Bitcoin Holding Crucial Support: Here’s What Could Propel it to $7K

Bitcoin corrected lower from the $6,600 resistance area against the US Dollar. BTC price is currently holding the key $6,250 support and it could start a fresh increase in the near term. Bitcoin started a short term downside correction from the $6,636 high against the US Dollar. The price is currently holding the key $6,250 support and the 100 hourly SMA. There is likely a bullish flag pattern forming with resistance near $6,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either rally above $6,500 or it might start a fresh decline towards $5,850. Bitcoin Could Rise Again Yesterday, we discussed the chances of a short term correction in bitcoin from the $6,636 high against the US Dollar. BTC price did correct lower and traded below the $6,500 support area. The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high. Besides, there was a break below the $6,400 level, but the price remained well bid above the 100 hourly simple moving average. It seems like the bulls protected the 100 hourly SMA and the 50% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high. The price is currently rising and trading above $6,300. There is likely a bullish flag pattern forming with resistance near $6,420 on the hourly chart of the BTC/USD pair. If bitcoin surpasses the flag resistance and gains pace above the $6,450 level, there are high chances of a strong increase. Bitcoin Price The next key resistance is near the $6,600 level, above which the price is likely to gain bullish momentum above $6,640. In the mentioned bullish case, the bulls are likely to aim a test of the $7,000 resistance. Another Rejection? If bitcoin fails to clear the flag resistance and $6,450, it could struggle to stay above the 100 hourly SMA. A bearish break below the 100 hourly SMA and the $6,250 support may perhaps extend losses. The next support is near the $6,000 level, below which the bears are likely to aim a retest of the $5,850 support area in the near term. Technical indicators: Hourly MACD – The MACD is currently losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to move back above the 50 level. Major Support Levels – $6,250 followed by $6,000. Major Resistance Levels – $6,450, $6,500 and $6,600. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Ripple (XRP) Showing Signs of Weakness But 100 SMA Can Trigger New Rally

Ripple is still struggling to surpass the $0.1780 resistance area against the US Dollar. XRP price is currently holding the 100 hourly SMA and it could rise again. Ripple price is still facing a strong hurdle near $0.1750 and $0.1780 against the US dollar. There key supports forming near the $0.1720 and the 100 hourly SMA. There is an expanding triangle forming with resistance near $0.1780 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to rally above $0.1780 in the short term as long as it is above $0.1700. Ripple Price Testing Key Support Yesterday, there was a steady rise in ripple above the $0.1700 resistance area. XRP price traded above the $0.1720 resistance area and the 100 hourly simple moving average. However, the price struggled to gain momentum above the $0.1750 and $0.1780 resistance levels. The bulls failed once again near $0.1780 and a high was formed near $0.1779. Ripple is currently correcting lower and trading below the $0.1750 level. There was a break below the 23.6% Fib retracement level of the upward move from the $0.1620 low to $0.1779 high. On the downside, the $0.1720 pivot area and the 100 hourly simple moving average are currently acting as supports. There is also an expanding triangle forming with resistance near $0.1780 on the hourly chart of the XRP/USD pair. Ripple Price If the pair fails to stay above the triangle support and the 100 hourly SMA, it could correct further towards the main $0.1700 support area. The 50% Fib retracement level of the upward move from the $0.1620 low to $0.1779 high is also near the $0.1700 level. Any further losses may perhaps start a substantial decline and the price is likely to decline towards the $0.1620 support area. Bullish Break? If ripple remains well bid above the 100 hourly SMA, it could rise steadily. On the upside, the main resistance is near the $0.1780 area. A clear break and close above the $0.1780 resistance is likely to set the pace for a sharp rally. In the mentioned bullish case, the bulls are likely to aim a test of the $0.1880 and $0.1920 resistance levels in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising towards the 50 level. Major Support Levels – $0.1720, $0.1700 and $0.1620. Major Resistance Levels – $0.1750, $0.1780 and $0.1880. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Ethereum Breaking This Single Level Will Spark a Strong Rally

Ethereum is still struggling to clear the main $135 resistance area against the US Dollar. ETH price must break the $135 hurdle to start a strong rally in the coming sessions. Ethereum is currently consolidating below the main $135 resistance against the US Dollar. The price is likely to find a decent support near the $130 region. There was a break below a connecting bullish trend line with support near $133 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct a few points towards $130 before it makes another attempt to clear $135. Ethereum Price Facing Hurdles Yesterday, there was a decent rise in Ethereum above the $130 resistance area against the US Dollar. ETH price gained pace above the $132 level and the 100 hourly simple moving average. However, the price struggled to gain strength above the main $135 resistance area. The bulls made more than two attempts to clear the $135 barrier, but they failed. A swing high is formed near $135.40 and the price is currently correcting lower. There was a break below a connecting bullish trend line with support near $133 on the hourly chart of ETH/USD. Ethereum even traded below the 23.6% Fib retracement level of the upward move from the $124 low to $135 high. Ethereum Price The price is currently finding bids near the $132 level and the 100 hourly SMA. If there are more downsides, the price could test the $130 support level. The 50% Fib retracement level of the upward move from the $124 low to $135 high is also near the $130 zone to act as a strong support. Any further losses may perhaps start a substantial decline towards $124. Chances of a Fresh Rally If Ethereum remains well bid above the $130 support area, it could make another attempt to clear the key $135 resistance zone. A successful close above the $135 resistance and a follow through later is likely to spark a solid rally in the coming sessions. The next key resistance is near the $142 level, above which the bulls are likely to aim a test of the $150 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is still near the 50 level, with a positive angle. Major Support Level – $130 Major Resistance Level – $135 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Bitcoin Just Plunged 4% After Monthly Close: What’s Next For The Market?

Since the monthly close that transpired at the turn of the month (UTC), Bitcoin has tanked, falling 4% from the $6,500 price where it spent most of the past few hours to a low just above $6,250. The move lower began just eight minutes after the monthly candle closed, potentially suggesting that market players were intending to keep the cryptocurrency above a certain price ahead of that crucial event.  What’s Next For Bitcoin?  Most analysts seem to be convinced that the recent move lower is bearish for the cryptocurrency market, rather than a quick drop that will be followed by a bounce back to the mid-$6,000s. Although not a concrete prediction per se, Tyler Coates, a prominent crypto trader formerly known as “Financial Survivalism,” posted the below chart, showing that Bitcoin could head back into the $4,000s should it follow the inverse of the price action that transpired from March 12th to the 18th or so. Equal and opposite reaction? $BTC pic.twitter.com/T7xHtqWdDb — Tyler D. Coates (@Sawcruhteez) April 1, 2020 The call for Bitcoin to trend lower was echoed by Lomah, who noted that if the cryptocurrency trends as he predicted on Monday, it will continue lower, likely to retest the weekend lows around $5,900. Monthly Candle Closed Above Key level Importantly, though, BTC closed March’s candle just a smidgen above the key technical level at $6,400. $6,400 is a crucial level from a long-term perspective, as that’s where BTC bottomed in December. Also, the low-$6,000s were absolutely key for Bitcoin during the 2018 bear market: the cryptocurrency bounced off that region on multiple occasions. Though, prominent analyst Cred has reminded his followers that just because Bitcoin closed a monthly candle above a support “does not mean that price must instantly teleport higher,” adding that the close only “sets a bias for the next candlestick.” $BTC A monthly close above support does not mean that price must instantly teleport higher. The close simply sets a bias for the next candlestick. A lot can happen in a month. If April is going to be bullish, that strength will form on weekly & daily charts as well. Chill. — Cred (@CryptoCred) April 1, 2020 Featured Image from Shutterstock

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Simple Factors Show Bitcoin’s Hash Rate Will Continue Dropping; Here’s Why This is Bullish

Bitcoin’s recent volatility did some severe technical damage to its market structure, and also led to mass capitulation amongst BTC miners, with the crypto’s decline from $10,500 to lows of $3,800 making it no longer profitable for many smaller mining operations. Miner’s ongoing capitulation is illustrated while looking towards Bitcoin’s hash rate, which has seen a significant decline over the past three weeks. The decline may be far from over, as a few simple factors seem to suggest that more miners may capitulate in the near-term. Bulls, however, may be pleased to learn that there’s a strong chance that this decline in hash rate may ultimately be a positive thing for Bitcoin’s price, with the capitulation of smaller miners potentially alleviating some of the selling pressure on the crypto. Bitcoin’s Hash Rate Continues Dropping: Down 20% From All-Time Highs Bitcoin’s hash rate – which represents the terahashes per second (TH/s) that are performed by the BTC blockchain – is often looked upon as an indicator of the cryptocurrency’s fundamental network strength. Its hash rate has declined significantly over the past few weeks in tandem with Bitcoin’s price, plummeting from its all-time high of roughly 125 million TH/s in early-March to its current levels at roughly 100 million TH/s – a 20% drop. Image Courtesy of Blockchain.com This plunge has come about as BTC shows signs of technical weakness, with its recent selloff leading many smaller miners to shut off their rigs due to being unprofitable. Here’s Why a Declining Hash Rate May be Bullish for BTC Although some see a declining hash rate as being emblematic of underlying network weakness, it may actually be a sign that Bitcoin is poised to see a notable rally in the near-term. Miners offer the crypto markets with a steady stream of selling pressure, selling their earned BTC for fiat currency in order to fund their operations. This is particularly true when it comes to smaller mining operations, as the large ones are able to operate at unprofitable levels due to having massive reserves of capital. When Bitcoin’s price declines so sharply that it is no longer profitable to mine, many smaller operations temporarily wind down their rigs, while the larger operations hold their acquired BTC in hopes of selling it for a profit at more favorable prices. That being said, a declining hash rate may signal that Bitcoin is about to see the stream of selling pressure provided by miners wane, giving the benchmark crypto significant room to rally. This number will likely further decline in the near-term as well, the crypto’s upcoming mining rewards halving and current technical weakness may make mining BTC even more unprofitable. Featured image from Shutterstock.

