After trading around $9,700 for most of Thursday afternoon, Bitcoin attempted to rally towards $10,000 for the second time on the day.
The cryptocurrency quickly surged from $9,650 to $9,870 within ten minutes. But just as quick as it rallied, it crashed. From the highs indicated in the chart below, Bitcoin fell to a level approximately 50 points lower than where the brief rally started.
Chart from TradingView.com
Thus, a “Darth Maul” candle — named after the Star Wars villain whose lightsaber produces lasers from two sides — was formed.
This volatility, according to derivatives tracker Skew.com, liquidated approximately $7 million worth of Bitcoin positions on BitMEX alone.
Considering the prevalence of other platforms like OKEx and ByBit, there were likely millions of dollars worth of positions liquidated on other exchanges as well.
BitMEX’s Bitcoin liquidation data compiled by Skew.com
Despite this price action, which indicates that Bitcoin is hesitant to move higher, analysts remain bullish on the cryptocurrency market.
Analysts Still Largely Bullish on Bitcoin
While the “Darth Maul” candle likely took some wind out of the crypto market’s sails, Bitcoin is still trading above a key technical level — $9,500.
Per previous reports from Bitcoinist, one top analyst said:
“No break in market structure by my rules yet on the 1D. Close below $8529 and 1D flips bearish and first target is $7.8k. Break back above $9.5k and I’m gunning for new highs > $10.5k,” the analyst shared in reference to the chart below.
Price chart from HornHairs (@CryptoHornHairs on Twitter), a popular cryptocurrency trader.
The sentiment that $9,500 holds importance was echoed by a commentator, who said that Bitcoin returning to the “$9,500 area” will increase the chances of a “major spike higher”:
“If BTC pops back to $9,500 area, possibility of major spike higher as guys grab exposure. Confluence of factors including Fed, halving, Tudor Jones means more eyes watching than ever. Lots of money out there that won’t sit still if price starts to run away,” the commentator remarked in an attempt to share his opinion.
Fundamental Outlook Is Similarly Bullish
The fundamental outlook for Bitcoin is purportedly also bullish, analysts say.
Per previous reports from Bitcoinist, Galaxy Digital chief executive officer Mike Novogratz said that with all of the stimulus by governments, along with the record amount of liquidity operations by central banks, Bitcoin could climb towards $20,000 by the end of the year.
Along with the positive macro outlook, Novogratz noted that Paul Tudor Jones, the legendary macro hedge fund investor, entering the Bitcoin space is positive for this space.
Photo by Marvin Ronsdorf on Unsplash origin »
Australia's leading stock exchange, the ASX, approved its second Bitcoin ETF, reflecting growing appetite for Bitcoin investment vehicles within the mainstream Australian market.
The number of ETH long-term holders surpassed BTC by more than 40 million.
Bitcoin's inability to offer a plethora of use cases contributed to the switch.
As the top two most valuable cryptoThe post How Ethereum HODLers pegged Bitcoin to second place appeared first on AMBCrypto.
Bitcoin, the largest token has witnessed a significant amount of fluctuations in its past. This time it's no different. Ever since the end of September 2021, when BTC had dipped below $41,000, the priThe post Irrespective of correction, Bitcoin is about to begin the second leg of its bull cycle appeared first on AMBCrypto.
The market is currently under a certain amount of bearish pressure at the moment. Bitcoin and the collective market are bleeding on the short-term time interval with major altcoins registering daily lThe post Is Bitcoin on the cusp of a generational top or a second rally appeared first on AMBCrypto.
Gold advocate and Bitcoin critic Peter Schiff has become the second most influential Bitcoin figure, ranking below Morgan Creek’s Anthony Pompliano, according to social media analytics platform LunaThe post This Bitcoin hater becomes second biggest 'Bitcoin influencer' appeared first on AMBCrypto.
Bitcoin breached its all-time-high earlier today, crossing $22,000 briefly, before dipping back down to levels around $21,800. It has now crossed $22,000 once more and was trading at $22,091 at the tiThe post Bitcoin crosses $22,000 for the second time appeared first on AMBCrypto.
The much-awaited Bitcoin halving is now less than 100 days away. Scheduled to occur in May, the Bitcoin block mining reward halves every 210,000 blocks. Last time in July 2016 the second halving occurred that reduced the reward from 25 BTC to 12.
