurrency by market cap, however, has also yet to tumble any further than a mere 10-20% for most of the last 12 months.

The first signs that new highs could be near, is the first ever historic weekly candle close above $60,000. Last night’s weekly candle is also only the second daily candle to close above the crucial rounded number.

bitcoin 2021 weekly 60000 zoomed

You have to zoom in to see it, but Bitcoin did close above $60,000 on Binance | Source: BTCUSDT on TradingView.com

The battle between bulls and bears came down to the very last seconds before the close, resulting in some disparity across exchanges. Bitcoin price made the achievement on Binance specifically and others, but failed to make a similar milestone on platforms like Bitfinex and Coinbase.

The slight discount on Coinbase could be a sign that buy pressure is finally waning and the sell side is intensifying.

Why The Record Could Precede A Short-Term Reversal

The cryptocurrency market has been on fire and its been mostly due to the rush to buy Bitcoin before other corporations and hedge funds buy it all.

But as mentioned, the FOMO could finally be running out of steam. Making matters worse, an ultra rare signal has appeared that has only in the past reared its head when the crypto cycle was finally complete.

bitcoin btc pi cycle top indicator

A rare crypto cycle top indicator has issued its signal. Is the rally over? | Source: BTCUSD on TradingView.com

The Pi Cycle Top Indicator has now issued the fourth ever top signal with last night’s weekly candle close and subsequent daily candle open.

That could mean that a long term top could be in. A 2013-like scenario with two peaks in the same year would be bulls last hope for things to continue, albeit after a correction.

Back then the signal arrived early, Bitcoin price spiked much higher, then corrected 82% within just four days. After settling down, before the year was over Bitcoin price climbed another three to four times in value before the true top of that cycle was in.

What will it be this time around?

Featured image from Deposit Photos, Charts from TradingView.com

12th April 2021

Bitcoin May Hit $100,000 Soon on “Wildly Bullish” Sentiment: Analyst

A flurry of optimistic updates hitting the Bitcoin market this Monday has prompted one analyst to see a speedier price rally towards $100,000.

Dr. Jeff Rose, the founder/CIO of Vailshire Capital Management, envisioned the flagship cryptocurrency at the six-digit valuation. At the core of his bullish analogy was a classic technical pattern brewing up on the BTC/USD daily chart. Nonetheless, Dr. Ross’s tweet arrived on the heels of other positive fundamental updates.

Why $100,000?

Based on the analyst’s technical outlook, Bitcoin trades inside a consolidation wedge, a pattern that developed after the cryptocurrency started trading sideways upon logging a massive move upside. He added that BTC/USD could hit a fresh record high within the next two weeks. Then, the pair would continue moving towards $100,000. Excerpts from his tweet:

“The two-month consolidation wedge continues with stable weekend price action. Macro view: Wildly bullish. On-chain analytics: Wildly bullish. Opinion: Break-out to new all-time highs likely within 1-2 weeks. Then blue skies until the $100k milestone.”

Bitcoin tests $60,000-61,000 area for a breakout move upward. Source: BTCUSD on TradingView.com

The upside outlook surfaced on the day that saw investors waiting eagerly for the launch of Coinbase Global Inc shares on the Nasdaq Stock Market. Coinbase is one of the world’s leading cryptocurrency firms, involved in the custodianship and trading services related to Bitcoin and other forms of digital assets.

A $3T Market Cap for Crypto Market

Many analysts see the direct listing as a free advertisement of cryptocurrencies on Wall Street, especially as the nascent assets continue to project themselves as alternatives to low-yielding traditional investments like the US dollar and government bonds. In return, many Wall Street firms have embraced or are in the process of embracing cryptocurrencies, with Morgan Stanley and Goldman Sachs offering their rich clients access to bitcoin investment funds.

The two-way communication has helped Coinbase to gain a private listing on Nasdaq. Investors who do not want direct exposure in the cryptocurrency market would tend to purchase the Coinbase stock (Ticker: COIN) to rather speculate on its trading fee-based earnings. That would mean institutional investors remain interested in the bitcoin price performance on the whole. More trading means more revenues for Coinbase. And a better revenue means better stock valuation.

“You got to buy $COIN when that deal comes,” said Jim Cramer. “This is a $2T market maybe going to $3T.”

MicroStrategy’s Another Bitcoin Bet

Atop the Coinbase news, MicroStrategy has further increased its exposure in the Bitcoin market by deciding to pay its board members in the cryptocurrency. The Nasdaq-listed business intelligence firm, which holds more than 91,000 BTC, announced Monday morning:

“In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”

Bitcoin prices were trading just shy of $60,000 at the time of this press.

