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Bitcoin's Key Support Level is at $27000-27,500 if BTC Pullbacks below $30,000, says Analyst

Bitcoin (BTC) has been on a mission to breach the all-time high (ATH) price of $41,500 it set recently, but corrections have been inevitable. The leading cryptocurrency had been on overdrive thanks to a remarkable spending spree by institutional investors who made record-breaking moves. Nevertheless, profit-taking tendencies by some investors have caused BTC not to surge past the $41,500 as the price is trading at $35,076 at the time of writing.

Alex, a market and crypto analyst, has acknowledged that the $27,000-27,500 is the critical support level, which ought to be watched. He explained:

“$27500-$27000 is the key area. If the price heads back down to 30K, expect 30K to be breached, fall to that area, and bounce back. FAST. All very fast.”

A blast off to $50,000 might be on the horizon

The analyst alluded to the fact that this is the expected scenario if Bitcoin’s trading volume diminishes. He added:

“Range within 30K-40K. Vol comes down. Then either briefly down to 27K to then blast off to 50K, or straight to 50K.”

However, he pointed out that this price retracement might help prompt a bounce to the $50,000 level. A price retracement towards the $27,000 level will see altcoins tagged along by shedding off 35%-50% in intraday trades. Alex believes that the best-case scenario will be buying altcoins compared to Bitcoin.

This analysis commensurates with an observation made by Ki Young Ju, the CEO of on-chain data provider CryptoQuant.com, who noted that many institutional investors bought Bitcoin at the $30-32k level, so they felt obligated to put up a shield. He stated:

“There are many institutional investors who bought BTC at the 30-32k level. The Coinbase outflow on Jan 2nd was a three-year high. Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it wouldn’t go down below 28k.”

Time will tell how Bitcoin plays out going forward.

Cardano(ADA) Price Analysis – Feb 19,2021

Cardano is currently the fifth-leading cryptocurrency by market cap.

Cardano’s symbol is ADA. At $0.903605 per token at the time of writing, Cardano has a market cap of $ 278.53 billion.

Source: AssetDash

Source：Bybt

As a whole, the liquidity of long positions is still much greater than that of short positions, and the liquidity of long positions is gradually increasing, indicating that ADA’s price will surge higher. Short positions are also decreasing, indicating that ADA’s momentum is still currently bullish.

ADA/USD

Source: ADA/USD via TradingView

From the daily candlestick chart of ADA, it can be observed that after ADA /USD bottomed out at a low point of $0.686, it rebounded on February 15 to trade above $0.85. ADA’s price showed a pattern of a candlestick with a long upper shadow and no lower shadow on February 18, which is called a shooting star. This is indicative of a bearish pattern that occurs when the price increases. Yesterday, an attempt from buyers was made to push the price of ADA higher, but the sellers emerged and gained the upper hand over the buyers – the selling power was greater than the buying power for ADA.

Since there is no more buying power in the market, a clear bearish signal can be observed at this time. Therefore, the price of ADA will show a certain degree of a downward trend in the short-term.

It can be seen from the MACD chart that the blue MACD line has begun to turn downstream and is approaching the yellow signal line. Both lines are almost merged, which signals a potential death cross, a sure sign that the market will turn bearish. Additionally, a decrease in transaction volume can be observed. This is a precursor to the formation of a death cross and an indication of a short-term bearish market.

From a technical perspective, according to the Fibonacci Retracements level that indicates where support and resistance are likely to occur, the ADA price may retrace by 23.6%, the first level if the cryptocurrency was to retrace. The support level for ADA is pinpointed at around $0.823042 in the short-term, but this level is not particularly stable. If it rebounds from this level, the price will hit the previous peak of around $0.98 and continue rising towards $2. Investors need to pay more attention to the second level of the retracement, which is about $0.7247, as there is a strong support near this price. If the future price breaks down from $0.7247, the currency pair may fall to a level of $0.645. If ADA rebounds from this level, the price range will remain between $0.645 and $0.981.

