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Bitcoin Price Analysis: Expecting Huge BTC Move, Breakout To $30K Or $35K Next?

Over the past week, Bitcoin price lost approximately 10% of its value, following a drop from the $37K – $38K price area. This comes just two weeks after setting the current all-time high of $42,000 on January 8, 2021.

Over the past days, the primary cryptocurrency found support, once again, around the $30K horizontal line. Looking at the bigger picture, the $30,000 had now formed the baseline of a bearish triangle that Bitcoin is currently trading within and can be seen on the following daily chart.

Looking at the shorter timeframe, as can be seen on the following 4-hour chart, Bitcoin is trading inside a symmetrical triangle pattern, and struggling to hold above the 200-days moving average’s line of the 4-hour timeframe.

The triangle boundaries are at around $33K from the top, $32K from the bottom. The apex of the triangle is expected sometime during the next hours or day. Not always Bitcoin awaits the apex in order to break out, so a breakout can take place at any moment.

Once it occurs, we can expect a significant move towards the breakout’s direction. Furthermore, the trading volume has faded quite significantly this weekend, usually indicative of a large move ahead.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $32,000, $30,760, $30,000, $29,630, $29,000.

Key Resistance Levels: $33,110, $33,750, $35,000, $35,800 – $36K.

Looking ahead, the first level of support now lies at the lower boundary of the 4-hour chart’s symmetrical triangle around $32,000. This is followed by $30,760 (short term .786 Fib), $30,000 (descending triangle base), and $29,630 (.5 Fib Retracement).

The next targets down are $29,000, $28,500 (downside 1.414 Fib Extension, along with the weekly low), and $26,000.

On the other side, the first resistance lies at $33,110 (bearish .5 Fib), along with the upper angle of the symmetrical triangle on the following 4-hour’s chart.

This is followed by $33,750, $35,000, and $35,800 (bearish .618 Fib & upper border of descending triangle). We can expect the major resistance level to be around the $36K price area, where lies the upper angle of the bearish triangle as can be seen on the daily chart.

Further resistance levels lie at $37,000 and $37,700 (bearish .786 Fib).

The daily RSI is beneath the midline but attempts to rise, indicating the bearish momentum might be fading but failed to do so as of now. The RSI attempted to break the midline on the shorter-term charts, but the bullish momentum was not strong enough to get control of the market.

Bitstamp BTC/USD Daily Chart

btcusd-jan24
BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

btcusd-jan24-4hr
BTC/USD 4-Hour Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


About The Author

Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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NASDAQ-Listed Bitcoin Mining Company Faces Lawsuit on Defrauding Investors

Bit Digital – a NASDAQ-listed company, is to face a class-action lawsuit. A recent report by J Capital Research alleged the Bitcoin mining firm in “fake cryptocurrency business.”

Impossible to Operate 22,869 Bitcoin Miners in China

Bitcoin mining company Bit Digital is facing a class-action lawsuit on allegations of fraud and misleading its clients.

According to an official court document filed in the Southern District Court of New York on Thursday, by plaintiff Anthony Pauwels, the case seeks to recover damages for Bit Digital investors. The victims had made stock purchases from the BTC-mining firm between December 21, 2020, and January 8, 2021.

The court statement dictated that the company had made “false and/or misleading statements” that it operates 22,869 bitcoin mining establishments in China.

A January 11, 2021 report by J Capital Research alleged that such activity is “simply not possible” and that it has “verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there.”

The research firm stated that Bit Digital operates “a fake cryptocurrency business” that is “designed to steal funds from investors.”

Documents on the case also claimed that Bit Digital has failed to display the true nature of its mining operations.

False Allegations?

On January 19, Bit Digital came out with a press release aiming to disprove the claims. It stated that the latter was “false accusations given to the marketplace” and that the company has filed all necessary documentation with the US Securities and Exchange Commission (SEC).

Additionally, the statement asserted that the firm had always aimed to update investors and regulators with correct information on its mining operations.

In the publication, the company said that in its third-quarter financial results published on December 18, 2020, it owned a total of 40,865 mining rigs. Some of those were located in establishments in Mongolia Province, Yunnan Province, Nebraska, and Texas.

Bit Digital added that its operations in China had been managed by XMAX Hong Kong – its wholly-owned subsidiary in Hong Kong, which has handled all of the bitcoin mining operations in mainland China.

The company has sixty days to officially respond to the allegations.

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About The Author

Zhelyazko Zhelyazkov

Zhelyazko is a freelance writer whose interest in cryptocurrencies sparked in early 2017. Being a seasoned content creator with more than ten years of experience in the financial sector, he’s into the informational flow 24/7. He holds a degree in English Philology. Contact Zhelyazko: LinkedIn

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NASDAQ-Listed Bitcoin Mining Company Faces Lawsuit on Defrauding Investors

Bit Digital – a NASDAQ-listed company, is to face a class-action lawsuit. A recent report by J Capital Research alleged the Bitcoin mining firm in “fake cryptocurrency business.”

Impossible to Operate 22,869 Bitcoin Miners in China

Bitcoin mining company Bit Digital is facing a class-action lawsuit on allegations of fraud and misleading its clients.

According to an official court document filed in the Southern District Court of New York on Thursday, by plaintiff Anthony Pauwels, the case seeks to recover damages for Bit Digital investors. The victims had made stock purchases from the BTC-mining firm between December 21, 2020, and January 8, 2021.

The court statement dictated that the company had made “false and/or misleading statements” that it operates 22,869 bitcoin mining establishments in China.

A January 11, 2021 report by J Capital Research alleged that such activity is “simply not possible” and that it has “verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there.”

The research firm stated that Bit Digital operates “a fake cryptocurrency business” that is “designed to steal funds from investors.”