Photo by Thought Catalog on Unsplash

12th April 2021

TA: Bitcoin Steadies Above $59K, Here’s How Bulls Could Aim Fresh Rally

Bitcoin price failed to continue higher above $60,800 and corrected lower against the US Dollar. BTC is now holding gains and it is likely to rally above $61,000 unless there is a break below the 100 hourly SMA.

Bitcoin is struggling to gain momentum above the $60,000 and $60,500 levels.
The price is now trading above the $59,000 level and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a major rally once it clears the $60,050 and $60,500 levels.

Bitcoin Price is Holding Gains

Bitcoin dipped sharply towards the $58,000 support after it was rejected above $60,500. However, BTC remained well bid above the $58,000 zone and it recovered losses.

There was a break above the $59,000 level and the price even climbed above $60,000. A high is formed near $60,677 and the price is currently consolidating. It traded below the 23.6% Fib retracement level of the upward move from the $58,025 low to $60,677 high.

On the downside, the price is finding bids near the $59,250 and $59,100 levels. The 50% Fib retracement level of the upward move from the $58,025 low to $60,677 high is also near the $59,350 level.

Source: BTCUSD on TradingView.com

There is also a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair. If there is an upside break above the $60,050 and $60,200 levels, there are high chances of a fresh rally. In the stated case, the price is likely to surge towards the $61,200 and $62,000 levels in the near term.

Dips Supported in BTC?

If bitcoin fails to climb above $60,050 and $60,200, there could be a short-term downside correction. An initial support on the downside is near the $58,350 level.

The next major support is near the triangle at $58,750 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a sharp downside break. In the stated case, the price might decline towards the $56,800 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.

Major Support Levels – $59,350, followed by $59,000.

Major Resistance Levels – $60,050, $60,500 and $61,200.

11th April 2021

Why Bitcoin Price Is Gearing For Another Lift-Off To New ATH

Bitcoin price is showing positive signs above $58,500 and $59,500 against the US Dollar. BTC is likely to accelerate higher above $61,000 and $62,000 in the near term.

Bitcoin gained bullish momentum above the $58,500 and $59,200 resistance levels.
The price is now trading above the $60,000 support and the 100 simple moving average (4-hours).
There is a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh rally if it clears the $60,500 and $60,800 levels in the near term.

Bitcoin Price is Eyeing More Gains

This past week, bitcoin price saw a decent increase above the $57,500 resistance against the US Dollar. The BTC/USD pair broke the $58,500 resistance and it settled above the 100 simple moving average (4-hours).

The pair even climbed above the $59,200 level and the key $60,000 resistance. However, the bulls struggled to lead the price to a new all-time high above $61,250. A high was formed near $61,242 and the price is now consolidating gains.

There was a spike below the 23.6% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. The price is now consolidating above the $60,000 level.

Source: BTCUSD on TradingView.com

There is also a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $60,500 level, there are chances of a strong increase in the coming sessions.

The next key resistance is near the $61,250 level. A successful push above the $61,250 level could open the doors for a steady increase above $62,000 and to a new all-time high in the near term.

Downside Break in BTC?

If bitcoin fails above the $60,500 support, there is a risk of a downside break. The first major support is near the $59,300 and $59,200 levels.

The next major support is near the $58,500 level. It is near the 50% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. Any more losses might call for a test of the $57,500 level and the 100 simple moving average (4-hours).

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $58,500

Major Resistance Level – $61,250

10th April 2021

LA Real Estate Mogul Buys Bitcoin, Accepts BTC For Rent

A massive LA-based luxury real estate firm has begun accepting Bitcoin for rent payments.

In addition to loading up on BTC for its corporate reserves, the company has also tapped popular exchange Gemini to help build a crypto centric ecosystem for its retail, residential, and resort customers.

Rick Caruso and Caruso Real Estate Tap Gemini For Crypto

American real estate company Caruso, led by billionaire Rick Caruso, revealed this week that the firm would begin accepting Bitcoin for rent payments at both retail and residential properties.

The Los Angeles-based company offers stunning luxury properties in the area, including the Miramar Beach Resort, Palisades Village, Waterside at Marina Del Rey, The Commons at Calabasas, and many more.

Through a partnership with the Winklevoss-owned Gemini, Caruso plans on further integrating cryptocurrencies into their company experience for consumers.

“You can use that cryptocurrency on the blockchain then to spend at our properties. Check into our resort. When you live with us, pay your rent. We create this whole ecosystem,” Caruso explained.

The strategy is something that Caruso plans to roll out over the next decade, and part of a long-term plan. “It’s not about the next year or five years,” he said.