Bitcoin Eyes $60,000 Based On the Formation of an Inverse Head & Shoulder Pattern

In the last 24 hours, Bitcoin (BTC) retested the $60k level after it recently set an all-time high of $61.7K. Nevertheless, the leading cryptocurrency has retraced to $58,357 at the time of writing, according to CoinMarketCap.

Crypto analyst Carl Martin tweeting under the pseudonym The Moon has revealed that all is not lost because Bitcoin has set its eyes on the $60k price level. He explained:

“Bitcoin inverse head & shoulders on the 15 min time frame. Target is $60,300!”

BTC continues to be the talk of the town based on the milestones it is continuously making. Veteran market analyst and trader Peter Brandt recently disclosed that the current bull run is extraordinarily compared to the 2015-2017 bull cycle. For instance, it has pushed Bitcoin’s market value above the $1 trillion mark.

Bitcoin options term structure is normalizing

According to data analytics firm Skew, BTC options term structure has started to normalize.

Term structure is a way for investors to view the implied volatility of options. It shows how the maturity date of an option will change the implied volatility over time. With the term structure normalizing, BTC options will take sometime before materializing.

The banking fraternity is continuously keeping a keen eye on BTC. For instance, American banking giant Morgan Stanley recently made history as the first US bank to offer its clients access to Bitcoin fund investments.

The investment banking giant succumbed to its clients’ request to provide the service, and the provision will let eligible clients have access to three BTC funds.

German multinational investment bank and financial services company Deutsche Bank has also delved into the Bitcoin issue and acknowledged that it is too important to ignore based on its more than $1 trillion market capitalization.

The bank added that big players who buy and sell Bitcoin have considerable market-moving power, and as long as asset managers and companies continue to enter the market, BTC price could continue to rise.

Strong Hands Have Been Pushing Bitcoin Price Steeply Upwards Since Q4 2020, says Crypto Analyst

Without a doubt, Bitcoin (BTC) has been taking the world by storm based on the notable strides it has been making.

The top cryptocurrency recently breached the psychological level of $60k and set a new all-time high of $61,700. BTC is currently hovering around the $58,830 mark with a market capitalization of $1.09 trillion at press time, according to CoinMarketCap.

Popular on-chain and market analyst Willy Woo has revealed that strong hands are the engine behind the current Bitcoin bull run because they have been buying every dip. He explained:

“This is insanely bullish, of course. Strong hands have been buying every dip, which has been driving the price steeply upwards since Q4 2020. Red bars track the number of coins moving from weak hands to strong hands each day.”

Strong hands are investors who buy Bitcoin for holding purposes other than speculation. Willy Woo went ahead to show that the supply being held by speculative “weak hands” was being depleted. He acknowledged:

“From March 2020, Bitcoin undergoes steep and continued supply shock in sync to USD money printing. Supply held by speculative “weak hands” deplete. These are the coins held by wallet users that have a history of selling coins. This is conservative as BTC held by “strong hands” using exchanges as custody will be classified as “highly liquid” / “weak hands” in this chart.”

There is room for more upward Bitcoin movement

Glassnode has noted that there is room for Bitcoin to scale even further upwards based on long-term holder data. The on-chain market provider stated:

“Long-Term Holder MVRV at 20+ has been a good indicator of Bitcoin market tops in previous cycles. Currently, at 10, it indicates room for more upwards movement. BTC was trading at ~$4,500 at these levels in 2017 – and made another 4.4x to the peak.”

The holding culture is continuously being advocated for in the Bitcoin network. Recently, market analyst Pierre Rochard disclosed that most people might be inclined towards holding Bitcoin compared to investing in stocks, bonds, or real estate in the future.

Bitcoin Needs to Hold Above $55,000 for It to Test New Highs, says Market Analyst

Bitcoin (BTC) finds itself in a consolidation state after dropping from the psychological mark of $60,000. The leading cryptocurrency is trading at $57,416 at press time, according to CoinMarketCap.

Market analyst and trader Michael van de Poppe disclosed that BTC needs to hold above the $55K price level for it to rally higher. He explained:

“Bitcoin is still holding up onto this scenario and stuck in a sideways range. As long as $55K holds, I’ll assume we’ll test for new highs.”

