Bitcoin (BTC) Price Analysis: Bulls Refuse To Back Down

[PsylockReborn]

https://ethereumworldnews.com/bitcoin-btc-price-analysis-bulls-refuse-to-back-down/

This is what I love about BTC. With the previous bloodshed, BTC is trying to exhibit a very promising uptrend despite the FUD and hacking incidents that happened. Hope this recovery will last until next year's bitcoin halving and continue to perform well in the coming years.

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[Pursuer]

the FUD is only effective for a short period of time before it stops being effective. you never see FUD continue influencing the prices forever otherwise price would have dropped down to zero. and as for the hacking incident the last one was an ETH hack and it had nothing to do with bitcoin and the fact that bitcoin price also went down was because ETH got dumped in my opinion.

as for the price rise, it is going to happen since we are at the bottom and there is no way left to go but up.

[virendarnagpal]

In markets like Bitcoin / crypto there are three types of investors; 1 Bear 2 Bulls and 3 other small investors.
Bear and bulls are the drivers of the market.  While small investors at number three are just followers.  Whenever there is bull run they start buying and in bear run they either sell or just waiting sadly the upwards movement. 


Presently I think the price has fallen to it's lowest levels.  The big investors will not  allow the market i.e. btc price to fall further.  Bitcoin is in it's rest mode.  From here the upward journey start.  The time can not be fixed when it start another upward move.

[Idrisu]

I think we should not trying to underlook the forth coming events in USA. The ETF is coming up in August and this is going to play significant role on how bitcoin is going to behave for the remaining part of the year.  If it is approve then the bullish trend will prevail, if it is not approve it will not prevail.

[Wind_FURY]

OP, I believe what was good about all those FUD was it made the Bitcoin market find its real support much earlier by making the weak hands sell faster than they should have.

We have kwukduck as one of those people to thank for that. Hahaha.

[Lucius]

OP, I believe what was good about all those FUD was it made the Bitcoin market find its real support much earlier by making the weak hands sell faster than they should have.

We have kwukduck as one of those people to thank for that. Hahaha.

Do you think they sell all or something is left in their bags? I agree that last few months may have in some way long-term positive effect on BTC price, coins will change hands and much more serious players will come in the game.

https://ethereumworldnews.com/bitcoin-btc-price-analysis-bulls-refuse-to-back-down/

This is what I love about BTC. With the previous bloodshed, BTC is trying to exhibit a very promising uptrend despite the FUD and hacking incidents that happened. Hope this recovery will last until next year's bitcoin halving and continue to perform well in the coming years.

For now I do not see any recovery, we see low 5800$ and the highest price at 6700$ - but price is just moving up/down in that range for some time. It can go both ways anytime, so under 6000$ is still possible and it's too early for celebration.

By the way, next halving is in a year 2020 - so some 2 years from now, but if we look back at the last halving we can see that it did not have a bigger impact on the price at that moment. Positive impact is likely to be felt in the months after halving.

[1Referee]

I think we should not trying to underlook the forth coming events in USA. The ETF is coming up in August and this is going to play significant role on how bitcoin is going to behave for the remaining part of the year.  If it is approve then the bullish trend will prevail, if it is not approve it will not prevail.

If one ETF gets approved, prepare for a shitstorm of ETF's that will be approved in the coming 6-12 months.

By design all these Bitcoin ETF shares are backed by the underlying asset, which means that if we have a couple of them swallow institutional capital, the market's pool of circulating coins will be empty before we see the block halving kick in.

The main difference with features is that features have an unlimited supply. In other words, you can long or short 1 billion BTC as long as you have the cash to settle these contracts. With a Bitcoin ETF there can't be more shares in existence than there is actual Bitcoin supply. It's a scarce product, and everyone loves scarcity, and everyone is willing to pay for scarcity.

[adam1230]

I agree. Its cleared the bottom and low we are going over 10.000usd in a few weeks.
This is what all crypto lover waiting for. Fill your bags and get ready!

[fabiorem]

ETFs are the opposite of futures. Futures are used for shorts, ETFs for longs.

By the look of it, bitcoin is not going down more than the 5500-5800 range.

Shame on you, bears, because I was looking to buy at 3000, now I will have to spend a bit more fiat money for it.

[buwaytress]

That's what I've been saying, that I'm just constantly in awe of how Bitcoin's stubbornly holding on to current levels given such a sustained period of bad news, hacks, bans and the stream of vitriol still pouring out from anti-BTC camps.

Shame on you, bears, because I was looking to buy at 3000, now I will have to spend a bit more fiat money for it.

Yeah, bears. Even my so-called optimistic low of 5500 in June wasn't reached. I REALLY wanted to be wrong and see it at 5k then, cause I was getting paid for a lot of back work owed, and would have been nice to get the extra 20% or so bump by being at today's price had my low been reached. Shame on you.

[hase0278]

Do you think they sell all or something is left in their bags?

When they are spreading FUD(typically kwuckduck), it is obvious that they are hoarding bitcoins into their stash and they might have had sold a big portion of their bags long before they even spread FUD but there are some left in it(probably).

Even my so-called optimistic low of 5500 in June wasn't reached. I REALLY wanted to be wrong and see it at 5k then, cause I was getting paid for a lot of back work owed, and would have been nice to get the extra 20% or so bump by being at today's price had my low been reached.

That's what you get for waiting in vain. Do not expect bears to wait for you to jump into the market before they stop their actions.

