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Bitcoin Resists Further Losses As Rally Stalls

Bitcoin Resists Further Losses As Rally Stalls

The slippery slope continued to exact its toll on Bitcoin yesterday but stubborn buyer positions prevented a breach of USD 7,500 and managed to recover some of its losses in Asian trading markets today to settle around a price of USD 7,766 (7:00 am UTC, CoinDesk).

It is still a loss of about 1% from yesterday’s levels, and a return of triangle charts have not returned, however, so the story of the week so far is a definite stalling of the Bitcoin rally that has captured headlines this year. The rest of the crypto market has also been halted in their tracks, with most altcoins posting similar losses the past few days, although, like Bitcoin, still holding on to the majority of the gains from May.

Bitcoin bulls will be hoping this week to strengthen their positions and retake territory towards USD 8,000, before launching another onslaught onto USD 9,000 and beyond. Ongoing and increasing tensions in global stock markets brought on by the US-China trade wars will pressure traditional money to seek safer havens, and Bitcoin will probably look even more appealing at its current drop in price.

Medium and long term, Bitcoin still maintains a positive outlook, with even the worst predictions from analysts like Peter Brandt only having a USD 5,000 range as the end result of a correction phase he believes we have now entered.

Doji top on weekly chart begins correction. $BTC pic.twitter.com/9L9YCZbrP8

— Peter Brandt (@PeterLBrandt) June 4, 2019

The bulls are having none of it, of course, and these low prices will spur even more accumulation.

Bitcoin is a game of accumulation 🔥

— Pomp 🌪 (@APompliano) June 5, 2019

 

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Bitcoin Digs In at $8,700 as Momentum Gains for $9,000

Bitcoin Digs In at ,700 as Momentum Gains for ,000

The correctional pattern following the new 2019 high for Bitcoin price was halted yesterday as the digital asset clawed its way upwards from support levels to figure in at USD 8,700, with a narrow range of about USD 200 from a 24-hour low of USD 8,562 to a 24-hour high of USD 8,760 (10:00 am UTC, CoinDesk).

Bulls are waiting on the sidelines for a major push now towards USD 9,000, which will signal for many analysts a definite momentum towards five digit US dollar valuations. However, with less than 48 hours to the end of May, a psychological blow to the Bitcoin bears appears unlikely, as Bitcoin will need to hold above the new levels for 24 hours before a decisive call is made.

Accompanying the slight climb from yesterday have been solid demand across the board, with volumes continuing to show significant numbers to suggest accumulation is still ongoing even at these prices.

Nevertheless, even at today’s current levels, Bitcoin has already impressed, with crypto trader Josh Rager Tweeting that it could still produce the longest green candle since November 2013, should it close tomorrow above USD 8,975 at least.

If Bitcoin can close the month of May at $8975 or higher, with at least a 70.37%+ gain

It will be the largest monthly green candle (open to close) since November 2013

May 2019 has been a tremendous month for Bitcoin pic.twitter.com/i4gwADo0GV

— Josh Rager 📈 (@Josh_Rager) May 30, 2019

In any case, the general sentiment continues to be strongly bullish and highly positive, with most traders and speculators expecting a push for USD 9,000 to be imminent.

It’s time to get back to the important topics, like #Bitcoin going to the MOON! When 9k? 😎pic.twitter.com/STfLijRgmo

— Samson Mow (@Excellion) May 30, 2019

 

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Bitcoin Finds Support to Keep Knocking on $8,000 Door

Bitcoin Finds Support to Keep Knocking on ,000 Door

After a harrowing two days for short term traders, where Asian markets fought to keep the price levels above USD 8,000, Bitcoin price finally found strong support at levels above USD 7,850. In the past 24 hours, the price range has narrowed, with several unsuccessful attempts to break the new range above USD 8,000.

After recording two new highs in 2019 with strong surges past USD 8,300, profit taking is helping prop up that resistance levels, especially when some were able to rebuy at USD 7,300, so an easy 10% scalping was too tempting.

Nevertheless, the signs of accumulation and reaccumulation are still there and there are many who believe that there is still more fuel to push to greater heights. One factor gaining credibility is the eroding confidence in the stock markets in the US that will see more cash flowing into alternative stores of value such as Bitcoin.

This week’s pullback also seems to have been long expected after many consecutive weekly gains since April, but fund managers Arca and BitBull Capital who predicted it last week are among others believing in strong gains come June.

However the conditions of the current market, even traditional finance experts cannot deny that Bitcoin is still the best performing asset in 2019, within and out of its class. This, according to financial advisory firm Tier 1 Investments, is due to its rising popularity.

Bitcoin’s popularity has made it the best-performing asset of 2019. According to Wall Street, the price of #cryptocurrency has surged in recent months and has no signs of declining. Read more on how #bitcoin prices are expected to reach 20,000 by 2021: https://t.co/HpjmT9yNdS pic.twitter.com/F1SjhwWERQ

— Tier 1 Investments (@Tier1Investment) May 21, 2019

 

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Report: Crypto Bear Subdued, Accumulation Grows

Report_ Crypto Bear Subdued, Accumulation Grows

Digital assets fund manager Adamant Capital has published a new report which gives fresh evidence that the cryptocurrency winter is slowly giving way to a crypto spring, with the crypto bear market now approaching its final stages.

This phase, according to the report, should now usher in Bitcoin to within the USD 3,000 to USD 6,500 range of trading, maintaining and gathering momentum until a new bull market gains ground. According to their data, the patterns are slowly emerging that are mirroring market patterns in 2015-2016, shortly before Bitcoin embarked on a parabolic growth pattern in 2017.

Analysis from the report also suggests that the market is seeing retail traders slowly leave, while long-term traders are again gaining dominance. It also fits in with other analyses of Bitcoin volatility lows:

“During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”

Bitcoin accumulation is one common indicator of a crypto market that is primed for a rally. At the end of March, just two days before the sudden April surge of 20% in Bitcoin price, Bitcoin News had reported on an all-time high for unspent transaction outputs (UTXO), a marker considered by many to be another strong sign of accumulation.

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