BTCUSD Archives - FaithMight

November 13, 2024November 13, 2024

Bitcoin Hits All-Time High As Trump Wins

In March 2024, Bitcoin was able to break out of the previous high at $69,000 which was in November 2021. After the high in November 2021, price dropped to $15, 912. The lowest price since November 2022.

As a result of Trump winning the election on November 5, there was a spike in the value of BTCUSD and major cryptocurrencies. As of the time of this writing, the total market capitalization of the crypto market stands at $2.9Trillion. And in the last 24hrs, the total value of the crypto market has increased by 3.44%. The total crypto market volume over the last 24 hours is $379.33Billion. There is no guarantee of a continued bullish movement. Many holders might decide to sell off.

The current price of BTC is $87,000, a few points down from the all-time high of today at $89,962. In the last 7 days, BTCUSD has gained 16,000points. The gains might be wiped out in the next few months, as price of BTCUSD might fall to $20,000. Between November 2023 and April 2024, RSI has shown that price of BTCUSD has been overbought on the weekly chart. And currently as a result of the highs in the last one week, RSI has also shown that price has been overbought on the weekly chart.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto in your portfolio? Schedule a meeting with us here

July 2, 2024July 2, 2024

A Crypto Crash is Approaching

The crypto boom in 2024 has made many crypto coins reach new all-time highs. With Bitcoin reaching $73,193, Ethereum $4,093 and Solana $210.15. All these highs were reached on the third week of March. Ever since this high was reached, price has been hitting similar highs and lows in the last three months.

The last major crypto low was in November 2022. At this point Bitcoin’s price was at $15,484. Just like 2021 when price of Bitcoin and Ethereum were at the then all-time high at $69,000 and $4,890 respectively. Unlike Bitcoin that reached a new all-time high in 2024, Ethereum has failed to reach a new all-time high in 2024, as it has maintained the 2021 high at $4,890.

We might be seeing a massive drop in the price of Crypto assets in the coming weeks. Bitcoin could fall from the recent high of $63,700 to $19,500, Ethereum from $3,447 to $1500. The reason for this crash is not ascertained at the moment. There have been price retesting the common price level.

March 19, 2024March 19, 2024

Bitcoin Hits New High…Again. Price Surpasses $73,000

As of 19th March 2023, the total number of Bitcoin in circulation was 19,658,256 BTCs, which is 93.61% of the total number of Bitcoins to be supplied.

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009. Crypto investors are looking forward to having the crypto halving. Bitcoin halving is a pivotal event in the Bitcoin network where the reward for mining Bitcoin transactions is cut in half. The event occurs approximately every four years or after 210,000 blocks.

In April 2024 the block reward will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block. The next Bitcoin halving is expected to occur in April 2024, when the number of blocks hits 740,000. The exact date of the halving is not yet known as the time taken to generate new blocks varies, with the network averaging one block every ten minutes.

In 2024, as the Bitcoin halving date fast approaches, the price of Bitcoin has been able to break the previous high of $69,149 in 2020. Bitcoin has maintained a support level at $24,779 since June 2023. The bulls have been able to push price higher to $73,800 which currently stands as the all-time high. The all-time high was reached on 14th March, 2024. The current price of Bitcoin is at $63,200 after price fell from the all-time high. The price of Bitcoin might fall below $50, 000 in the coming weeks as RSI shows price has been overbought on the weekly chart. A Doji candlestick pattern has also been spotted.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

January 4, 2024January 4, 2024

Bitcoin Is About To Reach $1 Trillion Market Capitalization…Again

The first decentralized cryptocurrency, Bitcoin, has paved the way in the recent crypto rally. An essential characteristic of the Bitcoin protocol is the strict limit on the number of bitcoins that can be created: it is stipulated that no more than 21 million bitcoins can ever be created, and as of 10 October 2022, 18,925,000 Bitcoins are in supply.

In February 2021, Bitcoin hit a $1 trillion market cap for the first time. The market cap of $1 trillion was later surpassed as Bitcoin hit an all-time high of $69,200. After the all-time high was reached, the year 2022 was a bearish year for Bitcoin investors and traders as price dipped to $16,614. The year 2023 saw a bullish trend for Bitcoin as the year’s opening price was at $16,614 and the closing price was at $41,952. That is approximately a 156% increase in price. As of the time of this writing, the current price of Bitcoin is at $43,133 with a market cap of $845 billion.

As it is expected to see a price rally in the coming weeks, we might see the price of Bitcoin reach a new high in 2 years as price could reach $46,000 psychological level. Though RSI has shown that price is overbought on the weekly chart, this might not reduce the momentum of the bulls.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here.

November 14, 2023November 14, 2023

Bitcoin Reaches 2023 High at $37,200

After the major crypto market dip in 2022, it has been challenging for the crypto bulls this year has there have not been a significant price movement either to the upside or the downside as price has been between $20,000 and $31,500.

From November 2021 when price of Bitcoin reached an all-time high at $67,500, the bears were in charge of the market for one year. In November 2022, the price reached $15,479. That is approximately 77% fall. The opening price of Bitcoin in 2023 was $16,519, which was higher than the support of 2022 at $15,479. This is an obvious indication that 2023 started bullish. January 2023 was majorly bullish as the monthly closing price was at $23,081. The rally continued in February as price hit a new 2023 high at $25,000. From March 2023 to October 2023, the price of bitcoin ranged between $24,700 and $31,800.

