Bitcoin Suffers Sharp Decline from $60k as Bears Dominate the Market

19 March 2021 | Updated: 19 March 2021

Bitcoin (BTC) has had an erratic trading session over the past 24 hours, as bulls and bears battle for dominance. At the moment, bears appear to be in control following the sharp 6% correction that befell Bitcoin recently.

Bulls began the week on a steady footing following several favorable fundamental factors that sparked optimism among investors. Some of these factors were the arrival of the first stimulus checks in American homes and the announcement by global firm Meitu that it was investing $50 million in Bitcoin and Ethereum (ETH), which incited some nostalgic memories of the MicroStrategy and Tesla period.

That said, the $60k resistance could be a tough nut for Bitcoin to crack, given that investors are usually driven to action around psychological levels whenever Bitcoin is in new price discovery mode. Nonetheless, BTC has recovered half-way from its recent fall and trades at $58,286 at press time.

Meanwhile, the recent correction in Bitcoin dragged the rest of the cryptocurrency market with it, causing the market value to drop by more than $40 billion. The top ten altcoins—based on market capitalization—were in the red, except for XRP. Investors are currently avoiding Ripple amid the palpable uncertainty hanging over the asset amid its legal battle with the SEC.

This week’s biggest loser was Cardano (ADA), as it fell by more than 12% following frenzied profit-taking by investors.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 19
Following a healthy rebound from the $56,700 crucial support, Bitcoin is now locked in a battle with the $58k round figure. We expect the price to clear this level in the coming hours and make another attempt at the $60k psychological resistance. That said, failure to clear this level over the coming hours could trigger exhaustion in bulls and cause a fall to the $56,700 support.

Meanwhile, our resistance levels are at $56,700, $58,000, and $59,000, and our key support levels are at $55,000, $54,000, and $52,500.

Total Market Capitalization: $1.79 trillion

Bitcoin Market Capitalization: $1.09 trillion

Bitcoin Dominance: 60.8%

 

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Bitcoin (BTC) Price Analysis:BTC Price Fluctuates Between $55,000 and $60,000, Uptrend Likely

16 March 2021 | Updated: 16 March 2021

Key Highlights
Bitcoin retraced to $54,000 support level
The king coin is fluctuating between $55,000 and $60,000

Bitcoin (BTC) Current Statistics
The current price: $55,403.68
Market Capitalization:  $1,162,515,939,065
Trading Volume: $58,477,329,032
Major supply zones: $60,000, $62,000, $64,000
Major demand zones: $50,000, $48,000, $46,000

Bitcoin (BTC) Price Analysis March 16, 2021
Bitcoin price is retracing after rejection from the $62,000 resistance zone. Today, the price has fallen to the support at $54,000. The upward move is facing resistance at $56,000 high. Bitcoin will further decline to $50,000 low if the bears break the current support. On the upside, the bulls will battle the resistances at $58,000 and $62,000 .

BTC/USD – Daily Chart

Bitcoin (BTC) Technical Indicators Reading
BTC price is at level 56 of the Relative Strength Index period. It indicates that price has enough room to rally on the upside. The king coin is above the 80% range of the daily stochastic. The stochastic bands are fluctuating above the 80% range. Bitcoin is still trading in the overbought region. In a trending market, the overbought conditions may not hold.

BTC/USD – Weekly Chart

Conclusion
Bitcoin price is fluctuating above the $55,000 price level. If the bulls break the $60000 high and the bullish momentum is sustained, Bitcoin will rally to $75,000. On a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that BTC will rise to level 1.618 Fibonacci extensions or a high of $75,732.30.

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Bitcoin (BTC) Price Analysis:BTC Price Retraces, Slumps Below the Psychological Price Level, May Resume Upward Move

14 March 2021 | Updated: 14 March 2021

Key Highlights
Bitcoin rallied to $61,693 high
The king coin is now consolidating above $60,000 support

Bitcoin (BTC) Current Statistics
The current price: $59,762.93
Market Capitalization: $1,255,380,332,083
Trading Volume: $48,920,232,234
Major supply zones: $60,000 $62,000, $64,000
Major demand zones: $40,000 $38,000 $36,000

Bitcoin (BTC) Price Analysis March 14, 2021
Yesterday, the BTC price broke the $58,000 high as the market reached a high of $61,693. Presently, the price has retraced to the support above the psychological price level. Since the price indicators are signaling that BTC price is in the overbought region, the upward move is doubtful. The uptrend will resume if price finds support above the $60,000 support. However, if price breaks below the $60,000 support the market will retrace to $58,000 support.

