As the market slowly grinds its way back to support levels, we take a look at the charts and see a few things. First, we see a major resistance line at $36,000. Next, we see that the current price is $33,000, and that the volume has been pretty low. We believe this indicates that there is a major player looking to get in on the action. Blog Post Body: […]
Bitcoin is definitely one of the most exciting developments in the financial market since the launch of the Internet. The first half of the year has been very promising for Bitcoin, and there is no reason why the second half should not be even better. The currency has just recently broken through the $4,000 mark, which is quite impressive for a currency that was worth less than $1,000 at the start of the year. The Lightning Network is an important development for Bitcoin, because it will reduce transaction fees and hence make Bitcoin more suitable for small transactions. At the same time, it will allow Bitcoin to compete with banks and other financial institutions, which often have much higher fees than the Bitcoin network.
Bitcoin (BTC) has continued to slide following its sharp drop from $36,000 to $27,000, but the cryptocurrency has been able to sustain support at $36,000. This is interesting considering that a week ago, Bitcoin was hovering above $36,000 and everyone in the crypto community was talking about how it would soon hit $40,000. Now, we have a retest of $36,000 and the logical extension is for Bitcoin to move above $40,000. Some analysts are even saying that Bitcoin will move above $55,000 before the end of the year. Blog Outro: So, which way will Bitcoin go from here? If you want to know, it might be worth checking. Read more about will ethereum break $1,000 and let us know what you think.Summary of the situation
- The BTC fell overnight.
- Resistance at the $40,000 level remains.
- The closest support is $36,000.
The forecast for today’s bitcoin price is bullish, as the market fell overnight and hit a low around the $36,000 mark. Therefore, we expect BTC/USD to rise in the next 24 hours and head towards $42,000. Crypto-currency heat map. Source: Coin360 The cryptocurrency market has traded relatively flat over the past 24 hours. Bitcoin fell 1.35 percent and Ethereum fell 2.75 percent. The rest of the market follows this pattern of insignificant losses. BTC/USD opened at $35.680 after yesterday’s bearish close. Resistance was found at $40,000, from where BTC/USD fell to support at $36,000. This likely means that a new higher low has been reached and the market is poised to move higher in the next 24 hours.
Bitcoin price movements in the last 24 hours
BTC/USD traded in a range of $34,779 to $37,261, indicating moderate volatility. Trading volume rose 28.37% to $54.5 billion. Meanwhile, the company has a total market value of $677.6 billion, representing a market dominance of 43%.
4-hour chart BTC/USD – BTC finds support at $36,000
On the 4-hour chart we can see that the market traded down yesterday and is now refraining from further declines. Four hourly chart BTC/USD. Source: TradingView The market as a whole is still in a downward multi-week trend. After BTC/USD rebounded from its last major high of $59,000 on 9. In May it fell by more than 45% until it found support around $30,000. Bitcoin price action then pulled back towards the $42,000 resistance level and formed a higher low above the $31,000 level following the pullback. On Wednesday, the BTC/USD price rallied to resistance at $40,000, where a small local swing high was established, suggesting that the market is preparing for an upside reversal. The BTC/USD exchange rate fell again yesterday and found support around the $36,000 level overnight. Therefore, we expect the market to reverse later today and try to break through the $42,000 level in the coming days. Once the resistance at $42,000 is broken, the bitcoin price should continue towards the next support/resistance level around $46,000 – $47,000. In such a scenario, the market would clearly indicate that the bulls are regaining control and we can expect further gains next week.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bullish, as BTC/USD is likely to turn higher in the next 24 hours. The next target to hit is $42,000 and from there the first strong technical sign of a bullish reversal will appear. For more information, read our recent guide on Cardano, ZCash and Litecoin. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin price is at its highest level of the year 2018 (over $4000 for a single bitcoin) as it’s retesting the $36,000 price level. Will the cryptocurrency continue to climb higher or will it run into some resistance? Bitcoin price has been performing exceptionally well in the past few weeks, but it has been unable to break the $36,000 resistance. The price started to climb on the back of strong technical indicators and as a result, it broke the $34,000 resistance and traded to a new weekly high at $36,173. The market cap of bitcoin is now over $100 billion, and bitcoin now has its largest market cap since December 2017. All major cryptocurrencies are reporting gains between. Read more about eth/btc ratio prediction and let us know what you think.
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