Bitcoin crossed above $10,000 in late trading Thursday but failed to extend the upside momentum.
Traders sold the cryptocurrency’s two-month top for short-term profits, driving prices down by 3.17 percent into the Asian session.
A battle between bearish technicals and bullish fundamentals is brewing inside the bitcoin market, with bears looking to win the next round.
A string of bullish catalysts drove bitcoin prices above $10,000 in late trading Thursday.
The cryptocurrency topped at $10,079 a token after rallying more than 10 percent as of 2300 UTC. It maintained the six-figure valuation ahead of the Asian session open Friday but later fell by more than 3 percent. At its intraday lowest, bitcoin was changing hands for $9,730 a token.
BTCUSD corrects lower after breaching $10,000 | Source: Messari
Bitcoin Fundamentals
Bitcoin’s earliest gains came as a part of an extended bull run that began after it bottomed out below $4,000 in March 2020. The cryptocurrency had crashed by more than 50 percent alongside the Wall Street index. It only started rebounding – alongside the U.S. equities – after the Federal Reserve decided to protect the U.S. economy with a $3 trillion cash liquidity injection.
The profits kept coming later into April and May as traders assessed more bullish narratives. That included Bitcoin’s mining reward halving on May 12. On the day, the cryptocurrency’s daily supply rate will go down from 1,800 BTC to 900 BTC. Some top analysts believe that halving would make bitcoin costlier in spot markets.
But bitcoin’s move from $9,000 to above $10,000 came only after when a famed hedge fund investor announced his interest in the cryptocurrency.
Paul Tudor Jones, the chief executive & co-founder of Tudor Investment Corp, which runs a $22 billion asset management fund, said in an investor note that he may hold as much as “low single-digit percentage” in bitcoin futures. His reasons mirrored what the bitcoin bulls were propagating for years: That the crypto can act as a hedge against fiat inflation.
Source: Twitter
Halving FOMO, Jones’ entry, and global media’s extended coverage on both the fundamentals led bitcoin above $10,000.
Deeper Correction Ahead?
The latest price rally smashed a popular bearish narrative. As NewsBTC earlier covered, bitcoin was eyeing a much-needed technical downside correction after painting eight green weekly candles in a row.
The analysis took cues from the cryptocurrency’s positioning under a long-term resistance trendline – the same that stopped it from closing above $20,000 in 2017 and $14,000 in 2019. Bitcoin retested the same level more than ten times since February 2020 but closed above it only for a shorter-timeframe.
BTCUSD looking to retest the falling trendline as support | Source: TradingView.com, Coinbase
More than twelve hours into the rally, the bitcoin price is now above the Descending Trendline, as shown in the chart above. But the latest downside corrective attempts are similar to pullback moves of February 2020, July 2019, and June 2019. That means bitcoin’s break above the trendline could be a fake breakout.
The Relative Strength Indicator (RSI) says the same. Its readings are now above 70, which means bitcoin is currently overbought – and is in need of a dire correction to neutralize its market sentiment.
Traders could keep the price afloat, nevertheless, owing to strong fundamentals. But stretching the rally any further would lead bears to short the top, thereby crashing the market back below the Trendline. Should it happen, bitcoin could fall towards $7,500.
Photo by Ussama Azam on Unsplash origin »
Ask any crypto investor and they’ll tell you the Bitcoin bull market is here. However, the chief economist at Allainz who bought Bitcoin around its bear market bottom in late 2018 and held the asset until now, has sold his holdings just as a new all-time high was set.
Keith McCullough, the chief executive officer of Hedgeye Risk Management, has sold all his Bitcoin to get back into the USD. McCullough actually has been an outspoken Bitcoin supporter for some time now, but yesterday, he announced on Twitter that he is exiting his bitcoin position.
An unknown investor sold more than $10 million worth of bitcoin at the price of $7. 125 on BitMEX, the biggest cryptocurrency margin trading platform. Yet, the bitcoin price is currently holding firm at $7,135.
Back in 2017 when bitcoin hit a high of $3,000, hedge fund billionaire Michael Novogratz, sold much of the cryptocurrencies he owned claiming believing this would be its top. Months later, bitcoin would go on to hit as high as $20,000.