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In a Few Hours, a Crucial Bitcoin Candle Will Close: What To Watch For

In just over 120 minutes as of the time of this article’s publishing, Bitcoin’s one-month and three-month candles will close. A number of analysts have remarked that the upcoming close will be crucial for the crypto market’s directionality moving forward. Related Reading: This Key Metric Suggests the Crypto Market’s Downturn Will Be Shortlived Levels to Watch For According to analyst Crypto Birb, Bitcoin closing above $6,425 when the monthly candle closes in the very near future would be one of the feasible best-case scenarios for the cryptocurrency: “Bitcoin monthly close above $6,425 would be a solid bullish [swing failure pattern] to make April to May brighter.” Indeed, $6,425 is a crucial level from a long-term perspective, as that’s where BTC bottomed in December. Also, the low-$6,000s were absolutely key for Bitcoin during the 2018 bear market: the cryptocurrency bounced off that region on multiple occasions. The asset managing to close above this historically-pertinent level would create a so-called swing failure pattern, according to CryptoBirb, which would give credence to a bullish reversal. Many have also pointed to the fact that March’s candle looks like the bottoming process seen during the 2013-2015 cycle, during which Bitcoin saw a massive capitulation event that saw it similarly fall by some 50% within a few days’ time span, to only bounce back in the weeks that followed. With Bitcoin currently changing hands for $6,470, the bull-case close scenario seems possible. According to CryptoISO, however, whatever the candle closes at, it seems to be in a bearish structure. Related Reading: King of the Hill: Top Crypto Investor Explains Why Altcoins Are Highly Risky The prominent trader wrote in a message published on March 31st that while “people [are] fixated on the monthly close,” the “high time frame market structure is bearish” because March’s candle opened at $9,200 to fall to $3,600 at the lows, a drop of more than 60%. People seemed to be fixated on the monthly close. High time frame market structure is bearish. The monthly candle goes from 9200 to 3600. That is absurd. — CryptoISO (@crypto_iso) March 31, 2020 Bitcoin To Outperform In Q2? Bitcoin is poised to close 10% down on the quarter, making this the fifth out of the past seven first quarters that the cryptocurrency has trended lower, suggesting this market has a negative winter seasonality to it. The thing is, as can be seen in the chart below from Skew.com, the second quarter of years have historically been bullish for the cryptocurrency, with BTC rallying more than 20% in five out of the last six second quarters. Featured Image from Shutterstock

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Data Shows Ethereum is Gearing Up for an Explosive Downside Movement

Ethereum has been closely tracking Bitcoin’s price action throughout the past several days and weeks, which has led ETH to once again enter a bout of sideways trading within the mid-$130 region. Despite being able to post a strong rebound from its recent lows, it is important to note that analysts are widely anticipating ETH to see an intense downwards movement in the near-term. This also comes in tandem with some slight growth in the cryptocurrency’s open interest on BitMEX, which may be a sign that the crypto’s next move will be massive. Ethereum Faces Weak Technical Situation as Analysts Eye Near-Term Downside  At the time of writing, Ethereum is trading up just under 1% at its current price of $133, which marks a slight decline from daily highs of over $135 but a notable rebound from lows of $125. These lows were set yesterday in tandem with Bitcoin’s decline to $5,800, with bull’s ardent defense of this level creating an upwards tailwind that has allowed virtually all major altcoins to rally. In the near-term, it does appear that the mid-$130 region has become resistance for ETH, and whether or not it moves past this level may be dependent on how Bitcoin trends. One trader said in a recent tweet that Ethereum is flashing signs of weakness against its BTC trading pair, noting that it is currently hovering directly between key support and key resistance. “Ethereum: The same approach still on ETH / BTC. I’m interested at 0.0172-0.0175 / 0.019-0.01925 areas for support or when we flip the 0.022 area. Right now it’s just hanging in between. Against USDT also not showing strength.” Image Courtesy of Crypto Michaël ETH Futures Sees Declining Volume, But Open Interest Begins Climbing  Two interesting trends that may suggest the next movement will be large are the crypto’s declining futures volume and climbing open interest on BitMEX. According to data from Skew, Ethereum’s futures volume across all major cryptocurrency exchanges has declined significantly in recent times, hitting a monthly low on March 29th before climbing slightly yesterday. In the past, low futures volume hasn’t lasted for too long, with it climbing as the crypto’s volatility picks up. This could mean that a big movement is imminent. Further supporting this notion is the fact that open interest on BitMEX is showing tempered signs of growth, which is also a historical indicator of imminent volatility. Featured image from Shutterstock.

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Ripple Poised to Triple By Q4 2020 After XRP Forms Classic Bottom

XRP, the cryptocurrency asset often referred to as Ripple, has been among the worst-performing crypto assets and altcoins of the last two years. However, according to one crypto analyst who has spotted what they believe is a classical bottom signature on XRP price charts, expects the asset’s woes to soon change and potentially triple in value before the end of the year. XRP’s Recent Panic-Fueled Rollercoaster Ride XRP has gained a negative reputation across the cryptocurrency community. The number three crypto asset by market cap is often accused of being less decentralized that competition cryptocurrencies like Bitcoin and Ethereum, is demonized for its association and relationships with bankers, and has gained notoriety due to Ripple executives selling XRP holdings in order to fund operations. Related Reading | XRP Triggers Major Buy Signal As Crypto Asset Reaches Pivot Point  The constant selling of assets each time XRP price rose at all, was in part responsible for the altcoin’s over two years of a bear market. After a breakout of downtrend resistance, all signs pointed to XRP being ready for liftoff, and the altcoin asset doubled in value during the first two months of the year. However, what momentum the crypto asset had, was destroyed in a catastrophic coronavirus-fueled panic selloff that crushed cryptocurrencies like Bitcoin, Ethereum, and XRP, alongside the stock market, gold, and many other traditional investments. The sell-off caused XRP price to plummet back down, setting a lower bear market low and taking the price of the asset to just over ten cents. Ripple Price to Triple By Q4 2020, If Classic Bottom Holds But as Ripple fell towards ten cents, it swept the lows of the previous reaccumulation cycle, taking place in early 2017, just before the crypto hype train took off and XRP rose to over $3 per token. One crypto analyst claims that this type of behavior is the signature of a “classic bottom” formation, suggesting that the downside for Ripple in the future is limited. $XRP Monthly is about to close. Looking at the SPF/2017 pre-final pump accumulation lows sweep and this capitulation volume, this looks like a classic bottom signature, or what one would expect it to look like. I am fairly sure Ripple is retesting 0.58 cents in 2020 (Q4) pic.twitter.com/ukY3LJfgut — iamBTC.D (@iam516tv) March 31, 2020 The analyst also says that based on the support holding, XRP could skyrocket to $0.58 cents per token, essentially causing Ripple to triple in value by the fourth quarter of 2020. An alternative, contrarian view would consider that price action forming a massive, multi-year descending triangle, which if breaks down would take Ripple back to under a penny per XRP token – prices that the asset traded at long before cryptocurrencies became a household name. Related Reading | XRP Fails To Reclaim Critical Long Term Support, Danger May Lie Ahead  Descending triangles have repeatedly broken down on the price charts of cryptocurrencies in the past, suggesting that more downside for XRP is also a possibility. However, if Ripple does indeed break out from the current lows, the analyst’s target of $0.58 cents is a reasonable near-term target for what will likely be a very explosive recovery once Ripple breaks free from downtrend resistance. Featured image from Shutterstock

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Bitcoin Bulls are Being “Put to the Test” as Bears Begin Stacking Sell Orders

Yesterday’s Bitcoin rally has led the cryptocurrency into the mid-$6,000 region, with the mounting resistance at $6,500 proving to be too much for BTC’s bulls to surmount. This has led to yet another bout of consolidation around this level. One analyst is noting that Bitcoin’s bulls are currently being “put to the test” after losing a key technical level that was previously bolstering its price action. If bulls want to further extend their newfound momentum and propel the crypto higher, it is imperative that buyers are able to defend the crypto from dropping below $6,350. Bitcoin Loses Key Technical Level After Entering Bout of Consolidation  At the time of writing, Bitcoin is trading up just under 3% at its current price of $6,490, which is around where it has been trading at over the past day. BTC’s rally up to these highs came about following its recent decline to lows of $5,800, which is the point at which bulls stepped up and catalyzed some decent momentum. The fact that this short-term uptrend has stalled at its first key resistance level seems to elucidate some underlying weakness, suggesting that the crypto could be poised to face a rejection at this level. Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that BTC recently lost its EMA 8, with this ongoing bout of sideways trading marking a test for bulls. “Bitcoin: 1 hour – Bulls being put to the test after losing EMA 8, lower BB dip and rally,” he explained while pointing to the below chart. $BTC #Bitcoin 1 hour – Bulls being put to the test after losing EMA 8, lower BB dip and rally pic.twitter.com/OytdTaK1hz — Big Cheds (@BigCheds) March 31, 2020 BTC’s Key Support Sits at $6,350, and a Break Below This Level Could Be Dire  Michaël van de Poppe, another popular cryptocurrency analyst, explained in a recent tweet that Bitcoin’s current trading range exists between $6,350 and roughly $6,500, with this lower boundary being BTC’s key near-term support. “Bitcoin: Mostly range-bound, but it’s interesting that this monthly/weekly level at $6,350 provides support here. Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction. Breaking range -> targeting $7,100/7,300,” he noted. $BTC #BITCOIN Mostly range-bound, but it's interesting that this monthly/weekly level at $6,350 provides support here. Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction. Breaking range -> targeting $7,100/7,300. pic.twitter.com/MXpx6pq2GI — Crypto Michaël (@CryptoMichNL) March 31, 2020 If Bitcoin breaks below its near-term support, it is highly likely that it will continue declining until it retests the support that has been established at $5,800, with a decline below this level potentially leading BTC to see a free fall. Featured image from Shutterstock.