[BrewMaster]

that is what happens when price reaches the bottom like that, the trend (bear market trend which was going down) comes to an end. and when it comes to an end it will be replaced by another market trend which is a rising trend or a bull market.

we are now on the first steps of that while there are still bears who have not yet accepted the end of their time.

[Wind_FURY]

OP, I believe what was good about all those FUD was it made the Bitcoin market find its real support much earlier by making the weak hands sell faster than they should have.

We have kwukduck as one of those people to thank for that. Hahaha.

Do you think they sell all or something is left in their bags?

I believe all, and that the "weak hands" are comprised of Bitcoin newbies who bought their coins at the high or near it, that also do not know what Bitcoin deeply is. For them it is a mere transport to make more fiat.

I agree that last few months may have in some way long-term positive effect on BTC price, coins will change hands and much more serious players will come in the game.

The whales might have also sold in the all time high and buy the low. Haha.

[1Referee]

The whales might have also sold in the all time high and buy the low.

No kidding, Sherlock.

The big boys have taken 3-way profits by selling the spot market down, shorting the crap out of it through futures, and shorting the crap out of it through BitMex.

Fundamentally speaking, whales aren't really selling their coins, they just dump their coins in their own buy orders on the way down. By the time they dumped the price to the bottom they have more coins, more fiat, and a lower price to accumulate even more coins at. That's the good life. All the noobs here are nothing more than a bunch of flies to them. What happens with flies when they become annoying? They get squashed. That's exactly what happened with weak hands and other get rich quick noobs.

[nl247]

...
as for the price rise, it is going to happen since we are at the bottom and there is no way left to go but up.

As optimistic as I would love to be right now, I would not say we reached the bottom yet. The fact that the bulls are still trying to prove strong here does not mean we can utmostly think there is no chance the bears can still make an attempt to want to drive the market lower. The question we should be asking now is that; are bulls strong enough to maintain this up movement?

Sure, it came with a good momentum, but we also have to consider that longer time frame is very bearish, we still already made a lower low statement on the chart, and this could just be a short term upward movement. I may be wrong, but I guess with time, things would be known, but at this stage and with the way markets have acted for a while, nothing is 100% certain.

[magneto]

We're seeing the $6k support currently being pretty steady.

There are two main possibilities - either the $6k support will hold for the rest of the bear market, and a recovery starts soon; or we may see $6k support being broken, and bitcoin moving further down beneath that level.

I think that the second option is more likely right now considering that we're not yet close to the time that it took for prices to recover in 2014. And given the extent of the overheating of the market that happened last year, I think that prices will correct further down and see more bearishness before stabilising, even though currently prices are quite stable at the $6-7k mark.

[Pursuer]

...
as for the price rise, it is going to happen since we are at the bottom and there is no way left to go but up.

As optimistic as I would love to be right now, I would not say we reached the bottom yet. The fact that the bulls are still trying to prove strong here does not mean we can utmostly think there is no chance the bears can still make an attempt to want to drive the market lower. The question we should be asking now is that; are bulls strong enough to maintain this up movement?

Sure, it came with a good momentum, but we also have to consider that longer time frame is very bearish, we still already made a lower low statement on the chart, and this could just be a short term upward movement. I may be wrong, but I guess with time, things would be known, but at this stage and with the way markets have acted for a while, nothing is 100% certain.

I am not saying we are at the bottom because price went up from $6k to $6.7. I am saying we are most probably at the bottom because $6k was tested multiple times in the past 7 months and could not be broken. the charts right now look like you dropped a ball on the floor, it bounced back up big first then came down again then recovered smaller then came down again and now it is laying there on the floor.

and the longer price stays here in this "calm" state at this current price (the last part of the chart on the right which is extending with every day) the more confident I become that this was the bottom and now it is accumulation phase


not to forget that this is nearly 70% below the ATH.

[liamnorthcoins]

https://ethereumworldnews.com/bitcoin-btc-price-analysis-bulls-refuse-to-back-down/

This is what I love about BTC. With the previous bloodshed, BTC is trying to exhibit a very promising uptrend despite the FUD and hacking incidents that happened. Hope this recovery will last until next year's bitcoin halving and continue to perform well in the coming years.

The resistance it showed over time for the past 9 years is enough for me to believe in its capacity to become the next currency.

[STT]

the FUD is only effective for a short period of time before it stops being effective.

I agree with that, even the bears get tired after a while.   The bear dont walk around on two legs all day, he drops down, eats a bit and maybe even takes a nap     Even the most fierce trend does not continue without rest or reason.   

Theres enough reasons for the bulls to take over for a while.   I believe however we will consolidate in this area generally though, again no rise goes without some selling.  Both trends have to renew in order to continue.
So I think 7400 to 7700 area is where it could come to more of a rest.   It would be bullish to pullback and consolidate in this area before challenging any ceiling higher

[fabiorem]

hacking incidents

We are not in 2013 anymore. At that time, there was only half-dozen exchanges, today there are hundreds of them.

Bank robberies happen everyday, and we dont see fiat money losing its value because of it. The same with bitcoin and its exchanges, so nothing justify this "hacking incident" FUD.

Also, theres no exchange being "hacked", its always a inside job.

I only see good news coming to bitcoin: SEC approval, CBOE requesting a ETF, a big investment firm researching it, people in CNBC talking of bitcoin as a asset, etc. And theres also the technical aspects, as Schnorr signatures are to be implemented in the protocol.

Bitcoin's future is bright. The bear market is in life-support right now. Buy now or cry later.