{"id":461384,"date":"2021-04-15T13:17:05","date_gmt":"2021-04-15T13:17:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=461384"},"modified":"2024-06-11T13:55:00","modified_gmt":"2024-06-11T13:55:00","slug":"latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/","title":{"rendered":"Latest Bitcoin Dip Did Little In Offsetting &#8220;Wildly Bullish&#8221; Bias; Here&#8217;s Why"},"content":{"rendered":"<p>Bitcoin <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-trims-gains-52k\/\" target=\"_blank\" rel=\"noopener \">dropped immensely<\/a> after setting up a record high of $64,896.75 as some traders decided to secure short-term profits.<\/p>\n<p>The correction nevertheless did little in offsetting the benchmark cryptocurrency&#8217;s upside bias. Analysts remained convinced that the BTC\/USD exchange rate would rebound from its sessional lows to pursue its uptrend as it was. One of them is Dr. Jess Ross.<\/p>\n<p>The founder\/chief executive at Vailshire Capital <a href=\"https:\/\/twitter.com\/VailshireCap\/status\/90172933\" target=\"_blank\" rel=\"noopener nofollow\">tweeted earlier Thursday<\/a> that Bitcoin remains &#8220;wildly bullish,&#8221; citing an ascending triangle to back his upside sentiment. In retrospect, the BTC\/USD exchange rate was trading inside the bullish continuation pattern, with the area between $60,000 and $61,000 serving as its interim resistance.<\/p>\n<figure id=\"attachment_461386\" aria-describedby=\"caption-attachment-461386\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/EzAw3lEUcAYKenN.jpeg\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-461386\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/EzAw3lEUcAYKenN.jpeg?resize=860%2C438\" alt=\"Bitcoin broke out of the Ascending Triangle pattern earlier this week. Source: BTCUSD on TradingView.com\" width=\"860\" height=\"438\"><\/a><figcaption id=\"caption-attachment-461386\" class=\"wp-caption-text\">Bitcoin broke out of the Ascending Triangle pattern earlier this week. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Earlier this week, the pair broke above the price ceiling range on supportive macroeconomic sentiments. Coinbase, the US&#8217;s largest cryptocurrency exchange, <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-coinbase-crypto-dollar-reversal\/\" target=\"_blank\" rel=\"noopener \">debuted on the Nasdaq Stock Market<\/a> following a landmark direct listing. Traders used the Wall Street-oriented signal to raise their bitcoin bids, insomuch that the price surged by more than $5,000 in the hours leading up to the Coinbase share (Ticker: COIN) listing.<\/p>\n<p>The news helped Bitcoin break above the $60,000-61,000 range after testing it for weeks. But its effect started wearing off New York mid-afternoon session Wednesday. The <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-coinbase-coin-nasdaq\/\" target=\"_blank\" rel=\"noopener \">wild fluctuations in the COIN market<\/a> rattled traders inside the spot Bitcoin one. The price fell, as a result, leaving traders guessing about the next potential bias in the cryptocurrency market.<\/p>\n<h2>Bitcoin to $80,000 Next?<\/h2>\n<p>Dr. Ross noted that bitcoin bulls should wait for the price to drop towards the previous price ceiling of ~$61,250 before buying the cryptocurrency or placing a bet on its upside move. He added that BTC\/USD would surge higher after testing the flipped resistance level.<\/p>\n<blockquote><p>&#8220;Great opportunity to buy before next leg higher,&#8221; he tweeted.<\/p><\/blockquote>\n<p>As NewsBTC also covered, Ascending Triangle breakouts typically shoot the price upward by as much as maximum length between the pattern&#8217;s upper and lower trendlines. That puts Bitcoin&#8217;s breakout target at nearly $80,000.<\/p>\n<p><em>Photo by <a href=\"https:\/\/unsplash.com\/@macauphotoagency?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noopener nofollow\">Macau Photo Agency<\/a> on <a href=\"https:\/\/unsplash.com\/s\/photos\/bull?