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Head and Shoulders On Cryptocurrency Market Cap Foretells Retest of Lows

The total cryptocurrency market cap can oftentimes provide clues as to where Bitcoin and altcoins could be headed in the short-term. The latest price action is exhibiting a pattern that looks structurally similar to a head and shoulders, which if valid and confirmed would suggest Bitcoin and the rest of the crypto market will make another retest of lows. Cryptocurrency Market Chart Forms Head and Shoulders Reversal The coronavirus hasn’t just killed thousands, frozen humanity, and devastated the economy, it’s also sent financial markets into a tailspin, including the world of cryptocurrencies like Bitcoin, Ethereum, and the hundreds upon hundreds of altcoins that make up the market. Related Reading | Fool Me Twice: Will Bitcoin Rally on April Fools’ Day Once Again?  As fears over the rapidly spreading pandemic peaked, markets suffered a catastrophic collapse. The Dow Jones Industrial Average saw the worst losses since 1987, and the total cryptocurrency market cap was set back by over $150 billion during the last month alone. The fall in cryptocurrencies wiped out more than half of the total market’s overall value and market capitalization, but the asset class has since recovered over 50 billion in losses and is ranging above the recent lows. However, if an ominous pattern on the total cryptocurrency market cap chart plays out, a retest of the lows is likely in the cards. On the total crypto market cap, a potential head and shoulders pattern can be seen forming on 4H timeframes. Chart Pattern Target Would Signal Retest of Lows Near $130 Billion Head and shoulders are typically reversal patterns found at the top of a trend. This suggests that the recent recovery is over, and the target of the pattern would take the total cryptocurrency market cap back to retest lows around $130 billion. The target of the structure would stop short of setting a new, lower low below $109 billion where the market fell to just weeks prior. Related Reading | Crypto Market Reaches Longest Stretch of Extreme Fear In Over A Year Chart patterns aren’t valid until confirmed in hindsight. However, declining volume as the pattern continues to form are signs that confirmation is probable. According to the pattern, the price of cryptocurrencies should fall leading into today’s monthly close, forming the second half of the right shoulder and taking prices back down to neckline support. If that support gives in, and the total cryptocurrency market falls below the neckline, the pattern is valid and the target comes into play. However, if bulls manage to use the right shoulder to push the price of cryptocurrencies higher, it could lead to a short squeeze that propels the total crypto market cap back to highs not seen since February or January – long before the coronavirus spilled into the market and caused a catastrophic collapse. Featured image from Shutterstock

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Halving Battles Coronavirus as Bitcoin Enters Its Provably Bullish Quarter

Bitcoin is set to close its one of the most roller-coaster fiscal quarters in a negative area. But the cryptocurrency’s biggest test now lies in the 2020’s second quarter as it arrives in the middle of two very distinctive market catalysts: Halving and Coronavirus. Halving is bullish, at least according to a plethora of bitcoin maximalists and analysts that see the May 2020 event as an upside price driver for the cryptocurrency. They believe that bitcoin’s daily supply cut from 1,800 BTC to 900 BTC would appeal to investors looking to park their capital in scarce assets. The #Bitcoin halving is coming in less than 50 days. Fasten your seatbelts for the long run pic.twitter.com/9IrmRtDkKd — Crypto Rand (@crypto_rand) March 26, 2020 The sentiment is backed by bitcoin’s history of delivering outstanding bull runs after each of its halvings. It was worth $12 around the first event and about $650 around the second. And now in its third outing as an undersupplied asset, the cryptocurrency’s next price target is $55,000, says analyst PlanB using his popular Stock-to-Flow model. “The model predicts a bitcoin market value of $1trn after next halving in May 2020, which translates in a bitcoin price of $55,000,” he wrote. But There Is a Catch Bitcoin’s next supply cut comes against the backdrop of a global pandemic, the novel coronavirus COVID-19 that has infected more than 800,000 people and has killed close to 40,000 others. The virus’s human-to-human transmission factor meanwhile has led governments to impose extended lockdowns from Los Angeles to Sydney. This has left a huge dent on the global economy. The Dow Jones Industrial Average is on its way to deliver its worst first quarter in history. Gold fell to beat its own safe-haven status. And even yield on low-risk US bonds dived below 0.7 percent. Analysts are predicting more misery in Q2 as the United States battles with the prospects of millions of job losses and an overburdened health sector. The Trump government and Federal Reserve are printing trillions of dollars to safeguard the economy, now creating a new $6 trillion debt bubble atop a $23 trillion one. (9/11) If getting us into $6 trillion more debt doesn’t matter, then why are we not getting $350 trillion more in debt so that we can give a check of $1 million to every person in the country? — Thomas Massie (@RepThomasMassie) March 27, 2020 Bitcoin should rise against such prospects, as many bulls believe it as the only true reserve currency. But Coronavirus has disturbed the equation pretty badly. People and investors stuck at their homes and offices no longer need a perceived safe-haven. They want what could get them anything between food and the next cheapest stock: the US dollar liquidity. “Whatever number you have got, double it. If you are at 10 percent (cash), make it 20 percent,” Gary Dugan, the CEO of Purple Asset Management told CNBC. As the COVID-19 pandemic continues, investors having access to bitcoin could treat it like any other asset to seek cash. That is the logical outcome for many against the world’s biggest economic disaster since the Great Depression. The Bitcoin Utopia Bitcoin-ers are enthusiastic despite looming threats. They believe that a part of the excessive dollar supply would end up in the cryptocurrency market. “A more direct case for Bitcoin is the impending revival of inflation,” said Max Bronstein, an institutional investment expert at US-based crypto exchange Coinbase. “If central banks are able to keep asset prices stable, the whole world is looking at record-breaking balance sheet expansions.” 21/ All of this sums to the largest test of Bitcoin's value proposition. The lower bounds of debt based monetary systems continue to shrink each day, and the need for a decentralized alternative has never been stronger. Many of the economic principles we hold to be true… — Max Brrrronstein (@max_bronstein) March 31, 2020  

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Neutral Bitcoin Price Action Flips Bullish With Break of This Key Level

After Bitcoin price fell from $10,000 to under $4,000 in one short month, the ultra bearish, panic-induced price action has finally settled into a neutral state. However, if bulls can break above this key level and hold it as support, the price action will flip bullish and likely go on to target $7,800. Neutral Price Action Ready to Flip Bullish With Break Above $6,600 Bearish Bitcoin traders have been having a field day after the leading cryptocurrency by market cap failed to produce a significant and sustainable rally after breaking above $10,000. Not only did the surge in price fail to spark FOMO amongst retail investors, some of the largest Bitcoin holders finally cashed out ahead of a potential recession, and caused a catastrophic and historic selloff. Related Reading | Fool Me Twice: Will Bitcoin Rally on April Fools’ Day Once Again?  In less than one month’s time, Bitcoin price fell from over $10,000 to under $4,000. At the low, the price of the cryptocurrency bounced off $3,800 and quickly grew by over 80% to nearly $7,000 before falling back down again. Since then, the asset has been ranging, causing the price action to turn neutral until a breakout to the up or downside occurs and caused traders to take positions and ride the wave to the next trading range. A break below the previous low would be enough to cause Bitcoin price to turn back to ultra bearish, potentially hinting at lows much below as targets. However, if bulls can reclaim $6,600, it could cause spark a surge of buyers and a push of Bitcoin price to above $7,800. Neutral here Crack monthly vwap at 6630 and I'd target 7.8 though$BTC pic.twitter.com/J7ZFjsvzs0 — CryptoTrooper (@CryptoTrooper_) March 31, 2020 What’s a VWAP and Why Would Breaking It Take Bitcoin Price to $7,800? $6,600 is a particularly critical level for bulls to reclaim, as it’s the monthly VWAP – or volume-weighted average price. The volume-weighted average price is a benchmark traders use to give price action an average across the day that’s based on both price and volume together. Not only does this ensure that traders are taking positions that make sense according to trading volume, but it is a tool said to reduce transaction costs by minimizing market impact. Related Reading | Bitcoin Price Monthly Close Above $8,000 Forms Bullish ‘Hammer’ Reversal  When price passes above or below the VWAP, it’s a signal that the trend behind the price movement is particularly strong, and could result in continuation. This tells traders not only when to take a position but increases the likelihood of a successful trade. Given how effective the tool can be used in understanding the strength of an underlying trend, it’s clear to see why the level is particularly important for Bitcoin price. The VWAP is currently at roughly $6,600. If bulls reclaim that level, it could be a signal that Bitcoin price will stage a strong recovery after a month of devastating price action. Featured image from Shutterstock

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Credits Blockchain Startup Announces New Company Development Directions

