BITCOIN TECHNICAL ANALYSIS (BTC US DOLLAR)
Technical overview
Big picture
Cryptocurrencies bullish themes
Cryptocurrencies bearish themes
SPECIAL WEEKLY FORECAST
Interested in weekly BTC/USD forecast? Our experts make weekly updates forecasting the next possible moves of the bitcoin-dollar pair. Here you can find the most recent forecast by our market experts:
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Latest Bitcoin Analysis
Editors' picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin price reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum price holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple price coils up for a move north as XRP bulls defend $0.5000.
Jack Dorsey's Block is under investigation by US Prosecutors for crypto lapses, says NBC
According to a report from NBC on Wednesday, former Twitter CEO Jack Dorsey's company, Block, is under investigation by the US federal government. The allegations against the company are charges of processing transactions linked to sanctioned countries and even terrorists.
Ethereum attempts comeback after Fed decision not to tamper with rates
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.
Solana price dumps 21% on week as round three of FTX estate sale of SOL commences
Solana (SOL) price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
BTC
ETH
XRP
WHAT IS BITCOIN?
Bitcoin is the universal payment system originally launched as an open-source software in 2009 by the person or group of people known as Satoshi Nakamoto. Unlike the classic banking models, Bitcoin has qualities such as anonymity or decentralization thanks to the blockchain technology that is used to validate the transactions. Due to these characteristics, user interest in this digital currency has been increasing, which has generated an enormous volume of cryptocurrencies being issued to the market following the Bitcoin pattern.
The first and most popular cryptocurrency
Currently, the Bitcoin is the cryptocurrency that has the biggest nominal market price and the largest market capitalization. Its importance is such that it is considered unique, treating the rest of digital currencies as Alternative Coins (altcoins). In this group, we can find open source systems such as Ethereum, Ripple or Litecoin.
High volatility
There are many factors that condition the high volatility of Bitcoin´s price. Similarly to what happens with common assets and the currency pairs in the foreign exchange market, the increasing or decreasing interest of the public raises and/or lowers its market price. However, it also has certain specificities such as the absence of current regulation or pressure from governments. This keeps its value in constant movement, that the individual investor should frequently confront with the Bitcoin technical analysis.
Bitcoin mining
The individual investor should differentiate the anonymity of the cryptocurrencies with the fact that transaction processes are recorded and validated using the Blockchain technology. Otherwise, the Bitcoins pass-through information would not be available. However, the process of performing this data recording requires a high computational work, as well as a lot of time.
To do the mining, individual processes are carried by the users, who are responsible for recording that information in blocks, which will join the unchanging blockchain. On the other hand, as a reward, the miners will obtain for their collaboration a small number of bitcoins in the process known as Bitcoin mining. Likewise, this term also applies to the creation and distribution of Bitcoin. According to the latest Bitcoin News, the total number of Bitcoin mined is about the half of the total number of Bitcoin created during the previous year. Such diminishing number of newly mined Bitcoin means that the total number of 21 million Bitcoins in circulation will only be created by 2030.
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Bitcoin Futures
The introduction of Bitcoin futures on regulated trading venues was regarded as a significant milestone in bringing the digital currency closer to mainstream investing. While some sceptics still believe that crypto assets are too risky and speculative for long-term investment purposes, crypto enthusiasts hope that futures trading would bring institutional money to the industry. Let's have a closer look at what is a Bitcoin futures contract and how to capitalize on it.
In essence, Bitcoin futures represent an agreement to sell or buy a certain amount of an asset on a particular day at a price that was fixed beforehand, and to that extent, they are no different from any other derivative financial instrument of the kind, be it futures for corn, oil or soybeans.
Companies and businesses buy futures to fix the price for a specific time period, which gives them the luxury of price stability even on volatile markets, while investors often use futures for hedging risks or speculations as the value of the futures contracts is based on the overall performance of an underlying asset.
In December 2017, two Chicago exchanges - CME and CBOE - launched Bitcoin futures trading, and thus unlocked the cryptocurrency market for institutional investors. The exchanges guarantee that the parties of the futures contract fulfil their respective obligations based on the applicable legislation. It means that the market players that were discouraged by an unregulated stance of the digital asset got a handy tool to gain exposure or hedge Bitcoin and benefit from the price fluctuations.
Bitcoin Wallets
Bitcoin Wallets are private systems where individual investors store their Bitcoin mined or obtained through transaction or sale of services. According to their characteristics, the Bitcoin Wallets are classified into 4 different models:
- Web: One of the most commonly used options due to the speed at which it operates. This means a web hosting from where investors carry out all their transactions.
- Desktop: For desktop wallet, investors must download a special application to their computers or mobile phones. Certain operations, such as balance inquiry, do not require an internet connection.
- Hardware: One of the safest options to hold the Bitcoin wallet is the hardware. They work as physical external hard drives where investors store information about the total balance in a very reliable way.
- Paper: Along with the hardware wallets, the safest option. However, its process is slower requiring its passage through the online Wallet.