Bitcoin really hasn’t done too well over the past few days; since the $9,200 peak seen on Saturday, the price of the cryptocurrency crashed as low as $3,800, marking a more-than-50% crash from the weekly high.
Unfortunately, a key signal suggests that the prospects of recovery may be diminishing.
Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions
Key Bitcoin Signal Seems Poised to Flash
While many stories in the media paint Bitcoin mining as a key to easy riches, this isn’t always the case; over the past few months, it has been estimated that the cost of mining a single BTC came in around $8,000, assuming standard electricity prices and the newest publicly-available hardware.
This means that with the weakness, higher-cost miners have been forced out of the market, marked by the 30% drop (per data from Blockchain.com) from the all-time high hash rate established just last week.
This means that the Hash Ribbons, an indicator tracking the moving averages of the hash rate, is on the verge of printing a signal of “miner capitulation,” when miners are forced out of the market en-masse due to BTC trading below the cost of mining.
Hash Ribbons coming in hot for another Miner Capitulation.
Currently a 1 week data delay so crossover may have already occured…#Bitcoin pic.twitter.com/uPektFzeJX
— Charles Edwards (@caprioleio) March 14, 2020
To better illustrate the importance of miners capitulating, here’s a chart from industry podcaster and Bitcoin bull Preston Pysh. As Pysh’s chart below clearly depicts, the mining capitulation what preceded the now-infamous 50% crash from $6,000 to a price just above $3,000 in late-2018.
Furthermore, the last miner capitulation that was seen late last year was followed by a 20% drop lower, before an eventual recovery that saw Bitcoin rally 50% to $10,500 in just a few months’ time.
Potential miner capitulation at a hash rate cross.Great chart by @caprioleio. #Bitcoin pic.twitter.com/fBMwrrzHxf
— Preston Pysh (@PrestonPysh) November 14, 2019
History rhyming will see Bitcoin continue to trend lower once (if) the miner capitulation is confirmed over the next few days and weeks. Though, history rhyming will also see the price of the cryptocurrency explode dozens of percent, maybe hundreds of percent higher once miners begin to siphon resources to securing the network once again.
Do Bulls Have Any Hope?
Fortunately, analysts currently see a bull case forming for Bitcoin that may mitigate some of the downside risks.
Filb Filb, for instance, pointed to three reasons why Bitcoin could squeeze higher: the short-term chart has formed a textbook Adam and Eve bottom, the funding rate in BitMEX is favoring a bullish reversal, and the bid side of the order book has started to stack up again in an act that indicates buying support.
Related Reading: Why Did Bitcoin’s Price Plunge 50% to $3,800 In 24 Hours?
Featured Image from Shutterstock origin »
As Dubai is renowned as an international business and financial hub it should be no surprise it has a dedicated community of cryptocurrency supporters. On Saturday the residents of the city are coming together to learn about bitcoin cash and party, together with Bitcoin.
Japan celebrated the enthronement of its new emperor, Naruhito, with a festival in Tokyo on Saturday. It is not yet known whether the new emperor owns any bitcoin. Bitcoin Price: Consolidation And Retracement A week of consolidation for BTC price this week, whilst people were still arguing over what caused the ‘Xi’ pump of two weeks ago.
Earlier Saturday, the Founder of the Ballet cryptocurrency wallet and board member of the Bitcoin Foundation, Bobby Lee claimed on Twitter that he spoke to famous movie star Bruce Willis. According to Lee, Willis sat down next to him during a flight from Los Angeles to Shanghai and the two starting speaking about Bitcoin, cryptocurrency […]
The post Twitter Isn’t Buying Bruce Willis Bitcoin Story appeared first on BeInCrypto.
Bitcoin has had a pretty rough seven days. While it started last week trading around the $7,000 price peg, reports of interest in cryptocurrencies from China, as well as several endorsements of the blockchain space from the government, drove the market into a frenzy.