The Credits project, a worldwide company engaged in the development of solutions based on blockchain technologies, has recently announced the release of a new line of products. The new developments will be released over the course of 2020 and will help in popularizing blockchain technologies. The decentralized, distributed ledger capabilities of blockchain technologies are increasingly gaining popularity across the world in a variety of industries. However, multiple economy sectors that can take advantage of the solutions offered by blockchain-based products are still reluctant to start the process of adoption, or are slow in making headway. Despite the slump in global economy forecasts, blockchain-based fintech products are proving to be the most important trend of 2020. The Credits platform is fully committed to the development of fintech products for catering to a variety of sectors operating with monetary transfers. The main products being developed by the Credits project for the fintech industry include the following: 1) The Credits Wallet is a convenient and all-in-one solution with an integrated delegation and staking functions. The given features allow users to stake their native CS coins and earn passive income, while the delegation feature allows them to delegate their funds. The wallet boasts a convenient interface and is designed for the B2C market, as well as private users. 2) The Bonoox platform is a specialized instrument that allows users of the Credits infrastructure to release and issue their own loyalty programs. The platform caters to businesses of any size and offers instant payouts, as well as exchange of bonus points. 3) Credits also issues Cards that can be used for payments worldwide in a variety of fiat and cryptocurrencies. The cards issued by Credits can be topped up using both debit or credit cards from anywhere in the world. 4) The Credits Stablecoin is a digital asset with its value pegged to the US Dollar at a 1:1 ratio in the company’s bank account. The asset can be used for global remittances and allows fast transfers, as well as easy conversion to fiat. “I am confident that products issued by Credits have a great future. The fast-growing e-commerce, fintech and blockchain markets are certain to be successful,” as stated by Igor Chugunov, the CEO of Credits. The full line of products offered by the company are available at updated website. The development team is confident that the introduction of its new line of products will have a favorable impact on the fintech industry and will contribute to the adoption of blockchain technologies worldwide  

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Bitcoin Just Rejected $6,600 and Its Vulnerable To a Short-Term Correction

Bitcoin is up more than 8% and it broke the $6,500 resistance area against the US Dollar. BTC price is now struggling to clear $6,600 and it could correct lower in the short term. Bitcoin gained bullish momentum above the $6,200 and $6,400 levels against the US Dollar. The price topped near the $6,640 level and it is currently correcting lower. There is a connecting bullish trend line forming with support near $6,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards the $6,280 area if it breaks the trend line support. Bitcoin Gains 8% After a successful close above the $6,000 area, bitcoin price formed a support base against the US Dollar. As a result, BTC price started a steady increase above the $6,200 resistance and the 100 hourly simple moving average. The price gained pace and traded above the $6,400 pivot area. It is up more than 8% and it even climbed above the $6,500 resistance. A high is formed near the $6,641 level and it seems like the price is struggling to gain strength above $6,600. Bitcoin is currently correcting lower and trading below the $6,500 level. It broke the 23.6% Fib retracement level of the recent rally from the $5,846 low to $6,641 high. On the downside, an initial support is near the $6,400 area. There is also a connecting bullish trend line forming with support near $6,420 on the hourly chart of the BTC/USD pair. Bitcoin Price Below the trend line support, the price could test the $6,300 area and the 100 hourly SMA. The main support seems to be forming near the $6,240 level. It is close to the 50% Fib retracement level of the recent rally from the $5,846 low to $6,641 high. If the bulls fail to protect the $6,300 and $6,240 levels, there is a risk of another bearish wave. In the mentioned bearish case, the price could dive towards the $6,000 level. More Upsides? If bitcoin remains stable above $6,400 or $6,300, it could make another attempt to gain strength above the $6,600 resistance area. A successful close above the $6,600 level and a follow through above $6,640 may perhaps spark a decent upward move towards the $6,800 and $7,000 resistance levels. Technical indicators: Hourly MACD – The MACD is currently losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level. Major Support Levels – $6,400 followed by $6,300. Major Resistance Levels – $6,600, $6,640 and $6,800. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Ripple (XRP) Lacks Momentum But Here’s Why Bulls Are Comfortable

Ripple is up around 5% and it broke the $0.1700 resistance area against the US Dollar. XRP price is currently consolidating gains below the key $0.1750 resistance. Ripple price is showing a few positive signs above the $0.1650 support against the US dollar. The bulls are likely to gain strength if there is a break above the $0.1750 hurdle. There was a break above yesterday’s key bearish trend line with resistance near $0.1690 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start a fresh decline if it fails to stay above the $0.1650 support area. Ripple Price Consolidating Gains After trading as low as $0.1620, ripple started a steady upward move. XRP price traded above the key $0.1650 and $0.1700 resistance levels to start a real recovery wave. There was even a break above the $0.1720 resistance and the 100 hourly simple moving average. However, the bulls faced a strong resistance near the $0.1750 area. There was also a break above yesterday’s key bearish trend line with resistance near $0.1690 on the hourly chart of the XRP/USD pair. Ripple Price A high is formed near $0.1758 and the price is currently consolidating gains. It broke the 23.6% Fib retracement level of the recent wave from the $0.1620 low to $0.1758 high. Ripple is now trading near the $0.1720 area and the 100 hourly SMA. An initial support is near the $0.1680 level. It is close to the 50% Fib retracement level of the recent wave from the $0.1620 low to $0.1758 high. The main support is near the $0.1650 level, below which the bulls are likely to lose control. In the mentioned bearish case, the price is likely to accelerate lower towards the $0.1620 support. Any further losses may perhaps lead the price towards $0.1500. More Upsides? If ripple remains stable above the $0.1680 and $0.1650 support levels, there are chances of a decent increase. The first major resistance is near the $0.1750 level. A clear break and close above the $0.1750 resistance could open the doors for more upsides. The next key resistance is near the $0.1850 and $0.1880 levels. Any further gains could start a strong rise towards the man $0.2000 resistance area. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently flat above the 50 level. Major Support Levels – $0.1680, $0.1650 and $0.1620. Major Resistance Levels – $0.1750, $0.1850 and $0.1880. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Ethereum Defies Gravity But Here Is Why It Could Fail Again

Ethereum is up more than 5% and it broke the $130 resistance area against the US Dollar. However, the main $135 resistance area is still acting as a major hurdle for ETH bulls. Ethereum gained traction and it broke the $130 ad $132 resistance levels against the US Dollar. The price is currently facing a major resistance near the $135 level (the previous support). There is a short term declining channel or a flag pattern forming with resistance near $135 on the hourly chart of ETH/USD (data feed via Kraken). The pair could either rally above the $135 barrier or it might restart its downward move. Ethereum Price Testing Key Resistance After tagging the $125 support area, Ethereum started a fresh upward move against the US Dollar. ETH price was able to clear the $130 resistance area to move into a positive zone. The bulls were able to push the price above the $132 level and the 100 hourly simple moving average. The price is up more than 5%, but it is now facing a strong hurdle near the $135 area (the previous support zone). Ethereum made a couple of attempts to clear the $135 barrier, but it failed. It is currently trading near the 23.6% Fib retracement level of the recent rise from the $124 low to $135 high. It seems like there is a short term declining channel or a flag pattern forming with resistance near $135 on the hourly chart of ETH/USD. If the bulls are able to clear the $135 resistance area, there are chances of a steady rise towards the $140 and $145 resistance levels. Ethereum Price Any further gains may perhaps start a nice uptrend and the price is likely to test the $155 resistance zone. Another Drop? If Ethereum continues to struggle near the $135 resistance, it could decline again. An initial support is near the channel support and the 100 hourly SMA. A clear break below the $132 level could lead the price towards the $130 support. The 50% Fib retracement level of the recent rise from the $124 low to $135 high is also near the $130 level. Any further losses are likely to accelerate the decline and the price might test the $124 low. Technical Indicators Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently correcting lower and it is approaching the 50 level. Major Support Level – $130 Major Resistance Level – $135 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Bitcoin is Forming a Bull Cross After Rallying to $6,500; Analysts Now Targeting $7,700

Following a brief selloff that led Bitcoin down to lows of $5,800 overnight, the crypto has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region. It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead. Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead it to rally up towards $7,700. Bitcoin Sees Massive Rebound as Bulls Post Ardent Defense of $5,800  At the time of writing, Bitcoin is trading up just under 10% at its current price of $6,490, which marks a notable climb from daily lows of $5,800 that were set overnight following the crypto’s break below $6,000. It now appears that the benchmark cryptocurrency is pushing up against key resistance at $6,500, with a break above this level potentially opening the gates for significant near-term upside. As for what could push BTC above this resistance, Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes it is flexing a “potential 8/34 EMA bull cross” on its 4-hour chart. “Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,” he noted while pointing to the chart seen below. $BTC #Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross pic.twitter.com/J6nJldbVUe — Big Cheds (@BigCheds) March 30, 2020 This formation could significantly bolster the crypto’s near-term price action if it is confirmed in the coming several hours. BTC Pushes Past Key Resistance Level; Opening the Gates for a Move to $7,700  As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700. Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route. “Looks like BTC picked the green way,” he said while pointing to the below chart. Looks like $BTC picked the green way pic.twitter.com/JZHUdaFII1 — Teddy (@TeddyCleps) March 30, 2020 The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at. Featured image from Shutterstock.