BTC/USD – Daily Chart

BTC Technical Indicators Reading
BTC price is at level 72 of the Relative Strength Index period 14. Bitcoin is likely to retrace as there is no room to rally on the upside. The crypto’s price is above the 80% range of the daily stochastic. The stochastic bands are sloping horizontally in the overbought region.

BTC/USD – Daily Chart

Conclusion
BTC price is retracing after the price reached the overbought region. Meanwhile, the Fibonacci tool has indicated an upward movement of the coin. On February 21 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC price is likely to reach level 1.618 Fibonacci extension level or the high of $75,742.00.

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Have you invested in an extremely rare opportunity of a lifetime?

22 February 2021 | Updated: 22 February 2021

The Next “Buzz Word” Altcoins
Last month, the Bloomberg Galaxy Crypto Index was at 1414.37, following a low of 217.82 in early March. BTC had made a new high yesterday at $51,630.86. Today (February 17) and the index was at 2,295.61. That’s a huge gain for one month.

Let me put this into perspective. In late 2017, I said that cryptoassets were the biggest institution revolution since the Industrial Revolution and that they represented the investment of a lifetime. Institutions, however, were not ready or capable of participating in that revolution so they “pooh-poohed” it. The SEC decided that most altcoins were securities which precipitated a huge bear market. By the end of 2018, cryptos had undergone an 85% decline and BTC hit a low price of $3,236.76 on Dec 15, 2018. But then look what happened.
BTC was up 92.71% in 2019
It was up 305.94% in 2020
And it’s up 75.42% in less than 50 days of 2021….

What did I say in 2018? There was actually a period from October through November last year when I made over $3 million in 7 weeks. Cryptos are the investment of a lifetime.

While BTC could go up another 10 fold in the long run, I doubt that it will go much over $100,000 this year…. But the opportunity of a lifetime is not over because now the altcoins are starting to move. Here are a few examples, and this is just the movement in 2021.

BNB 289%
ETH 144%
LINK 178%
SNX 215%
AAVE 397%
CND 145%

And remember those gains are just from the 48 days of 2021….

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Update on Cryptoassets
I think that there are a number of altcoins that could go up 10 times or more during the rest of 2021. Now we might have a decline of 40% or more during the year, but it probably will be short-lived with a very quick recovery…
BTC was up 92.7% in 2019, 305.94% in 2020, and in the first six weeks of 2021, it’s up 74.22%. Let’s contrast that with the other hedge against the USD and disaster, gold. Gold was up 20.94% in 2019, up 18.32% in 2020, and it’s down 5.1% so far in 2021. The path of safety is now BTC.

Gold has about 10 times more market cap than cryptos right now (even though cryptos are now over a trillion for the 1st time). If all of the money in gold went into BTC, BTC’s price would be about $370,000…

People talk about BTC being volatile and risky. But where can you find something that has made over 1,000% in 3 of the last 11 years, over 100% in 8 of them, and had only two losing years? There is only one other place than BTC with anywhere near equal performance – other cryptoassets.
If you had bought BTC at the beginning of 2012 (well, not at the very beginning), you would have turned $1,000 into more than $7.1 million (up $4.5M last month)…

Remember these are 30-day percent gains. This is probably the easiest market possible to make a lot of money. You could, however, just as easily enter a position and immediately have a 25% drawdown – which could cause you to exit and then miss out on some nice gains. If you don’t have strong beliefs about cryptos like I do, crypto volatility will test you…

This newsletter makes no recommendations about cryptos but is a free service… I personally own positions in most of the cryptos mentioned in this newsletter.

Author: Van K. Tharp, PhD

Note: This article was culled and abridged from a monthly cryptos update by Dr. Van Tharp. The full article can be accessed here.

