Friday, March 24, 2023
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Bitcoin Plunges To $8,600 After Reaching $9,100 Resistance. Is $10,000 Within Reach?

by firstcryptonews
January 24, 2020
in Coins
Bitcoin Plunges To $8,600 After Reaching $9,100 Resistance. Is $10,000 Within Reach?

Earlier in the day, Bitcoin gained more than 2% to climb above $9,100. The asset, however, met major resistance around this position. Shortly after testing this high, the asset plunged and lost around $500 to bottom at $8,600 where it has been trading around since the market rally last week. In its new $9K high, Bitcoin was recording gains of well over 30% from its position at the turn of the year.

Despite the strong resistance, bullish sentiments seem to have been renewed, evident through the Bitcoin fear and greed index which has turned bullish. This is a first since the 40%+ pump last year when China embraced blockchain technology. Notably, today also marked the first time Bitcoin climbed above $9,000 since November 2019.

Bullish Short Term And Long Term Outlook
A report by Arcane Research shows that in the last few days, the Fear and Greed index has climbed above the halfway mark, this means that the market is growing strongly bullish. The last time this index was above this was during the Chinese pump mid-November. At the time, the pump was short-lived, this time though, the pump is better supported and is looking more sustainable.

This outlook is supported by a number of analysts. Fundstrat Global Advisors recently identified some of the top reasons that support Bitcoin rallies in the weeks and months to come. They included the May Bitcoin halving, geopolitical risks, and the 2020 US presidential elections.

Bitcoin Dropping Dominance Supports Bullish Outlook
Bitcoin’s dominance has also been a key indicator of the general market outlook. In the past, Bitcoin grabbing a huge chunk of dominance (over 65%) has signaled a bearish outlook for the wider market.

For starters, it shows that investors are seeking safe haven from altcoins which are performing badly while Bitcoin surges. It could also mean that the entire market is performing poorly and only Bitcoin is displaying relative stability.

In both instances, the long term outlook for the wider market has been bearish. In recent days, this has been falling which means the market is bullish and not only on Bitcoin but the wider market.

All indicators point to Bitcoin continuing with its impressive run. In the weeks to come, Bitcoin is more likely to push for a position around $10K. High volatility is back and a pullback was imminent after a dramatic short term surge. However, the latest plunge is unlikely to sway Bitcoin bulls from pushing for higher highs.

Related Posts

SEC Seeks Court’s Permission To Exclude Ripple Expert Testimonies

SEC Seeks Court’s Permission To Exclude Ripple Expert Testimonies

by firstcryptonews
August 26, 2022
0

The U.S. Securities and Exchange Commission (SEC) has filed a request to submit one lengthy reply for excluding the Defendants’...

What traders need to know about the evolving Ethereum-Bitcoin relationship

What traders need to know about the evolving Ethereum-Bitcoin relationship

by firstcryptonews
April 26, 2021
0

Ethereum’s price action over the last 72 hours or so has been very topsy-turvy. While the aforementioned period saw ETH...

Coinbase Insiders Partially Liquidate Their COIN Stock Holdings Shortly after Listing

Coinbase Insiders Partially Liquidate Their COIN Stock Holdings Shortly after Listing

by firstcryptonews
April 20, 2021
0

While there’s been a lot of noise around the pump and dump by Coinbase insiders and executives, it turns out...

Bittrex to remove the U.S. markets for top privacy coins including Monero, Zcash and Dash

Bittrex to remove the U.S. markets for top privacy coins including Monero, Zcash and Dash

by firstcryptonews
January 2, 2021
0

Bittrex announced on Dec. 29 that its exchange will be removing the U.S. markets for the three of the biggest...

Brad Garlinghouse Open to Move Ripple to Another Country

Brad Garlinghouse Open to Move Ripple to Another Country

by firstcryptonews
October 14, 2020
0

Brad Garlinghouse, Co-founder and CEO of one of the biggest crypto-blockchain companies in the world, Ripple, has expressed his concerns...

Cardano’s Winning Streak Continues As ADA Overtakes Litecoin To Become Seventh-Largest Crypto

Cardano’s Winning Streak Continues As ADA Overtakes Litecoin To Become Seventh-Largest Crypto

by firstcryptonews
July 8, 2020
0

This week has started quite well for Cardano. The blockchain’s native cryptocurrency, ADA, is now the seventh-biggest crypto by market...

Next Post
Did Binance Whales Orchestrate Recent $10 Billion Bitcoin Market Dump?

Did Binance Whales Orchestrate Recent $10 Billion Bitcoin Market Dump?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Paysenger Set to Launch All-New EGO Token

Paysenger Set to Launch All-New EGO Token

12 months ago
Brexit Is Done: Will Britain’s Departure From The EU Boost Bitcoin Price?

Brexit Is Done: Will Britain’s Departure From The EU Boost Bitcoin Price?

3 years ago
Crypto for a Cause: Blockchain Education & Innovation

Crypto for a Cause: Blockchain Education & Innovation

8 months ago
Play-To-Earn Game with Revolutionary Omni-Balanced Oracle System Just Launched on the Binance Smart Chain

Play-To-Earn Game with Revolutionary Omni-Balanced Oracle System Just Launched on the Binance Smart Chain

9 months ago
Leading Utility Token YES WORLD announces Gaming as a Service, Adds gaming projects to its Utility Services

Leading Utility Token YES WORLD announces Gaming as a Service, Adds gaming projects to its Utility Services

1 month ago
First-ever largest NFT, GameFi and Metaverse 2022 in Southeast Asia happening at Cove Manila Philippines

First-ever largest NFT, GameFi and Metaverse 2022 in Southeast Asia happening at Cove Manila Philippines

11 months ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

January 16, 2023

Press Release

Dominator Domains, a Web3 innovative platform where users can register domains in 3 different blockchains and 10 different domain extensions

Dominator Domains, a Web3 innovative platform where users can register domains in 3 different blockchains and 10 different domain extensions

March 24, 2023

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News