Providence, Seychelles — January 16, 2019 — Digitex Futures, a non-custodial commission-free futures trading exchange, has begun onboarding traders to the Beta version of its platform. Marking exactly one year since the Digitex ICO, which sold out in 17 minutes, the ambitious crypto startup has taken CEO Adam Todd’s vision from an idea to reality […]
In the United States, Bitcoin investors who sold their BTC lost $1.7 billion, but overall don’t intend to deduct it on their tax returns, a survey finds
Bitwise Asset Management, a cryptocurrency index fund provider, has applied for a new bitcoin-backed exchange-traded fund (ETF). The application, submitted with the US Securities and Exchange Commission (SEC), outlines the company’s proposal.
Hong Kong-based Coinflex exchange has announced plans to offer futures contracts for bitcoin core (BTC), bitcoin cash (BCH), and ethereum (ETH) with leverage of up to 20x. All futures bought and sold on the exchange will be physically delivered, meaning that when the contracts expire, holders will be paid the underlying cryptocurrency instead of cash.
You might remember Wong Ching-Kit, the self-styled Bitcoin ‘millionaire’ behind last month’s outlandish publicity stunt, which saw thousands of dollars rain from the sky in one of Hong Kong‘s poorest neighbourhoods.
For investors whose first time investing in bitcoin was in 2018 or after late 2017, there is a high likelihood that they have incurred substantial losses for the fiscal year of 2018 if they haven’t sold yet.
An artist by the name of “crypto graffiti” has sold the smallest artwork in history in a “micro auction” to promote the c-Lightning micropayments system, the artist announced in a Reddit post on December 20, 2018.
Officials at South Korea’s largest cryptocurrency exchange, Upbit, have been indicted for fraud. They allegedly made bogus crypto orders worth approximately $226 billion and sold 11,550 BTC to around 26,000 investors.
Yesterday, an auction was held by cryptocurrency and blockchain artist @cryptograffiti for a piece titled “black swan,” which the artist made using “fiat and counterfeit detector pen ink.
Mobile cryptocurrency exchange and peer-to-peer wallet Shakepay has announced a new product that allows its Canadian customers to buy bitcoin with spare change. Dubbed "ShakePay Change," the pre-launch of the service was announced in a Medium post.
The Orion Span project has plans to launch a space station that will be used as a luxury hotel. Its Aurora space station is set to launch in early 2022 and a 12-night stay on the craft will set you back $9.
Erik Finman made his first million in Bitcoin thanks to a $1,000 gift from his grandma, at the age of 12. He ended up dropping out of high school, working the cryptocurrency game, and starting his own online tutoring company – which he sold for 300 bitcoins (worth approximately $60,000 at the time).
James Greaves, the co-founder of Glyph, wrote an article in which he gives a few advice about how an improved virtual currency space should look like in 2019. He started by saying in a provoking way that he sold all his Bitcoins and that he does not have a stake in the market right now. […]
The holiday season is here. And even if crypto prices are on the coal heap, you can still have fun spreading some holiday bitcoin cheer. For the bitcoiners in your life, this could mean a crypto-related gift as a token of solidarity.
In a year in which every asset is a loser, who are the winners? No, we’re not talking about investors who sold Bitcoin in December 2017, but the assets themselves. Almost all of the cryptos lost at least 80% of their value this year during the bear market, so who won? The main losers are […]
For those that bought Bitcoin in 2009, or even in 2011, I can only hope you’ve already sold it. For those that bought Bitcoin in 2017, well… sorry? Coinbase, one of the largest places to buy cryptocurrency online, seems to want you to revel in the Bitcoin‘s failures.
In Switzerland, a project was recently launched, with the goal of helping adoption by getting the general population acquainted with cryptocurrencies. It’s a deck of playing cards, but not any deck.
Report From Aion Foundation Shows Selloff Of “Decent” Level Of Bitcoin And Ethereum, Projecting 18-Month Runway On Wednesday, Aion Foundation published a report, starting off with discussing their $23 million raised from the sale of both Bitcoin and Ether, which happened on October 2017.
Recently, the CEO of Ohio-based nonprofit JumpStart Inc. announced that his company, along with six others, would invest vast sums of money into Ohio’s blockchain startups.
On November 27, 2018, a California judge turned back the SEC’s request for an injunction against token company BlockVest, a company the U. S. Securities and Exchange Commission (SEC) is pursuing for allegedly conducting an unregistered securities offering.
Canaan Creative, a Bitcoin mining hardware manufacutrer, has recently revealed that it is having a flash sale which will sell its mining rigs with discounts because of the price leap of Bitcoin. The products that will be sold are the lines that range from the Avalon 921 line to the Avalon 851. All of them […]
Honeysuckle White is giving family and friends gathering for Thanksgiving dinner this year the opportunity to talk turkey with a traceable blockchain code on more than 200,000 turkeys sold through 3,500 retailers around the U.
