Categories: Bitcoin Business

Bitcoin Targets the $14,000 Level amidst Positive Fundamentals

Click here to view original web page at

Bitcoin, whose price fell close to the $9,500 level last week, has dramatically switched its interim bias upside down.

The world’s leading cryptocurrency on Monday soared to a session high of $12,829.96, adding over 32 percent to its month-to-date low on San Francisco-based Coinbase exchange. The upside price action further brought bitcoin closer to its 2019 peak of $13,868.44, prompting speculators to envision a double top scenario.

Bitcoin Heading to Form Double Top | Image Credits: Josh Rager

Technically, a double top situation is alarming because of its tendency to fuel bearish reversals. Assets retesting local price tops within a small timeframe tends to fall back sharply. But according to market analyst Josh Rager, such is not the case with bitcoin.

The prominent trader said on Tuesday that a double top formation is not bearish if the asset’s prior moves are to the upside. A fall in prices was valid in 2018 when bitcoin was in a strong downtrend. But in 2019, the cryptocurrency is trending upwards – and in near-term – towards the $14,000 level.

It's likely that fear of a "double top" may be shared by some if price pushes above $13k again

Double tops were a popular reversal pattern in 2018 where price created a double high or near high before the next drop

The big difference though…

2019 is a bull market

“A break and close above $12,354 on 4hr/1 Day resistance and I’d look for BTC to retest previous highs and will trade the ranges until that happens,” tweeted Rager.

Bitcoin Dominance High/Tether Prints

The weekly upside action took the bitcoin’s total percentage share in the cryptocurrency market to 66.82. The cryptocurrency’s dominance had started rising right after price low on July 2. At that time, bitcoin engulfed 64.55 percent of the overall market.

A more than 2 percent increase in dominance coincided with the printing of $100 million worth of Tether stablecoins, USDT. According to Jesse Powell of Kraken exchange, growth in the supply of USDT coins is bullish for bitcoin. The chief executive told TD Ameritrade that Tether supplied fresh stablecoins to meet demand, adding that the USDT demand itself testified that traders are looking to purchase bitcoin.

“Recently, we’ve had massive inflows of fiat currency, so I believe the Tether prints are a result of new fiat coming in,” said Powell.

The statements followed reports that claimed Tether is artificially inflating the price of bitcoin by printing unpegged USDT coins. Noted economist Nouriel Roubini mentioned it during his recent debate with Arthur Hayes, co-founder & CEO of BitMEX exchange, accusing Tether founder of manipulating the bitcoin market.

Indeed, more fiat Tether manipulation of Bitcoin

— Nouriel Roubini (@Nouriel) July 1, 2019

Powell, nevertheless, believed that the demand for USDT is real, and the stablecoin alone cannot pump the bitcoin market by billions of dollars.

“It’s huge retail demand and all the media attention on it. It’s not Tether,” Powell added.

What’s Driving Investors to Bitcoin?


The amount of global media coverage bitcoin receives surged dramatically in recent months. There are mainstream financial companies like TD Ameritrade, Bakkt, and Fidelity Investments that are developing bitcoin trading solutions for both the retail and institutional investors. There is Facebook, whose plans to launch a payment platform Libra has put bitcoin in the headlines of many leading news services. And then, there are a series of macroeconomic and geopolitical factors that are sending investors looking for haven assets like gold and bitcoin.

Alex Krüger, a market analyst and economist, believes such positive fundamental factors are influencing wealthy investors to allocate a portion of their investment portfolio to bitcoin. He brought to notice that the cryptocurrency is attracting large, aggressive buyers.

The cause is simple: aggressive buyers crossed the bid-ask spread and overpowered both passive and aggressive sellers. Based on price action, there were aggressive buyers with deep pockets in action last night. There was no specific trigger known to anyone outside of them.

— Alex Krüger (@krugermacro) June 26, 2019

“More buyers than sellers” is a meme. I’d bet there were more sellers than buyers,” tweeted Krüger. “However, buyers were large & aggressive. What moves a market upwards is not “more buyers than sellers” but “aggressive buyers overpowering aggressive and passive sellers.”

Tags:bitcoin Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games

The world’s leading cryptocurrency on Monday soared to a session high […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

  • Bitcoin Business

Robinhood App Encroaches on Banking Turf with High-Yield Money Tool

Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More

18 mins ago
  • Bitcoin Business

The blockchain/crypto week in quotes

“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.” US… Read More

18 mins ago
  • Bitcoin Business

Art and watch collectors: Here’s how blockchain can stamp out fakes

According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More

18 mins ago
  • Bitcoin Business

Litecoin and the Miami Dolphins Join Hands Over Charity

Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More

6 hours ago
  • Bitcoin Business

Crypto News: Grayscale’s Record Inflows, Shell’s New Blockchain Investment

Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More

6 hours ago
  • Bitcoin Business

David Koepsell (YICB 07), Co-founder of Encrypgen, LLC and Blockchain in Healthcare Global

David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More