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Bitcoin Just Surged to $6,500 After Over 10% Weekend Crash

In the past 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% gain from the $5,800 bottom seen on Sunday evening (UTC). Due to this move, the BitMEX funding rate on the Bitcoin (XBT) contract surged by 990%, according to data from Joe McCann, a cryptocurrency trader and AI/cloud specialist at Microsoft. According to him, this means “bulls [are] getting levered up here,” potentially setting the stage for a long squeeze in the future. Analysts are currently divided over what this means for the cryptocurrency; just 24 hours ago, many were charting a move to the low-$5,000s, citing the fact that it slipped below a number of supports as if it was a hot knife going through butter. According to prominent crypto trader Flood, who called the recent move from $6,800 $6,200, Bitcoin is likely to retest $8,000 in the near future. We shorted, now we long to 8k pic.twitter.com/zmYQm2psQZ — Flood [BitMEX] (@ThinkingUSD) March 28, 2020 Featured Image from Shutterstock

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How the Dow’s Fractal of Doom Could Take Bitcoin to $1,000

Throughout 2020 thus far, Bitcoin has been showing a tight correlation with major stock indexes like the Dow Jones and the S&P 500. If this continues, and a “fractal of doom” plays out on the Dow Jones, it could spell complete and utter disaster for Bitcoin and the rest of the crypto market as well, potentially causing BTC to drop to nearly $1,000. The Coronavirus and the Coming Recession Cause Massive Panic Sell0ff While the cryptocurrency asset class was once often pointed at as an uncorrelated asset class for traditional equities investors to diversify their portfolio with, throughout the year so far, Bitcoin has shown its closest correlation with the stock market yet. Once the coronavirus was officially dubbed a pandemic by the World Health Organization and the Center for Disease Control and began to spread across the globe, a massive liquidity crisis unfolded as investors scurried to cash out any assets they hold to prepare for the coming storm. The highly contagious and deadly virus has already shut down travel, businesses, schools, and much more, and essentially frozen the economy in place. The coming recession, as a result, has investors fleeing their holdings for safer havens like cash or gold. The stock market took an absolute beating, causing the largest drop since 1987. With Bitcoin and cryptocurrencies showing such correlation, they also suffered a record-breaking drop. And if a potential fractal on the Dow Jones plays out, Bitcoin and the rest of the crypto market could be in serious trouble. The Dow Jones Fractal of Doom Could Take Bitcoin to $1,000 Markets and even economies are cyclical. Just as financial markets cycle through bear and bull, economies cycle through periods of prosperity and recession. According to some of the most iconic market cycle theorists, economies reset every 90 years or so. The last major economic setback was the Great Depression, which started with a massive stock market collapse in 1929, and lasted all throughout the 1930s. It’s now 90 years later, and the Dow Jones is exhibiting the early signs of a pattern that took place back then, triggering the worst economic depression the world has witnessed. Dow monthly: Fractal of Doom. Is the sky falling? pic.twitter.com/6HtWwJ5qTY — Nunya Bizniz (@Pladizow) March 30, 2020 And if this fractal of doom confirms in the Dow, and Bitcoin continues to follow, the first-ever cryptocurrency could be in for a world of hurt. The Dow Jones would be in for a nearly 80% decline from current levels. A similar drop for Bitcoin would take the price of the cryptocurrency back to just over $1,000 – which eerily coincides with the previous bull market’s cycle top from 2014. Related Reading | Historic Recurrence: Will Bitcoin Bottom At Its Previous All-Time High? Many theories point to Bitcoin retracing to that previous top to confirm resistance as support from many years ago. However, such a move would be devastating for crypto investors who already have held through an over two years of a bear market, only to have the asset plummet in value further. But this is all depending on both Bitcoin staying correlated to the Dow, and for this fractal of doom to confirm.

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Bitcoin Poised for Continued Downside as Bulls Struggle to Surmount Critical Level

Bitcoin’s decline to lows of $5,800 overnight was met with significant buying pressure that subsequently allowed the cryptocurrency to climb higher, with BTC bulls now attempting to reclaim the crypto’s previous position within the upper-$6,000 region. This early morning rebound came about after a short bout of intense selling pressure, and buyer’s ability to absorb this and defend against further downside is certainly a bullish sign. Despite this, one trader is now noting that he believes Bitcoin is firmly in bear’s control as long as it trades below one key level that has yet to be surmounted. Bitcoin Garners Tempered Momentum as Analysts Watch Key Technical Formations  At the time of writing, Bitcoin is trading up just under 4% at its current price of $6,350, which marks a notable climb from daily lows of $5,800 that were set at the bottom of the overnight selloff. Bulls did post an ardent defense of this level, however, which is what catalyzed the momentum that has led the crypto up to its current price levels. In the near-term, whether or not Bitcoin is able to climb higher or not may depend on if it is able to close its monthly candle above $6,425, a level that one analyst thinks is of the utmost importance. “BTC monthly close above 6425 would be solid bullish SFP to make April-May brighter. For now, it needs to unfold this symmetrical triangle, contracting consolidation. Safest non-scalp swing trades on breakout (or breakdown) retest.” Image Courtesy of CryptoBirb BTC Faces Heightened Bearishness Below Mid-$6,000 Region  Even if BTC is able to close its monthly candle above $6,425, it still faces some intense resistance between roughly $6,450 and $6,550. George, a popular cryptocurrency trader on Twitter, spoke about the resistance that exists around this level in a recent tweet, explaining to his nearly 20k followers that he believes Bitcoin is in firm bear territory until it is able to firmly break above this region. “BTC: As long as we stay below green and close the daily below Sun[day] high we should be good for continued downside imo,” he noted while referencing the below chart. $BTC As long as we stay below green and close the daily below Sun high we should be good for continued downside imo… pic.twitter.com/DFIemLyQk7 — George (@George1Trader) March 30, 2020 Because there is just over 24-hours left until Bitcoin’s monthly close, how it trends in this relatively short time frame will be critical for determining which direction the aggregated market will head throughout April. Featured image from Shutterstock.

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Ethereum is Nearing a Make or Break Level; Rejection Here Could Be Dire

After facing an intense selloff yesterday that led Bitcoin, Ethereum, and virtually all other major altcoins to post some intense losses, the aggregated market has been able to recover slightly today, being led higher by BTC. This upwards momentum has led ETH to rapidly approach a key resistance level that bulls may struggle to surmount in the near-term. Multiple analysts are now noting that it is a strong possibility that the crypto sees a violent rejection at this level, which could lead it to see a capitulatory decline towards the support that has been established around $100. Ethereum Rallies Past $130 as Market Rebounds, But Key Resistance Fast Approaches At the time of writing, Ethereum is trading up just over 2% at its current price of $132, which marks a notable climb from daily lows of $125 that were set yesterday in tandem with Bitcoin’s decline to $5,800. From this point, ETH has been able to garner some decent upwards momentum, although this has shown some signs of stalling after it touched its daily highs of $133 just a few hours ago. TraderXO – a popular cryptocurrency trader on Twitter – explained in a recent tweet that he believes Ethereum will climb higher in the hours ahead if Bitcoin is able to push up towards $6,600, although he believes this movement will be followed by a strong retrace down towards $106. “ETHUSD: If btc kicks on to 65s – 66s then expecting ethusd to follow. Run some local highs, enter on the rejection, blue arrows,” he explained. $ETHUSD If btc kicks on to 65s – 66s then expecting ethusd to follow. Run some local highs, enter on the rejection, blue arrows pic.twitter.com/jSS6UuuyMM — TraderXO (@TraderX0X0) March 30, 2020 Analysts Agree: A Rejection at Resistance Will Be Dire for ETH  Other traders have offered a similar sentiment to TraderXO, with one noting that $136-138 is the key level that bulls must surmount if they want to catalyze a movement up towards $159. He further notes that a rejection here, however, will likely lead the crypto towards $100. “ETH: On the BTC pair: Nothing changed, still in between levels. Flipping 0.022 would make me somewhat bullish. On the USD pair: approaching resistance. Breaking and flipping $136-138 and we can target $159. Rejecting -> Targeting $103-105.” Image Courtesy of Crypto Michaël It does appear that where major altcoins like Ethereum trend in the near-term will be partially dependent on Bitcoin’s price action, but it still remains unclear as to whether the resistance ETH faces in the upper-$130 will be insurmountable. Featured image from Shutterstock.

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Crypto Market Reaches Longest Stretch of Extreme Fear In Over A Year

Bitcoin and the rest of the crypto market has since staged a strong recovery following the massive, record-breaking crash caused by coronavirus fears spilling into financial markets earlier this month. But despite crypto prices continuing to climb, the Fear and Greed Index shows that sentiment is still in the gutter. In fact, the sentiment measuring index has now reached the longest stretch of extreme fear in the cryptocurrency market since the tool was first launched. Extreme Fear Continues to Crush Markets Amidst Coronavirus Outbreak In early March, as the coronavirus was officially dubbed a pandemic and first began to shut down the global economy, the stock market, precious metals, and cryptocurrencies all suffered an extreme selloff. The stock market saw the largest losses since 1987, silver had its value set back decades, and Bitcoin and other cryptocurrencies all fell by 40% or more. Related Reading | How Fear and Greed in the Crypto Market Can Lead To Incredible Profit  The entire world fell into a state of panic almost overnight, and the prices of assets everywhere reflected the fearful sentiment. Following the selloff, the cryptocurrency market Fear and Greed Index, fell to lows, indicating that investor sentiment was in extreme fear. Many old adages and quotes reminder investors that when things get scariest, it’s often the time to buy. Baron Rothschild and the Oracle of Omaha himself, Warren Buffett have coined such phrases. It’s clear someone out there was buying the extreme fear in the market – blood in the streets – as Bitcoin price rallied from a low of $3,800 to over $7,000 before a pullback. But the first-ever crypto-asset nearly doubling in price following the recent catastrophic collapse has done very little to ease the minds of crypto investors who are still in a state of panic. Crypto Fear and Greed Index Reaches Longest Stretch of Extreme Sentiment Yet According to the Crypto Fear and Greed Index, not only is the market still in extreme fear, but it’s now spent the longest stretch of time at such peak emotion. Related Reading | Despite Cryptocurrency Market Recovery, Sentiment Is Still Extremely Fearful  Data shows that although the market reached a level of fear lower than current levels back in August 2019, the fear was short-lived and sentiment bounced right back to greed. The current bout of extreme fear has now lasted nearly three full weeks, and with the coronavirus and coming recession causing the market more fear than ever before, there’s a chance that the extreme fear may linger for the foreseeable future. The fear is even more extreme than the period of time when Bitcoin traded between $3,000 and $4,000 at the end of 2018. During that time, fear hung around longer than what’s taken place this time around, however, fear didn’t get as extreme as it is right now, and the current wave of fear has only truly just begun. Featured image from Shutterstock

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Bulls Last Stand: Why Bitcoin’s Trend Depends on The Defense of $5,800