You can purchase crypto coins here. 

 

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BITCOIN prints a higher low after falling more than 15%

18 January 2021 | Updated: 18 January 2021

 

After breaking with the mid term bullish structure we retraced back 61.8% of last week’s range and printed a new fresh higher low.Price is trading inside of a bullish flag and a break of the flag could catapult price to retest the structure highs at around the 37750 level which confluences with the 1.618% retracement of the flag, aka targets.

 

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Grayscale Reports Record-Breaking Numbers in Q4 2020 Thanks to Bitcoin Investors

17 January 2021 | Updated: 17 January 2021

Grayscale recorded its best year in 2020 yet with massive allocations, mostly from institutional investors, despite the dramatic events that plagued that year.

The cryptocurrency investment fund posted record-breaking numbers in the first three quarters of 2020 and profoundly better reports in Q4. The firm reported that the total investments in the last three months of the year amounted to $3.3 billion, while the total investment for the year came in at $5.7 billion. What this means is that 60% of the firm’s total investment came in Q4 alone.

Meanwhile, the firm noted that it had raised a total investment inflow of $1.2 billion since its inception from 2013 to 2019. This means that the investment inflows of 2020 were almost five times the inflow in the past six months combined.

Also, the cryptocurrency-based investment company highlighted the increasing influx of institutions, as about 93% of all investment inflows in Q4 2020 came from that group of investors. The firm added that “meaningful uptick alongside a number of public announcements from notable investors and asset managers.”

Grayscale noted that 45% of its total investments came from the United States, while the remaining 55% came from offshore investors.

As would be expected, Grayscale Bitcoin Trust attracted most of the investment from last year. In Q4 alone, GBTC garnered about $2.8 billion in investment inflows, a jaw-dropping 85% share of all investments.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — January 17

Bitcoin appears to be taking its time over the weekend as the benchmark cryptocurrency was range-bound through the weekend. At press time, BTC is on the verge of breaking the 50 SMA at $36,215, as bulls aim to defeat the $37,827 resistance. That said, only a sustained break above the crucial $39,800 resistance will reinstate the original bull trend.

On the flip side, a fall from this level should be swiftly repelled by the $34k support.

Meanwhile, our key resistance levels are at $36,500, $37,827, and $38,500. While our key support levels are at $34,474, $34,000 and $33,000.

Total Market Capitalization: $1.03 trillion

Bitcoin Market Capitalization: $680 billion

Bitcoin Dominance: 66%

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Analysts at JPMorgan Project Fresh Decline in Bitcoin

30 November 2020 | Updated: 30 November 2020

Despite the recent bullish recovery from the Thanksgiving “massacre” by Bitcoin (BTC), analysts from JPMorgan Chase & Co expect a steep decline for the cryptocurrency soon.

The strategist highlighted some factors that could play crucial roles soon for the benchmark cryptocurrency.

A recent JPM analysis, led by Nikolaos Panigirtzoglou, noted that the Thanksgiving crash has cleared the “previous froth in momentum traders’ positioning.” However, the analysis purports that Bitcoin could still see fresh declines.

Apart from the momentum traders factor, the strategists went ahead to broach several other reasons influencing price dynamics. One of such factors is the rumor circulating in the industry about some unfavorable regulations proposed by the Trump administration.

Another crucial factor highlighted by JPM analysts is the significant role Grayscale and its Grayscale Bitcoin Trust could have on the market. The crypto fund management firm is regarded as the most reliable firm for institutional investors looking for a foray into Bitcoin and other digital assets.

This reliability in the crypto firm has been demonstrated through 2020 as Grayscale reported record-breaking numbers, quarter after quarter. The firm’s assets under management have peaked at over $10 billion in just 12 months, with Grayscale Bitcoin Trust having the most substantial share.

