3 reasons traders now expect Bitcoin hitting $13K before a new rally

The price of Bitcoin (BTC) has been consolidating above $17,000 on Nov. 28 following a major correction from $19,400. In the near term, traders anticipate the dominant cryptocurrency to see another steep pullback. There are three main reasons why traders expect a deeper drop to occur in the near future, namely,  historical cycles, the Fibonacci Sequence, and the record-high open interest of the futures market. BTC/USDT 4-hour chart (Binance). Source: TradingView.com Historical cycles hint at deeper BTC correction BTC price frequently saw 20% to 30% drops in past bull markets…

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Bitcoin must now reclaim these price levels to resume its rally to $20K

Bitcoin (BTC) has been seeing significant momentum in previous weeks as its price was approaching the precious $20,000 all-time high. However, an abrupt end came to this glorious rally with Bitcoin price crashing severely over the past 24 hours. Cryptocurrency market, 1-day performance. Source: Coin360 While most investors were celebrating a potential new all-time high, the price of Bitcoin dropped from $19,500 to $16,300, a drop of 15% in less than 24 hours. The majority of the crypto markets also followed suit with alts in the deep red across the…

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Parabolic rally ‘a real possibility’ after Ethereum price surges to $547

The price of Ether (ETH), the native cryptocurrency of Ethereum, has surpassed $547. Following the breakout, traders are pinpointing several key resistance levels in the near term. In the short term, traders generally foresee $600 as the major resistance area for Ether as it marked the beginning of a bearish trend starting in May 2018. As such, $600 could act as an area of interest for sellers. But, traders also believe that if Ether surpasses $600, it would likely enter the $700 to $900 range. Above it, there is little…

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Bitcoin rally set to continue after BTC whales build buy walls near $17.2K

According to analysis from Edward Morra, a popular Bitcoin trader, Coinbase and Bitfinex exchange now have major buy orders above $17,200. The emergence of major buy walls is important because on Nov. 18, BTC flash crashed to around $17,222. This shows that whales are using large buy orders to defend the $17,200 support area with strength. Bitcoin buy wall on Bitfinex. Source: Edward Morra, TradingLite How strong is the $17K support?  Both whale clusters and exchange order books show that the $17,000 level is turning into a major support area.…

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Bitcoin price blasts by $17.5K, but not all agree rally is sustainable

The price of Bitcoin (BTC) exceeded $17,400 in a strong intraday rally. On Coinbase, BTC even came close to the $17,700 mark, setting a new two-year high. As BTC glides through the multiyear resistance above $17,000, analysts are divided on its short-term outlook. Some say that BTC is primed for a pullback as whale deposits begin increasing. Others believe there is little resistance until $20,000 and that an all-time high is likely before the next deep correction. The momentum of Bitcoin in the past month has been particularly impressive due…

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Sideways Bitcoin price allows DeFi, Ether and altcoins to rally higher

For the past two days, Bitcoin price has traded within the $14,800–$15,500 range, but the top digital asset has struggled to flip $15,500 to support.  A positive is that Bitcoin (BTC) continues to make higher lows, and at the time of writing, the price is trying to break from the range but still encountering resistance at $15,500. While BTC price has bounced back and forth, altcoins and select DeFi tokens have capitalized on the consolidation phase and turned bullish. DeFi having a day Top 3: $YAX + 73%$MTA + 35%$BZRX +…

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3 reasons why traders expect Ether price to rally above $500 in 2020

On Nov. 6, Ether (ETH) price rose to $447 on Binance as Bitcoin (BTC) price pulled back to the $15,500 level after losing steam around $15,900. Based on Ether’s strong momentum, traders anticipate a broader rally to emerge in the near term. There are three potential reasons why Ether could see a large uptrend in the upcoming weeks. The catalysts are: an optimistic high time frame technical structure, favorable on-chain metrics and the launch of Ethereum 2.0. ETH is bullish on the higher time frames In September, a pseudonymous trader…

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Record $816M in Bitcoin leaves Binance — Are whales preparing for a rally?

Binance saw its biggest Bitcoin (BTC) outflow in history on Nov. 3, according to data from CryptoQuant. A total of 58,861 BTC were withdrawn on a single day, equivalent to $816 million. The significant spike in outflows could suggest two things. First, it might show that whales could be bracing for a rally in the near term. Second, an over-the-counter deal could have occurred, causing whales to move their funds. Bitcoin outflows on Binance. Source: CryptoQuant.com On-chain activity surges highlight Bitcoin whale movements In addition to the unprecedented increase in…

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Ethereum Network Hashrate Hits 20-Month High as DeFi Tokens Rally

New data from glassnode and Etherscan show Ethereum’s hashrate has risen to a 20-month high and this has led some optimistic traders to suggest Ether price will continue to rise to new highs in 2020. The explosive increase in Ethereum’s hashrate appears to be heavily influenced by the rapidly growing Decentralized Finance (DeFi) sector and at the time of writing is hovers around 201,000,000 GH/s, a level not seen since 2018. Ethereum network hashrate rises to 2018 levels. Source: Etherscan.io In recent weeks, demand for Ether has increased noticeably and…

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Bitcoin Price Continues Rally, Positive Sentiment Is Off the Charts

In the past couple of weeks, the Bitcoin (BTC) price has resurged after months of apparent monetary stagnation. Since July 23, the value of a single Bitcoin has risen by around 20%. Not only that, after trading sideways since its supply squeeze in early May, the premier currency broke through its all-important $10,000 psychological threshold, thus leading many casual investors to once again jump back on the crypto hype train. Bitcoin’s recent price hike has also resulted in a retail boom, with a whole host of trading platforms across the…

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