Documents on the case also claimed that Bit Digital has failed to display the true nature of its mining operations.

False Allegations?

On January 19, Bit Digital came out with a press release aiming to disprove the claims. It stated that the latter was “false accusations given to the marketplace” and that the company has filed all necessary documentation with the US Securities and Exchange Commission (SEC).

Additionally, the statement asserted that the firm had always aimed to update investors and regulators with correct information on its mining operations.

In the publication, the company said that in its third-quarter financial results published on December 18, 2020, it owned a total of 40,865 mining rigs. Some of those were located in establishments in Mongolia Province, Yunnan Province, Nebraska, and Texas.

Bit Digital added that its operations in China had been managed by XMAX Hong Kong – its wholly-owned subsidiary in Hong Kong, which has handled all of the bitcoin mining operations in mainland China.

The company has sixty days to officially respond to the allegations.

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ETH Spikes To 4-Month High Against Bitcoin Surpassing $1300: BTC Dominance Dropping

Bitcoin has failed to double-down on its recovery and has remained stagnant between $32K and $33K for the past day. Large and mid-cap altcoins, led by ETH, have charted gains against BTC, while the Bitcoin dominance continues its negative sentiment, dropping to approximately 63%.

BTC Fails At Breaking Above $34K

After bitcoin dipped beneath $29,000 earlier this week, the asset seemed to be headed for a quick recovery session as it has done before. Just yesterday, the cryptocurrency gained over $5,000 to its value.

This resulted in BTC nearing $34,000, which became the daily high, and a significant support turned resistance level. However, bitcoin failed to break higher, and a subsequent rejection drove it down by more than $2,000 to beneath $31,500.

In the following hours, BTC initiated another leg up that took it to about $33,000. Nevertheless, the first-ever cryptocurrency couldn’t breach above it and currently trades just beneath that level.

From a technical standpoint, BTC has to overcome the critical resistance lines at $34,000, and $36,200 to resume its bull run. On the other hand, the support levels that $30,760, $30,000, and $29,630 could assist in case of another correction.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Conquers $1,300: Altcoins Surge and Reduce BTC’s Dominance

Most alternative coins have slowed down after yesterday’s remarkable double-digit gains. On a 24-hour scale, XRP, Bitcoin Cash, and Cardano have marked minor losses. At the same time, Binance Coin, Chainlink, Polkadot, and Litecoin have added about 1%.

Of the top altcoins, Ethereum has gained the most in a day – 4.5%. As a result, the second-largest digital asset has spiked above $1,300 after a few-day hiatus beneath this level. Apart from its dollar increases, ETH has also surged against BTC.

ETH/BTC was at an 8-month low at the start of the new year, trading around 0.024, but following the latest price action, ETH is now at a 4-month high of over 0.04 BTC per ETH. As a reminder, the all-time high of ETH/BTC was set on January 2018, when one ETH was trading for more than 0.14 BTC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

The lower- and mid-cap altcoins have displayed more fluctuations over the past 24 hours: Qtum is the most impressive gainer with a 25% surge, followed by Aave (15%), Arweave (13%), Verge (12%), and Ocean Protocol (10%).

BTC’s inability to break above $34,000, while some alts have gained serious value, has decreased bitcoin’s dominance over the market to 63.3%.

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ETH Spikes To 4-Month High Against Bitcoin Surpassing $1300: BTC Dominance Dropping

Bitcoin has failed to double-down on its recovery and has remained stagnant between $32K and $33K for the past day. Large and mid-cap altcoins, led by ETH, have charted gains against BTC, while the Bitcoin dominance continues its negative sentiment, dropping to approximately 63%.

BTC Fails At Breaking Above $34K

After bitcoin dipped beneath $29,000 earlier this week, the asset seemed to be headed for a quick recovery session as it has done before. Just yesterday, the cryptocurrency gained over $5,000 to its value.

This resulted in BTC nearing $34,000, which became the daily high, and a significant support turned resistance level. However, bitcoin failed to break higher, and a subsequent rejection drove it down by more than $2,000 to beneath $31,500.

In the following hours, BTC initiated another leg up that took it to about $33,000. Nevertheless, the first-ever cryptocurrency couldn’t breach above it and currently trades just beneath that level.

From a technical standpoint, BTC has to overcome the critical resistance lines at $34,000, and $36,200 to resume its bull run. On the other hand, the support levels that $30,760, $30,000, and $29,630 could assist in case of another correction.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Conquers $1,300: Altcoins Surge and Reduce BTC’s Dominance

Most alternative coins have slowed down after yesterday’s remarkable double-digit gains. On a 24-hour scale, XRP, Bitcoin Cash, and Cardano have marked minor losses. At the same time, Binance Coin, Chainlink, Polkadot, and Litecoin have added about 1%.

Of the top altcoins, Ethereum has gained the most in a day – 4.5%. As a result, the second-largest digital asset has spiked above $1,300 after a few-day hiatus beneath this level. Apart from its dollar increases, ETH has also surged against BTC.

ETH/BTC was at an 8-month low at the start of the new year, trading around 0.024, but following the latest price action, ETH is now at a 4-month high of over 0.04 BTC per ETH. As a reminder, the all-time high of ETH/BTC was set on January 2018, when one ETH was trading for more than 0.14 BTC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The lower- and mid-cap altcoins have displayed more fluctuations over the past 24 hours: Qtum is the most impressive gainer with a 25% surge, followed by Aave (15%), Arweave (13%), Verge (12%), and Ocean Protocol (10%).

BTC’s inability to break above $34,000, while some alts have gained serious value, has decreased bitcoin’s dominance over the market to 63.3%.

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Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


About The Author

Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn