Bitcoin Breaks Below $50K as Market Sell-Off Continues

Bitcoin’s price fell about $4,300 in the last 24 hours.

Bitcoin Breaks Below $50K as Market Sell-Off Continues

Bitcoin has fallen beneath the $50,000 psychological support line hitting its lowest point in 48 days.

At around 17:00 UTC on Thursday, bitcoin (BTC, -10.03%)‘s price fell from around $54,900 to $51,500 before the markets inflicted another sell-off to $48,300, according to Bitstamp exchange data. Prices are currently hovering around $49,200 representing an 8% drop or loss of about $4,300 over the previous 24-hours, according to CoinDesk’s bitcoin price page.

“On-chain data suggests we’re still in a long-term bull market,” Ki Young Ju, CEO of South Korea-based blockchain analytics firm…

Bitcoin rose to $64,870 around the time of the Nasdaq listing of Coinbase, but has since retreated back to $55,000.

With more firms allowing customers to dabble in Bitcoin and more institutional money tied to its performance, it’s no wonder chart watchers are capitulating and lending their analytical expertise

Bitcoin has yet to recover from its unexplained weekend swoon, and now the investing public is on edge about the notoriously volatile token’s next move. Enter the chart watchers.

Noting that “a chart is a chart is a chart,” Tallbacken Capital Advisors’s Michael Purves sent a note Wednesday with a technical…

Ethereum is breaking out against Bitcoin and traders are turning bullish on ETH/BTC and altcoins.

MARKET ANALYSIS

Ether (ETH) price is seeing green in its Bitcoin (BTC) pair on April 21, reaching the highest levels since early February. Given the technical breakout of ETH/BTC, traders are beginning to expect a strong rally in the foreseeable future.

During the first two weeks of April, ETH was outperformed by Binance Coin (BNB), the native token of Binance Smart Chain.

The high transaction fees on Ethereum coupled with the high user activity on Binance Smart Chain led BNB to gain momentum against Ether.

What’s next for Bitcoin?

It’s been a wild few days for bitcoin.

The cryptocurrency fell close to $52,000 on Sunday, sharply off its record high set last week above $64,800. The sell-off was tied to rumors of a regulatory crackdown in the U.S., a common fear for bitcoin investors.

But, taking a step back, that kind of a move looks par for the course for bitcoin, according to Oppenheimer head of technical analysis Ari Wald.

“Let’s put some things in perspective,” Wald told CNBC’s “Trading Nation” on Monday. “In August, bitcoin suffered a 20% drawdown, a 17% drawdown in November, 31% in January, 26%…

Could Hit $0.3 But Be Wary of Pump and Dump

Prediction:

The Dogecoin price is in a parabolic rally that has pushed the highly-controversial token up by more than 90% in the past 24 hours. Along the way, the coin has now moved back to the top 10 of crypto rankings.

Its total market cap has shooted to more than $33 billion. It has also displaced popular digital tokens like Litecoin, Bitcoin Cash, and Stellar. Most importantly, DOGE is now more valuable than popular companies like DropBox, Box, StitchFix, and WayFair.

What happened: Dogecoin is the talk of the crypto universe after Elon Musk appeared to endorse the currency once again…

BITCOIN TECHNICAL OUTLOOK

Bitcoin struggled to maintain a push into new all-time highs over the past 24 hours as Coinbase fell 23% from its intraday peak after a volatile initial public offering. BTC/USD left behind a neutral Doji candlestick. When a Doji occurs at or around a new high, it signals indecision and can at times precede a turn lower. A further downside close could open the door to further losses.

Negative RSI divergence does highlight that upside momentum is fading, which may hint at a turning point. Still, that would place the focus on rising support from January, which could reinstate the…

It’s a mixed start to the day for the majors this morning. A move back through this morning’s highs would be needed to support a run at the resistance levels.

Ethereum

Ethereum fell by 0.58% on Monday. Partially reversing a 0.82% gain from Sunday, Ethereum ended the day at $2,138.03.

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A mixed start to the day saw Ethereum rise to a mid-morning intraday high and a new swing hi $2,199.11 before hitting reverse.

Ethereum broke through the first major resistance level at $2,172 and the second major resistance level at $2,193.

Coming…

Bitcoin, BTC to USD, rose by 3.08% in the week ending 11th April. Following on from a 4.40% gain from the previous week, Bitcoin ended the week at $60,032.0.

A mixed start to the week saw Bitcoin rise to a Tuesday high $59,499.0 before hitting reverse.

Falling well short of the first major resistance level at $60,676, Bitcoin slid to a Wednesday intraweek low $55,555.0.

Coming within range of the first major support level at $55,317, Bitcoin rallied to a Saturday intraweek high $61,243.0.

Bitcoin broke through the first major resistance level at $60,676 to come within range of the…

BTC Could Soar to $65,000 This Weekend

The Bitcoin price is still in a consolidation mode slightly below the all-time high of $62,000. The BTC is trading at $58,218 as bulls struggle to move above the psychological level of $60,000. Its market cap has also soared to more than $1.09 trillion.

What happened: The Bitcoin price has struggled this week as the market reflect on statements by Jamie Dimon and Peter Thiel. In his closely-read annual letter, Jamie Dimon called for regulators to put more emphasis on Bitcoin and more cryptocurrencies. His words were in line with what Janet Yellen, the new Treasury Secretary has called.

In…

Ethereum rose by 0.26% on Tuesday. Following a 1.48% gain on Monday, Ethereum ended the day at $2,113.00.

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A bullish start to the day saw Ethereum rise to an early morning intraday high and a new swing hi $2,151.00 before hitting reverse.

Coming within range of the first major resistance level at $2,158, Ethereum fell to an early afternoon intraday low $2,046.08.

Steering clear of the first major support level at $2,030, Ethereum revisited $2,130 levels before easing back.

At the time of writing, Ethereum was up by 0.61% to $2,125.85. A mixed start to the day saw Ethereum fall to an early morning low $2,109.39 …

John Carter

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