• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
Bitcoin price
Advertisement

Bitcoin Price Analysis: Is Confirmation Bias Fueling Investors’ Dreams of $10K?

Eustace Cryptus by Eustace Cryptus
5 years ago
in Bitcoin Price, Bitcoin, Markets and Prices, News, News teaser
0
Advertisement

We live in a world where people only validate what they personally believe to be true irrespective of the facts. Therefore, it’s fair to ask whether Bitcoin’s repeated failure to surpass the 200-day moving average is indicative of underlying weakness, or is confirmation bias fueling investors’ dreams of Bitcoin price above $10,000?


Market Overview

The third time has not been the charm for bitcoin as it bounced off the 200-day MA after an exciting run up to $9,990. While a pullback from the $10,000 resistance was expected, the drop below $9,000 was a bit harsher than expected.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

A quick glance at the top 10 cryptocurrencies shows a handful recovering from 10 to 15% drops and BTC has recovered some ground to sit slightly above the $9,200 support. While the pullback from $9,990 is indicative of bullish exhaustion, general market sentiment remains positive as the cryptocurrency market capitalization steadily creeps towards $500 billion.

Most investors appear unconcerned within the current correction and the majority of FUD seems to be wafting from a trio of cantankerous fuddy duddies who compare bitcoin trading with cow pats, casinos, rat poison, and ‘harvested baby brains’.

New York Stock Exchange Owner to Launch Bitcoin Data Service

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

All FUD aside, encouraging developments that are likely to accelerate BTC momentum are occurring. The New York Stock Exchange (NYSE) recently announced that it intends to offer BTC swap contracts that will be settled in BTC rather than fiat.

Goldman Sachs confirmed plans to open a cryptocurrency trading desk within weeks and Mike Novogratz has decided to have another go at opening a crypto trading index. Next week New York will host the world’s largest cryptocurrency conference (Consensus) and Fundstrat research analyst Tom Lee predicts BTC is in for a ‘massive’ rally due to the excitement surrounding this momentous event.

Highlights

BTC was predominately bullish for most of last week as the cryptocurrency passed through multiple resistance levels only to run out of steam at $9,990. April’s rally brought back memories of the late 2017 cryptocurrency euphoria but hopes have been continuously dashed each time BTC failed to cross the 200-Day MA. The on May 9th Bitcoin price sunk to a weekly low below $9,000 as bears broke the support at $9,200 and continued their work on the $9,000 support.

As seen on the daily chart, BTC toppled out of the ascending trend line and set lower lows and lower highs, indicating short term weakness as the bears attempt to take charge.

Daily Chart

Since yesterday BTC has been working to recover lost ground, retaking the $9,200 support but struggling to reach $9,400. Various iterations of the simple moving averages highlight the dissolution of bullish bias and at the time of writing the RSI is turning down from 50 and the MACD is currently below bearish territory.

The 5 and 10-day MA have reversed course and appear to be closing the distance between each other but a turnaround won’t begin until BTC trades above the 50 MA.

4HR Chart

BTC still needs to cross the 50 MA at $9,450 and previously, movement past $9,500 provided a path towards $9,700 and eventually $10,000. Gains above $9,780 would place BTC  back into the ascending channel and a close above the 50 SMA ($9,450) would signal that the downtrend has finished.

If BTC is unable to recover, there is strong support at $8800 and $8350. It’s possible that BTC could trade in this range before the rally to $10,500 – $11,200 continues.

Next Test for Bitcoin Price

Momentum should improve when $9,500 is passed but the 200-day MA remains a major resistance. The next tests for BTC should be at $10,500, $11,250 and $11,750 levels of resistance.

If the downtrend continues and BTC closes below $9,000, a drop to $8,800 and below could take place. Bearing this in mind, aggressive traders should take caution and initiate 50% positions whereas longs could add to their positions.

Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.

Where do you think Bitcoin price will go this week? Let us know in the comments below!


Images courtesy of Shutterstock, Tradingview.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Eustace Cryptus

Eustace Cryptus

Educator by day, crypto zealot at night. I scour charts, swing trade & ponder blockchain’s ability to transform cities, commerce and the entire banking system as we know it!

Related Posts

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

10 hours ago
Bitcoin Crypto

Can The Federal Reserve Counterattack Stop The Crypto Bull Run?

16 hours ago
Bitcoin

Bitcoin Bearish Signal: Aged Supply Flows Into Binance

22 hours ago
Bitcoin this week

Bitcoin And Crypto This Week: Here’s What Will Be Important

1 day ago
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

1 day ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Red Pill Studio Announces Private Round for TrainCraft Game

    35 mins ago
  • California DMV Puts Car Titles On Tezos (XTZ) Blockchain...

    3 hours ago
  • Bitcoin Cash (BCH) Associates With TREZOR Wallet, Litecoin...

    3 hours ago
  • Avalanche (AVAX) price rally stalls, Polkadot (DOT) was #1...

    3 hours ago
  • Orbeon Protocol And VeChain Seek To Impact The Real World...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.