That said, the analysts have asserted that if the GBTC becomes unattractive to investors, it could have a devastating impact on Bitcoin, which is believed to have become a favorite among institutional investors.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — November 30

Bitcoin recorded a massive boom past its previous YTD high over the past few hours, indicating that the cryptocurrency has regained its bullish momentum. That said, we should expect the benchmark cryptocurrency to top its $20k all-time high anytime soon.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $571 billion

Bitcoin market capital: $357 billion

Bitcoin dominance: 62.5%

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BTC On Track to Break All-Time High: S2F Model

12 November 2020 | Updated: 12 November 2020

Bitcoin (BTC) bulls continued on their new ATH mission today and have sent the cryptocurrency to a new YTD high at $16,220. The cryptocurrency market rose to a high of $460 billion in today’s rally, as about $12 billion flowed into the market.

Despite the heavy sell pressure around the $16,000 level, expectations for new highs remain unabated as echos of Bitcoin officially entering a fresh macro-cycle ripple across the industry.

Meanwhile, PlanB, creator of the Bitcoin Stock-to-Flow (S2F) model, asserted that BTC’s YTD renewal is a good sign that it’s still on track to the $100,000 target.

The popular stock-to-flow model was first published in March 2019 and is concerned with the relationship between the production of supply and the available stock. In other words, it calculates Bitcoin’s value through scarcity.

The model has projected BTC’s price with a high degree of accuracy over the past three halving events. This year’s halving effect is playing out identically to the halving reactions in 2012 and 2016, with massive gains projected for 2021 if history plays out correctly.

Meanwhile, the Chief Investment Officer of Arcane Assets, a crypto hedge fund, is not sold on the recent BTC projections. To prove his disbelief, he is willing to wager $1 million that the Bitcoin price model will be “broken” within five years, and BTC will not reach 50% of its target.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 12

Bitcoin continues to trade in line with our ascending trendline as it aims to break its all-time high at $20,000. That said, a mild retrace from this level will likely get saved by the $15,700 level (our trendline level).

Meanwhile, our key resistance levels are at $16,220, $16,500, and $17,000. While our key support levels are at $15,700, $15,200, and $15,000.

Total market capital: $457 billion

Bitcoin market capital: $298 billion

Bitcoin dominance: 65%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Recent Ground-Breaking Pfizer Announcement Causes BTC Bulls to Go into Defense

9 November 2020 | Updated: 9 November 2020

It appears that volatility has seeped back into the cryptocurrency market. In today’s session, Bitcoin (BTC) has gained and lost about $600 within just a few hours apart. This spike occurred on the back of the recent announcement by Pfizer, one of the largest drugmakers in the world, that they have successfully gotten a 90% prevention efficiency rate in their vaccine candidate.

The past few weeks have been a very interesting one for the benchmark cryptocurrency as it managed to touch $16,000 briefly for the first time in several years.

It seemed like today’s was going to help the cryptocurrency break above the level and record a new YTD high. However, this rally was cut short by the new vaccine development.

Pfizer announced in the early hours of Monday that 90% of its COVID-19 test subjects, were protected from the virus 28 days after exposure to it.

The Chairman of the company, Dr. Albert Bourla, expressed his joy over the positive development saying that “it was a great day for science and humanity.” He added that with today’s development, Pfizer has gotten closer to providing the much-needed relief to help eradicate the prevailing global health crisis.

The news significantly boosted the global market risk tone, as major indexes across the globe saw massive spikes on the break of the news.

Meanwhile, Bitcoin has maintained its market dominance over the past 24 hours, indicating that altcoins have failed to make any significant strides upwards.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 9

The recent dip sent BTC down to the $14,800 area, where it was strongly rescued by some dip-buying. At press time, the cryptocurrency is struggling to get back above $15,205 resistance as bullish strength fades. Failure to securely break above this level could cause Bitcoin to drop to the $14,500 mark where our ascending trendline currently resides.

Total market capital: $438 billion

Bitcoin market capital: $282 billion

Bitcoin dominance: 64%

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  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

4 Cautionary Crypto Tales From the Crypt

6 November 2020 | Updated: 6 November 2020

Witches, vampires, and ghouls. These Halloween beasties have nothing on every Bitcoiner’s worst nightmare: losing one’s digital gold in a fluke accident or misstep. We can practically hear you screaming at your screen right now.