Bitcoin price has been more volatile than ever lately after the asset plummeted from $10,000 to under $4,000 in just over a month’s time. After such a collapse, the leading cryptocurrency by market cap has since bounced and is trading above $6,300 following a successful weekend defense of $5,800 – an important line that according to one crypto analyst says could determine the fate of Bitcoin’s long-term trend. Recapping The Rollercoaster Ride of 2020 So Far Bitcoin price has had a rollercoaster of a year thus far, and more so than the cryptocurrency is typically known for. While the asset class is notorious for its extreme volatility and violent price swings, not even cryptocurrency investors and traders were prepared for the massive price swings 2020 has provided thus far. Related Reading | Economist: Government Overspending Amidst Crisis is Bullish for Bitcoin  At the close of 2019, Bitcoin price found support at what the market had then thought was a bottom at $6,400. Starting in early 2020, the first-ever cryptocurrency went on an over 60% rally to well above $10,000. Ethereum and other altcoins during this time also saw explosive rallies of 100% or more in many cases. All signs were pointing toward a new bull run for Bitcoin ahead of the upcoming halving. But then the unthinkable happened. A black swan event arrived via a rapidly spreading pandemic, that caused Bitcoin price to tank to $4,000 in a record-breaking decline. $5,800 is Bulls Last Stand Or Bitcoin Price Could Fall to New Lows The particularly extreme move caused panic across the cryptocurrency market, and many long-term trendlines and growth curves were violated by the price action. However, Bitcoin price was very quick to reclaim $5,800 – a key level that was just well defended over the weekend and ahead of the monthly close. Related Reading | Recent Bitcoin Price Action Isn’t Radical According to Serious Valuation Models  But why is $5,800 so important? According to one crypto analyst, $5,800 is the last stand for bulls, who must defend the level for Bitcoin’s long-term bullish trend to remain intact. Why 5.8k matters $BTC zoom out. I bought some spot back. Bulls have to hold as it was the last HL prior to the move up. Below it invalidated the trend that had formed on the LTF’s and would confirm continuation to the downside. This is the last stand imo pic.twitter.com/DM7uKD7XsF — Pentoshi (@Pentosh1) March 30, 2020 $5,800 was the support level that Bitcoin fell to in February 2018, then again and again throughout the bear market. It also acted as a launchpad when Bitcoin broke above it the last time around in early 2019 and is currently holding once again even after this weekend’s violent selloff. Over the weekend, Bitcoin price fell from $6,700 to as low as $5,800, but already bulls have managed to push the price of the first-ever cryptocurrency back above $6,000 and to $6,300 at the time of this writing. If bulls can continue to defend $5,800, the leading cryptocurrency by market cap will have set a higher low on the highest timeframes. But with the coronavirus still very much out of control, bears could eventually get the upper hand once again. Featured image from Shutterstock

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CasperLabs & BitMax.io Conduct First-Ever Exchange Validator Offering (“EVO”) to Promote Decentralization and Provide Access to Retail Token Buyers

CasperLabs, a Switzerland-based development company, constructing a high-performance blockchain network that implements the Correct-by-Construction (“CBC”) Casper Proof-of-Stake blockchain protocol, has announced a collaboration with BitMax.io, a Singapore registered digital asset trading platform, to facilitate an exchange validator offering (“EVO”) through which BitMax.io will provide technology support to give its users exclusive access to participate in CasperLabs’ private validator token offering. The collaboration between CasperLabs and BitMax.io represents a unique go-to-market approach for high-caliber blockchain projects which have historically restricted access to seed and private token sales to a selective niche of institutional investors. The EVO, facilitated by BitMax.io, will allow the platform’s global userbase to sign a non-transferable Validator Future Token Agreement (“VFTA”) to purchase CLX tokens, the native cryptographic token of the CasperLabs blockchain, at the “Genesis Block” – which means BitMax.io users will receive the earliest possible opportunity to acquire CLX tokens at the most favorable valuation. Ultimately, the EVO aims to provide the CLX token broad access to an otherwise untapped retail demographic as well as greater network decentralization at the project’s future Main Network (“Main Net”) launch. Registration to participate in the CasperLabs’ EVO is currently live on BitMax.io, and the first of three rounds of the offering will be conducted on March 30, at 10:00 a.m. EDT. The Vision of Proof-of-Stake Networks Proof-of-Stake (“PoS”) was conceived as an alternative to Proof-of-work (“PoW”) for blockchain network validation as a means to address two critical shortcomings: Significant energy consumption via allocation of computation power – Whereas PoW networks require allocation of computational power (draining energy in the process) to determine new block commits, PoS networks allow token holders to participate in consensus simply by “staking” tokens. Prohibitive barriers to entry for prospective miners due to increasing hashrate difficulty – Maintaining top-of-line equipment to keep pace with increasing hashrate difficulty makes PoW mining costly and resource-intensive – whereas, PoS is accessible to both large and small token holders. The vision of PoS networks is clear: create environmentally friendly blockchain networks that promote decentralization by permitting all token holders to stake assets, participate in the validation process, and earn block rewards. The success of PoS networks is undeniable. Over the past several years, the blockchain industry has seen significant evolution in the direction of PoS networks; just a few years ago, the vast majority of the top 20 projects were PoW forks of Bitcoin, whereas today almost half of the top-valued projects are now PoS. Challenges of Consolidation & Monopolization of Consensus Since first introduced, PoS blockchain networks have historically seen staking dominated by institutions and large token holders (“Whales”). Whales are often early-stage investors of a given PoS project with large allocations of tokens vested at Main Net launch. Such concentration of staking power and “Monopolization of Consensus” is troubling because it consolidates control of the blockchain network to a small handful of validators, which can harm the project in a variety of ways, including: Concentration of voting power; Single points of failure for malicious network attacks; and, Network instability. Each of the above runs counter to the proposed aspirations of many PoS to be truly permissionless, decentralized, and secure. A Novel Approach to Decentralizing Staking Power CasperLabs, together with BitMax.io, is taking a novel approach to challenge the status quo of staking power consolidation by conducting an exchange validator offering, or “EVO.” The collaboration between CasperLabs and BitMax.io will provide hundreds of thousands of small token purchasers with fair access to the project’s EVO at the earliest possible opportunity and the most favorable token prices. Mrinal Manohar, CEO of CasperLabs, notes: “Our goal in democratizing the distribution and holding of CasperLabs’ native token, CLX, is to encourage a new demographic of stakeholders to take part in the creation and initial validation of the underlying blockchain.” To date, CasperLabs has not yet conducted any token sales, and all funding has been facilitated via an oversubscribed equity financing of $14.5mm completed in July 2019, with participation from high profile backers such as Acuitas Group Holdings, Hyundai Digital Asset Company (HDAC), RockTree Capital, Blockchange Ventures, Arrington XRP Capital, HashKey Capital, SNZ Holding, Consensus Capital, Digital Strategies and Woodstock Fund. CasperLabs’ Lead Consensus Researcher Dr. Andreas Fackler notes: “Working closely with renowned mathematician Dr. Daniel Kane, the CasperLabs team has built a provably safe and live CBC Casper variant that dynamically auto-adjusts to changing network conditions. It can be configured to minimize latency, maximize throughput or choose an intermediate tradeoff. Its core structure, the block-DAG, gives an intuitive picture of the progress towards consensus. And the era system allows running a permissionless proof-of-stake network, where the set of validators is frequently updated according to token deposits. The algorithm includes effective defenses against long-range and resource-exhaustion attacks.” Fundamentally, a proof-of-stake system requires a significant stake to be bonded to the network at launch to ensure sufficient economic security; accordingly, BitMax.io along with a community of other staking-as-a-service (SAAS) providers will facilitate staking support for CLX on behalf of users at CaperLabs’ Main Net launch. According to Manohar: “We had significant interest from institutional investors to participate in our private validator token offering; however, we insisted on providing widespread access. Partnering with a top-tier platform like BitMax.io will be fundamental in facilitating availability to its global user base.” This means all EVO participants will be part of the founding stake on the Genesis Block of the CasperLabs CLX network and an integral part of the initial security of the blockchain. Said Shane Molidor, Global Head of Business Development at BitMax.io: “The BitMax.io team is thrilled to partner with CasperLabs. We are also excited to provide technology support for the EVO as it will grant BitMax.io customers exclusive access to a financing round generally reserved for the institutional investors or ‘whales’ of the industry.” Conclusion Registration is now live on BitMax.io to participate in an exchange validator offering (“EVO”) for CasperLabs. $3mm worth of CLX will be offered for sale in the EVO which will be divided into three rounds, with bonus tokens available in the first and second rounds. The first round will be conducted on March 30, at 10:00 a.m. EDT. The collaboration between CasperLabs and BitMax.io represents a unique go-to-market approach for tier-one blockchain projects that could signify a trend for future projects to follow in the pursuit of decentralization and network resilience.  