BTC recently hit an all-time high (ATH) of $61,700, but ever since, it finds itself struggling to sustain above $60,000. Nevertheless, crypto analyst Joseph Young recently noted that Bitcoin is showing considerable resilience despite unfriendly market forces like the surging 10-year treasury yield.

According to market analysts, Bitcoin might never go below the $1 trillion market capitalization again.

On-chain analyst Willy Woo believes that BTC’s market value will continue holding above the $1 trillion mark, going forward. He acknowledged:

“7.3% of Bitcoins last moved at prices above $1T. This is pretty solid price validation; $1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $1T again.”

Moreover, the next 2-3 years might be a turning point for BTC, as alluded by Deutsche Bank analyst and Harvard economist Marion Laboure.

She elaborated by comparing Bitcoin’s current trajectory to Tesla’s. The analyst said that a consensus about the mainstream cryptocurrency’s future might soon emerge as people have increasingly been monitoring digital currency growth lately, and this interest in cryptocurrencies is expected to carry over the next two to three years.

Time will tell how Bitcoin’s journey to the moon continues to shape up as crypto analyst Carl Martin believes that most people will buy BTC between $100,000 and $500,000 in the current bull cycle. If this is achieved, a price tag of $500,000 will push Bitcoin’s market capitalization above that of gold at $10.9 trillion.

Bitcoin Needs to Hold the $50-52k Area to Avoid Dipping to $40,000, says Crypto Trader

In the last 24 hours, Bitcoin (BTC) has sunk to lows of $53,000. An imminent price correction has been inevitable since the top cryptocurrency hit an all-time high of $61.7k. BTC has, however, moved upwards to trade at $54,605 at the time of writing, according to CoinMarketCap.

Crypto trader “Credible Crypto” believes Bitcoin bulls have a task at hand of putting a shield at the $50,000-$52,000 price level, because failure to withstand above this level may result in a downtrend journey towards $40,00. He explained:

“If BTC bulls are going to take a stand and avoid a trip to $40k- they will do so at $50-52k. Once again, as I have stated for weeks, I still lean towards a move down to $38-40k to complete this correction based on everything I am seeing.”

His sentiments are echoed by market analyst and trader Michael van de Poppe who recently disclosed that Bitcoin needs to hold the $55,000 price range for it to test new highs.

The strongest on-chain support rests at $47,400

On-chain analyst Rafael Schultze-Kraft has also delved into the current price consolidation and noted that Bitcoin might dip a bit more from the $50K region because the strongest on-chain support stands at $47,400.

As previously reported by Blockchain.news, the $46-48k range emerged to be a significant resistance level because nearly 1.03 million addresses bought more than 425,000 Bitcoins at this price range. Moreover, around 500,000 BTC were moved at the $47k level, hence showing solid on-chain support.

With this price range being surpassed, it has now been flipped from a resistance to a support level.

Market analyst tweeting under the pseudonym “Credible Crypto” therefore believe that the ball is in the Bitcoin bulls’s court, as it has yet to be determined whether Bitcoin’s price correction will result in a trip to the $40K area or an upward momentum to new highs.

ANKR/CRV/STORJ Price Analysis – March 24,2021

On March 23, the top US cryptocurrency exchange Coinbase announced that ANKR, CRV, and STORJ will be made available for trading on Coinbase Pro accounts.

Except for Curve Dao Token (CRV) in New York State, all Coinbase-supported jurisdictions will provide support for ANKR, CRV, and STORJ. If the liquidity conditions are met, trading will start on or after 9 a.m. Pacific Time (PT) March 25.

But currently, these three tokens ANKR, CRV, and STORJ cannot be traded on Coinbase.com and Coinbase mobile apps.

But being included in the Coinbase Pro list will undoubtedly have a positive stimulus effect on the prices of the three coins. ANKR, CRV, and STORJ have performed very strongly in the past 24 hours, increasing by 42.57%, 23.73%, and 102.00% respectively.

