• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

Bitcoin (BTC) Price Watch: Upside Breakout, Quick Pullback?

newsbtc by newsbtc
2 years ago
in Uncategorized
Reading Time: 2min read
technical analysis bitcoin
Advertisement
Nexo Logo
Listen to Article

Bitcoin Price Key Highlights

  • Bitcoin price was previously consolidating inside a rising wedge and has just surged past the top.
  • This signals that bulls are ready to charge and push price much higher from here.
  • The wedge spans around $1,000 in height so the resulting move could be of the same size.

Bitcoin price made a bullish breakout from its rising wedge pattern to signal that further gains are in the cards.

Technical Indicators Signals

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, the uptrend is more likely to carry on than to reverse. The gap between the two is also widening to signal stronger bullish momentum, and the 100 SMA is near the wedge support to add to its strength as a floor in another dip.

However, RSI is just turning after reaching overbought levels, which suggests a pickup in selling pressure. Stochastic still seems to have some room to climb so buyers could stay in control. A brief return in bearish energy could lead to a pullback to the broken wedge top around $6,800 before more buyers join in.

Note that the chart pattern spans $5,800 to around $6,800 so the resulting rally could be roughly the same height as well, taking bitcoin price to $7,800 next.

BTC/USD Chart from TradingView
BTC/USD Chart from TradingView

Market Factors

A pickup in risk-taking being pinned on the US-Mexico trade deal could be one of the factors propping bitcoin price up. Traders seem to have renewed their appetite for higher-yielding and riskier assets like stocks, commodities, and cryptocurrencies as a result. On the flip side, the dollar is also lower as traders booked profits off their safe-haven positions.

Apart from that, new data from the CFTC revealed a decline in bearish bitcoin bets, leading traders to renew expectations for a strong rebound until the end of the year. Traders are also awaiting the SEC decision on a number of bitcoin ETF applications.

Tags: bitcoin pricebitcoin signalsbitcoin technical analysisbitcoin tradingbtcusd price
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Bitcoin

Latest CME Report Reveals Growing Appetite for Bitcoin Amongst Institutions

1 hour ago
ethereum open interest all time high record

Ethereum Open Interest Reaches All-Time High Alongside Record Breaking Rally

1 hour ago
Ethereum

Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying

5 hours ago
FBC14

FBC Fund Has Tripled Investors’ Earnings Thanks to FBC14 Algorithm

8 hours ago
etoro

eToro Nudges Investors Towards Crypto Trading as They Consider Portfolio Diversification

12 hours ago
2021 Is Bitcoin’s Year: How to Get in on the Digital Gold Rush

2021 Is Bitcoin’s Year: How to Get in on the Digital Gold Rush

13 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

AC Milan to Join Sports Crypto Movement With Launch of $ACM Fan Token

January 19, 2021

Institutional-grade Crypto Exchange AAX Reports Record Fiat-Crypto Purchases in 2021

January 19, 2021

Newsletter Signup


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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 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.