NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Targets the $14,000 Level amidst Positive Fundamentals

Davit Babayan
Davit Babayan
5 years ago
3 mins read
bitcoin, bitcoin price

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin, whose price fell close to the $9,500 level last week, has dramatically switched its interim bias upside down.

The world’s leading cryptocurrency on Monday soared to a session high of $12,829.96, adding over 32 percent to its month-to-date low on San Francisco-based Coinbase exchange. The upside price action further brought bitcoin closer to its 2019 peak of $13,868.44, prompting speculators to envision a double top scenario.

bitcoin, bitcoin price
Bitcoin Heading to Form Double Top | Image Credits: Josh Rager

Technically, a double top situation is alarming because of its tendency to fuel bearish reversals. Assets retesting local price tops within a small timeframe tends to fall back sharply. But according to market analyst Josh Rager, such is not the case with bitcoin.

The prominent trader said on Tuesday that a double top formation is not bearish if the asset’s prior moves are to the upside. A fall in prices was valid in 2018 when bitcoin was in a strong downtrend. But in 2019, the cryptocurrency is trending upwards – and in near-term – towards the $14,000 level.

https://twitter.com/Josh_Rager/status/1148452859735957505

“A break and close above $12,354 on 4hr/1 Day resistance and I’d look for BTC to retest previous highs and will trade the ranges until that happens,” tweeted Rager.

Bitcoin Dominance High/Tether Prints

The weekly upside action took the bitcoin’s total percentage share in the cryptocurrency market to 66.82. The cryptocurrency’s dominance had started rising right after price low on July 2. At that time, bitcoin engulfed 64.55 percent of the overall market.

A more than 2 percent increase in dominance coincided with the printing of $100 million worth of Tether stablecoins, USDT. According to Jesse Powell of Kraken exchange, growth in the supply of USDT coins is bullish for bitcoin. The chief executive told TD Ameritrade that Tether supplied fresh stablecoins to meet demand, adding that the USDT demand itself testified that traders are looking to purchase bitcoin.

“Recently, we’ve had massive inflows of fiat currency, so I believe the Tether prints are a result of new fiat coming in,” said Powell.

The statements followed reports that claimed Tether is artificially inflating the price of bitcoin by printing unpegged USDT coins. Noted economist Nouriel Roubini mentioned it during his recent debate with Arthur Hayes, co-founder & CEO of BitMEX exchange, accusing Tether founder of manipulating the bitcoin market.

Indeed, more fiat Tether manipulation of Bitcoin https://t.co/8BSsmitsrD

— Nouriel Roubini (@Nouriel) July 1, 2019

Powell, nevertheless, believed that the demand for USDT is real, and the stablecoin alone cannot pump the bitcoin market by billions of dollars.

“It’s huge retail demand and all the media attention on it. It’s not Tether,” Powell added.

What’s Driving Investors to Bitcoin?

Speculation.

The amount of global media coverage bitcoin receives surged dramatically in recent months. There are mainstream financial companies like TD Ameritrade, Bakkt, and Fidelity Investments that are developing bitcoin trading solutions for both the retail and institutional investors. There is Facebook, whose plans to launch a payment platform Libra has put bitcoin in the headlines of many leading news services. And then, there are a series of macroeconomic and geopolitical factors that are sending investors looking for haven assets like gold and bitcoin.

Alex Krüger, a market analyst and economist, believes such positive fundamental factors are influencing wealthy investors to allocate a portion of their investment portfolio to bitcoin. He brought to notice that the cryptocurrency is attracting large, aggressive buyers.

The cause is simple: aggressive buyers crossed the bid-ask spread and overpowered both passive and aggressive sellers. Based on price action, there were aggressive buyers with deep pockets in action last night. There was no specific trigger known to anyone outside of them.

— Alex Krüger (@krugermacro) June 26, 2019

“More buyers than sellers” is a meme. I’d bet there were more sellers than buyers,” tweeted Krüger. “However, buyers were large & aggressive. What moves a market upwards is not “more buyers than sellers” but “aggressive buyers overpowering aggressive and passive sellers.”

 

Tweet123Share196ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Are Bitcoin Retail Traders Back In The Market? On-Chain Data Suggests So

Bitcoin started the month of July with a convincing rally to the upside, suggesting a sustained bullish sentiment amongst investors...

Opeyemi Sule 12 hours ago
Bitcoin

Bitcoin Must Hold $106,000 And $98,000 To Avoid Breakdown

Bitcoin is currently holding just above the $108,000 level and bulls are maintaining momentum after a volatile start to July....

Scott Matherson 14 hours ago
Bitcoin

Bitcoin’s True Value Is Higher Than $110,000, Expert Warns

Bitcoin’s climb past $110,000 this week has reignited a fresh round of bullish calls. Prices hit $110,150 on July 3...

Christian Encila 15 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Price Resumes Upward Move

Bitcoin Price Resumes Upward Move — Can It Break New Highs?

Aayush Jindal 21 minutes ago
Bitcoin

Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

Opeyemi Sule 9 hours ago
Bitcoin

Bitcoin Meets Heartbreak In Drake’s Latest Track—Details

Christian Encila 11 hours ago

Premium Sponsors

Press Releases

  • Make $8,000 a day in stable passive income easily –...

    10 hours ago
  • SunnyMining——A passive income tool that allows ordinary...

    11 hours ago
  • Cryptocurrency is the best way to get rich quickly, easily...

    1 day ago
  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    1 day ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    2 days ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. 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.