Connect with us

Uncategorized

Bitcoin Price Bounce to Near $104K, Though Encouraging, Falls Short of Bull Revival

Published

on

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin’s BTC broader outlook is constructive, but its short-term prospects remain bleak, according to technical analysis.

The leading cryptocurrency by market value has bounced back to nearly $104,000 from its overnight low of $104.30, alongside positive action in U.S. equity futures.

However, a closer look at the hourly price chart reveals that the bounce is likely a classic breakdown and retest play – the cryptocurrency dove out of a head-and-shoulders pattern on Thursday, signalling a short-term bullish-to-bearish trend change, and prices are now revisiting the breakdown point, called the neckline.

This happens because early sellers – those who shorted at the time of the breakdown – are quick to take profits, consistent with the prospect theory of behavioral analysis.

It leads to a bounce that usually runs into fresh selling at the neckline from those who missed the initial breakdown. These fresh shorts lead to the next leg lower.

In other words, BTC is not out of the woods yet, and prices could turn lower from around $104,000, extending the pullback. The immediate support is at $100,000, followed by $95,500. The latter is arrived at by subtracting the height of the H&S pattern from the breakdown point.

BTC's hourly price chart. (TradingView/CoinDesk)

On the higher side, a move above $107,000 is needed to invalidate the bearish setup and shift focus to record highs.

Continue Reading
Click to comment

Leave a Reply

Ваш адрес email не будет опубликован. Обязательные поля помечены *

Uncategorized

Michael Saylor’s Strategy Added 4,980 Bitcoin Last Week, Bringing Stack to 597,325 Coins

Published

on

By

Strategy (MSTR), the largest publicly traded company holding bitcoin (BTC), boosted its BTC reserves by buying 4,980 BTC for a total of $531.9 million last week.

This addition brings Strategy’s total bitcoin holdings to 597,235 BTC purchased for $42.4 billion, or an average price of $70,982 each. At bitcoin’s current price of about $107,500, that stack is worth more than $64 billion.

Strategy financed the purchase through $519 million of common share sales alongside about $59 million of STRK and STRF preferred stock sales.

MSTR shares are up 1.3% premarket.

Continue Reading

Uncategorized

Spanish Police Arrest 5 in Suspected $540M Crypto Fraud Operation

Published

on

By

Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.

The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement agencies, saw three arrests from searches in the Canary Islands and two in Madrid on June 25.

The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.

The criminal network raised funds through cash withdrawals, bank transfers and crypto payments, Europol said in a statement on Monday.

Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.

The investigation is still in progress, Europol added.

Continue Reading

Uncategorized

Bitcoin-Gold Price Ratio’s 10% Surge Greenlights Bullish Flag Pattern: Technical Analysis

Published

on

By

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

The ratio between the per-piece dollar price of bitcoin (BTC) and gold’s (XAU) per-ounce dollar-denominated price rose over 10% to 33.33 last week, registering its best performance in two months, according to data source TradingView.

The double-digit gain, representing BTC’s outperformance relative to gold, marked a breakout from the bull flag pattern. The so-called flag breakout signals a continuation of the rally from lows near 24.85 reached on April 11.

A bull flag pattern is characterized by a sharp uptrend followed by a relatively brief counter-trend consolidation that usually refreshes higher, as is the case with the BTC-gold ratio.

The flag breakout is said to extend the upside by an amount equivalent to the magnitude of the initial rally. So, the ratio could rise to 42.00, topping the record high of 40.73 hit in December.

BTC/Gold ratio and BTC/USD's daily charts. (TradingView/CoinDesk)

Previous uptrends in the ratio have been characterized by sharp upswings in BTC’s dollar-denominated price, as observed in late 2024 and in April and May, rather than gold dropping more than BTC.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.