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noopener nofollow\">Unsplash<\/a>\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin dropped immensely after setting up a record high of $64,896.75 as some traders decided to secure short-term profits. The correction nevertheless did little in offsetting the benchmark cryptocurrency&#8217;s upside bias. Analysts remained convinced that the BTC\/USD exchange rate would rebound from its sessional lows to pursue its uptrend as it was. One of them is Dr. Jess Ross. The founder\/chief executive at Vailshire Capital tweeted earlier Thursday that Bitcoin remains &#8220;wildly bullish,&#8221; citing an ascending triangle to back his upside sentiment. In retrospect, the BTC\/USD exchange rate was trading inside the bullish continuation pattern, with the area between $60,000 and $61,000 serving as its interim resistance. Earlier this week, the pair broke above the price ceiling range on supportive macroeconomic sentiments. Coinbase, the US&#8217;s largest cryptocurrency exchange, debuted on the Nasdaq Stock Market following a landmark direct listing. Traders used the Wall Street-oriented signal to raise their bitcoin bids, insomuch that the price surged by more than $5,000 in the hours leading up to the Coinbase share (Ticker: COIN) listing. The news helped Bitcoin break above the $60,000-61,000 range after testing it for weeks. But its effect started wearing off New York mid-afternoon session Wednesday. The wild fluctuations in the COIN market rattled traders inside the spot Bitcoin one. The price fell, as a result, leaving traders guessing about the next potential bias in the cryptocurrency market. Bitcoin to $80,000 Next? Dr. Ross noted that bitcoin bulls should wait for the price to drop towards the previous price ceiling of ~$61,250 before buying the cryptocurrency or placing a bet on its upside move. He added that BTC\/USD would surge higher after testing the flipped resistance level. &#8220;Great opportunity to buy before next leg higher,&#8221; he tweeted. As NewsBTC also covered, Ascending Triangle breakouts typically shoot the price upward by as much as maximum length between the pattern&#8217;s upper and lower trendlines. That puts Bitcoin&#8217;s breakout target at nearly $80,000. Photo by Macau Photo Agency on Unsplash\u00a0<\/p>\n","protected":false},"author":50,"featured_media":461387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[76861,428,1144,78790,1558],"class_list":["post-461384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ascending-triangle","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Latest Bitcoin Dip Did Little In Offsetting &quot;Wildly Bullish&quot; Bias; Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin dropped immensely after setting up a record high of $64,896.75 as some traders decided to secure short-term profits. The correction nevertheless\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latest Bitcoin Dip Did Little In Offsetting &quot;Wildly Bullish&quot; Bias; Here&#039;s Why\" \/>\n<meta property=\"og:description\" content=\"Bitcoin dropped immensely after setting up a record high of $64,896.75 as some traders decided to secure short-term profits. The correction nevertheless\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-15T13:17:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:55:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/macau-photo-agency-eF_4oktrnsM-unsplash.jpg?fit=1920%2C1280\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yashu Gola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yashu Gola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/\"},\"author\":{\"name\":\"Yashu Gola\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/5525937b173cfbe70c9793968201315f\"},\"headline\":\"Latest Bitcoin Dip Did Little In Offsetting &#8220;Wildly Bullish&#8221; Bias; Here&#8217;s Why\",\"datePublished\":\"2021-04-15T13:17:05+00:00\",\"dateModified\":\"2024-06-11T13:55:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/\"},\"wordCount\":364,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/macau-photo-agency-eF_4oktrnsM-unsplash.jpg?fit=1920%2C1280\",\"keywords\":[\"ascending triangle\",\"bitcoin\",\"btcusd\",\"BTCUSDT\",\"cryptocurrency\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/\",\"url\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/\",\"name\":\"Latest Bitcoin Dip Did Little In Offsetting \\\"Wildly Bullish\\\" Bias; Here's Why\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/latest-bitcoin-dip-did-little-in-offsetting-wildly-bullish-bias-heres-why\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/macau-photo-agency-eF_4oktrnsM-unsplash.jpg?fit=1920%2C1280\",\"datePublished\":\"2021-04-15T13:17:05+00:00\",\"dateModified\":\"2024-06-11T13:55:00+00:00\",\"description\":\"Bitcoin dropped immensely after setting up a record high of $64,896.75 as some traders decided to secure short-term profits. 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