Category: Bitcoin Analysis

Bitcoin weekly outlook: Why a $50K-retest is likely ahead of Friday’s US jobs data

Bitcoin weekly outlook: Why a $50K-retest is likely ahead of Friday’s US jobs data

The heavy selling in the U.S. dollar market at the end of last week assisted Bitcoin (BTC) to climb above $49,000. However, BTC struggled to extend its climb above $50,000, a psychological resistance level, as investors remained cautious about the Federal Reserve’s taper timing.  Bitcoin corrects after logging its week-to-date high of $49,667. Source: TradingView.com […]

Continue Reading

Bitcoin could be on the verge of a big breakout at $42K, hodler activity suggests

Bitcoin could be on the verge of a big breakout at $42K, hodler activity suggests

On-chain analyst Willy Woo asserted that Bitcoin (BTC) would break above the $42,000-resistance level in its coming attempts. The researcher based his bullish analogy on the so-called Rick Astley indicator, a heat-map that tracks investors—the Rick Astleys of this world—that buy Bitcoin to hold the asset for longer timeframes. The indicator earlier predicted Bitcoin price […]

Continue Reading

Bitcoin price hints at ‘megaphone’ bottom pattern, and a breakout toward $40K

Bitcoin price hints at ‘megaphone’ bottom pattern, and a breakout toward $40K

Bitcoin’s (BTC) latest rebound from below $30,000 has increased its prospects of extending its retracement move higher, at least according to one classic technical pattern. Dubbed as Broadening Formation, the megaphone-shaped pattern appears when the price moves inside two diverging trendlines. Investopedia states that a broadening formation represents disagreement over the next potential bias among […]

Continue Reading