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: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
  • 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: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Why Fears of Correction Still Dominate the Bitcoin Market Despite Big Rally

Yashu Gola
Yashu Gola
1 year ago
2 mins read

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 staged a sharp price rally this Tuesday as speculators continued to assess the likelihood of a full-blown military conflict between the US and Iran.

The benchmark cryptocurrency established a seven-week high of $8,000 on Coinbase, its best level in seven-weeks. The move upside brought its weekly gains up by 10.27 percent. The bitcoin futures trade, too, noted moves towards $8,100 after the price rally in the spot market.

It might be time to get out of Bitcoin's way.

— The Wolf Of All Streets (@scottmelker) January 6, 2020

Fundamentals Overview

Bitcoin’s gains coincided with similar upside movements across the traditional haven assets. Precious metal Gold yesterday hit its best levels since April 2013. At the same time, global benchmark Brent Crude Oil surged to reclaim its eight-month top albeit correcting downwards during the daily sessions since Monday.

Warren Patterson, head of commodities strategy at ING, told Financial Times that investors are gauging their sentiments on how Iran may retaliate to last week’s US drone attack. Meanwhile, their focus remains affixed to the signing of “phase one deal” on January 15 which may boost risk-on investments.

But that does not concern bitcoin one bit, at least according to Peter Schiff. The Euro Pacific Capital CEO highlighted the cryptocurrency as an offbeat asset driven largely by speculation, noting that no institutional investor is buying it as a safeguard against the US-Iran conflict.

Both #gold and #Bitcoin are up about 4% so far in 2020. Yet while gold stocks indexes are actually slightly lower on the year, GBTC, a publicly traded Bitcoin trust, is up almost 10% on the year. So, while gold stock investors are skeptical, GBTC investors are widely optimistic.

— Peter Schiff (@PeterSchiff) January 6, 2020

“Retail investors in GBTC are more bullish on Bitcoin than actual Bitcoin buyers,” tweeted Mr. Schiff. “It’s a good contrarian indicator that Bitcoin prices are likely to fall.”

Bitcoin Technicals are Bearish

While bitcoin’s latest price rally certain pushes it above crucial resistance levels, the cryptocurrency is still trending inside a very bearish channel, as shown in the chart below.

bitcoin, cryptocurrency, us iran conflict
Descending Channel in Bitcoin Daily Chart | Source: TradingView.com, Coinbase

The bitcoin-to-dollar exchange rate continues to trend downwards in the greened Descending Channel pattern, confirmed by the formation of lower lows and lower highs. A broader outlook shows the pair reaching out to the upper trendline of the Channel. It is the same ceiling that has rejected bitcoin’s upside attempts on multiple occasions since June 2019.

That being said, optimists could enter a fresh long position towards $8,369-$8,500 range. At the same time, they could maintain their risks by placing a stop-loss order below the level at which they have opened the long position.

Meanwhile, a pullback accompanied by a volume boom could have traders open a short position towards $7,280 for a decent profit. A break below the said level could extend the downside target towards $6,500.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

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

Google AI預測2025年山寨幣千倍幣:XRP、Pi幣與Snorter強勢爆發

在2025年夏季,比特幣成功突破12.2萬美元歷史高點之後,加密貨幣市場再次迎來熱潮,而山寨幣則成為這波資金輪動中的關鍵焦點。Google人工智慧平台Gemini近日發佈的最新預測報告中指出,多種特定...

Mark Mak 2 hours ago

TOKEN6900已募資突破53萬美元 達成硬頂10%

當你把毫無計畫、類似邪教的追隨者,以及加密貨幣混在一起會發生什麼? 令人滿意的是,僅用了兩周,你就能看到超過 53萬美元 的融資成果。 但如果你以為 TOKEN6900(T6900) 的崛起歸功於某個...

estherw 2 hours ago
Bitcoin

If You’re Wealthy, 1 Bitcoin Should Already Be In Your Wallet, Expert Says

Bitcoin climbed past $122,000 this week, marking its fourth straight month of gains. It even touched $123,000 Monday before dipping...

Christian Encila 2 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 whale news

Bitcoin OG Whale Moves 40,000 BTC To Galaxy, Triggering Market Shock

Jake Simmons 9 minutes ago
Bitcoin Price Attempts a Comeback

Bitcoin Price Dips — Is This the Calm Before the Surge or the Storm?

Aayush Jindal 38 minutes ago
On-Chain Data Shows Key Bitcoin Support & Resistance Levels—Here’s What To Expect

On-Chain Data Shows Key Bitcoin Support & Resistance Levels—Here’s What To Expect

Samuel Edyme 1 hour ago

Premium Sponsors

Press Releases

  • e 3 coiny poniżej 1 dolara mogą zamienić 200 dolarów w...

    6 hours ago
  • ミームコインの価格急騰が続く中、注目の仮想通貨プレセールが50万ドルを突破し、次の100倍コインになる可能性がある。

    ...

    12 hours ago
  • 仮想通貨おすすめ|ビットコイン強気派の一休み中に買うべき銘柄

    ...

    12 hours ago
  • 2025年注目の新しい仮想通貨|Solana発 次世代ミームコインが投資家の期待を集める

    2025年注目の新しい仮想通貨|Solana発...

    13 hours ago
  • 2025年7月第2週にクジラが購入した注目のアルトコイン

    ...

    13 hours 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.