Bitcoin Price Risks Pullback Before Testing $8K Again

Bitcoin (BTC) could be in for a minor price pullback, having clocked a 39-day high above $7,500 earlier today, technical charts indicate. The leading cryptocurrency rose to $7,562 on Bitfinex at 03:00 UTC and was last seen changing hands at $7,400 – up nearly 10 percent on a 24-hour basis. Further, the price rally has pushed the week-on-week gains higher to 15 percent. On Tuesday, BTC crossed the inverse head-and-shoulders neckline resistance of $6,838 with strength, confirming a short-term bearish-to-bullish trend change. So, a rally to $7,900 (inverse head-and-shoulders breakout…

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3 Signs Bitcoin’s Move Above $7K Might Just Hold

The world’s largest cryptocurrency by market capitalization exploded in price Tuesday, jumping $600 in 30 minutes to break away from what had been suppressive bear market conditions. But entering Wednesday, bitcoin is changing hands at $7,370 and showing signs it might continue its ascent. In fact, when viewed on longer timeframes, it appears that the trend is changing, this time in favor of the always-optimistic bulls. But just how reliable is this move? So far, there are three general tools traders are using to analyze the markets in a quest…

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Bitcoin Retakes Key Resistance to Pass $6,700

Bitcoin (BTC) scaled the crucial 50-day moving average (MA) on Monday for the first time in nearly two months, taking its price above $6,700. The corrective rally picked up a pace 24 hours ago, possibly due to reports stating that BlackRock, INC – the world’s largest asset manager and exchange-traded fund (ETF) provider – is considering venturing into cryptocurrency markets. Later in the day, BlackRock CEO Larry Fink clarified rumors by stating that there isn’t a huge demand for cryptocurrencies.  Still, BTC remained bid and closed (as per UTC) above the…

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Bitcoin’s Road Back to $7K (And the Chart Hurdles In the Way)

Having defended $6,000 last week, bitcoin (BTC) appears to be building momentum for a price rise, but nearby technical hurdles still present a formidable challenge. At press time, the world’s most valuable cryptocurrency is changing hands at $6,689 on Bitfinex and looks to be gaining steam for another test of $6,838. As such, the level is shaping up to be a make-or-break mark, one that could reveal if a classic trend reversal pattern, known as the inverse head-and-shoulders neckline, will take effect. Indeed, a close above that level would amount…

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Bitcoin Struggles for Gains as Volume Hits 36-Week Low

Bitcoin’s corrective rally has stalled around $6,400 on Monday amid low trading volumes. The leading cryptocurrency remained bid over the weekend as expected, courtesy of Thursday’s strong reversal from the two-week lows. However, so far, the break above $6,400 has remained elusive, likely due to anemic trading volumes. Bitcoin’s total trading volume across all cryptocurrency exchanges fell to $2.92 billion on Saturday, the lowest level since November 7, according to CoinMarketCap. The drop in the trading volume likely indicates the bargain hunters are not particularly impressed by BTC’s reversal from the two-week…

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Bitcoin Price Shows Green Again After $6K Defense

Bitcoin’s (BTC) sharp recovery from two-week lows hit yesterday has raised the odds of a stronger rally towards $6,400, technical studies indicate. As of writing, the leading cryptocurrency is changing hands at $6,245 on Bitfinex. BTC was expected to drop below $6,000 in the last 24 hours as the bears were on the offensive following an inverted flag breakdown. However, the intraday oversold conditions likely put a floor under bitcoin prices at the two-week low of $6,080, helping it chart a solid rebound to $6,283 (today’s high). While it is…

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Bitcoin Price Defends $6K As Upside Potential Builds

Bitcoin (BTC) may be up slightly at the start of Friday’s session, but it remains to be seen if it can build traction above $6,000. The world’s largest cryptocurrency by market capitalization is now down 37 percent from its May 5th high at $9,996 according to CoinDesk’s Bitcoin Price Index, though it’s rebounded to a crucial support zone at $6,235, according to Bitfinex data. The figure is notable, as it could be argued bitcoin needs a daily close above the previous low at $6,070 to abort bearish outlook for the coming…

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Bitcoin Bull Move on Hold as Downside Risks Grow

Bitcoin (BTC) traded largely sideways over the last 24 hours, though a dip soon before press time may threaten a developing bullish chart pattern if the price moves below $6,000. BTC’s drop below the 10-day moving average (MA) on Tuesday neutralized the immediate bullish outlook and shifted risk in favor of a sell-off to $6,000. However, the cryptocurrency defended $6,300 yesterday amid intraday oversold conditions, establishing the round figure as a key short-term support. But, the resilience failed to entice bulls, rather a long liquidation (unwinding of long BTC trades)…

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Bitcoin May Be Building for a Major Bull Reversal

Bitcoin (BTC) price could create a major bullish technical pattern in the next few days, technical charts indicate. At press time, BTC is changing hands at $6,350 on Bitfinex – down 3.6 percent on a 24-hour basis. Indeed, the short-term bullish bias has become invalid following BTC’s close below (as per UTC) the 10-day moving average (MA) yesterday. Further, the risk of a deeper pullback to $6,000 (February low and psychological support) has increased after Tuesday’s 5.7 percent price drop. However, that does not necessarily mean the BTC bears are…

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100 Merchants Can Now Trial Bitcoin’s Lightning Network Risk Free

A few lucky merchants now have one less obstacle to accepting bitcoin payments via the Lightning Network. Revealed exclusively to CoinDesk, payment processing startup CoinGate is opening up a pilot program that will allow 100 merchants to trial a Lightning-enabled version of its service, one which taps into the open-source tech meant to make bitcoin transactions fast and cheap. As with CoinGate’s standard service, the company will handle the finer details of crypto-to-fiat exchange, however, the new pilot has the benefit of covering the costs should funds be lost due…

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