• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin
Nexo Logo

Bitcoin (BTC) Reclaiming $8,700 Sets Stage For Instrumental Push to $9,000

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

For the time being, Bitcoin (BTC) has stabilized, finding itself trading in no man’s land around $8,500 over the past day. If the cryptocurrency begins to make a move on $8,700, however, analysts are sure that things will start to heat up once again, giving BTC the momentum to push higher in yet another massive leg to the upside.

Related Reading: Why All Bitcoin and Crypto Investors Should Consider U2F Security Keys

Bitcoin Needs To Reclaim $8,700

Just days ago, we saw Bitcoin experience a crazy bout of price action, trading between $8,000 and $9,100 within a six-hour time frame. Although BTC briefly tapped $9,100, breaking above the key $9,000 resistance level for a split-second, this surge ended up turning out bearish for the cryptocurrency market. After the aforementioned level was reached, BTC plummeted by $1,000 in the hour that followed, negating last weekend’s breakout.

Related Reading: Ethereum: Despite Recent Bearishness, ETH Still Has Incredibly Strong Fundamentals

But, after the sell-off, which almost resembled a flash crash, cooled, bulls began to take control of the wheel yet again. As of the time of writing, BTC sits at $8,550 and is currently trending higher in the short term.

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

Zoomed in version.

You want this retest to hold and we’ll head to the 618.$BTC pic.twitter.com/9hyTcPiEdv

— ₿-Eazy ? (@cryptoeazy) May 31, 2019

Analyst CryptoEazy points out, the best-case scenario from here would be for Bitcoin to retest, reclaim, and hold above the 0.618 Fibonacci Retracement level of the $8,000 to $9,100 range, which sits just shy of $8,700. He isn’t the first to think so. Popular commentator Mayne notes that if $8,700 is entirely reclaimed, meaning a number of candles (one-hour/four-hour) close strong above that level, he would be inclined to go “net long AF”.

As Josh Rager, a well-known crypto trader, draws attention to, “a cross and hold above $8731 would be bullish for a push back up over $9k.” Indeed, Bitcoin holding above $8,700 has recently been a sign that balls are in the bulls’ court.

$BTC Best Monthy Close since 2017 (over 62% gain)

The formation is still in rising wedge on 1 hr (LTF) and price needs to make it's way back up to where the support/flipped resistance at $8731

A cross and hold above $8731 would be bullish for a push back up over $9k pic.twitter.com/IE3RQXpTHQ

— Josh Rager ? (@Josh_Rager) June 1, 2019

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

What About A Pullback? 

Some have been adamant that a pullback is inbound, however.

The thing is, the cryptocurrency market has been on an absolute tear for the past eight weeks. Bitcoin has rallied by over 100%, while some altcoins, like Binance Coin (BNB), Litecoin, and Chainlink, have, to put it (not so) lightly, gone to the moon. As Ikigai’s Travis Kling recently pointed out, Bitcoin is up 129% year-to-date, while BNB has seen a jaw-dropping 432% performance, rallying off the exchange’s commitment to building a value proposition for the token.

Let's take a moment to celebrate May 2019. BTC just put in a Top 5 monthly performance (since 2013). It is now 168% off the lows from mid-December.

If BTC does another 168% from here, price will be $23,000.

Lol. pic.twitter.com/h3Il8d4chm

— Travis Kling (@Travis_Kling) June 1, 2019

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

In any other market, investors would be doing their utmost to secure profits, liquidating their digital asset stashes for fiat. Ironically so, it would be kind of like a bank run, with speculators running for the hills to secure their “lambo money”.

Here we are, though, with BTC continuing to post higher lows and higher highs. Yet, some analysts have suggested that bulls are getting exhausted at a rapid pace. Per previous reports from NewsBTC, Bitcoin Bravado’s Jack believes that the $4,900 to $5,125 region will act as somewhat of a price “magnet” in the coming months.

Firstly, Jack admitted that Bitcoin, more likely than not, will not see newer lows in this cycle, looking to the fact that from a high time frame point of view, the bull run is most likely on.

Yet, he notes that Bitcoin is most likely topping out, looking to the fact that when BTC moved above $8,300, that marked the fifth portion of the Elliot Wave pattern, and that the $8,800 resistance hasn’t been decidedly closed above. Bitcoin’s chart on shorter time frames also looks somewhat bearish. In fact, BTC has just broken below a descending channel and a medium-term trend line, and has topped twice at $8,900.

All this lends to the idea that BTC is quickly losing grip of its current uptrend, and could thus slip and/or take a ‘chill pill’.

Featured Image from Shutterstock
Tags: bitcoincryptomarket
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin

Bitcoin Falls To Decisive Line At $21,500, What Levels Should BTC Hold?

2 hours ago
Bitcoin Tumbles As Fed Opts For Restrictive Rates

Bitcoin Tumbles As Fed Opts For Restrictive Rates

22 hours ago
Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

1 day ago
Bitcoin

Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert

1 day ago
Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

1 day ago
Ether options surpass Bitcoin options

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

World’s First Auto-Rebasing Layer 1 Blockchain Is Set for 2023 Release

August 19, 2022

StarBlock Token (STB) Is Now Available for Trading on LBank Exchange

August 19, 2022

LBank Exchange Will List BTCMININGNFT (BMN) on August 19, 2022

August 19, 2022

Investors’ Attention Turn from Sushi (SUSHI) and Holo (HOT) To Favorite Degrain (DGRN)

August 19, 2022

Smart and Social Web3 Platform Blockify Raises $2.2M

August 19, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 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.