The bitcoin price rose to as high as $8,916 across major cryptocurrency exchanges like BitMEX and Binance on January 15. Since then, BTC fell by three percent in a typical short-term top formation.
Lower time frames indicate a double top structure, which normally suggests that the asset tried to break above a key resistance level twice in a short time frame and failed.
$8,900 has acted as a heavy resistance level since late October. BTC has breached that level for the first time since mid-November, 2019.
What’s next for bitcoin in the short-term?
On December 21, 2019, the bitcoin price dropped to $6,410 on both spot and large-scale margin trading platforms. It marked a near-term bottom, printed a classic inverse head and shoulders pattern, and surged by 39 percent within a month.
After a near 40 percent rally, a pullback is necessary. Following an abrupt overnight rally, it is healthy for an asset to correct, as it strengthens the macro trend of the asset.
Although a pullback has been anticipated after such a large upsurge in merely a weeks time, some traders are considering the possibility of the bear trend not being over yet.
The bitcoin price dropped by more than three percent after failing to break out of $8,900 (Source: TradingView)
One prominent cryptocurrency trader wrote:
“If you’re struggling to mark out basic market structure, then switch to a line chart and have a look at the weekly. See a lot of charts flying around trying to illustrate that BTC has broken its bearish market structure. It hasn’t.”
In a way, the recent breakout of bitcoin above $8,900 echoes the trend the market saw in in the last week of October when the bitcoin price rose to $10,600.
In 2 days, the bitcoin price increased by 43 percent from $7,400 to $10,600, and proceeded to fall by 40 percent in the following two months.
Fears of a deeper correction in the short-term are arising because of the magnitude and the speed of the rally.
The move to $8,900 was somewhat expected throughout the past two months, but its large overnight rally and the explosive recovery of the altcoin market rattled many traders.
Are altcoins leaving BTC vulnerable?
As billionaire cryptocurrency investor Mike Novogratz said, it was difficult for even investors that have been involved in the market for a long time to see altcoins rally in the manner it did in the last 72 hours.
I’m not sure I understand the altcoin rally. Happy for those making money on it. But not sure what changed. Maybe new year, new money, new enthusiasm. Dinner in NYC for best explanation.
— Michael Novogratz (@novogratz) January 15, 2020
Cryptocurrencies like Bitcoin Cash, Ethereum, Bitcoin SV, EOS and Litecoin increased by anywhere in between 20 to 140 percent within a 12-hour span.
Subsequent to such a large short-term upsurge, a correction often ensues. The sheer magnitude of the altcoin market rally could possibly leave BTC vulnerable to a larger correction than anticipated.
As the valuation of the cryptocurrency market rose by nearly $40 billion in about five days, large sell-orders on major exchanges started to emerge.
Someone just market sold 420 Bitcoin on Bitfinex.
— Jacob Canfield (@JacobCanfield) January 16, 2020
Whether the rejection of BTC at $8,900 is merely a healthy pullback only to retest $9,000 and levels above it once again or is a continuation of its bearish trend remains to be seen.
There is significant interest in the margin trading market with open interest almost doubling in a week, and it means a big movement is imminent. The post appeared first on NewsBTC. origin »
With Bitcoin making new highs, bullish sentiment is rife within the space as many have once again called this the end of the corrective cycle. Volume, however, has been in decline since July 2019 and the technical structure of bitcoin looks more and more like the descending triangle that formed over the course of 2018,Read MoreRead More.
Bitcoin has been facing some turbulent price action over the past several days and weeks, surging to highs of $7,700 this past weekend before hitting a region of resistance that has sparked a firm short-term downtrend that has led BTC down to its support in the lower-$7,000 region.
Bitcoin is looking to undergo a strong price reversal to the upside, according to technical analyst Crypto Cred. The prominent crypto trader theorized his bullish sentiment based on a so-called “BTC Reversal Pattern Structure.
Bitcoin and the aggregated crypto markets have been facing increasing bearishness over the past several days and weeks, with many major altcoins posting massive losses as BTC remains stuck below the key resistance levels that will determine whether or not its market structure is bullish.
The entire structure around Bitcoin centers on mining and the rewards that these miners get for participating in the verification of transactions. The halving happens on a fairly consistent schedule, dropping the reward that miners receive for their actions.
The Bitcoin price has reached the lower limit of the current support area. However, the short-term structure does not yet indicate that we are in the initial phases of a reversal. Bitcoin has been free-falling without showing any signs of a retracement since October 25.
Ever since Bitcoin’s bottom at $3,100, the crypto market has been convinced that the first-ever crypto asset was building a foundation for its next bull run. But a powerful parabolic rally this year was unable to set a new all-time high, putting a new bull run in jeopardy.
The Bitcoin price has initiated a downward move, which has put into play a bearish medium-term scenario in which the price could drop to $7000. Cryptocurrency analyst and trader @murocrypto stated that the Bitcoin price structure suggests that we are in a bearish market.
A crypto trader states that today or tomorrow the Bitcoin price should see an up-thrust, which should lead to the forming of a bullish structure on charts
A crypto trader states that today or tomorrow the Bitcoin price is to see an up-thrust, which should lead to the forming of a bullish structure on charts
Bitcoin podcaster and crypto enthusiast Peter McCormack bashed the DAI stablecoin for its complex structure, saying that it is too hard for regular users to understand
The first problem with applying a traditional market-cap structure to bitcoin or other is that the concept was initially applied to stocks, and has since then been applied to a new asset class of cryptocurrencies.
Bitcoin has been on a tear, going from about $7,350 yesterday to well above $10,000. On some exchanges, it went as high as $10,600. This has been the 3rd largest one-day gain in Bitcoin’s 10-year long history.
A zoomed out version of the bitcoin chart shows it would take the cryptocurrency another 365 days to achieve a full-fledged upside breakout. Brought to notice by Teddy Cleps, a prominent cryptocurrency analyst, the weekly Bitcoin chart shows the possibility of it forming a massive bullish pennant.
Bitcoin (BTC) incurred a sudden influx of buying pressure yesterday that sent its price surging past its previous resistance levels and allowed it to gain a more solid footing within the $8,000 region.
Bitcoin is an asset noted for its sustained volatility and unpredictability. This has been especially true in the short-term, where the price has made upward and downward moves seemingly at will.
Today, NextHash and Bitcoin. com have entered a technical partnership to design and structure the NIXT utility token.
NIXT token is being listed in its fully operational exchange Nexinter on top of Bitcoin Cash, using the Simple Ledger Protocol (SLP) framework.
A crypto trader and analyst believes that even should Bitcoin and Ethereum start descending to lower psychological levels, the overall market picture will remain bullish
DiversiFi, previously known as EthFinex, is preparing to convert its formal governance structure from centralized to decentralized using a Decentralized Autonomous Organization (DAO). According to Finder, DiversiFi is developing a tokenomic framework in order to incentivize users to become liquidity providers, paying them a fee via the native NEC token, September 25, 2019.
Amid an otherwise uneventful market structure, bitcoin seems to be making a consolidation pattern known as a “head and shoulders bottom.”
The post Range-Bound Market Tests Macro Milestones appeared first on Bitcoin Magazine.
Amid an otherwise uneventful market structure, bitcoin seems to be making a consolidation pattern known as a “head and shoulders bottom.”
The post Bitcoin Price Analysis: Range-Bound Market Tests Macro Milestones appeared first on Bitcoin Magazine.
Bitcoin’s inability to make a new 2019 over the last couple of months has made many traders uneasy. Some are even calling for a severe drop from $10,000 to $7,000 as the number one cryptocurrency paints a familiar bearish structure.
In today’s digital world, web hosting services are the foundation for any online presence. Backbones of online platforms, these centers keep websites online and available to users, so their reliability, pricing structure and uptime are of paramount importance.
Everything about Bitcoin is heavily steeped in mathematics – defined as the study of quantity, structure, space, and change. Quantity has always been of particular interest to crypto investors and traders – in increasing the quantity of one’s own holdings, and the impact the hard-capped quantity of BTC has on its long-term value.
Earlier this month, China publicly confirmed that they have been working on a central bank digital currency (CBDC) and will look to roll out it sometime this year. Binance Research published a detailed review of the structure and issuance mechanism for the network and the underlying currency, August 28, 2019.
Bitcoin (BTC) has now further extended its period of consolidation around the key $10,000 support level and has failed to post any sustainable bounce since dipping below this critical support level over the weekend.
The blockchain revolution starting with Bitcoin had a great impact on the world, not just because it highlighted the importance of a decentralized financial system, but mainly because it highlighted how distributed systems can put power back in the hands of consumers.
By CCN Markets: In technical analysis, a support area gets weaker every time the prices touches it. That’s because each tap drains the strength or the demand at the support. A good example of this principle is the bitcoin breakdown of the $6,000 support on Nov.
According to Primitive founder, Dovey Wan, the latest Bitcoin sell-off is down to a major Chinese ponzi scheme. Little known outside of China, PlusToken scammed over 200k BTC and 800k ETH, which are now hitting exchanges in batches.
On-chain analyst, Willy Woo who is popular for his signaling models and providing investment-related tools, is now working on another tool, “Bitcoin Difficulty Ribbon.” This model is based on the observation made by Civic CEO, Vinny Lingham who first spotted this dynamic in 2014 to determine how Bitcoin finds its price equilibrium. Now, with 5 […]
Bitcoin is one step away from testing $6,700 as support, according to prominent analyst DonAlt. The crypto trader on Monday measured the current bitcoin bias on a three-day timeframe, believing it gave better clarity about the cryptocurrency’s expected price behavior.
CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceAmberdata, an API based blockchain, and crypto-market data provider, today announced the launch of On-Demand Pricing. The new pricing structure starts at just $50/month, and will provide users access to all the Pro Tier endpoints with the first 1000 API requests free and only $0.
The best thing about Facebook’s proposed digital currency isn’t its BTF consensus algorithm, account-based data model or single Merkle tree structure. No, the greatest thing about Libra has to be the triggered reactions from politicians and bankers who can sense the rug being pulled from under their feet, threatening their hegemony and upending their world […]
The post ”Stop Right Now!” – How Much Government Officials Already Hate Facebucks appeared first on Bitcoin News.
Information from Libra's whitepaper leads to questions about the blockchain's structure and whether it's as decentralized as other cryptocurrencies like Bitcoin.
It has been a busy two days for Facebook as the social media giant earned the attention of the world following the launch of its project Libra. As of late, a Hong Kong programmer lanced another attack on the project’s governance structure, highlighting a dangerous vulnerability.
Special thanks to Jinglan Wang for review and feedback
One question that often comes up is: how exactly is sharding different from sidechains or Plasma? All three architectures seem to involve a hub-and-spoke architecture with a central “main chain” that serves as the consensus backbone of the system, and a set of “child” chains containing actual user-level transactions.
The NEO network has upgraded, and all nodes are now running the delegated byzantine fault tolerance (dBFT) consensus mechanism. Other than implementing a more refined consensus method, the upgrade changes the fee structure and adds a new oversize fee for transactions larger than 1,024 bytes, June 5, 2019.
Bitcoin’s real innovation lies in its decentralized structure. The digital currency has no central management, central point of failure, or centralized store of information. Yet this disruptive technology’s operations are very dependent on centralized features.
Summary:Although we saw a strong sell off yesterday, the bullish market structure has yet to be violated. The weekly support has been confirmed for the time being and our parabolic advance is still intact.
The Central Bank of The Bahamas (CBOB) is set to move one step closer toward a nation-wide digital payment structure as it looks to ink a business partnership with transaction provider NZIA. io on May 30, 2019.
Summary:The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between $8,300 and $8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit.
The whole structure of Bitcoin is set up in a way that a block reward halving is implemented every four years, approximately. In this halving, the reward given to miners for their work slowly gets cut in half.
Summary:The bitcoin market has gone parabolic as we blasted off through two major weekly levels. The resistance got crushed due to a high amount of short positions that were force liquidated in an event known as a “short squeeze.
Summary:Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone. Our market structure remains bullish as we have consistently created higher highs and higher lows.
While the upward price pressure has slowed, resulting in Bitcoin (BTC) posting a mere 0. 15% gain in the past 24 hours, some are sure that the cryptocurrency’s chart structure remains bullish.
As the waves of the bulls stretch through the cryptocurrency market once again, Bitcoin and many other altcoins are taking a major upclimb as the market makes yet another correction. The week which had initially begun with a fair share of gains and losses is now stabilizing surprisingly through the weekend.
By CCN. com: The bitcoin price has increased from $5,341 to $5,587 on Coinbase, getting close to surpassing a 2019 high at $5,594. In some crypto major markets, the bitcoin price surged past $5,600.
Bitcoin has finally crossed the $100,000 mark, and while that’s big news for the industry, some analysts are sounding the alarm about what comes next. Bitcoin (BTC) has long been touted by its die-hard supporters as the crypto destined to…
Galaxy Asset Management has bagged $113 million for a new venture fund investing in early-stage startups focused on crypto software, infrastructure and financial apps. Michael Novogratz‘s crypto bank Galaxy Digital has raised $113 million for a new fund focused on…
Mike Novogratz discusses the substantial market presence of memecoins, with a focus on their narrative and investment potential.
The post Galaxy Digital CEO believes meme coins have more to offer than laughs appeared first on Crypto Briefing.
Mike Novogratz, one of the first crypto billionaires and founder of financial services company Galaxy Digital, predicted that Bitcoin would likely remain within the $55k-$75k price range for now.
Mike Novogratz, CEO of Galaxy Digital, recently shared his insights on Bitcoin’s future and the role of Exchange-Traded Funds (ETFs) in boosting retail demand for digital assets. During an interview with Forbes, Novogratz highlighted the significant impact of traditional finance…
Maintaining its lofty position—the highest it has reached in the last 18 months—Bitcoin is once again on the edge of a potential price increase. With a notable 10% gain over the previous month and more than a doubling of its value over the same period last year, the markets valued Bitcoin (BTC) at over $38,600 on Friday morning.
