Tuesday, March 9, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Bitcoin Weekly Outlook: Market Looks to Capitalize Wall Street Chaos – Bitcoinist.com

1 month ago
in Market
3 min read
Bitcoin Weekly Outlook: Market Looks to Capitalize Wall Street Chaos – Bitcoinist.com
Share on FacebookShare on Twitter




Advertisement

Bitcoin prices finished the last week slightly higher despite a rebound in the US dollar. The flagship cryptocurrency ended 2.63 percent higher on the Coinbase exchange for the week.

Meanwhile, the new weekly session began on a positive outlook. Bitcoin was up 1.47 percent, trading slightly above its short-term support level of the 20-day exponential moving average of $33,461. With no big events in view for the next five days, the cryptocurrency anticipates trading on emotions led by long-term fundamentals and short-term technicals.

Except there is just one catch: the ongoing chaos on Wall Street.

Bullish Dollar, Conflicted Bitcoin

The last two weeks saw day traders mobilizing other day traders to purchase several stocks, mostly notably GameStop and AMC Entertainment, that were heavily shorted by rich hedge funds in the US. The retail-led, revenge-buying frenzy led large investment firms to close their bearish positions at heavy losses.

That helped the US dollar log a rebound, limiting gains in the riskier safe-haven markets, including Bitcoin. Nevertheless, on Thursday, the cryptocurrency surged 10.14 percent to $34,000, followed by another upside push towards $39,000 in the next daily session.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin trades inside a bullish Rising Wedge technical structure. Source: BTCUSD on TradingView.com

So it appears, Bitcoin’s surge coincided with Robinhood halting GameStop and AMC stock trading on its platform. It also followed Elon Musk’s open endorsement of the cryptocurrency on its Twitter bio, which, as many analysts said, was a metaphorical response to big firms stopping small traders from betting in a free market.

Related articles

Bitcoin rises nearly 7% to $53,813, reclaims $1 trillion market capitalisation

Bitcoin rises nearly 7% to $53,813, reclaims $1 trillion market capitalisation

March 9, 2021
Contango And Over Collateralization

Contango And Over Collateralization

March 7, 2021

“In retrospect, it was inevitable,” Mr. Musk tweeted.

Meanwhile, day traders attempted to capitalize on the Wall Street chaos in the cryptocurrency sector by asking communities to push the Dogecoin price higher. At one point in time, the DOGE/USD exchange rate rose almost 1,300 percent higher on the Binance exchange.

This week, the frenzy is looking to do the same in the silver markets. That has forced some traders to cover their short positions in the white metal’s mining shares and exchange-traded funds. Their losses, coupled with the Federal Reserve’s warning about a slower-than-expected growth in the US economy, expect to further push the dollar’s safe-haven appeal.

us dollar, us dollar index, dxy, bitcoin

US dollar index rises as demand for safe-haven increases amid the Wall Street frenzy. Source: DXY on TradingView.com

That, in turn, could keep Bitcoin from logging maximum gains.

Frenzy Ahead?

Mr. Musk’s endorsement provides Bitcoin a concrete price floor above $30,000. Meanwhile, one cannot reject the possibilities of day traders’ army attempting to manipulate other cryptocurrencies into growing higher, as they did with…



Read more:Bitcoin Weekly Outlook: Market Looks to Capitalize Wall Street Chaos – Bitcoinist.com

Tags: Bitcoinbitcoin news todayBitcoinistcomCapitalizeChaosMarketOutlookStreetWallweekly

Related Posts

Bitcoin rises nearly 7% to $53,813, reclaims $1 trillion market capitalisation

Bitcoin rises nearly 7% to $53,813, reclaims $1 trillion market capitalisation

by Bitcoin Market
March 9, 2021
0

NEW DELHI: Bitcoin prices rose 6.9% to $53,813 on Tuesday, adding $3,546 to its previous close and reclaiming market...

Contango And Over Collateralization

Contango And Over Collateralization

by Bitcoin Market
March 7, 2021
0

Over the last couple of weeks, the concept of “contango” — the situation where a futures price of a...

How a Digital Yuan threatens to imperil Bitcoin’s biggest markets

How a Digital Yuan threatens to imperil Bitcoin’s biggest markets

by Bitcoin Market
March 6, 2021
0

By Joanna Ossinger Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes...

China’s Plan for Digital Yuan Imperils Bitcoin’s Biggest Markets – BNN Bloomberg

by Bitcoin Market
March 6, 2021
0

(Bloomberg) -- Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead...

Bitcoin could prevent society from functioning and is an ‘extreme form of libertarian

Bitcoin could prevent society from functioning and is an ‘extreme form of libertarian

by Bitcoin Market
March 5, 2021
0

A portfolio manager at one of London’s leading hedge funds has warned that bitcoin, probably the best known cryptocurrency,...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
North America’s first bitcoin ETF launches in Canada today

North America’s first bitcoin ETF launches in Canada today

February 18, 2021
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Market Report: FTSE flies after Joe Biden’s $1.9tn stimulus legislation is approved

Market Report: FTSE flies after Joe Biden’s $1.9tn stimulus legislation is approved

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Market Report: FTSE flies after Joe Biden’s $1.9tn stimulus legislation is approved

Market Report: FTSE flies after Joe Biden’s $1.9tn stimulus legislation is approved

March 9, 2021
Bitcoin tops $1 trillion in value again as the cryptocurrency’s price jumps

Bitcoin tops $1 trillion in value again as the cryptocurrency’s price jumps

March 9, 2021
Mowi ASA (OSE:MOWI): Capital Markets Day 17 March 2021 from 08:00 (CET)

Mowi ASA (OSE:MOWI): Capital Markets Day 17 March 2021 from 08:00 (CET)

March 9, 2021
Private Blockchain Project Funding Accelerates as Companies Race to Address New Needs

Private Blockchain Project Funding Accelerates as Companies Race to Address New Needs

March 9, 2021
Bitcoin rises nearly 7% to $53,813, reclaims $1 trillion market capitalisation

Bitcoin rises nearly 7% to $53,813, reclaims $1 trillion market capitalisation

March 9, 2021
Gold Price Languishes as US Yields and Bitcoin Price Rebounds

Gold Price Languishes as US Yields and Bitcoin Price Rebounds

March 9, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$54,155.007.88%
  • bitcoin-cashBitcoin Cash(BCH)$540.306.24%
  • binance-coinBinance Coin(BNB)$271.6416.16%
  • bitcoin-goldBitcoin Gold(BTG)$30.165.57%
  • bitcoin-privateBitcoin Private(BTCP)$0.21935.02%
  • blocktixBlocktix(TIX)$0.0140.00%