Amid Bitcoin’s best few days in months, infamous security expert Edward Snowden took to Twitter with a reference to an anonymous Bitcoin price prediction that would see the market reach $16,000 by October’s end.
Bitcoin (BTC) bulls have started to push the cryptocurrency markets into the weekly close, which is set to take place in minutes as of the time of publishing. The leading cryptocurrency is now trading for $9,600 — up a tad under 10% from Saturday’s low of $8,900.
Bitcoin (BTC) bulls have started to push the cryptocurrency markets into the weekly close, which is set to take place around four hours after this article is published. As of the time of writing this, the leading cryptocurrency is trading for $9,700 — up some 10% from Saturday’s low of $8,900.
Bitcoin (BTC) bulls have managed to retake control over Sunday’s trading session. As of the time of writing this article, the leading cryptocurrency is trading at $9,750 — around $800 higher than Saturday’s local low of $8,900, which itself represents a 10% swing upward.
Bitcoin saw a gargantuan move on Friday and Saturday. Within an 18-odd hour time span, the leading cryptocurrency traded within a $3,300 range and printed a daily gain of 42% at the local peak of $10,500.
The Bitcoin price has seen a crazy past 36 to 48 hours. After tumbling to as low as $7,300 in the middle of this week for seemingly no reason, BTC shot higher on Friday and Saturday, blowing the socks of traders the industry over.
On Saturday HTC launched a wallet-friendly version of its blockchain smartphone, versioned the Exodus 1s. The new phone comes in at a little under $250 (€219) and customers can buy it either with fiat or crypto.
Bulls are finally back. After a few days of bearish price action, Bitcoin (BTC) has bounced higher, rallying from Saturday’s $7,900 daily lows to $8,175 as of the time of writing this piece.
Saturday, so far, has been a relatively neutral day for the cryptocurrency market. Bitcoin, Ethereum, and a majority of other large caps saw effectively zero losses or gains on the day, while trading volumes across the board tanked.
The volume of bitcoin on BitMEX dropped to a seven-month low on Oct. 12 (Saturday), to below $900 million for the first time since March. On Mar. 31, on a Sunday, the daily volume of bitcoin dropped to $405 million when the bitcoin price was ranging in between $4,000 to $4,200.
On Saturday evening, the Bitcoin price started to show hints of weakness after a short bout of consolidation. As of the time of writing this, the leading cryptocurrency has dipped to $8,300 — a level which analyst Josh Rager has indicated as key for BTC to hold in order to maintain a formation of consecutively.
The daughter of a Nigerian politician has been released after her father paid the kidnappers a $15,000 bitcoin ransom. On Saturday, Ai’sha Ardo, the daughter of Umar Ardo, a chieftain of the major Nigerian political party the People’s Democratic Party, endured a harrowing kidnapping in the country’s capital city of Abuja.
The daughter of a Nigerian politician has been released after her father paid the kidnappers a $15,000 bitcoin ransom. On Saturday, Ai’sha Ardo, the daughter of Umar Ardo, a chieftain of the major Nigerian political party the People’s Democratic Party, endured a harrowing kidnapping in the country’s capital city of Abuja.
Crypto trading service Kraken has revealed the reason for the abnormal Bitcoin price on its platform was due to an order matching bug. Abnormal Bitcoin Price Spread on Kraken On Saturday (September 13, 2019), the XBT/USD trading pair on Kraken experienced a $2,000 takeaway in both directions.
The bitcoin price abruptly dropped by more than five percent $10,949 to $10,204 in the past 24 hours at a point which technical analysts described as a critical moment for bitcoin. As the bitcoin price initially made its way to $10,900, traders anticipated the dominant cryptocurrency to break out of a crucial resistance level and […]
The post Bitcoin Price Saturday Spiral Tramples on Short-Term $12,000 Breakout appeared first on CCN Markets
There has been very little activity on crypto markets over the weekend. Since its big dump last week, Bitcoin price has recovered a little but remains rooted below five figures at the moment. Longer-term technical indicators are mounting up and they are mostly bearish.
