The United States Federal Reserve Chair Jerome Powell recently said that additional fiscal stimulus could result in a stronger recovery. He also emphasized that the Fed had enough tools to support the economy. After the winner of the U.S. election is announced, the focus of lawmakers could shift to the next stimulus package. However, additional money printing will only worsen the existing national debt which is currently at $27.2 trillion. Even though a new round of stimulus measures may be required in the short-term to reduce the impact of the economic crisis caused by the COVID-19 pandemic, analysts believe that …

Today Bitcoin (BTC) price briefly pushed through the $14,100 resistance to achieve a new 2020 high at $14,259 before pulling back to retest $14,100 as support. Although this level represents a critical resistance, data suggests that Bitcoin whales are not closing their positions in a hurry as they expect the current rally to continue. This strong show of confidence is occurring even as there is heightened uncertainty over the result of the U.S. presidential election shows that market participants expect Bitcoin price to move higher regardless of who wins the election. Another bullish sign for Bitcoin is the record inflow …

While most investors and traders anticipated massive volatility to occur through the election hours, little has happened. Bitcoin’s (BTC) price is still relatively stable and hovering under the crucial resistance of $14,000. At the same time, Bitcoin’s price has been moving in tandem with equity markets over the past 24 hours. Bitcoin still can’t break the $14,000 resistance The weekly chart is showing a very healthy setup, as the price movements look natural and organic, testing all previous support and resistance levels before continuation occurs. As the chart shows, this structure was established with the $10,000 level, after which the …

Bitcoin (BTC) has been on a tear and there’s no escaping it. But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already? Is it over or is there more to come? Multi-year resistance levels BTC/USD 12-hour chart. Source: TradingView Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level. After $14,400 there isn’t much in the way of resistance until $17K before a new all-time …

China’s central bank governor Yi Gang has said that the nation’s digital yuan pilot projects have processed transactions worth over $299 million without any major problems. This suggests that China is much ahead of its competitors in developing and studying the central bank digital currency (CBDC). However, the European Central Bank does not want to be left behind. European Central Bank President Christine Lagarde has invited comments from the public on whether they “would be happy to use a digital Euro just in the way they use a Euro coin or a Euro banknote.” Another central bank that is trying …

The cryptocurrency market momentum has swung back to Bitcoin (BTC) recently as BTC dominance and trading volumes have been climbing along with its price. In that regard, the primary altcoin indicator, Ether (ETH), has not been doing well as ETH/BTC has dropped 30% in the last two months. Now, many crypto traders are asking when the altcoins will bottom out and start to rally again. Let's take a look at what the charts are showing. Ether staying above 100-week and 200-week MAs The weekly chart shows a precise range, as Ether’s price couldn’t break through the resistance zone at $450. …

Bitcoin (BTC) has rallied about 90% year-to-date and has risen close to 191% from its March lows. The rise has been gradual without much fanfare, which suggests that crypto believers are the ones who have been buying in 2020. October’s monthly close at $13,798.99 is the highest ever, surpassing the December 2017 close at $13,789.68. The strong performance of Bitcoin may now attract the momentum players and the speculators who look to benefit from the strength. If that happens, then Bitcoin could pick up momentum and surprise investors to the upside. This could result in traders selling their altcoins to …

Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range. While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next President will continue to print more dollars. Using data from CoinMetrics, Twitter user Julio Moreno recently highlighted that if Bitcoin could sustain above $10,000 for four more …

Bitcoin (BTC) has started to decouple from the U.S. stock market index S&P 500 according to crypto statistician Willy Woo. First signs of de-coupling behaviour spotted between BTC and stocks. Buying from an influx of new users provides price support preventing speculators from trading the correlation downwards. NVTP approximates a valuation for BTC with organic investor velocity on the blockchain. pic.twitter.com/AvilB9cfdD — Willy Woo (@woonomic) October 29, 2020 Predicting this behavior in late September, he asserted that Bitcoin will break ties with traditional markets due to an influx of new users: “Bitcoin will decouple from traditional markets soon, but driven …

The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen. In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when it has followed the S&P 500 or gold. Therefore, investors should take a longer-term view rather than panicking due to short-term volatility. A survey by Grayscale has shown that …

Bitcoin (BTC) price has been showing impressive strength in the previous weeks and today the price made a new 2020 high at $13,666. This momentum was made alongside weakness in the U.S. dollar and many analysts believe that as long as the dollar remains weak, Bitcoin and other safe-haven assets will do well. However, as Bitcoin shows strength, altcoins are failing to follow suit and most altcoins are selling off against BTC. Bitcoin’s dominance rate has been rising in the previous weeks and this shows that the market’s momentum is based around Bitcoin. Traders expect resistance between $13,500-$14,000 The weekly …

Morgan Creek Digital co-founder Anthony Pompliano highlighted data from Santiment, which showed that the 30-day rolling correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp stressed that the lack of correlation shows that Bitcoin is a store of value. Along with that, Bitcoin has also outperformed most traditional asset classes such as gold, the S&P 500, crude oil, and the U.S. dollar since the sector wide crash that took place in March when coronavirus fears reached a peak. Abra Co-founder and CEO Bill Barhydt recently said that “Bitcoin is the single best investment opportunity in the world right …