Ankr (ANKR) price Analysis

Source: ANKR/USD Daily via TradingView

ANKR is a blockchain cloud infrastructure platform based on the Ethereum token Web 3, which aims to lower the threshold for individuals, enterprises, and developers to participate in the blockchain ecology.

Since the beginning of February, its price has soared 1000% from the low of $0.011 on February 1 and reached its all-time high(ATH) of $0.12 yesterday. The current price has retraced, is trading at $0.096.

The MACD index is still in the bullish zone and will face resistance at an all-time high of $0.12 in the future. The Stochastic RSI index declined from the overbought zone and has slowed down, which means that a bullish crossover may form again in the short term and the price may continue to rise accordingly.

Curve DAO Token (CRV) Price Analysis

Source: CRV/USD Daily via TradingView

Curve DAO token(CRV) is created based on the Aragon framework of Ethereum (ETH) decentralized autonomous platform. There will be a staking mechanism. Its CRV token is mainly used for governance and value appreciation. It is an automatic market maker agreement with the purpose of enhancing the liquidity of the market and facilitating the exchange of specific assets based on Ethereum.

Curve DAO Token (CRV) has risen 19.88% in the past 24 hours, reaching a maximum of $3.277. The current price has retraced. At the time of writing, CRV is trading at $2.91.

Yesterday’s long green candlestick made CRV’s price firmly stand on the Exponential Moving Average ribbon. But the long shadow line of the candlestick indicates that there was a large number of selling orders once it reached over $3.00, and the bulls failed to push the price higher than $3.277. The first resistance level for CRV rise will be $3.277. If CRV breakthroughs this pressure level from the current price, the next pressure level will be $3.6.

The MACD index shows the bullish signal. Stochastic RSI has retraced from the 80 overbought zones and formed a bullish crossover, which means that in the short term, IOTA’s price is likely going to surge higher.

Storj(STORJ) Price Analysis

Source: STORJ/USDT Daily via TradingView

STORJ is an Ethereum-based token that provides users with a blockchain-based end-to-end distributed cloud storage platform. Users use private keys to manage data and achieve secure file storage without trusting centralized data centres, such as Amazon Web Services or Google Cloud.

The price of STORJ rose by 93.5% to $1.76 on March 23, reaching a new all-time high of $2.01. However, there are currently a large number of sell orders, and $2 will be an important resistance level. However, the MACD index is still in a bullish range, and it is possible that in the short term STORJ will create a new all-time high.

Stochastic RSI is retracing from the 80 overbought zones.

Bitcoin Is at an “Inflection Point,” says Soros Fund Management CIO

As Bitcoin’s price consolidation continues ever since it hit an all-time high of $61.7k earlier this month, Soros Fund Management CIO Dawn Fitzpatrick believes that the leading cryptocurrency is at an inflection point.

As reported by Bloomberg Crypto:

“Dawn Fitzpatrick, head of the legendary asset management shop, sees an ‘inflection point’ for Bitcoin and other cryptocurrencies.”

Her sentiments come at a time when the Bitcoin price is hovering around the $53,746 price at the time of writing, according to CoinMarketCap. BTC traders are, however, showing their resilience as they are continuously buying the dip.

IntoThe Block has revealed that the next significant support level lies between $49.1k and $50.6k because 328,000 Bitcoins were bought at this range. The digital asset firm explained:

“The IOMAP indicator reveals that the next big level of support is between $49.1k and $50.6k, where 685k addresses previously bought 328k BTC. If this range fails to sustain, the 781K addresses previously buying between $46k and $47.5k will provide support.”

IntoTheBlock acknowledged that Bitcoin could dip further to the $46-47.5k price level if this does not hold

Bitcoin options worth $6 billion scheduled to expire

BTC options valued at $6 billion are expected to expire on March 26, which may trigger a massive price volatility. Some traders anticipate the price will sink to the $44k level based on the ‘max pain’ theory, which indicates that influential and institutional players might be inclined to push the price in their favoured direction.

Nevertheless, with the expiry of these options, a new support level may be formed, and this could trigger a bullish price surge. These sentiments are echoed by crypto analyst Michael van de Poppe who believes that the path to $68k and $83k is still open.