Caruso also tapped Gemini as a custodian for its “significant initial investment” in BTC as part of its “treasury management strategy” – making the company the first in the real estate industry.

Completely integrating crypto within its customer experience reinforces “the company’s belief in the robust future of cryptocurrency.”

bitcoin la real estate mogul rent

How much further can Bitcoin climb in another decade? | Source: BTCUSD on TradingView.com

The Boom Of Companies And Bitcoin Is Only Now Beginning

Caruso joins the growing list of corporations that have added BTC to their corporate treasure reserves, and more are coming.

A seminar led by MicroStrategy CEO Michael Saylor was intended to bring more businesses to the space by sharing his playbook.

Saylor’s lead also inspired the likes of Jack Dorsey’s Square Inc. and Elon Musk’s Tesla to start buying BTC. Dorsey also offers Bitcoin to customers through its Cash App, and Tesla added the ability to pay with the top cryptocurrency to buy its green vehicles.

Companies that have done so have had substantial earnings to show for their innovative take. The mentions of Bitcoin in company earnings reports has gone parabolic recently, right alongside the asset’s price.

The proliferation of Bitcoin and other cryptocurrencies is only just beginning, and its potential application from real estate to payments and more will scale exponentially over the next decade and more.

Featured image from Shutterstock, Charts from TradingView.com

9th April 2021

Crypto Analyst Expects “Escape Velocity” When Bitcoin Breaks $60K. Here’s Why

Bitcoin price is still stuck under $60,000 but unable to push any lower than $55,000. The tightening across the crypto market has been long and arduous but when $60,000 is finally broken, the crypto asset should reach what one analyst calls “escape velocity.”

Here’s what the term means and what that could look like post-breakout of the key resistance level.

Bitcoin Could Reach Escape Velocity After Breaking Above $60,000

Bitcoin price action has come to a critical impasse, either ready to explode to hundreds of thousands of dollars per coin, or about to take a dive from current highs.

Resistance above $60,000 has been the first zone proving too strong for bulls to get through with ease, causing momentum to fizzle out. Momentum indicators have turned red for the first time in months, but bears have failed to take prices much lower.

The standoff has volume dropping, and volatility dipping to the lowest levels in months for the characteristically explosive crypto asset.

But when things finally do break above $60,000, one crypto analyst expects things to reach “escape velocity.”

bitcoin escape velocity

This is what escape velocity could look like in Bitcoin | Source: BTCUSD on TradingView.com

What The Physics Term Playing Out In Crypto Would Look Like

According to Wikipedia, escape velocity is a physics term describing “the minimum speed needed for a free, non-propelled object to escape from the gravitational influence of a massive body.” In simpler terms, its the strength and speed needed for an object to escape a planet’s gravitational pull and exit its atmosphere.

The analogy makes sense. “Escape velocity rises with the body’s mass and falls with the escaping object’s distance from its center. The escape velocity thus depends on how far the object has already traveled,” a description reads.

Essentially, $60,000 is the object’s center, and resistance should weaken once it is passed, requiring less overall momentum to continue to head off toward the moon.

The reason being is, Bitcoin has attracted substantial media attention above $50,000 where the coin has now spent weeks above. Those waiting for a breakout of $60,000 will buy with extreme force knowing that any correction was warded off.

At the same time, those waiting for prices lower will realize it isn’t coming, and FOMO back into Bitcoin, causing prices to soar with even greater ease.

Between the flurry of new buyers getting in for the first time, sellers buying back in after they’ve realized their mistake, and more, it should cause the final parabolic stage of the Bitcoin bull run, and the “escape velocity” the analyst is talking about.

Featured image from Deposit Photos, Charts from TradingView.com

9th April 2021

Radio Host Dave Ramsey Warns Bitcoin Investor of His “Vegas Problems”

Dave Ramsey told a caller, seeking advice on his Bitcoin holdings, he has “Vegas problems.” Offering his advice on what he would do, the radio host unceremoniously recommended the caller cash out tomorrow.

“You’ve got Vegas problems, man. You walked up to the slot machine, put a quarter in and it dumped a bunch of quarters out and now you have this temptation to think that’s a plan. And thus is the problem with anything that is an extremely volatile asset…”

Bitcoin is Benefiting Everyday People

Ray from Kentucky got more than he bargained for when calling into The Dave Ramsey Show. Explaining his situation, Ray said in late 2019, his income tripled, and throughout the following year, he focused intently on paying off his debt. Currently, he has balances owed on just a car and a house.

Ray also mentioned he bought Bitcoin during that period, and his holdings are now worth about $100k. While substantial, Ray said it isn’t enough to pay off both the car and house. He asked Ramsey what he would do in this situation.