In 2018 Bitcoin price went through a brutal winter, losing 84% of its value. In the second half of 2019 as well, BTC went from $13,900 to $6,400. But despite the ups and downs in the price, the total amount of BTC held on the nine exchanges surged over the last five years. While Gemini […]
While people have watched the BTC network surpass 100 exahash per second (EH/s), Bitcoin Cash (BCH) has been steadily gathering hashrate as well. Since the November 15, 2018 blockchain split, which produced the Bitcoin SV (BSV) chain, BCH hashrate has jumped by more than 3x.
Bitcoin and the rest of the crypto market didn’t have the best second half of 2019. Per data from TradingView, the aggregate value of all publicly-traded digital assets fell from $388 billion to a low of $166 billion — a drop of nearly 60%.
Bitcoin's value plunged by nearly 5% over an hour on 19 January and at press time, was valued at $8,650. While this is the second time the king coin's price plummeted after crossing the $9,000-mark thThe post Bitcoin's blockchain activity spikes; value transfers, miner fee note growth appeared first on AMBCrypto.
The Bitcoin network hash rate has reached an all-time high at 126 quintillion hashes per second. By comparison, this time last year, the network was hashing at just 38 quintillion hashes per second.
Bitcoin hash rate achieved a new all-time high (ATH) on Saturday, January 18. The startling jump moved the total hashes to 126 Eh/s. The figure represents 126 quintillion attempted solutions per second.
New Hampshire state representatives have killed the legislature’s second attempt to accept crypto tax payments, saying that Bitcoin’s volatility is too high
The correlation between Bitcoin and other altcoins was becoming evident in 2019, where Bitcoin reflected great promise in the first half, but underwent a period of stagnation in the second half.
SThe post Crypto investments in 2019 surpassed $600 million on Grayscale appeared first on AMBCrypto.
BitMart, a bitcoin and cryptocurrency exchange platform, has now begun the second installment of its term-based interest-earning account service. BitMart Lending Phase II offers 30-day basic along with 7-day and 60-day premium subscription types.
Bitcoin SV, the product of a second civil war between Bitcoin Cash advocates, has been in the news over the past few days as the coin first briefly flipped its rival Bitcoin Cash. This came shortly after the final keys missing from the billion-dollar Tulip Trust were delivered to Satoshi Nakamoto claimant, Craig Wright.
Nickel Digital Asset Management, a privately-owned London-based investment firm, today announced the launch of its second cryptocurrency offering, the Nickel Digital Gold Institutional fund. The fund will be supported by a bespoke Walled Garden solution developed by digital assets prime brokerage, Copper.
Bitcoin’s Lightning Network is expanding at an exponential rate despite a number of scalability and security flaws in its protocol. Bitcoin’s Lightning Network usage is growing The Lightning Network (LN) is a second layer solution to Bitcoin’s scalability problem.
Bill Gates, the world’s second-richest person, recently published a blog post reflecting on 2019, in which he noted that his extreme wealth is unfair. Here’s why Bitcoin fixes this. US Tax System Needs Reform Bill Gates is still among the richest people in the entire world — second richest, with a net worth of $108.
The largest corporate debt issuance of all time happened this week, with $69 billion trading hands. The debt represents companies offering investors high-grade bonds with later maturities to increase liquidity — and might even help boost Bitcoin.
Another week, another round of Crypto Tidbits. The second week for the year 2020 was a lot more exciting for Bitcoin and the broader cryptocurrency space than the first. Per data from Coin360, the leading digital asset, BTC, gained 10% on the week, hitting $8,160 as of the time of writing this.
Bitcoin’s hashrate has broken all records, rising to 120 quintillion calculations a second (petahashes) for the first time ever. That makes it a three fold increase for this year, up...
The post Bitcoin’s Hashrate Rises and Rises as World Bank Warns of Debt Crisis appeared first on Trustnodes.
Despite the fact that Bitcoin is in its second decade of existence, it is still seen more as an investment, rather than as a means of financial freedom. The claims of the cryptocurrency being a store The post Bitcoin derivatives a product of the market, not the price appeared first on AMBCrypto.
Одиннадцать лет назад, 3 января 2009 года, Сатоши Накамото была запущена сеть биткоина — был добыт первый (genesis) блок биткоина и первые 50 BTC. Первые биткоины были отправлены на адрес 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa, а в хеш блока был добавлен текст «The Times 03/Jan/2009 Chancellor on brink of second bailout for banks».
Bitwala, a Berlin-based cryptocurrency banking service, today announced it now offers its users the ability to trade Ether (ETH), the cryptocurrency of the Ethereum network. ETH is the world’s leading programmable blockchain and the second largest cryptocurrency by market capitalization, after Bitcoin.
While it posted a 90 percent gain on the year, Bitcoin didn’t fare too well in the second half of 2019, retracing by 50 percent from $14,000 to as low as $6,400 as a majority of mainstream asset classes posted astronomical gains on the back of central bank liquidity injections into the market.
The Bitcoin hashrate recently hit new all-time highs (ATHs) over 119 Exa hashes per second (EH/s). This is equivalent to 1230 zettaFLOPS per second. The #Bitcoin hashrate has hit a new all time high of 119,354,000 Th/s.
Bitcoin began its year on a negative note. Its price fell below $7,200 on the second day of the year. The much-awaited Santa Claus rally didn't materialize for the world's largest cryptocurrency as thThe post Bitcoin records trading dominance of over 40% on Binance appeared first on AMBCrypto.
Bitcoin and Ethereum recorded a lucrative first half in 2019, with many in the crypto-community attributing the performance of the market to the performance of these cryptos.
The second half of 201The post Bitcoin volatility significantly dictated by BTC-ETH price in 2019 appeared first on AMBCrypto.
Owning Bitcoin (BTC) has always been about owning private keys. But in 2020, the growing adoption requires another reminder. Second Proof of Keys Event January 3, 2020, is the second “Proof-of-Keys” day, after the event was initiated last year, the brainchild of Bitcoin investor Trace Mayer.
The broader cryptocurrency market came under pressure on the second trading day of 2020, as Bitcoin and other major cryptocurrencies slipped into negative territory for the month. The first cryptocurrency fell back towards $7,050 after being rejected from its 200-period moving average on the four-hour time frame.
For a second consecutive year, long liquidations dwarfed that of shorts by more than two-fold. In 2018, long liquidations reached $11 billion by the year’s end while short liquidations hovered at $5 billion.
XRP has been one of the worst performing major cryptocurrencies throughout 2019, as it struggled to gain the upwards momentum seen by Bitcoin in the early half of the year, while underperforming BTC during its downtrend during the second half of the year.
If you’d have asked the small handful of individuals interested in Bitcoin this time 10 years ago what they thought the leading digital asset’s price would be at the end of the decade, few, if any, would have said thousands of dollars.
In a recent tweet, Casa CTO Jameson Lopp reported that the network hashrate for Bitcoin had increased by 162% over the course of 2019, from 38 to more than 100 exahashes per second. While price fluctuThe post Bitcoin's thermodynamic security rose by 2,051 GH/s^2 in 2019: Casa CTO appeared first on AMBCrypto.
Although bulls had firm control over Bitcoin (BTC) throughout the first half of the year, the second half was firmly controlled by bears, who pushed it as low as $6,400 before it incurred some notable upwards momentum that allowed it to climb towards $8,000.
As 2019 comes to an end, the Breezecoin (BRZE) token defended its position despite the recent down-trend in the price of bitcoin and altcoin markets. The second half of the year was accompanied by a steady fall in the crypto market after BTC braced a year-high of over $13k.
This year will see the second annual Proof of Keys event take place. Those involved will be attempting to demonstrate the monetary sovereignty Bitcoin affords, as well as the solvency (or lack there of it) of cryptocurrency exchange platforms.
Most of the commodities, stocks, and bonds staged an outstanding run in 2019. But the traditional asset classes still fell short before a stronger and a more offbeat contender: Bitcoin. The benchmark cryptocurrency, which more or less functions as a “decentralized” payment startup, underwent a dreamy bull run during 2019’s first and the second fiscal.
Despite seeing a consistent increase in developer activity and progress with its roadmap, Cardano (ADA) slipped to levels unseen since the Bitcoin price dropped to the $3,000s in December 2018. During the second week of December last year, the price of ADA was hovering at around $0.
Over the past few days, Bitcoin has strongly outperformed altcoins, especially Ethereum and XRP. On Wednesday, when BTC was trading 8% down on the week, both ETH and XRP — the second and third-largest cryptocurrencies by market capitalization, respectively — were down nearly 15% since the weekly open, crushed under the pressure of BTC volatility.
Chicago Mercantile Exchange Group's cash-settled Bitcoin Futures contract has been up and running for the last two years now and as it celebrated its second anniversary, the CME Group noted an increasThe post CME Bitcoin Futures reports ADV growth of 75% between 2018-19 appeared first on AMBCrypto.
Bitcoin’s comparative lull in the second part of 2019 may have many investors licking their wounds… but it’s not all bad. At the moment, there is an opportunity to buy BTC at basically ‘fire sale’ prices.
Bitcoin has faced turbulence throughout 2019, with the first half of the year being firmly controlled by bulls that sent it as high as $13,800, while the second half of the year played to the favor of BTC’s bears who were able to push it as low as $6,500.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.