Tanya Abrosimova
Independent Analyst
- BTC/USD lost 1.5% on a daily basis amid correction.
- Tome Lee noticed strong growth of trading activity.
Bitcoin is trading at $8,185, off the multi-month high at $8,488. The coin has lost 1.5% on a daily basis and gained 0.3% since the beginning of Thursday amid healthy correction from an overbought territory.
At the same time, crypto volumes - digital currencies changing hands - on exchanges have seen a spike in activity. And bitcoin bull Tom Lee, head of research at Fundstrat, believes that we have received a strong signal that the worst is over.
"It's more evidence supporting a bottom," he said in an interview with Business Insider.
"A few weeks ago when bitcoin started to rally, skeptics dismissed the move saying there was no volume. Now we have massive jumps in volume," he added.
Bitcoin's technical picture
On the intraday level, BTC/USD is supported by 50-SMA (1-hour chart) at $8,187. Once it is broken, the downside may be extended towards 50.0% Fibo retracement at $7,862, folowed by 200-SMA at $$7,800. On the upside, $8,354 (61.8% Fibo retracement) remains the ultimate goal, followed by recent high at $8,488 and $8,500.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.