“It’s ballooned into this huge account now worth roughly $100k. So one of the things I want to do with it is obviously pay off the car, but it’s not quite enough to pay off the house.”

In 2020, the price of Bitcoin ranged from $3.7k at its lowest following the “Corona Crash” in March. To $29k at its peak going into 2021.

Despite the 649% ROI that Ray disclosed, as well as the expectation of further price appreciation, Ramsey, in no uncertain terms, told Ray, if it were him, he would take the money and run. Adding, Bitcoin is not something he would be buying in the first place.

Isn’t The Crypto Narrative Changing?

Ramsey’s views on Bitcoin are typical of many, particularly those born in the Baby Boomer years, and perhaps to a lesser extent, the Gen Xs. But it’s getting harder to dismiss Bitcoin as each day passes.

Coinbase is scheduled to debut on the Nasdaq on April 14. As a significant crypto company going mainstream, some see this event as the defining spark in legitimizing Bitcoin.

The FT hinted at this by giving a rundown of the first quarter financials of Coinbase, saying the earnings show that traditional finance can no longer ignore the crypto industry.

“Twitter folk quickly forged a consensus that such figures prove not only that Delaware-incorporated company is a profit-minting machine but that crypto itself can no longer be ignored by traditional finance.”

But changing hearts and minds will not happen overnight, especially not from a stock listing. Nor should it.

While Ramsey may have good intentions, he may also be fixated by his extreme biases to the detriment of his audience. It’s the extreme positions, on either side, that turns everyone else off.

Maybe it’s time to accept that not everyone gets it or even wants to get it.

Bitcoin daily chart

Source: BTCUSD on TradingView.com

9th April 2021

Bitcoin Selling Pressure is Declining, Hints Key Glassnode Indicator

Even as the bitcoin market shows signs of bullish exhaustion after logging a 1,500-percent-plus upside move in the previous 13 months, all is not lost. Investors with a long-term growth outlook still want to hold onto the flagship digital asset, iterating their expansive bullish stance on it.

The analogy appears out of a chart from Glassnode, a blockchain analytics firm that determines Bitcoin’s market bias based on on-chain indicators. One of its benchmark offerings is a tracking tool that studies Bitcoin wallets based on their net position holdings. In retrospect, the lesser the wallet owners spend their bitcoin, the higher their bullish bias is.

Green Red Green

Lex Moskovski, the chief investment officer at Moskovski Capital, spotted the said tool — dubbed as Bitcoin Long-Term Holder Net Position Change — and noted that it flipped from red to green for the first time since October 2020.

Bitcoin Long-Term Holder Net Position Change. Source: Glassnode

The red bars in the chart above reflect higher transactional volume from holders’ wallets than to those who let the cryptocurrency sit ideal in their wallets. On the other hand, a green bar shows that more people prefer to hold bitcoin instead of transferring them to other addresses.

“Selling pressure is decreasing,” the analyst ruled out after studying the pattern.

“Taken at the face value this chart means compared to a month ago more coins have been added to LTH UTXO than have left them. I’d say this is bullish,” he added.

Why HODL Bitcoin?

The statements appeared as the Bitcoin price struggled to follow up to its previous parabolic move above $60,000. Rising US bond yields sapped investors’ short-term appetite for safe-haven assets and, in turn, made a beaten-down US dollar — a bitcoin nemesis — a more attractive asset to hold.

Bitcoin trades inside a bullish structure. Source: BTCUSD on TradingView.com

On the other hand, Bitcoin maintained its bullish bias even against a relatively stronger greenback. Its upside cues kept coming in the form of fresh institutional investments from MicroStrategy, a Nasdaq-listed business intelligence firm, and the foray of financial giants like Mastercard, PayPal, Visa, Bank of New York Mellon, Morgan Stanley, and Goldman Sachs into the cryptocurrency services sector.

Investors also anticipated growth in the Bitcoin sector after Coinbase, a US-based cryptocurrency exchange, received regulatory approval from the Securities and Exchange Commission to go public via a direct listing Nasdaq. That ensured further exposure for Bitcoin on Wall Street, leading many analysts to say that the cryptocurrency would rise to $100,000 by the end of this year.

Photo by Chris Liverani on Unsplash

9th April 2021

TA: Bitcoin Reclaims 100 SMA, Here’s Why BTC Could Resume Uptrend

Bitcoin price started a fresh increase above the $57,500 resistance against the US Dollar. BTC is showing positive signs above $58,000 and the 100 hourly SMA.