In the first week of November 2023, there was a breakout to the upside as the price of Bitcoin reached at new 2023 high at $37,880. There might be a continued bullish run to a new 2023 despite the as price of Bitcoin is currently overbought on both daily and weekly charts.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here.

July 27, 2023July 27, 2023

Bitcoin Is About To Reach A New 2023 High

It’s indeed a bullish year for the crypto market as major crypto assets reached new highs. Bitcoin has hit new highs every month of this year except for May when a retracement occurred from April’s high of $31,000. The current 2023 high stands at $31, 850, which was reached on July 13. Price retraced as it went down to $28,929 to form a new support. The current price of Bitcoin as of this writing is at $29,305.

We might be seeing a rally back to the year’s high at $31,850 which also stands as the current resistance level. Even better, the rally could break this resistance to the upside. On the daily chart, RSI indicates that price has been overbought and price is currently in the lower region of the Bollinger bands. The weekly chart is yet to show that price is overbought, but it has been oversold since June 2022. As Bitcoin rallies, other crypto assets could rally in the coming days. We could see Bitcoin above $32,000 for the first time since May 2022.

March 15, 2023March 15, 2023

Bitcoin Falls Below $22,000

Bitcoin has been in a range between $15,470 and $18,373 since November 2022. A breakout to the upside occurred on the 13th of January, 2023. Since the breakout, the pressure from the bulls have continued, causing January to end on a bullish note.

The bullish run continued in February and the price of Bitcoin hit a new high at $25,200. After this, the price fell to $19,560 but then the bulls took control again and price headed to $26,530. From a technical standpoint, the bulls are gathering momentum for a major bull run.

Looking at the RSI, price has been oversold since July 2022 on the weekly time frame. As of the time of publishing this article, Bitcoin is at $24,700. Our analysts forecast that in a few weeks, price will reach $30,000 psychological level.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

January 19, 2023January 19, 2023

Crypto Assets In Its First Bullish Run in 2023

Crypto Market Sees First Rally Of The Year

The year 2022 was a bad year for crypto investors. The crypto market lost over 55% of its capitalisation in 2022. Bitcoin’s opening price in 2022 was $46,200 with a closing price of $16,450, which was approximately 64% loss in a single year. Ethereum’s opening price in 2022 was $3690, with a closing price of $1172, which was a 68% loss. The Binance Coin’s opening price was at $512.2 with a closing price of $246.7, a loss of 51% throughout the 2022 Crypto crash.

The 2022 crash might not be the end of the bearish trend, though the last few days have shown a bit of hope for crypto investors as crypto assets across many exchanges have appreciated. The rally might be a temporary one as we might see prices of crypto assets reach a 3-year low. The next crypto bearish move could break the lowest price of 2022 to the downside further. When this eventually happens, then the hope investors had as a result of the recent rally would be dashed away.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here

January 12, 2023January 12, 2023

Bitcoin Hits 4-Week High

2022 was not a good year for Bitcoin investors. The opening price of the year was $46,184 and the year ended at $16,523. This was about a 64% loss in the value of Bitcoin. On the daily chart, Bitcoin experienced lower highs and lower lows. The highest point Bitcoin reached in 2022 was $48,185 which was in March.

Bitcoin opened in 2023 at $16,538. Studying the technicals, it is clear that the price of Bitcoin has been ranging between $15,880 and $21,500 since November 2022. As the year 2023 began, Bitcoin saw a brief rally to $17,400 which stands as the 2023 high, and simultaneously the highest point in 4 weeks.

However, looking at the entire year of 2022, Bitcoin is currently experiencing a weak bullish momentum as the bears are still in control of the crypto market. If BTC price tries to rally from the current price of $17,287, it might be counteracted by the aggressive bears and price may fall back to the support level of $16,000.

October 26, 2022October 26, 2022

Bitcoin Bears To Stay Dominant

Since the all-time high for Bitcoin has been reached in November 2021, Bitcoin price has dipped heavily. BTCUSD has lost 72.1% of its value from the all-time high at $69,149. As of today, 25th of October 2022, price is around $19,292. The Bitcoin resistance level for the year was at $48,239, which was on the 28th of March 2022. Bitcoin had the highest market capitalization of $1.28 trillion on November 9, 2021. 8 years ago, precisely on May 1, 2013, Bitcoin’s market capitalization was at $1.2 billion. There has been a monumental growth in the value since its launch in 2009 when price was at $0.0009.

Just like the Bitcoin crash, most crypto assets have fallen in value. Many crypto investors are hopeful that price would appreciate before the end of the year. There are no signs or possible indications that price could rally this year. All through this year, each time the price of Bitcoin has tried to appreciate, it has been consistently counteracted by a bearish force. The year’s support level is at $17,775 which was reached in June 2022. Using the Monthly Chart, price is currently consolidating around the 2017 resistance level at $17,500. The Daily Chart has shown more of a ranging price for the most part of October 2022. We might be seeing price fall below the year’s low at $17,775, which will further reduce the value of BTC; keep in mind that the current market cap of Bitcoin is at $370.5 billion.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here