Why Bitcoin Price Could Restart Rally Unless It Dives Below $56.5K

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[NEWS BLOG]: Why Bitcoin Price Could Restart Rally Unless It Dives Below $56.5K

Bitcoin price is correcting gains from $60,000 against the US Dollar. BTC is likely to start afresh increase as long as there is no close below $56,500 and $55,250.

  • Bitcoin gained bullish momentum above $58,000, but it failed to settle above $60,000.
  • The price is now trading above the $56,500 support and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $56,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start afresh increase unless the bears gain strength below $56,500 in the near term.

"Bitcoin Price is Holding Key Support"

This past week, bitcoin price saw a steady increase above the $55,500 resistance against the US Dollar. The BTC/USD pair broke the $58,000 resistance and it settled above the 100 simple moving average (4-hours).

The pair even climbed above the $59,500 level and spiked above the $60,000 resistance. However, there was no close above the $60,000 level. A high was formed near $60,030 and the price started a fresh decline. It broke the $58,500 and $58,000 support levels.

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Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally

Since NewsBTC’s last market update, 

Bitcoin has continued to rip higher, recently hitting $6,750. With this, the cryptocurrency is up nearly 9% from the daily lows around $6,200, and up over 16% from the weekend lows at $5,800.

Although not on the same magnitude, many have likened Bitcoin’s recent price action to the 25% surge seen on April Fool’s and April 2nd last year, which was a move that kickstarted a rally from the $4,000s to $14,000 by mid-June.

Analysts believe that the cryptocurrency could continue higher.

Could Bitcoin Continue Even Higher?

Prominent cryptocurrency trader Flood, who called Bitcoin’s weekend move under - read more.

Crypto, Crypto, Crypto… CEO Says ‘Crypto’ 100K Times For Homeless Charity

The CEO of a digital currency exchange in the UK has set himself an incredibly bizarre challenge. People have been donating to Pete Wood of CoinBurp as he attempts to raise money for a homeless charity by saying the word “crypto” 100,000 times.

Wood is live streaming the challenge via YouTube with public addresses displayed for both Bitcoin and Ethereum donations. The proceeds of the fund raiser will be gifted to the Centrepoint – the UK’s leading youth homelessness charity.


UK Crypto Exchange Working with Homeless Charity to Promote Cryptocurrency Giving

According to the description on the YouTube live stream of the obscure fund raiser, the - read more.

Simple Textbook Analysis Show XRP Price Could Rally 100% Against Bitcoin

There’s no doubt XRP saw poor performance in 2019. During that year, the price of the asset against the U.S. dollar fell by 50%, managing to underperform a swath of traditional asset classes, from stocks and bonds to precious metals and commodities.

Because Bitcoin saw a strong 2019, rallying by over 90%, the XRP/BTC pair fell dramatically, even more so than the altcoin’s pair against the dollar and other fiat currencies. One XRP, in fact, is now valued at under 3,000 satoshis — far below all-time highs.

But, a number of analysts recently explained in charts that the cryptocurrency may soon - read more.

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