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How Bitcoin was Able to Beat Gold’s Recovery as Coronavirus Crisis Mounts

Prominent economist Peter Schiff lately compared the performances of Bitcoin and Gold amidst the deepening financial crisis, noting traders who bought the cryptocurrency at its year-to-date high are sitting at 70 percent losses while those who purchased Gold at its yearly top suffered a comparatively dwarfed loss of 14 percent. XAUUSD up by circa 14 percent following early March sell-off | Source: TradingView.com, ICE But looking at their subsequent recoveries, as Mr. Schiff seemingly ignored, bitcoin appears like a clear winner so far. The offbeat asset established a sessional bottom at $3,858 but later rebounded by as much as 81 percent to hit $9,090 a token. On the other hand, Gold’s price rebound maximized only by 13.37 percent to reach $1,645 an ounce. One of the biggest events that drove Bitcoin and Gold prices upwards was the United States becoming the new epicenter for the novel coronavirus COVID-19 pandemic. As the number of infected persons mounted over 100,000, leaving about 1,500 dead, the US economy collapsed. Investors panic-sold everything from stocks to bonds to raise cash. The US Federal Reserve in its response used all its ammunition to contain the COVID-19’s impact on the economy with easing monetary policy and additional stimulus packages. Moving further, the US Congress passed a $2 trillion emergency package by voice vote last Friday to mitigate the initial economic fallout. The Big Long The US aid had a major impact on both gold and bitcoin markets. While the former closed last week at its 11 years high, the latter had already factored in the Fed’s response to rise 22 percent – it gave up its gains as demand for gold and cash surged. BTCUSD defends $6,000-support, surges 8 percent on Monday | Source: TradingView.com That explains that even on a short-term basis, bitcoin was outperforming gold on their way upward. Veteran investor Raoul Pal noted that the gains appeared because of bitcoin’s outstanding risk-reward ratio – the higher the amount of investment risk, the better the return. Investors chose to enter the cryptocurrency’s highly-volatile market as they hoped to offset the losses they incurred in traditional markets, including equities. Mr. Pal noted that investors, including hedge funds and family offices, are choosing bitcoin for taking out the maximum cash liquidity in a shorter timeframe. “Once this phase of the markets is over (which I think comes in the next couple of weeks or so), bitcoin should stabilize and begin its rise again, free of excessive longs with just HODLR’s remaining in, as ever,” he said. I slowly continue to add to my position and hope for cheaper prices. The lower the prices, the more outstanding the risk reward becomes over the next few years.#Bitcoin $BTC — Raoul Pal (@RaoulGMI) March 29, 2020 Bitcoin Technical Outlook The bitcoin-to-dollar exchange rate is in the process of painting its third weekly candle in a row in what appears to be the beginning of its bottoming-out phase. BTCUSD eyeing upward moves toward $9,000 | Source: TradingView.com, Coinbase The bounce from the Symmetrical Triangle’s support hints at two potential scenarios: a retest of the lower trendline or an extended upside towards the upper trendline. In the first case, the price could dip below $4,000 to wake up accumulators like the ones Mr. Pal suggested. A bounce-back could lead bulls to retest $7,000 in near- and $9,000 in medium-term. In the other case, bitcoin could break above $7,000 to test the 50-week moving average as its interim upside target. A further break and the price will most likely test $9,000. #bitcoinSo bitcoin does what it always does, fly all over the place. But we did good. We saw the crash coming on Friday, had a bullish case at 5.9k we waited 36 hours to confirm and had a chance to buy. We have 3 higher lows. My guess is we test 7k again. pic.twitter.com/9bhAviRyAC — Llama Market (@llamamarket) March 30, 2020

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Bitcoin Recovering After a Sharp Decline: Here’s Why Bulls Could Fail

Bitcoin declined sharply below the $6,200 support against the US Dollar. BTC price found support near $5,850 and it is currently recovering towards a couple of key hurdles. Bitcoin is correcting higher from the $5,846 swing low against the US Dollar. The price is showing positive signs above the $6,000 level, but there are many hurdles on the upside. There was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to face a strong resistance near the $6,300 and $6,350 resistance levels. Bitcoin Correcting Losses Recently, there was a steady decline in bitcoin from well above the $6,500 support against the US Dollar. BTC price even broke the key $6,200 support area and the 100 hourly simple moving average. The bears were able to push the price below the $6,000 support area. The price traded as low as $6,846 and it is currently correcting higher. There was a strong recovery wave above the $5,950 and $6,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $6,875 high to $5,846 low. Moreover, there was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC/USD pair. Bitcoin Price The pair is now trading near the $6,200 resistance area (the previous support). On the upside, there are many key hurdles, starting with $6,300. The main resistance is near the $6,350 level and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $6,875 high to $5,846 low is also near the $6,360 level to act as a key hurdle for the bulls. If the bulls gain pace above the $6,300 and $6,350 resistance levels, there are chances of a steady rise in the coming sessions. The next major resistance is near the $6,500 and $6,650 levels. Limited Recovery If bitcoin fails to continue above the $6,200 and $6,300 resistance levels, it could start a fresh decline. An initial support on the downside is near the $6,000 and $5,950 levels. The main support is now near the $5,850 level, below which there is a risk of a larger decline in the coming sessions. Technical indicators: Hourly MACD – The MACD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is back above the 50 level. Major Support Levels – $6,000 followed by $5,950. Major Resistance Levels – $6,200, $6,300 and $6,350. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Ripple (XRP) Turned ‘Sell’ On Rallies: Key Resistance Levels To Watch

Ripple is down close to 5% and it broke the key $0.1680 support zone against the US Dollar. XRP price is currently correcting higher, but it is likely to face hurdles near $0.1700. Ripple price declined below the $0.1720 and $0.680 support levels against the US dollar. A low is formed near $0.1620 and the price is currently correcting higher. There is a key bearish trend line forming with resistance near $0.1685 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is likely to face a lot of selling interest if it corrects towards $0.1680 or $0.1700. Ripple Price Turns Red In the past few days, ripple faced an increase in selling pressure from well above the $0.1750 zone. XRP price broke a couple of important supports near the $0.1720 level to move into a bearish zone. The bears gained traction and they succeeded in gathering momentum below the $0.1680 level and the 100 hourly simple moving average. The price traded as low as $0.1620 and it is currently correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.1747 high to $0.1620 low. Ripple is currently trading higher, but it is likely to face a lot of hurdles near $0.1680. There is also a key bearish trend line forming with resistance near $0.1685 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent decline from the $0.1747 high to $0.1620 low is also near the $0.1680 level to act as a major hurdle. Ripple Price If there is an upside break above the $0.1680 resistance area, the price could test the $0.1700 barrier and the 100 hourly SMA. A clear break above the 100 hourly SMA is needed for a push towards $0.1750 in the near term. More Downsides? If ripple fails to recover above the $0.1680 and $0.1700 resistance levels, there are chances of more downsides in the near term. The main support is near the $0.1620 level, below which the bears are likely to aim the $0.1580 zone. Any further losses may perhaps lead the price towards the $0.1550 support area in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering and moving towards the 50 level. Major Support Levels – $0.1620, $0.1600 and $0.1580. Major Resistance Levels – $0.1680, $0.1700 and $0.1720. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Ethereum Price Plunges to $125: Can Bulls Save the Day?

Ethereum is currently declining and it broke the $130 support area against the US Dollar. ETH price is consolidating losses and upsides are likely to face hurdles near $128 and $130. Ethereum is down around 2% and it tested the $125 support zone against the US Dollar. The price is currently consolidating above $125 and it remains at a risk of more losses. There is a major bearish trend line forming with resistance near $128 on the hourly chart of ETH/USD (data feed via Kraken). A clear break below the $124 low could set the pace for more losses towards $120 and $118. Ethereum Price Gaining Bearish Momentum After struggling to stay above the $135 zone, Ethereum started a fresh decline against the US Dollar. ETH price gained bearish momentum and broke the $130 support level. There was a close below the $128 level and the 100 hourly simple moving average. The price tested the $124-$125 support area and a low is formed near $124. Ethereum is currently consolidating losses and trading above the $126 level. It broke the 23.6% Fib retracement level of the recent decline from the $133 high to $124 low. On the upside, there are many hurdles forming near the $128 level. More importantly, there is a major bearish trend line forming with resistance near $128 on the hourly chart of ETH/USD. Above the trend line, the 50% Fib retracement level of the recent decline from the $133 high to $124 low is also near the $128 zone. Ethereum Price Therefore, the bulls are likely to face a strong selling interest near the $128 zone. The main hurdle is now near $130, above which the price could recover towards the $135 zone. More Losses On the downside, an initial support is near the $124-$125 area. If Ethereum dives below the $124 low, there are chances of more losses in the near term. The next key support is near the $120 zone, where the bulls are likely to emerge. Any further losses could lead the price towards the $115 level in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is now moving back into the bullish zone. Hourly RSI – The RSI for ETH/USD is currently rising and it is approaching the 50 level. Major Support Level – $124 Major Resistance Level – $130 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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This Key Metric Suggests the Crypto Market’s Downturn Will Be Shortlived

If you’ve been on Crypto Twitter at all over the past few months, you’ve likely noticed multiple tweets like the one seen below; stablecoin companies, from Tether to Circle and Paxos, are issuing tens of millions of dollars worth of these digital assets day after day. 10,000,000 #USDC (10,000,000 USD) minted at USDC Treasury Tx: https://t.co/QPZHnQzN3h — Whale Alert (@whale_alert) March 29, 2020 In fact, according to data from blockchain analytics company Coin Metrics, the value of all U.S. dollar stablecoins (USDT, Binance USD, USD Coin, etc.) is on the verge of passing $8 billion — a metric up by 20% in the past month in itself. CM has added Huobi dollars (HUSD) and Binance dollars (BUSD) to their community data. Stablecoin supply in the sample is just shy of $8b collectively. My guess is it passes that threshold tomorrow. https://t.co/aEOeZIpiDk pic.twitter.com/B9WPd1mbsM — nic cartbrrrrr (@nic__carter) March 29, 2020 Many believe that this trend suggests the crypto market will perform well moving forward. Why It’s Big For Crypto As to why this is bullish, Charles Edwards, a digital asset manager, noted earlier this year that “major changes in Tether’s market capitalization have led Bitcoin’s price over the last 1.5 years.” For instance, prior to the nearly 50% crash in November 2018 that saw BTC plunge from $6,000 to $3,150 and the rest of the crypto market fall even further, the amount of USDT circulating fell by hundreds of millions; also, prior to the majority of 2019’s 330% rally was the printing of hundreds of millions worth of the coins. Major changes in Tether's Market Cap have led Bitcoin's price over the last 1.5 years. 5 January 2020 was no different. A healthy signal. Keep it printing pic.twitter.com/dfe0dBJzwh — Charles Edwards (@caprioleio) January 13, 2020 The millions of dollars worth of new stablecoins printed over the past few days would suggest that if this historical trend holds true, crypto assets are about to see some strong upside and may be bottoming. Fundamentally, this makes sense; although there are few details as to how one can deposit U.S. dollars and receive USDT in return, the introduction of fiat into the space through stablecoins should eventually act as a catalyst for Bitcoin’s growth when USDT holders sell their coins for BTC or other crypto assets. Su Zhu, CEO of Three Arrows Capital, summed it up nicely in 2019, when he wrote that with so much money sitting on the sidelines, especially in stablecoins, BTC could appreciate rapidly: Theres an estimated $2B in cash sitting at crypto funds/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges/silvergate/signature. This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k. Indeed, due to the existence of a fiat multiplier/amplifier ($1 entering the crypto space likely means more than $1 of market cap growth due to liquidity), the billions sitting on the sidelines could greatly increase the value of Bitcoin in the future. The macro backdrop is obviously different now than when Su Zhu made his comment, though historical precedent suggests that the coming months could be rather bullish for the market as it is clear there is money on the sidelines seemingly waiting to enter the space. Featured Image from Shutterstock

