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Bitcoin price clings to $10,000 as BTC whales sit on the fence

Bitcoin price has been barely clinging to the vital $10,000 level – but for how long? The prolonged bull-bear battle will soon reach a climax as investors worry about the broader selloff in the crypto market. on the contrary, there can be a short-term relief rally also in the works taking Bitcoin price near the […]

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Bitcoin price has been barely clinging to the vital $10,000 level – but for how long? The prolonged bull-bear battle will soon reach a climax as investors worry about the broader selloff in the crypto market. on the contrary, there can be a short-term relief rally also in the works taking Bitcoin price near the stubborn $12,000 resistance.

Bitcoin price clings to $10,000 as BTC whales sit on the fence 1
Cryptocurrency heat map by Coin360

As Bitcoin price briefly breaks $10,000 support to touch the $9,940 level with downward indications on the hourly charts, traders can’t decide how low it may go. Massive sell-offs in the altcoin realm is sending bearish signals to the BTC/USD pair. Despite several short bursts below the $10,000 mark, bulls have rescued it with renewed buying activity.

Markets are waiting with bated breath whether the next few days would lead to a relief rally or is there further consolidation on the cards. The low volume indicates that BTC/USD pair is waiting for confident signals for large investors and traders to come into play.

Bitcoin price chart can’t shake off consolidation

The hourly BTC/USD chart is not giving clear signals to the day traders. Currently, the pair is trading at 10,040 with a neutral rating on most technical indicators. The congestion of bulls and bears is providing solid support to the BTC/USD pair.

Bitcoin price clings to $10,000 as BTC whales sit on the fence 2
Bitcoin price chart by TradingView

Further below, there is strong support between $9,500 to $9,600 level to prevent any aggressive decline underneath. On the hourly charts, the first resistance for bulls to cross lies at $10,175 followed by another at $10,290. On the downside, there’s support at $8,750 in case there’s aggressive selling or profit booking.

The MACD indicator has plenty of room to run downstairs on both hourly and daily charts thereby contributing to the bearish onslaught. Moving averages, simple and exponential, are intermingled on the hourly charts and can’t be taken seriously right now. However, they do signal a short-term rebound for Bitcoin price.

Bears seem to be losing breath as per the DMI indicator. The selling pressure, if any, may not last long considering there’s a strong bull case scenario building up due to prolonged inaction. RSI is in neutral territory. So, technically Bitcoin price isn’t sending any immediate trend reversal signals that day traders can exploit.

BTC whales are ready to buy the dip

As per the latest on-chain metrics, Bitcoin whales and large crypto investors are using the current price correction opportunity to accumulate Bitcoin. As price hovers around the $10,000 mark, there may be renewed buying interest from the institutional investors as well to push the pair into bullish territory.

As per Santiment, on-chain data reflects that cryptocurrency exchanges are reporting higher stablecoin inflow. It means that traditional investors are looking to cash in on the latest BTC sell-off and further correction in BTC/USD pair can start a buying spree. Historically, the inflow of stablecoins into exchanges has been linked to Bitcoin price movements.

The $10,000 level has been tested continuously for the past few days. The thin liquidity on the Labor day sparked off some wild movements on the hourly charts. This tumultuous period cemented the strong credentials of the $10,000 support. Accumulation of stablecoins in crypto exchanges by large investors goes on to show that any further correction in Bitcoin price can trigger a buying spree.

The $10,000 level is psychologically and technically a pivotal point. There’s a range of support points below the $10,000 level running all the way up to $9,000 – providing enough buying opportunities to the bulls. The movements in the US dollar and Federal Reserve policy continue to impact Bitcoin price. The massive money printing and perennial low-interest rates will only support the macro cull case scenario for BTC/USD pair.

The CME gap data indicates a double-bottom formation

The psychological $10,000 support is ripe to serve as a bounce point for the relief rally. Sellers confidently broke the $11,200 region thereby creating a strong resistance. The two prominent CME gap areas are $9,650 and $9,900. Both gap points remain partially filled.

The volatile BTC/USD pair created an additional CME gap around the $10,450 region. Historically, it is highly likely that this gap is filled soon by short-term bulls. Traders eye gaps to track price movements thereby indicating a short-term price prediction. The double bottom formation indicates that a fresh lower low is on the cards which in turn can indicate an upcoming bullish divergence.

Bitcoin price clings to $10,000 as BTC whales sit on the fence 3
Bitcoin price chart by TradingView

However, Bitcoin price has not displayed any aggressive bullish behavior to bounce from the $10,000 level. Short term bounces can help create a support region from where higher lows can emerge. But trader Alan Masters points out that consecutive lows can signal a bearish momentum taking the Bitcoin price to $9,100.

Buying on the dips has been the flavor throughout 2020

Even though Bitcoin price is down $2,000 from this year’s highs, 2020 has been all about the macro bull rally. The crypto king’s performance during the Coronavirus pandemic has earned it safe-haven laurels. The current price action is merely a pause in the macro bull rally that took Bitcoin price past $12,000.

Investors are very much aware of the volatility in the crypto market. Thus, they are ready to brace for miniature bear market phases. The trend in BTC/USD pair is very much to the upside. The next leg of the rally will feature institutional investors and Bitcoin whales besides the retail investor. Brief movements below $10,000 will only prove to be buying opportunities.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Source: https://www.cryptopolitan.com/bitcoin-price-clings-to-10000-btc-whales-buy/

Blockchain

CoinShares Launches a $75 Million Physically-Backed Ethereum (ETH) ETP

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A month after launching a Bitcoin ETP on Switzerland’s SIX Exchange, CoinShares has released a physically-backed exchange-traded product following the performance of the second-largest cryptocurrency – Ethereum. 