Bitcoin remained well bid above the $56,000 level and it started a fresh increase.
The price is now trading above the $58,000 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but the bulls are likely to remain active near $57,800 and $57,500.

Bitcoin Price Turns Green

Bitcoin traded as low as $55,492, where the bulls took a strong stand. As a result, BTC started a fresh increase above the $56,500 and $57,000 resistance levels.

The price even cleared the 50% Fib retracement level of the downward move from the $59,475 swing high to $55,492 low. There was also a break above a key bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair.

It is now trading above the $58,000 level and the 100 hourly simple moving average. An immediate resistance is near the $58,275 level. The 76.4% Fib retracement level of the downward move from the $59,475 swing high to $55,492 low is also near the $58,500 level.

Source: BTCUSD on TradingView.com

A clear break above the $57,275 and $58,500 resistance levels could open the doors for more gains. The next key resistance on the upside is near the $59,500 level. The main resistance is still near the $60,000 zone.

Dips Supported in BTC?

If bitcoin fails to climb above $58,275 and $58,500, there could be a short-term downside correction. An initial support on the downside is near the $57,750 level and the 100 hourly simple moving average.

The next major support is near the $57,500 level (the recent breakout zone). If the bulls fail to protect the 100 hourly SMA and then $57,500, there are chances of a steady decline. In the stated case, the price might decline towards the $56,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $57,750, followed by $57,500.

Major Resistance Levels – $58,275, $58,500 and $59,500.

9th April 2021

Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it.

Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in. That’s according to one crypto company CEO, who has warned of sell side intensity increasing substantially in the last several hours. It’s caused them to be increasingly convinced that a cycle top is potentially in. Here’s a deeper look at why.

Bitcoin Bull Run On The Ropes As Technicals Face Off Against Fundamentals

Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.

Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.

Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.

Yet it is for none of these reasons that Embily CEO Joe Saz says could very well cause the “cycle top.”

bitcoin btcusdt

Bears have suddenly shown up just as the bull trend begins to falter | Source: BTCUSDT on TradingView.com

Why One Crypto CEO Says The Cycle Top Could Be In

Joe Saz like everyone else these days regularly offers their thoughts on what might happen next across crypto. In his latest self-proclaimed “chart spam,” he warns of something with the potential to put in the cycle top.

Saz focuses on what’s called OB, or order book analysis. He says that the rising red wave in the indicator pictures above is “ask dominance of aggregated spot markets” which he says depicts a “very serious sell side” with enough power that could topple the now struggling Bitcoin rally.

Essentially, what this translates to is a sudden spike in sellers appearing at current levels – more so today as price has been rising than recently. At this point, it will be a showdown between bulls and bears, but also fundamentals versus technicals.

Fundamentals remain heavily bullish for Bitcoin, but bearish technicals could at least cause the first serious correction, if not the cycle top that Saz is warning of.

Featured image from Deposit Photos, Charts from TradingView.com

9th April 2021

Bitcoin Reclaims $58K After Fed Underscores Continued Recovery Support

Bitcoin rallied on Thursday after the Federal Reserve vowed to support the economic recovery in the United States.

The benchmark cryptocurrency jumped 3.80 percent to $58,083 after declining two days in a row. Meanwhile, its rivals across the crypto space, including the second-largest token Ethereum and its runner-up Binance Coin, also surged higher. Almost all alternative cryptocurrencies have a positive correlation with Bitcoin.

Dovish Fed

Traders started flocking into the cryptocurrency sector after minutes from the Federal Reserve’s March meeting, released on Wednesday, which showed the central bank officials are optimistic about a sustained rebound in inflation. They committed to keep their easy monetary policies unchanged until employment recovers fully from the pandemic-led economic aftermath.

“Those big mental readjustments by the market contemplating the growth outlook and what that would mean for inflation have been fully digested,” said April LaRusse, head of investment specialists at Insight Investment.

The US dollar index, which tracks the greenback’s strength against six major foreign currencies, was initially firm to the Fed’s continued dovish stance. Nevertheless, it fell by 0.38 percent on Thursday, raising fears that the dollar might resume its downtrend after inching higher so far into 2021.

US dollar index turns lower after Fed commits loose monetary policies. Source: DXY on TradingView.com

Bitcoin, which does well when the dollar underperforms, rose inversely to the greenback’s performance in the previous 48 hours. Tom Jessop, president of Fidelity Investments’ digital assets wing, noted that the cryptocurrency has now matured as a global investment asset, which might continue to get better in coming years.

“I think we continue to see adoption at an accelerated pace for a host of reasons,” he said at an event hosted by MarketWatch and Barron’s this Wednesday.