By CCN Markets: Since the official announcement of Bakkt’s bitcoin futures market launch on August 17, the bitcoin price has surged by well over 6 percent against the U. S. dollar to $10,700. On Saturday, before Bakkt received green light from the Commodities and Futures Trading Commission (CFTC), the bitcoin price was hovering at below $10,000.
The weekend has been largely bearish for bitcoin price as it dumped 6% after a long period of consolidation. The move dropped BTC back to support, keeping it range-bound, but the weekly candle close has been the best since early 2018.
Youch. On Saturday, Bitcoin (BTC) was subject to the umpteenth flash crash in the past few weeks. Within a few minutes’ time, the cryptocurrency had shed $500 — around 4. 5% — to lose the key support of $11,800.
Bitcoin SV experienced a serious network split on Saturday after a massive 210 MB block was mined on the network, temporarily splitting the network into three different chains. Big Block Blues On July 24th, the BSV network underwent a scheduled network upgrade with the intent to raise the blocksize from 128 MB to 2 GB.
Bitcoin (BTC) has managed to extend its gains into the weekend. As of the time of writing this report, the cryptocurrency is trading at $10,850, having flirted with prices a tad higher than $11,000 on Saturday.
The bitcoin price correction appears to be deepening as the bears ramp up the pressure and the selloff continues. There has been no attempt at recovery from the weekend rout that resulted in BTC losing another thousand dollars.
The bitcoin price on Tuesday slipped below the psychological support level of $10,000. But according to market analyst Jacob Canfield, the asset is still inside a strong bullish bias. The TradingView author said bitcoin’s reversal from the $11,000 level on Saturday was a sign of a bull trap.
With a neutrally closing weekly candle traders and analysts are expecting this week to be a little livelier for Bitcoin. The weekend saw a little action but gains could not be maintained as BTC and altcoins fell back into their channels.
In a dramatic twist, Bitcoin has in the last couple of days turned bearish. In its latest trend, the coin went into the weekend struggling to stay above $11K. This was evident as it slipped below this position on Saturday before recovering and getting back above it.
The downward slide continues today as bitcoin drops closer to support once again. Meanwhile, the Tether printers keep on churning out new currency as another 50 million USDT tokens enter the market.
While Saturday nights are eagerly awaited by many as a much-needed break from the workweek, but it is apparently emerging as the most crucial time for Bitcoin traders to buy and sell the most popular cryptocurrency.
President Donald Trump stunned the world Saturday with the announcement of a ceasefire in the U. S. China trade war. After a high stakes face-to-face meeting with Chinese President Xi Jinping, Trump told reporters that he would be holding off on the threat of more tariffs on $300 billion in Chinese imports.
Bitcoin bulls are spreading fake news about a golden asteroid that will make every earthling a billionaire, says Peter Schiff of Euro Pacific Capital. The chief executive officer said on Saturday that 16 Psyche, one of the ten most cumbersome asteroids in the asteroid belt, does not necessarily have gold deposits, as being covered by.
An inevitable correction has begun since crypto markets hit their giddy heights of $387 billion market capitalization on Thursday. Saturday morning paints a different picture as Bitcoin cools off heading south in a predicted pullback.
Bitcoin Foray Past $10,000 Unleashes FOMO Ever since Bitcoin (BTC) passed $10,000 on Friday or on Saturday morning (depending on what time zone you’re in), there’s been a buzz felt within the cryptocurrency community.
Unlike previous weekends in this uptrend, Bitcoin (BTC) was rather mild on Saturday night and Sunday. As of the time of writing this, BTC has found itself trading for $11,000 flat — down some 3% from year-to-date.
The Saturday rise of Bitcoin by 10% revived conversations about institutionalists and trading robots again. The weekend factor is obvious. Newbies or pros did that? Reddit tried to determine if the bubble started to peak or not, like in 2017.
