Tanya Abrosimova
Independent Analyst
- Cryptocurrency enthusiasts urge investors to buy Bitcoin now, before it's too late.
- BTC/USD needs to move above $10,150 to set the bullish ball rolling.
The first digital asset resumed the growth on Friday and attempted to settle above $10,000. While the move was not sustained, the coin continues moving with a short-term bullish bias. BTC/USD has gained over 7% on a day-to-day basis, while its market capitalization reached $182 billion.
Don’t miss the chance
The billionaire and a long-standing Bitcoin supporter Mike Novogratz says that Bitcoin’s rally is just about to begin. He urged investors and traders to hurry up and jump in the bullish train before it is gone.
The founder of cryptocurrency bank, Galaxy Digital, believes that Bitcoin will extend the upside and set a new record in 2020.
Exciting day for $btc. I want to point out that we aren’t even at the years highs. This rally is just starting. Don’t miss the bus. @novogratz
He also added that he was not going to sell his BTC at $12,000 due to the upcoming wave of cryptocurrency mass adoption and the improvement of technical factors.
Earlier, Novogratz said that massive economic stimulus provided by major governments were increasing Bitcoin’s attractiveness for investors in the long run. In a sarcastic tweet, he said that now money literally grows on trees.
BTC/USD: Technical picture
The next strong resistance is created by $10,000-$10,150. This psychological area is reinforced by the 50% Fibo retracement of the downside move from July 2019 high to December 2019 low. Once it is out of the way, the upside is likely to gain traction with the next focus on $10,511, which is the highest level of 2020.
On the downside, the first important resistance is created by $9,300 (the highest level of the previous week and 38.2% Fibo retracement of the above-said move).
BTC/USD weekly chart
-637245335696573864.png)
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
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Solana, Base and AI meme coins rally, are speculative tokens making a comeback?
Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.
RWA narrative could make a comeback after nearly 50% correction in CFG, ONDO, MKR
Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024.
These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.