Bitcoin Technical Outlook

The BTC/USD exchange rate showed possibilities of breaking bullish above $60,000.

Bitcoin eyes ascending channel breakout. Source: BTCUSD on TradingView.com

The pair trades inside an ascending triangle, which is technically a bullish continuation pattern in an uptrend. Its breakout target sits as high as the maximum distance between its upper and lower trendline. Therefore, if bitcoin breaks bullish above the Triangle’s upper trendline resistance (around $60,000), it would target at least $70,000 as its next upside target.

8th April 2021

Number Of Bitcoin Mentions In Company Earnings Reports Goes Parabolic

Among the many reasons for the ongoing bull run in Bitcoin, has been the emergence of corporations and businesses adding BTC to their company treasury reserves.

The sudden increase in demand for large sums of BTC during a period of low supply has caused prices to go parabolic. Interestingly, so have the numbers of mentions in company earnings reports that reference the first ever cryptocurrency by name.

Bitcoin Becomes Corporate Treasury Asset, Led By MicroStrategy CEO Michael Saylor

2020 was undeniably the year Bitcoin officially matured as an asset. Rather than pure speculation, the cryptocurrency network has shown it is here to stay, and instead the underlying asset is being leveraged to protect against dollar inflation.

Hedge funds began dumping gold expecting Bitcoin to be the better performing safe haven asset and economic hedge, and shortly thereafter major publicly traded corporations started swapping out useless cash reserves for an asset that over its lifecycle has appreciated more than anything else in history.

bitcoin corproate fomo

The bull trend took off once corporations began buying BTC | Source: BTCUSD on TradingView.com

The effort was first led by Michael Saylor, CEO of the Nasdaq-listed software firm MicroStrategy, who has since attracted more high-level CEOs and brands to the cryptocurrency sector, such as Elon Musk’s Tesla, and long-time Bitcoin supporter Jack Dorsey, whose company Square Inc. also bought a lion’s share of BTC.

Mentions Of Top Cryptocurrency During Company Earnings Reports Breaks Record

Since the trend of corporations suddenly scrambling to buy the ultra scarce cryptocurrency first began, the price per coin has gone parabolic once again. Also climbing at a similar rate, is the number of mentions from company quarterly or annual earnings reports that include “Bitcoin.”

According to the Twitter handle Documenting Bitcoin via the website Compeete.com, the total mentions in earnings reports has followed a similar trajectory as the price action above.

bitcoin company mentions

Mentions of the top crypto during earnings report discussion are rising | Source: Documenting Bitcoin on Twitter

Bitcoin price is currently struggling to make it above $60,000 and push higher. However, these companies boasting about earnings could cause further FOMO-effect once other businesses learn of how much revenue participation in cryptocurrencies brought.

Coinbase is about to go public and its Bitcoin-related revenue has been record-breaking. FOMO might only get frothier from here on out, as the aforementioned Saylor held a seminar earlier this year focused on educating other executives on how to get BTC on the books.

The fruits of that labor could begin to blossom in the following months as those executives take a page from Saylor’s playbook, and get in on the growing earnings mentions due to rising Bitcoin revenue.

Featured image from Deposit Photos, Charts from TradingView.com

8th April 2021

TA: Short-Term Bearish? Why Bitcoin Price Could Struggle Above $57.5k

Bitcoin price extended its decline and tested the $55,500 support against the US Dollar. BTC is now recovering, but it is likely to face a strong resistance near the $57,500 level.

Bitcoin failed to hold the $57,000 zone and extended its decline towards the $55,500 level.
The price is now trading well below the $57,500 support and the 100 hourly simple moving average.
There was a break below a key contracting triangle with support near $57,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but the bulls are likely to face a strong selling interest near $57,500.

Bitcoin Price Dips Further

Bitcoin struggled to restart its upward move above the $58,000 zone, resulting in a bearish move. BTC broke the $57,500 and $56,200 support levels to move further into a bearish zone.

There was also a break below a key contracting triangle with support near $57,450 on the hourly chart of the BTC/USD pair. The pair spiked below the $56,000 level and tested the next key support near the $55,500 zone.

A low is formed near $55,492 and the price is consolidating losses. It is now trading above $56,000, and testing the 23.6% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low. On the upside, the first key resistance is near the $57,000 level.

Source: BTCUSD on TradingView.com

The main resistance is now forming near the $57,500 level (the recent breakdown zone). The 50% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low is also near the $57,500 level to act as a massive hurdle. A clear break above the $57,500 level could open the doors for a steady increase.

More Losses in BTC?

If bitcoin fails to climb above $57,000 and $57,500, there could be more downsides. The first major support on the downside is near the $56,000 level.

