Bitcoin has been a roller coaster for investors over the past 18 months, with the BTC price fluctuating between $1000 and $10000. While this volatility has shaken many a portfolio, a new study by CoinDesk.com has explored the possible reasons behind this up and down trend.
As Bitcoin inches closer to $40,000, Bitcoin Cash is now trading at $960 – up more than 600 percent since the beginning of the year. In fact, the cryptocurrency is up 90 percent since the beginning of the month. At the same time, the alternative cryptocurrency has continued to garner more mainstream attention.
Bitcoin has been on a tear lately, with the cryptocurrency rising over 50% in the last week. That’s pretty incredible, but it’s also still a relatively small value. The price of Bitcoin has been hovering around $30,000 over the course of the year, which is a far cry from the $20,000 or so that it reached in November.. Read more about bitcoin price and let us know what you think.The 3rd. In June, bitcoin (BTC) was approaching $40,000 as bulls gathered more and more signals that a bottom had been reached. 1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
BTC/USD at $36,000 ?
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD held the levels recovered the previous day, including the critical $37,500 level. Attention now turns to the coming days for confirmation of a breakout or divergence – volatility was already expected over the weekend. According to the popular crypto-Ed trader, the market may need another brief bearish test before coming back with renewed vigor. In the process, you may have to wince and perform the usual actions. I think we’re on the verge of a reversal and a correction later today before we go back up, he told his Twitter followers on Thursday. BTC up to $36k and ETH $2500 ? It could be a boring day….. He added that he expects BTC/USD to correct rather than continue to rise.
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Meanwhile, two new measures appeared on the Glassnode surveillance source this week, which specifically sought to address the bottom of the bitcoin price, providing a timely exit for traders. Created by David Puell, known for his famous Puell Multiple indicator, the delta cap and balanced price gave signals that bitcoin may already be in a recovery phase. Make sure they merge into the next bear, Puell added. Delta cap chart BTC/USD vs. Source: Glassnode According to Cointelegraph, opinions continue to focus on a double top for bitcoin this year, similar to 2013. In the previous two bull markets, large pullbacks from local highs to ultimate highs were common, so there is nothing unusual about the current behavior. That’s the view expressed by the inventor of stock-to-flow technology, PlanB, in a conversation with podcast host Preston Write this week.Bitcoin, the world’s largest cryptocurrency by market capitalisation, reached $4,000 for the first time yesterday, in a massive surge that has seen the cryptocurrency’s value skyrocket by over 40% in the past 24 hours. The rapid rise has seen Bitcoin soar past the $3,500 mark, adding to a recent surge in price that has seen the cryptocurrency surge past the $4,000 mark for the first time in its 11-year history.. Read more about bitcoin price prediction and let us know what you think.
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