Cryptomustar
Sunday, July 3, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Bitcoin’s Macro Structure Indicates Push to $12,600 Could be Imminent

by admin
September 27, 2020
in Bitcoin
0
The Stars are Aligning for Bitcoin as It Begins Forming an Ideal “Long Setup”
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter



  • Bitcoin and the entire crypto market has faced some heightened selling pressure throughout the past day, with bears moving to regain control of BTC
  • This has sent shockwaves throughout the entire crypto market, causing many tokens to plunge lower
  • Analysts are now widely noting that the entire market could be well-positioned to see further losses in the near-term.
  • One trader is noting that BTC reeling towards an “accumulation range” within the $9,000 region is a possibility
  • That being said, the same trader also believes that a push up towards $12,600 could still be imminent in the near-term.

Bitcoin is facing some heightened selling pressure as its price sits within the $10,600 range. This is around where it has been trading throughout the past few days, with buyers and sellers being unable to gain any control over its near-term outlook.

Yesterday, bulls attempted to take control of its near-term trend when they pushed it up to highs of $10,800. This is around where its price began stalling, and where it ultimately faced a rejection that sent it down to lows of $10,600.

While sharing his thoughts on where Bitcoin may trend in the near-term, one analyst explained that although he is anticipating some short-term turbulence, he still expects it to rally higher in the mid-term.

Bitcoin Shows Signs of Weakness as Consolidation Phase Persists

At the time of writing, Bitcoin is trading down just under 1% at its current price of $10,650. This is around where it has been trading throughout the past few days.

Yesterday, however, the crypto did face a grim rejection at $10,800 that struck a serious blow to its near-term outlook.

Its current trading range exists between $10,500 and $10,800. Which of these levels is firmly broken above or below first should provide investors with significant insights into its near-term outlook.

Trader: BTC’s Market Structure Suggests It Is Poised to Move Towards $12,600 

While sharing his thoughts on where Bitcoin may trend in the near-term, one analyst explained that he still believes a mid-term movement to $12,600 is imminent.

He does note that it may first enter an “accumulation range” within the $9,000 region.

“BTC Monthly Outlook: Depending on monthly close, either we see some type of accumulation in the 9000’s range before we end up eventually break above $12,500 and flip that key level… Anyways, $12,600 gets broken at some point in the next 6 months and I think we see new ATH’s.”

Image Courtesy of Cactus. Chart via TradingView.

Although the benchmark cryptocurrency may be in for some short-term turbulence, its mid-term outlook remains incredibly bright.

Featured image from Unsplash.
Charts from TradingView.





Source link

RELATED POSTS

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

Tags: BitcoinsImminentmacroPushstructure
ShareTweetShare

Related Posts

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

by admin
July 3, 2022
0

Bitcoin has a strong ally in Mexico. The crypto must be accepted as a legal tender, a Mexican senator...

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

by admin
July 3, 2022
0

The Oslo Freedom Forum offers another perspective.  Seen from the standpoint of activists like these or these, the value...

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

by admin
July 2, 2022
0

On-chain data shows Bitcoin funding rates have sunk into deep negative values, something that could pave way for a...

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

by admin
July 2, 2022
0

FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed...

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Bitcoin’s hash rate surges despite persistent economic uncertainty

Bitcoin’s hash rate surges despite persistent economic uncertainty

May 3, 2022
White House Wants Public Comments on Crypto’s Energy Use and Environmental Impact

White House Wants Public Comments on Crypto’s Energy Use and Environmental Impact

March 25, 2022
EU Parliament Scraps Proof-of-Work Ban Following Backlash: Report

EU Regulators Warn Consumers That Crypto Assets Are ‘Highly Risky’

March 18, 2022
Most Influential 2021: Elon Musk

Most Influential 2021: Elon Musk

December 8, 2021

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition
  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%