The main support is now forming near the $55,500 level. A downside break below the recent low and $55,500 could accelerate losses. The next target for the bears might be $53,200 or even $52,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level.

Major Support Levels – $56,000, followed by $55,500.

Major Resistance Levels – $57,000, $57,500 and $58,000.

8th April 2021

How Bitcoin Dominance Bullish Engulfing Could Signal An End To Altcoin Season

Bitcoin price is diving currently, shaking up the crypto market as a whole. In addition to the correction in the top cryptocurrency by market cap, altcoins have taken an even more severe beating.

With top alts like Ethereum and Litecoin are seeing an even further drop on BTC trading pairs, Bitcoin dominance has formed a bullish engulfing candle just as a key technical indicator reach overheated status. Here’s how that could put an abrupt end to the ongoing altcoin season.

Bitcoin Price Drop Causes Altcoins To Flop

Bitcoin is the first ever cryptocurrency that an entire industry was built from since, and anything that isn’t BTC is considered an altcoin. Ethereum is currently the king of that camp, and is outpacing Bitcoin in performance since its inception.

But due to first move advantage and just how dominant Bitcoin is, it represents more than 50% of the entire crypto market cap. The BTC dominance metric was created to measure the rest of the crypto market and its weight compared to all altcoins.

BTC dominance has dropped by 18% since end of 2020 highs, leaving a red streak behind. However, during today’s crypto market bloodbath, the metric began to make a comeback and has formed a bullish engulfing candle.

A bullish engulfing candle is a type of Japanese candlestick formation, that typically suggests a short term reversal is in the coming. It forms when after a sharp bearish move, sellers are overwhelmed by a sudden surge in bullish buying. It is then up to bulls to continue the reversal.

bitcoin dominance btc.d reversal bullish engulfing

A bullish engulfing appears as daily RSI reached oversold conditions | Source: CRYPTOCAP-BTC.D on TradingView.com

BTC Dominance Reversal Could Put An End To Alt Season

Coinciding with the bullish engulfing candle pictured above, the daily Relative Strength Index fell sharply into oversold territory. If a reversal plays out in BTC dominance, whatever altcoin season that’s been going on recently, will be over.

Adding more credence to the theory of further reversal in the relationship between Bitcoin and altcoins, on weekly timeframes a hidden bullish divergence has formed, just as BTC.D touches down at the bottom Bollinger Band.

Bitcoin dominance hidden bull div

A bull div on the RSI has formed as dominance falls to Bollinger Band support | Source: CRYPTOCAP-BTC.D on TradingView.com

Divergences occur when price action moves opposite a technical indicator – in this case the Relative Strength Index again on weekly timeframes. Although daily has fallen into completely oversold levels, weekly either has more to go, or buyers are secretly showing up ready to stage a reversal.

Counter Point | Why Bitcoin Dominance Is No Longer Relevant To Crypto

If bulls can begin the comeback starting with a bullish engulfing today, and close out next week with a powerfully bullish move, a morning star doji pattern will be left on weekly charts, adding yet another signal that an extended reversal could result.

Any reversal in BTC.D, could either have Bitcoin leaving alts in its dust, or the coins crash far further than the top cryptocurrency does on its way back down. All that’s left to do, is wait and see.

Featured image from Deposit Photos, Charts from TradingView.com

7th April 2021

Palihapitiya Replies to Munger’s Bitcoin is a “Scum Ball Activity” Assessment

The Founder of Social Capital, Chamath Palihapitiya said Buffett, Munger, and Gates are wrong about their negative assessment of Bitcoin. Like Buffett and Munger, the Canadian venture capitalist is also considered something of a savvy investor. However, when it comes to cryptocurrency, that’s where the similarities end.

Palihapitiya Defends Bitcoin

During a CNBC interview, a series of short clips featuring Buffett, Munger, and Gates was shown.

On Bitcoin, Buffett said, “the asset itself is creating nothing.” Whereas Munger led with “I think it’s a scum ball activity.” While Gates holds little hope of sustained price appreciation saying, “I would short it if there was an easy way to do it.”

Responding to the comments Palihapitiya said he thinks all three are wrong. Explaining further, he was quick to credit Buffett and Munger, adding that he considers himself a disciple of their achievements. But he also pointed out that technology falls outside of their “circle of competence.”

“Look, not everybody is right all of the time, and I think we have to acknowledge that we all have biases. And look, I’m a disciple of Buffett and Munger, and one of the things that they have said for years, which I believe, is you define a circle of competence and you stay within it.”

