- Bitcoin Gold outperforms all major cryptocurrencies on Tuesday with gains testing $9.50.
- BTG/USD remains in the hands of the bulls despite the price stalling at $9.50.
The cryptocurrency market is mainly in the red led by Bitcoin (BTC)’s retreat from weekly highs close to $9,800. However, Bitcoin Gold (BTG) has managed to give a blind eye to the bearish wave sweeping across the crypto universe. BTG/USD is trading at $9.28 following a 4.39% gain on the day. The digital asset opened the trading at $8.90 and hit an intraday high of $9.50. A minor retreat has seen the price adjust to the prevailing market value.
Bitcoin Gold technical picture
For over three months now, Bitcoin Gold has sustained the price above $8.00. Unfortunately, gains above $10.00 have not been sustainable. Moreover, the selling pressure at $11.00 has been too strong for the bulls to break. Over the last few hours, Bitcoin Gold broke above key trendline resistance. Perhaps this was the force behind the rally to $9.50.
Marginally below the prevailing market value is Bitcoin Gold’s initial support at the 50-day SMA. If a reversal is to continue below the descending trendline, the 100-day SMA will come in handy to stop the declines. The primary support at $8.00 is still intact and the best bet at stopping losses based on the trading history in the past three months.
Technically, BTG/USD is in the hands of the bulls. The RSI is moving towards the overbought areas, which means that there is still room for growth. The MACD is almost crossing above the midline into the positive region. Such a move could indicate the buyers are gaining traction against the bears. In the near term, the bulls have eyes on $10.00 because gains above this zone would boost the price towards the barriers at $12.00 and $13000.
Related content: Bitcoin Sentiment Analysis: Bitcoin paces towards $10,000 on PayPal crypto integration rumors
BTG/USD daily chart
-637284801015222732.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.