In honour of Halloween season, we’re exploring four spine-tingling tales of brutal Bitcoin losses. We also throw in a little treat towards the end and reveal how you can make a killing on crypto with a LonghornFX account, without actually buying any Bitcoins. Intrigued? Read on to find out more.
1. IT guy chucks $127m Bitcoin in toxic landfill
British IT professional James Howells began mining Bitcoin on his personal laptop back in 2009 and by 2013 had amassed an impressive 7,500 Bitcoins. He sold the laptop on eBay but held on to the hard drive in the hope that his Bitcoins would increase in value. But while clearing out his house later that same year, he accidentally threw the drive away, which ended up being dumped in a Welsh landfill. When he realised his mistake, Howells desperately tried to get permission to search the landfill for his drive. His request was denied on the grounds that it was dangerous due to the toxicity of the landfill, plus it simply went against the law.

Fat lot of good that would have done him, anyway. With 50,000 tons of refuse added to the site every year, searching for one tiny hard drive would have been a much bigger problem than finding a needle in a haystack. Still, it may have just been worth the undertaking. It’s estimated that around 2017, when Howells realised what he’d done, his 7,500 Bitcoins would have been worth in excess of $127 million.

2. Aussie loses $7m Bitcoin after investing life savings
In a moment of mid-life crisis, former Australian journalist Derek Rose decided to do what for many would be the unthinkable. He withdrew his entire $70,000 life savings and invested it all into Bitcoin. Seeing that his initial capital was growing exponentially with the Bitcoin boom of 2016, Rose even started borrowing more money to increase his investment, and was soon earning close to half a million dollars a day.
But rather than listen to his financial advisor and friends who encouraged him to cash out while the going was good, Rose continued to ride that wave of euphoria and poured even more money more into crypto. Then the Christmas crash of 2017 hit and Rose saw his multi-million dollar account take a massive hit. He lost around $7 million at the time. Thankfully Rose didn’t lose everything. “This was a huge blow, but it didn’t wipe me out […] I’m still doing better with my investments than I would have if I had stayed in index funds.” Moral of the story: what goes up, must come down. No bullish rally will continue forever.

3. Tech journo forgets Bitcoin wallet PIN
Sometimes even the world’s most reliable tech geeks make massive errors. After amassing some $30,000 in Bitcoins, Wired magazine editor Mark Frauenfelder lost access to his crypto wallet. “I wrote my PIN code and recovery seed on the same piece of paper. I was planning to etch the seed on a metal bar and hide it, but before that happened my house-cleaning service threw the paper away,” he explained.

Frauenfelder was ready to kiss his Bitcoins goodbye when he finally met a stroke of good fortune. Thirteen months after losing his PIN, Mark was introduced to Saleem Rashid, a 15-year-old coding whiz from the UK. With Saleem’s help, Mark managed to hack into his crypto wallet and successfully retrieve his PIN and subsequently his Bitcoins. We bet Frauenfelder won’t be misplacing his new PIN any time soon!

4. Software designer wipes away $20k
When Bitcoin first began to cause a stir on the web back in 2010, Atlanta-based software developer Syl Turner thought he’d try his hand at mining and managed to earn himself two whole Bitcoins. As Bitcoins were worth pennies at the time, Syl didn’t give them much thought and eventually ended up storing his mining computer in his attic.

Fast forward a few years later and suddenly Syl sees a news alert pop up on his screen: Bitcoins are now worth $10,000! Syl shot straight up into the attic to retrieve his dormant PC. He found what he was looking for but when he booted the computer up, he realised he had mistakenly wiped the hard drive, meaning his crypto wallet key had vanished. That one mistake cost Syl $20,000, at the very least. If Syl still had access to his crypto wallet and HODLed, he may have seen his Bitcoin climb much, much higher.

Profiting from Crypto made simpler
Thankfully, there’s a much easier and cost-effective method of profiting off Bitcoin, without the risk of losing hard drives or extra complicated PINs to crypto wallets. By trading Contracts for Difference (CFDs) on LonghornFX, you can profit on over 35 cryptos by trading on whether the price of the underlying crypto asset will rise or fall.

Trade on Bitcoin, Ether, Ripple, and more popular altcoins, all with 1:500 leverage. Open a free LonghornFX account and trade from as little as a $10 deposit!

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.