Answering the argument that Bitcoin is not technology, rather it’s a nonproductive asset similar to gold, Palihapitiya acknowledged this comparison. But in true Michael Saylor fashion, said he believes Bitcoin is a replacement for gold.

Sharing his own investment strategy, Palihapitiya said he holds 99% risk on and 1% risk-off. Saying holding 1% Bitcoin in the risk-off bucket is ultimately about buying insurance.

“The people that own Bitcoin in 2012 all the way up to now, the majority of those people view it as a hedge to the traditional financial infrastructure. Whether that’s true or not is unclear, but that’s how we’ve all viewed it.

2020 is The Most Correlated Year on Record

There is debate on whether Bitcoin is a hedge asset or not.

Data from Morningstar going back to 2013 shows an overall weak correlation between major asset classes and Bitcoin. This lends support to the argument that Bitcoin is a hedge asset.

However, last year saw a greater degree of positive correlation between all major asset classes and Bitcoin, with gold being the most correlated.

Source: etftrends.com

Analysts put this down to increasing Bitcoin adoption, citing record volumes and increasing activity from payment networks.

“This rise in correlation may be a result of its increasing adoption, as evidenced by record volumes traded, the rise in OTC-traded bitcoin funds and an increasing number of payment networks enabling bitcoin and digital asset buying and selling on their networks.”

If so, would mass adoption mean the loss of Bitcoin’s hedge status?

Bitcoin daily chart

Source: BTCUSD on TradingView.om

7th April 2021

Rich Dad Poor Dad’s Kiyosaki is Buying More Bitcoin Today, But Why?

People usually buy Bitcoin in hopes that they would be able to sell it to others for higher profits. But for a celebrated financial expert like Robert Kiyosaki, Bitcoin is an opportunity to break away from government surveillance.

The ‘Rich Dad Poor Dad’ author delivered a tweet Wednesday morning in which he said that he would buy Bitcoin because of his anxieties over “digital yuan,” a federally-controlled version of Bitcoin, put to trial by the People’s Bank of China on Tuesday after taking years for developing it.

China announcing government crypto today is good news for Bitcoin. Would rather have Bitcoin than government fake surveillance crypto. Buying more Bitcoin.

— therealkiyosaki (@theRealKiyosaki) April 7, 2021

Bitcoin versus Digital Yuan Battle Heats Up

In retrospect, Digital Yuan falls in the category of central bank digital currencies, or CBDC, whose sole purpose is to put a national currency atop a private blockchain ledger. Bitcoin serves in contrast as a decentralized cryptocurrency, managed by not one but hundreds of thousands of entities — aka miners.

As usual, no government or central bank gains control over Bitcoin’s source code, making it more independent than a regular CBDC.

But with China’s involvement in the CBDC space, things have become more about gaining virtual control over people’s financial lives. In his statements to the Financial Times, a Wall Street banker noted that President Xi Jinping’s authoritative regime would use digital yuan or digital renminbi to bring people’s everyday transactions under its radar — a thing it is already doing via its strict internet policies.

“The [digital renminbi] is heavily about the [Chinese Communist] party’s ability to exercise control,” also said Samantha Hoffman, senior analyst at the Australian Strategic Policy Institute.

Such fears alone have prompted people to opt for Bitcoin. While every transaction on Bitcoin’s blockchain is traceable, its backers tend to hide behind gibberish alphanumeric identities, thus gaining a thin layer of security from regulatory watchdogs.

Snapshot of a live transaction on the Bitcoin network. Source: BTC.com

Nevertheless, they risk being traced if even one entity in their long chain of bitcoin transactions reveals itself either by using a wallet that has gone through a know-your-customer process or just by practicing human negligence.

But…

…despite its limitation, Bitcoin appears better than a digital yuan to many. Mr. Kiyosaki is one among them.

“I would rather have Bitcoin than government fake surveillance crypto,” he said Wednesday. “Buying more [of the cryptocurrency].”

Shark Tank investor and software entrepreneur Kevin O’Leary also said in an interview with CNBC that he would rather buy Bitcoin than China’s “blood money,” citing carbon issues related to the cryptocurrency mining process in the country.

Many also see Bitcoin as a de-facto Chinese currency. More than 65 percent of the cryptocurrency’s mining pools/companies operate from China, according to Statista, giving the Jinping regime unprecedented — and potential — access to its supply to the rest of the world.

According to Mr. O’Leary himself, investors remain concerned about China’s excessive control of Bitcoin. They remain put off by the cryptocurrency, he noted.

The cost of one Bitcoin has increased twofold in 2021 due to institutional interest. The cryptocurrency was trading shy of $57,000 at the time of this writing.