Unlike previous weekends in this uptrend, Bitcoin (BTC) was rather mild on Saturday night and Sunday. As of the time of writing this, BTC has found itself trading for $10,800 — down 5% from year-to-date highs, but up 1% in the past 24 hours.
Согласно наблюдениям аналитика Джо Макканна, на фоне восхождения биткоина к отметке $11 000 объем торгов на криптодеривативной бирже BitMEX достиг исторического максимума. Congratulations bitcoin traders.
Согласно наблюдениям аналитика Джо Макканна, на фоне восхождения биткоина к отметке $11 000 объем торгов на криптодеривативной бирже BitMEX достиг исторического максимума. Congratulations bitcoin traders.
If you were wondering why Bitcoin Cash (BCH) gained 11% this Saturday, we have the answer for you. BCH gained positive sentiments from its sudden and unexpected addition to the Brave Browser. Following the request to Basic Attention Token (BAT) and Brave co-founder Brendan Eich, Bitcoin Cash was added to the browser in no time. […]
The bitcoin price has soared this week on the prospects of Fed rate cut, the Facebook coin, and uncertainty due to the US-China trade war. The world’s leading cryptocurrency rallied on Saturday, with its price flying past the $10,000 level for the first time since March 8 last year.
As predicted yesterday by traders, analysts and us at NewsBTC, it would not be long before Bitcoin broke the psychological $10k barrier. That milestone was reached a few hours ago during the Saturday morning Asian trading session.
The weekend brought much fortune for Bitcoin holders as the digital asset hit its year high. Bitcoin crossed the $8,500 mark towards the end of Friday and with it came intention and momentum to see the asset through to $9,000.
Digital currency markets have regained some of the losses they endured last week, with the entire cryptoconomy now valued at $275 billion this Saturday. Most cryptocurrencies are up in value between 2-8% today but global trade volumes have tapered off with only $63 billion swapped in the last 24 hours.
Crypto markets surge $10 billion on Saturday; Bitcoin leading, Litecoin, EOS, XMR and NEO following, BNB sliding. Market Wrap Despite a lot of FUD emanating from the US and their flailing relationship with crypto exchanges, markets have actually gained over the past 24 hours.
Bitcoin is back in the green zone after a dramatic dip on Sunday. After initially dropping from the $8,000 position on Saturday, the asset continued in its bearish trend to end the day on a low of $7,500.
On Saturday, 8 June 2019, during the ‘We are Developers' conference in Berlin, the Ripple Chief Technology Officer (CTO), David Schwartz, talked about the need for a holistic change in payment processes and how purpose built blockchain technology will be beneficial to such change.
Bitcoin price bounced back to hold above $8500 June 1, calming market fears that a pullback earlier this week would trigger a more serious reversal. BTC Daily Closes Above Expectations Data from cryptocurrency exchange Bitstamp, which tracks a more conservative BTC price than most tickers, placed BTC/USD at $8540 as of press time Saturday.
Bitcoin fell to lows of $17,600 last week, with investors losing over $7. 3 billion over three brutal days. Glassnode data showed long term investors sold more than 178k bitcoins over the period, while the sell-off accounted for over 555,000 BTC.
Bitcoin (BTC) hasn’t done too hot over the past few months, plunging some 50% since the June top of $14,000. The selling has stopped over the past few weeks, with the price of the leading cryptocurrency flatlining in the low-$7,000s, leading some to suggest that another leg lower is possible.
If you have perused Bitcoin and Crypto Twitter at all over the past few weeks, you’ve likely seen the term “miner capitulation” mentioned again and again. You see, over the past few months, the price of BTC has fallen off a proverbial cliff, tanking from $14,000 to $7,000 in a matter of months.
Following the crypto asset’s historic 40% rally at the end of October, the leading cryptocurrency by market cap is once again bearish, and Bitcoin price has now broken below $8,500. Are bears back in charge completely, and if so, how far can Bitcoin price drop from here? Bitcoin Price Falls Below $8,500, Can Bulls Defend.