  • Describing itself as “Europe’s largest digital asset investment house,” CoinShares is a cryptocurrency-oriented manager with over $4 billion in AUM. The company, headquartered in London, announced the launch of its latest crypto product – a new physically-backed ETP tracking the performance of Ethereum. 
  • Called CoinShares Physical Ethereum, the product is already listed on the regulated SIX Swiss Exchange under the ticker ETHE and has a base fee of 1.25%. According to the company, the cost is “lower than the industry standard” of 2%. 
  • The statement explained that each unit of ETHE is backed with 0.03 Ether tokens at launch. Thus, it provides investors with “passive exposure to Ethereum’s native asset with the convenience of an ETP.” 
  • “In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in Ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, Ethereum is an important part of that journey.” – commented Chief Revenue Officer Frank Spiteri. 

  • It’s worth noting that this is the company’s second similar product tracking the performance of a crypto asset launched this year. Somewhat expectedly, the first one, released in mid-January, follows the largest digital asset by market cap – Bitcoin. 
  • CryptoPotato reported upon its launch that it started with AUM of $200 million, and each unit is backed by 0.001 BTC. 
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Source: https://cryptopotato.com/coinshares-launches-a-75-million-physically-backed-ethereum-etp/

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Blockchain

Chainlink Price Analysis: 27 February

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bearish sentiment has been the norm over the past few days, with the same being the case at press time for altcoins such as Chainlink. LINK has seen its price hike by around 164 percent since the start of the year. Over the last 7 days, however, with sellers dominating the market, LINK lost close to 28 percent of its value. While there have been some signs of recovery on the price charts, traders cannot discount the possibility of a further dip soon.

At the time of writing, LINK was trading at $25.5 with a market cap of close to $10.5 billion, making it the ninth-largest cryptocurrency according to CoinMarketCap’s list.

Chainlink 1-day Chart

Source: LINK/USD, TradingView

Chainlink’s price surged within an ascending channel formation over the last two months and as expected, the breakout was bearish for the coin. Additionally, Bitcoin also fell over the past week, adding to LINK’s price woes.

At press time, while LINK had strong resistance around the $35.1-price range, it was testing the support at $23.9, just like it has over the past few days. If this support level fails, it is quite likely that LINK will head towards the next support at $19, creating an opportunity for traders to open short positions.

Rationale

The technical indicators for LINK were quite bearish at press time and one can expect a further price drop for the coin in the coming days. At the time, the RSI indicator was quite far away from the overbought zone and was close to the oversold zone, indicating the absence of a buyer-dominated market.

If the RSI drops even further, LINK’s downtrend will continue. The MACD indicator also painted a similar picture after having seen the Signal line go past the MACD line, resulting in a bearish crossover.

Important levels to watch out for 

Resistance: $35.1

Support: $23.9, $19

Entry: $24.7

Take Profit: $19.4

Stop Loss: $34.4

Risk/Reward: 0.56

Conclusion

Chainlink saw its price surge on the charts over the past two months. However, the sentiment has since changed quite significantly and the coin seemed to be firmly in the grip of the bears. The altcoin may see a further price drop in the coming week if the press time support level fails. Such a scenario will result in LINK’s price going below the $20-mark, presenting an opportunity for short positions in the market.


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Source: https://ambcrypto.com/chainlink-price-analysis-27-february

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Blockchain

Bitcoin Cash, Huobi Token, Zcash Price Analysis: 27 February

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Bitcoin Cash retained the 10th spot on the crypto-rankings, despite being severely impacted by the recent correction in the broader market. Huobi Token flashed bullish signals, but a break above its press time resistance was unlikely. Finally, Zcash was projected to trade within a fixed channel since volatility was low in the market.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Weekly losses on Bitcoin Cash‘s charts amounted to 34% as a correction in the broader market had a negative effect on the crypto-asset. This period also saw $3 billion erode from BCH’s total value as it held on to the number 10th spot in the crypto-rankings by a bare margin, with a market cap of $9.18 billion. At the time of writing, BCH’s price was floating just above its $464-support, while the indicators gave mixed signals on BCH’s future trajectory.

The RSI pointed lower from under the 40-mark and reflected the weakness in price. On the other hand, the MACD moved above the Signal line while the histogram registered rising bullish momentum. With the crypto-market awaiting strong cues, we can expect BCH to remain above its press time support level. If the aforementioned level fails, the next line of defense would be at $421.5.

Huobi Token [HT]

Source: HT/USD, TradingView

The ADX indicator showed that Huobi Token’s uptrend was weakening after the price snapped an all-time high exactly a week ago. In fact, the losses amounted to over 30% following the broader sell-off in the crypto-market. At the time of writing, the altcoin’s price had bounced back from the $15.4-support after the bulls stepped in.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the half-line on the histogram. Either way, its gains would be capped at the immediate resistance and a hike to record levels seemed unlikely over the coming trading sessions.

Zcash [ZEC]

Source: ZEC/USD, TradingView

The Bollinger Bands on Zcash’s hourly charts were compressed as volatility remained low after the price bounced back from its $114.7-support. Weak trading volumes and buying pressure worked against a bullish outcome even though the price looked to breach the $124.75-resistance.

The Awesome Oscillator switched to red from green as momentum moved back and forth over the last few sessions. Moving forward, expect Zcash to remain within its current channel as it awaits stronger signals from the broader market for a definitive move on the charts.


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Source: https://ambcrypto.com/bitcoin-cash-huobi-token-zcash-price-analysis-27-february

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