• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • 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
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • 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
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision

Despite Tether Concerns, Notable Analysts Remain Bullish On Bitcoin (BTC)

Nick Chong by Nick Chong
4 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

What many thought would never happen did on Thursday. Just days after Tether Limited, the company behind the USDT stablecoin, minted $300 million worth of its crypto asset, reports revealed that its operator, iFinex, may be on thin ice. As a result of this news, Bitcoin (BTC) dropped by 10% within minutes, plunging from $5,550 on Coinbase to $4,950 in a rapid sell-off.

Related Reading: Crypto Divided Over Tether, Some “Unequivocally” Bullish On Bitcoin

But since this news broke, cryptocurrencies across the board have recovered, as some have begun to suspect that this debacle may not have a material effect on this market’s staying power.

Bitcoin Holds Strong After Tether ‘FUD’

Per analysis from The Crypto Monk, a well-followed trader, the dust from this recent imbroglio has settled, and Bitcoin’s chart structure still is “looking good for bulls.” Monk didn’t give much reasoning for this point, but the chart attached to his message did depict that BTC has held above $4.800, a key level of support as it’s where the 200-day moving average is sitting.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

$BTC:
dust has settled and this structure is still looking good for bulls.
Eyeing $5500 again. pic.twitter.com/RIUY3i2mM4

— The Crypto Monk ⛩ (@thecryptomonk) April 27, 2019

Not is the chart’s structure looking good, but trading statistics and technical indicators too. As Murad Mahmudov, a popular analyst who is 75% sure the cryptocurrency bottom is in, postulated, the long-short position ratio on Bitfinex and Relative Strength Index (RSI) leadings has led him to believe a move higher is inbound. A specific forecast was not mentioned, but Mahmudov did draw an arrow ending at $6,300, which is where Bitcoin is expected to meet major resistance at a level of historical importance.

1/ In life, always avoid being in the majority like the plague. pic.twitter.com/tniev60SRJ

— Murad (@MustStopMurad) April 27, 2019

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The Other Side Of The Equation

Of course, others are not too sure that Bitcoin’s chart looks decidedly bullish. According to a chart from trader Financial Survivalism, this move confirms that Bitcoin’s current market structure is like that seen in December’s downturn, but inversed. Thus, if history is followed, BTC may be poised to see a $1,000 pullback, potentially to the $4,200 range.

1/2 The current $BTC market structure is looking very much like an inverse of what we saw during December 2018. First notice the bull div on the RSI with two daily red 9's. Currently we have a bear div after two green 9's. The ADX is also rolling over after spiking above 70. pic.twitter.com/bVFt5Hx8gM

— Tyler D. Coates (@Sawcruhteez) April 25, 2019

But it may not be that simple. As a number of analysts, like Crypto Birb and Satoshi Flipper, have asserted, for Bitcoin to move higher from here, it will need to break convincingly past $5,200 on BitMEX and head to $5,300 for a “liquidity flip-test.” As of the time of writing this, said “liquidity flip-test” has yet to occur. With positive industry developments, like TD Ameritrade’s and E*Trade’s purported plans to offer spot Bitcoin trading, however, some are sure that BTC will recover to its pre-crash levels in no time.

Related Reading:  TD Ameritrade Follows Footsteps of Fidelity, NYSE and Enters Crypto, Boosting Sentiment
Featured Image from Shutterstock
Tags: bitcoinmarketprice
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 bull case

3 Reasons To Remain Bullish On Bitcoin In Coming Months

27 mins ago
Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

4 hours ago
Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

14 hours ago
Bitcoin

Bitcoin Back Above $27,600 As US Banking Crisis Is Far From Over

1 day ago
Bitcoin And USDT

Quant Points Out Curious Relationship Between USDT Inflows & Bitcoin Price

2 days ago
Bitcoin

Bitcoin Rally Driven By Record Open Interest In Derivatives Market

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

The Best Altcoins To Get In Early 2023: TMS Network (TMSN), TRON (TRX) and Mask Network (MASK)

March 24, 2023

The Web3.Conference will gather Web3 builders & creators this May in Amsterdam

March 24, 2023

LFi Unveils LFi Smartphone, Providing Unprecedented Access to Decentralized Financial Opportunities

March 24, 2023

Cardano (ADA) and Polkadot (DOT) Prices Reach a Crucial Juncture, While TMS Network (TMSN) Attracts Investors in Stage 2 of Presale

March 24, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • 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
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 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.