Bitcoin (BTC) Price Analysis – January 2

  • If the crypto's price falls below the $3,700 price level, the downtrend is likely to resume.
  • The BTC price is likely to rise if the $4,000 price level is broken and the price is sustained.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,800, $3,300, $3,100 

In the last five days, the price of Bitcoin had been fluctuating between the $3,800  and $3,900 price levels. The 12-day EMA and the 26-day EMA  are horizontally flat indicating that price is in a sideways trend. The crypto's price is neither below nor above the EMAs indicating that price is also ranging.

Meanwhile, the two critical levels to watch out for are the $3,700 and $3,900 price levels. If the crypto's price falls and breaks the $3,700 price level, the downtrend is likely to resume. Similarly, if the bulls break the $4,000 price level, the crypto will reach the previous highs of $4,200 and $4,400 price levels.

BTCUSD Short-term Trend: Ranging   

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View   

On the 4-hour chart, the crypto's price is in a sideways trend. In the last week, the crypto's price fluctuated above and below the 12-day EMA and the 26-day EMA. Yesterday, the BTC price fluctuated above the  EMAs to reach the high of $3,956.30. Today, the BTC price is retracing to the 26-day EMA. 

Meanwhile, the Stochastic indicator is approaching the overbought region but below the 80% range. This indicates that Bitcoin is in a bullish momentum and has a buy signal.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.   

Weekly Newsletter

Report: Bitcoin Top Performing Crypto for Q2 2019

Michael LaVere
  • Bitcoin outperformed all other crypto-assets in Q2 2019 according to a CoinGecko report. 
  • Top 5 cryptocurrencies now control 86% of the market. 

Bitcoin was the top-performing cryptocurrency in Q2 2019, despite the rocky price volatility hitting the market. 

Bitcoin Dominance

According to a new report published by CoinGecko, bitcoin outperformed all other digital currencies during the second fiscal quarter of the year.

BTC posted a net gain of 165%, compared to the second-highest performing currency of bitcoin cash at +137%. Ethereum placed third at +107%, with litecoin and XRP rounding out the top five at +103% and +28%  net gains, respectively. 

The average return for the top five currencies in Q2 2019 was +108%, showing an overall robust turn in the marketplace for crypto-assets compared to last year. 

top 5 cryptocurrencies coingeckoTop 5 performing cryptocurrencies during Q2 2019 | Source: CoinGecko

In addition to leading the pack in terms of gains, bitcoin also consolidated its market dominance, while EOS and XRP experienced a retraction. 

According to the report,

 

“Bitcoin’s market dominance increased significantly in Q2 2019, from 54.6% to 65.0% (+10.4%). XRP and EOS lost nearly half of its market dominance. XRP decreased from 9.8% to 5.7% (-4.1%) while EOS decreased from 3.3% to 2.0% (-1.3%).”

 

While bitcoin’s gain in dominance was impressive, the entire top five separated itself from the general pack of altcoins during the last fiscal quarter. 

The report continues, 

 

“Almost all other coins lost market dominance in Q2. By end Q2 2019, the top-5 coins comprised approximately 86% of the overall market capitalization.”

 

Overall Crypto Growth

However, the entire market of crypto increased during that time. CoinGecko called the most recent quarter a “crypto summer,” with total market capitalization for crypto-assets gaining over $200 billion and obliterating previous expectations.

Trading volume also rose steadily, nearly doubling by the end of Q2. 

cryptocurrency market cap trading volume coingeckoTotal market cap and trading volume rose throughout Q2 2019 | Source: CoinGecko

Despite the introduction of Facebook’s libra in June, the price of bitcoin continued to climb on a meteoric rise from $4,000 to above $10,000. CoinGecko reported bullish sentiment growing throughout the quarter, with the original cryptocurrency gaining in positive mentions through social media. 

Bitcoin also eclipsed “stocks” in overall search volume on Google for the first time since Q4 2017, when the price of btc hit its last all-time high.