• 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
    • 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
  • Buy SilverTry
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
    • 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
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Lacks Direction after Weekend Gains; Correction Incoming?

Davit Babayan by Davit Babayan
1 year ago
in Technical analysis
Reading Time: 2min read
bitcoin

Bitcoin Lacks Direction after Weekend Gains; Correction Incoming?

Advertisement

Bitcoin was trading in positive territory on Monday to uphold gains it made during this weekend.

The benchmark cryptocurrency surged by 0.07 percent to trade near $8,230 as of 1140 UTC. At its session high, it was trading at $8,301.85, which was 4.37 percent higher than Friday’s closing point. The upside came as a part of technical correction after bitcoin tested $7,800 as support. More ideally, the cryptocurrency tested the lower trendline of the sideways channel, wherein it is trending since September 25. It opened possibilities of bitcoin to test the upper trendline, which currently sits near the $8,700 level.

bitcoin, bitcoin price
Bitcoin price’s upside stops on Monday | Image credits: TradingView.com

Brexit Uncertainty

Bitcoin’s upside during the weekend appeared after traders hinted to sell pounds upon facing uncertainty over a Brexit deal. UK Prime Minister Boris Johnson on Friday announced that he had secured a contract from the European Union. But afraid that his proposal would meet naysayers in the UK parliament, Johnson aborted the vote over the weekend. The move rose the prospect of getting a Brexit deal before October 31, the deadline.

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

The risk sentiments arising on a macroeconomic level helped Bitcoin in neutralizing its bearish bias. Last week, the cryptocurrency typically moved in the opposite direction of the pound, as discussed by NewsBTC here. A stronger sterling sent bitcoin lower while a weaker one sent it upward. That did not prove any long-term correlation between the two distinct assets, but the proximity opened up possibilities of exploration.

The pound opened lower on Monday, falling as much as 0.6 percent after the last week’s breathtaking rise. And with bitcoin maintaining gains, there is a possibility that adverse outcomes from the Brexit deal process could benefit the cryptocurrency.

Global mkts start week w/modest advances in thin trading as traders digested latest trade developments & waited for slew of earnings reports. Pound drops 0.5% as BoJos's Brexit deal hangs in the balance. Bonds lower w/US 10y yields at 1.77%, 10y Bunds -0.38%. Bitcoin regains $8k. pic.twitter.com/Vvb7ncS6vk

— Holger Zschaepitz (@Schuldensuehner) October 21, 2019

“Not only will a no-deal departure from the EU create turmoil and volatility across two major fiat currencies, but it will also trigger an identity crisis for the global system as the contingency and vulnerability of major global fiat currencies is laid bare,” said Nicholas Gregory, CEO of blockchain firm CommerceBlock, in August.

“Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of Bitcoin and other cryptocurrencies more generally. And if central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like Bitcoin whose supply is capped will be further reinforced.”

Correction Calls

According to Josh Rager, bitcoin’s upside correction during the weekend has not ended its bearish bias. The market analyst said in a tweet that the crypocurrency could now go up to $8,350 or more. But, its possibility to resume its decline would remain higher unless it breaks out from the said upside target.

“BTC is still in this sideways range, nothing really has changed outside of short term bullish price action until we see higher highs,” said Rager.

Tags: bitcoincryptocurrency
TweetShare
Nexo Logo
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
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."

Related Posts

bitcoin dominance btc.d altcoins liftoff

Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

3 hours ago
Ethereum

TA: Ethereum Dives Below $1,500, Why Bulls Are Losing Control

17 hours ago
Bitcoin

TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

19 hours ago
bitcoin cheat sheet

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

22 hours ago
bitcoin bloomberg march

Bloomberg Chief Analyst Says Bitcoin Could “March To $100,000” From Here

1 day ago
Ethereum

TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

2 days ago

Premium Partners

Top Brokers

eToro

eToro

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
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

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 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
    • 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
  • Buy Silver

© 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.