Bitcoin Price Could End Day With Tightest Trading Range of 2018

The bitcoin market has gone comatose today with a key volatility reading hitting fresh yearly lows. The daily bitcoin volatility, as represented by the spread between the daily price high and price low (as per UTC), currently stands at $84 – the lowest level since July 9, 2017 – according to CoinDesk’s Bitcoin Price Index (BPI). Back then, the spread was seen at $68. Assuming that this differential remains at $84 until 00:00 UTC hours, we can say that bitcoin’s daily volatility has hit an 13-month low Friday. The reading…

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Bitcoin’s Price Builds Bottom As Upward Pressure Grows

The probability of a bullish move in bitcoin (BTC) has gone up in the last 24 hours. To start with, the leading cryptocurrency has remained well above the key support of $6,230 (Aug. 20 low) despite the ETF rejection, adding credence to our assessment that the cryptomarkets had already priced in the bad news. Further, the decision by the US Securities and Exchange Commission (SEC) to review the rejection of the nine bitcoin-based exchange-traded funds (ETF) could demoralize the bears and trigger an unwinding of the short positions. It is worth…

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Before Bitcoin ETFs Pass, A Clear Crypto Narrative Is Needed

Tanzeel Akhtar is an independent British journalist whose work has been published in The Wall Street Journal, CNBC, FT Alphaville, Investing.com, Forbes, Euromoney and Citywire. Bitcoin exchange-traded funds (ETFs) are having a hard time clearing the bar in the U.S., where nine applications were rejected by the Securities and Exchange Commission (SEC) yesterday. The SEC is now moving to review the decisions. Commissioner Hester Peirce tweeted: “In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf…

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Bitcoin Price Defends Key Support Despite ETF Rejection

Bitcoin is teasing a minor rally today, having defended key support at $6,230 despite a string of bad news. At press time, the leading cryptocurrency is changing hands at $6,400 on Bitfinex – down 3 percent on a 24-hour basis. Meanwhile, 94 out of the top 100 cryptocurrencies by market capitalization are flashing red, according to CoinMarketCap. The risk-off tone in the cryptocurrency markets is likely associated with the US Securities Exchange Commission’s (SEC) rejection of several proposals for bitcoin exchange-traded funds (ETFs) on Wednesday. Further, it was reported earlier…

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When Capitulation? 3 Ways Bitcoin’s Bear Market Might End

It’s an understatement to say the current price of the world’s largest cryptocurrency pales when compared to its past glories – at $6,700, bitcoin is down roughly 60 percent from its all-time high. That said, market conditions aren’t the same as they have been in years past. Indeed, bitcoin’s 2017 boom has brought new attention, and with it, traders and investors who are left wondering if the asset can ever return to its former glory. Certainly, there’s no shortage of ways to approach the question, but one effective method is to…

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Bets Against Bitcoin’s Price Near Record Highs

The number of short orders placed on bitcoin is less than 3 percent away – or 1,146 orders – away from setting a new all-time high, according to data from cryptocurrency exchange Bitfinex. As of 16:00 UTC today, there are 39,524 short orders outstanding, marking its highest level in more than 4 months. Shorts have only been higher on one occasion: April 12, 2018, when the figure reached 40,719 orders.  Bitcoin shorts of this amount speaks volumes about the prevailing market sentiment being overwhelmingly bearish, given that investors continue to…

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Rally Ahead? Bitcoin is Repeating Price Action Seen in April

History generally has a way of repeating itself. The current price pattern in the bitcoin market is eerily similar to the one observed in the run-up to a major rally that occurred on April 12. To start with, bitcoin charted a long-tailed candle on Aug. 14, similar to the one seen on Apr. 1, signaling the sell-off from the July 24 high of $8,507 has likely run its course. Further, the leading cryptocurrency has spent last seven days trading in a sideways manner around $6,400. Back in April, the cryptocurrency traded around…

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Stuck in $300 Range, Bitcoin Awaits Price Breakout

Bitcoin (BTC) is stuck in a narrowing price range and the direction of the breakout will likely set the tone for the next move in the market, according to technical charts.  The leading cryptocurrency was expected to rise toward 7,000 over the weekend, having moved past a key technical hurdle on Friday. However, contrary to expectations, BTC failed to absorb supply around $6,600 in the last 48 hours.  Even so, the rejection at $6,600 has not proved costly. This is evident from the fact that for BTC bears have struggled to penetrate…

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3 Charts Suggest Bitcoin Prices Could Be Headed Higher

For bitcoin (BTC), the path of least resistance is to the upside, according to technical charts. At press time, the leading cryptocurrency is changing hands at $6,430 on Bitfinex – up 9 percent from the Aug. 14 low of $5,859. However, BTC has failed three times in the last 72 hours to hold on to gains above $6,500, with the latest attempt to scale the psychological level failing a couple of minutes before press time. This may force investors to question the sustainability of the recent rally. But such concerns may…

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$6.6K: Bitcoin Price Eyes New Target for Bull Reversal

Bitcoin is showing signs of life, but only a break above key resistance at $6,675 would confirm a bullish reversal, technical charts indicate. At press time, the leading cryptocurrency is changing hands at $6,470 on Bitfinex – up 10 percent from the 6.5-week low of $5,859 hit on Aug. 14. However, the break below the key support of $6,000 (February low) was short-lived and prices moved back above $6,100 by UTC close, signaling bearish exhaustion. More importantly, the follow-through has been positive: BTC crossed Tuesday’s high of $6,259 and jumped…

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