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Why Bitcoin’s Tumble Under $6,000 Could Be the Start of Something Worse

Bitcoin hasn’t done too well over the past few hours. As reported by this outlet previously, the cryptocurrency just tumbled under $6,000 just hours ago, falling under this key psychological level for the first time in a week. Related Reading: Crypto Tidbits: Bitcoin Holds $6,000s, Federal Reserve To Do “QE Infinity,” U.S. Digital Dollar Proposed The cryptocurrency seems poised to close its ongoing daily and weekly candles under this level, which would mark a slight blow to bulls. Indeed, many traders expect the asset to continue to trend lower over the coming days. Bitcoin’s Outlook Isn’t Too Hot Filb Filb, the crypto trader who accurately predicted Bitcoin’s Q4 2019 and January 2020 price action to a T, recently shared the below chart in the wake of the drop below $6,000. The chart shows a number of Bitcoin charts (from short time frames to long time frames). His indicator is advising him to stay “short” across seven out of eight time frames, indicating that more downside for the cryptocurrency market is a possibility. The same indicator advised traders to be short or at least in cash heading into March 12th’s brutal drawdown, during which Bitcoin fell from $7,700 to a price as low as $3,800. Adding to the bearish narrative, a top crypto trader recently remarked Bitcoin’s daily chart is flashing three harrowing signs at the moment: The Tom Demark Sequential, which called Bitcoin’s 2019 top at $14,000 and the bottom at $6,400, recently flashed a green “9” candle, suggesting a reversal is imminent. The Stochastic RSI has seen a bearish crossover, suggesting downside remains. The MACD histogram is currently declining and looks poised to turn negative within the next few days. Furthermore, trader DonAlt, a pseudonymous analyst who called much of the recent downturn, recently shared that the price action feels “familiar,” referencing his sentiment that the current price action is mirroring that seen prior to the capitulation event on March 12th. Featured Image from Shutterstock

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Bitcoin Reaches a “Bounce or Die” Level as Bulls Lose Their Footing

After a day-long period of consolidation within the lower-$6,000 region, bulls have once again lost their footing, with bears catalyzing a break below the support that had been established at $6,000. This has led analysts to note that Bitcoin is fast approaching a “bounce or die” level that buyers must defend, or else the benchmark cryptocurrency could once again find itself caught within a capitulatory downturn that leads it to decline back towards its recently established lows. This potential selloff comes as Bitcoin’s weekly close fast approaches, and a failure to bounce prior to this close could prove to be dire for the cryptocurrency. Bitcoin Faces Massive Selloff as Buying Pressure Begins Evaporating At the time of writing, Bitcoin is trading down over 5% at its current price of $5,900, which marks a notable decline from daily highs of $6,300 that were set yesterday when bulls attempted to garner some upwards momentum. The failure for bulls to sustain this momentum led to a rejection at this level, with the subsequent downtrend marking a significant extension of that which was first incurred when the crypto’s strong rally from $3,800 stalled at $6,900. In the near-term, it is imperative that buyers defend against a drop below $5,900 – as this is where a significant amount of support has been established. This volatility also comes just a couple of hours before BTC posts its weekly candle close, with a bearish close likely bolstering bears, leading the crypto to decline further in the week ahead. BTC Reaches “Bounce or Die” Level as Bulls Falter  This plunge has led Bitcoin to what appears to be a “bounce or die” support level. Teddy – a prominent cryptocurrency analyst on Twitter – mused this possibility in a recent tweet, offering a chart showing that the crypto is currently resting on a key multi-week support level. Image Courtesy of Teddy If this level is shattered, the next key level marked on the chart above sits at $5,450. Any potential near-term weakness could also be further perpetuated by the bearish economic backdrop that Bitcoin is currently trading against. If the stock market’s rebound seen throughout this past week shows signs of faltering, its next downturn could drag BTC down with it. The futures market’s imminent open, coupled with Bitcoin’s upcoming weekly close, should offer investors with significant insights into where the crypto market is heading in the week to come. Featured image from Shutterstock.

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Bitcoin Tumbles Under $6,000: Here’s What Analysts Think Comes Next

For the first time in just under a week, Bitcoin has tumbled under $6,000, extending Friday morning’s losses of 10%. As of the time of writing this, the cryptocurrency trades for $5,930, having hit $5,895 just minutes ago as of the time of this article’s writing. While this price action just transpired, many analysts believe it’s time to pay close attention to the charts. Key Bitcoin Level To Watch is $5,800 The key level to watch for Bitcoin moving forward is $5,800, approximately where the 200-week moving average sits as of the time of this article’s writing. As explained in a previous NewsBTC post, this specific simple moving average has immense importance to traders, for it marked Bitcoin’s exact bottom in December of 2018 and also coincided with bottoms in 2015. As Chris Burniske of Placeholder capital once wrote:  “As someone recently reminded me, in a 2018 interview with CNBC I stated the real capitulation starts if we break the 200 week MA. We did not break the 200 week MA in 2018 / 2019 – it provided the perfect bounce for Bitcoin. But now that we broke and closed last week below $5500, what was once support becomes resistance.” The cryptocurrency posting a weekly close (four hours as of the time of this article’s publishing) under this key support may suggest that there is more pain to come for the Bitcoin price. Bearish Factors Persist Unfortunately for bulls, there are a number of bearish factors that could increase the chances Bitcoin closes its ongoing weekly candle under the aforementioned key support. A top crypto trader recently remarked Bitcoin’s daily chart is flashing three harrowing signs at the moment: The Tom Demark Sequential, which called Bitcoin’s 2019 top at $14,000 and the bottom at $6,400, recently flashed a green “9” candle, suggesting a reversal is imminent. The Stochastic RSI has seen a bearish crossover, suggesting downside remains. The MACD histogram is currently declining and looks poised to turn negative within the next few days. Furthermore, trader DonAlt, a pseudonymous analyst who called much of the recent downturn, recently shared that the price action feels “familiar,” referencing his sentiment that the current price action is mirroring that seen prior to the capitulation event on March 12th. Why does this feel so familiar pic.twitter.com/8mSWsDucA5 — DonAlt (@CryptoDonAlt) March 27, 2020 If Bitcoin is to follow the historical price action to a T, it will make one more attempt at surmounting $7,000s in the coming days, then fall dramatically, potentially towards the local lows at $3,800. Featured Image from Shutterstock

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Crypto Market Highly Bearish Beneath One Level; Here’s What Could Tip the Scales

The aggregated crypto market has been struggling throughout the past few weeks, with it incurring an insane selloff that was catalyzed by Bitcoin’s decline from its mid-February highs of $10,500 to lows of $3,800. This selloff did significant damage to the market’s technical strength, leading many investors and analysts to adopt a bearish sentiment – a far cry from that seen throughout the beginning part of the year. One prominent analyst is now noting that there is one key level that bulls must surmount if they want to propel the market higher, as a failure to do so could lead to significant losses in the days and weeks ahead. Crypto Market Struggles to Break Key Resistance as Bearishness Grows  At the time of writing, the aggregated crypto market capitalization is sitting at roughly $174 billion, which is around where it has been trading at over the past few days. Over a one-month time frame, it is important to note that the market has seen significant volatility, with the market cap cratering from highs of $264 billion in early-March, to lows of $118 billion on March 13th. This massive decline came about in tandem with the market-wide selloff that led many major cryptocurrencies to plunge by 50% or more. Michaël van de Poppe – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that bulls need to reclaim the $185-190 billion market cap level in order for the aggregated market to be bullish. “The total market capitalization of crypto is pretty clear here too. Needs to reclaim the $185-190 billion level to become bullish. Until then, just a bearish retest,” he explained. $BTC #BITCOIN #CRYPTO The total market capitalization of crypto is pretty clear here too. Needs to reclaim the $185-190 billion level to become bullish. Until then, just a bearish retest. pic.twitter.com/ESi448nC3B — Crypto Michaël (@CryptoMichNL) March 29, 2020 What Could Tip the Scales Back into Bull’s Favor?  In order for bulls to regain the upper hand over bears, it is imperative that Bitcoin begins leading the entire market higher. In the near-term, it is possible that Bitcoin is in the process of forming a bullish “triple bottom” formation, although Big Cheds – another popular crypto analyst – explained that BTC is still on “unsteady footing.” “Bitcoin: 1 hour – On unsteady footing, trying to form a triple bottom,” he explained while pointing to the below chart. $BTC #Bitcoin 1 hour – On unsteady footing, trying to form a triple bottom pic.twitter.com/Jm6D3EqIMi — Big Cheds (@BigCheds) March 29, 2020 Should Bitcoin confirm that pattern and begin climbing higher, it is possible that the market-wide surge will lead the total market capitalization to surmount its key near-term resistance, sparking a notable rally. Featured image from Shutterstock.

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