He acknowledged:

“Most likely, Bitcoin hit support, and we’re going to move sideways for a while, just after halving 2020. Next to that, the path to $68,000 and $83,000 is open. Finally, the bearish divergence is invalid so far, and we’ve got a hidden bullish divergence.”

Time will tell how Bitcoin shapes up based on the expiry of these options.

Bitcoin is Eyeing a New All-Time High This Week, says Market Analyst

In the last 24 hours, Bitcoin (BTC) has scaled new heights by surging past the $59K mark. Currently, Bitcoin is trading at 59,381 at the time of writing, per data from CoinMarketCap.

Market analyst Lark Davis believes that Bitcoin is getting ready to hit a new all-time high (ATH) this week based on its record-breaking price of $61.7K, which was set earlier this month.

BTC has been on overdrive since it broke the then ATH of $20,000 set more than three years ago in December 2020. This price had become the psychological level, which Bitcoin had been trying to breach in vain after it was accomplished in 2017’s bull run.

Crypto analyst Joseph Young has noted that the current Bitcoin uptrend is different from the 2017 one based on a couple of factors like a tremendous institutional demand. He explained:

“The differences between 2017 Bitcoin rally and 2020 include no Tether FUD(fear, uncertainty, and doubt), exchanges are regulated, India’s and China’s FUD are no longer, better regulations in Asia, conviction from long-time hodlers, All-time low $BTC exchange reserves, and explosive institutional demand.”

If the present rally pushes the Bitcoin price to $181,000, Satoshi Nakamoto will emerge as the world’s richest person. Satoshi Nakamoto is the pseudonym used by the anonymous person who authored the BTC whitepaper and developed the Bitcoin network.

Bitcoin to close its best Q1 performance since 2013

Bitcoin’s current rally is expected to help the leading cryptocurrency accomplish its best Q1 performance since 2013, as acknowledged by digital asset firm Bloqport.

Crypto data provider Messari has also pointed out that BTC has emerged as the best performer in Q1 2021 after beating traditional assets, including global stocks, oil, gold, government bonds, and the world’s reserve currency, the US Dollar, among others. For this quarter, Bitcoin has grown by 103%, in contrast with 26% for oil and 3% for global stocks, respectively.

Ethereum Surges Past $1,800 – What's Next?

Ethereum (ETH) is a stone’s throw away from its all-time high (ATH) price of 2,000. The second-largest cryptocurrency based on market capitalization is hovering around the $1,937 price at the time of writing, according to CoinMarketCap.

Santiment has noted that this price surge has triggered crowd skepticism, but this is a bullish sign. The on-chain metrics provider explained:

“Ethereum has wobbled its way back above $1,800, and the crowd has serious doubts on whether it’ll last. This extreme level of crowd skepticism is historically bullish for crypto coins.”

This renewed ETH upsurge is backed by varying bullish fundamentals, the latest of which is the announcement by Visa Inc., the payment services giant, who chose to settle USDC transactions using the Ethereum Blockchain.

Moreover, more participants have been joining the ETH network, as alluded to by on-chain data provider Glassnode that Ethereum addresses holding more than one coin have hit a new ATH of 1,202,746.

Ethereum eyes the $2,500 price level

According to crypto metrics provider FXScrypto:

“Ethereum to target a 36% move in case of triangle breakout, ETH/USD projects target of $2,563 on potential rally while IntoTheBlock’s IOMAP reveals lack of resistance levels ahead.”

If this is accomplished, $2,500 will emerge as the new ATH, even though market analyst Michael van de Poppe believes that a price of $5,000 will be inevitable for the second-leading cryptocurrency.

Moreover, the amount of Ethereum locked in decentralized finance (DeFi) protocols recently reached a 30-day high at 9.7 million.

This figure represents 8.42% of the circulating ETH supply. DeFi has played a pivotal role in Ethereum’s bull run as some of its products like smart contracts are in high demand in this sector. ETH, however, has to get an amicable solution to its high gas fees because they have been detrimental to its continued growth.