Bitcoin (BTC) Fails To Break A 2-Month Liquidation Line, Will Bulls Succeed?
Today’s Bitcoin (BTC) News
From statistics, considering the see-sawing prices, Bitcoin is both hot and cold. Hot in the sense that, a week ago, prices soared and within hours retested the $12,000 mark before cooling off. To analysts, there were tons of contributing factors. Among the many are politics and the US accusing China of currency manipulation.
Days after cutting fund rates causing investors to move to safe havens including gold, the Yen, CHF, bonds and now Bitcoin, the US Federal Reserve Chairman, in a presser, said they may even slash rates further in the next assessment. Such comments were enough to pump prices.
Added to Trump’s tariff on Chinese goods, the devaluation of the Yuan below the 7 Yuan mark, the war looks protracted. Regardless, the main beneficiaries, aside from gold, of any form of intervention from either the US or China are gold and cryptocurrencies, especially Bitcoin, the most valuable of them all.
Firm as institutions consider diversifying into the digital safe haven now that it is immune to geopolitical tensions, BTC investors expect prices to print new highs by 2020. Then, there would be the halving event and another opportunity to ramp up, and the presidential election of next year will likely cause a rush to safety until after citizens decide who their president will be.
At the moment though, Blockstream foraying into the mining space and opening two huge data centers in Quebec, Canada, and Adel, Georgia is bullish for Bitcoin as an investment and as a network. The two data centers will be open for “hosting enterprise-level mining activities, in addition to Blockstream’s own mining operations” as reported by Forbes.
BTC/USD Price Analysis
1 BTC/USD =$37,601.5142 change ~ -3.84%
- All Charts Courtesy of Trading View—Coinbase
Adding 3.8 percent in the last week, BTC is correcting. With a three-bar bear reversal pattern, it is likely that prices will fall below the $11,200 mark. Because of yesterday’s narrow trade range inside Aug 10 conspicuous bear bar, sellers are at a pole position to press lower in days ahead.
Note that there are supporting candlestick arrangements in place. The reaction from the resistance trend line connecting highs of the last three months hint is indicative of shifting sentiment and a possible retracement back to $9,500.
If prices fall and close below Aug 5 low of $10,960-data from Coinbase, BTC prices would likely crumble to $9,500. On the flip side, rejection of lower prices below $11,200 will automatically confirm gains of early August as buyers generate the required momentum to close above the main resistance trend line towards $14,000 and later $18,000 in line with our last BTC/USD trade plan.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.
Bitcoin’s price is $37,601.51 BTC/USD exchange rate today. The real-time BTC market cap of $704.56 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $24.63 Billion and live coin value change of BTC -3.84 in the last 24 hours.