In our latest roundup of mining-related news, we look at a few examples of the knock-on effect that the current cryptocurrency bear market is having on the global mining industry and its main hardware suppliers.
Bitcoin’s hashrate has suddenly fallen by nearly 50% from a high of 62 quintillion/exahashes a second to 34 quintillion at the time of writing. This is the first time bitcoin’s...
The post Bitcoin’s Hashrate Plunges, “Miners Sold by the Kilo” Trends in China appeared first on Trustnodes.
Forks can be beneficial to the cryptocurrency space. This is specifically true when they add desired attributes to underlying cryptocurrencies. In many instances, forks do not bring any benefit but are the result of infighting.
The U. S. Securities and Exchange Commission (SEC) has agreed to settle charges with two startups that sold tokens through Initial Coin Offerings (ICOs) in 2017. The companies were charged by the SEC for running their ICOs after the regulator clearly defined such offerings as unlicensed securities in its DAO Report of Investigation.
Bitcoin sold off sharply yesterday but is now finding support at the bottom of its falling wedge formation. A bounce could take it up for a pullback to the nearby resistance area, which lines up with the top of the wedge.
Ripple’s legal team in their ongoing securities suit is attempting a new tack: to have the claim proceed at the federal level. In a move that legal commentator Jake Chervinsky described as “seriously crafty,” Ripple has filed a formal notice-of-removal motion to have their most recent securities suit, Zakinov et al v.
Economists find it increasingly likely that the US will soon experience a recession. Many Bitcoin speculators believe that the price of Bitcoin will rise in a recession, but that may be wishful thinking.
CEO of the world’s largest cryptocurrency exchange Zhao Changpeng responds to Hublot’s “bitcoin only” watches worth $25,000. Zhao Changpeng (CZ), the CEO of the world’s largest cryptocurrency exchange platform has shared his thoughts on Hublot’s latest crypto watch (The Big Bang Meca-10 P2P).
aXpire, a leading blockchain fund solutions company, has announced the acquisition of BlockchainWarehouse (BCW), a blockchain accelerator and leading token sale product developer. aXpire has made the acquisition to bolster the strength of its in-house blockchain talent and add a new product offering to its technology suite.
Dusk Network aims to use zero-knowledge cryptography to eliminate middlemen from the regulated markets while ensuring regulatory compliance. The Dusk Network token sale will be held on Ethfinex’s new token sale platform, also becoming the first token to be sold on the platform.
Companies and exchanges are jumping on the stablecoin bandwagon — but just how promising is this concept and doesn’t it go completely against everything Bitcoin stands for? Dollar-Pegged Money is Nothing New Disneyland’s first president, Jack Lindquist, introduced the in-house currency called Disney Dollars in 1987.
If blockchain-based identity platform Civic is to go mainstream, then making it simple for as many businesses and consumers as possible to start using its app will be key.
The U. S. Marshals agency has announced plans to auction $4. 3 million worth of bitcoin (BTC) in November 2018. The sealed bid auction is for nearly 660 bitcoins which were seized in a series of federal criminal, administrative and civil cases over the years.
Bitcoin as a cryptocurrency has since its inception seen much growth. To successful investors, the road has not been an easy one; battling day in and out with rising and falling of the price of cryptocurrency.
Tether’s peg is slipping, and an exchange-wide firesale has led to major price discrepancies between bitcoin’s BTC/USDT and BTC/USD trading pairs across the market.
Korean cryptocurrency exchange Bithumb, the largest in the country by daily trading volume, has sold a 38 percent stake in its business for $354 million to a Singaporean investment group, reported Reuters on October 12, 2018.
Cantor Fitzgerald, a leading financial services firm based in the United States, has picked Anchorage Digital and Copper.co as launch partners for its soon-to-launch Bitcoin financing business. Cantor, whose product and service suite includes investment banking, asset management, capital markets,…
Blockchain analytics tool Bubblemaps has concluded its Token Generation Event for its native token BMT with 13,500% oversubscription. On March 11, Bubblemaps (BMT) concluded its TGE for its BMT token, which was hosted on Binance Wallet. The project intended to…
Weekly flows for spot Bitcoin ETFs remained negative for the fourth consecutive week as macroeconomic factors continued to weigh heavily on investor sentiment. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded another week of outflows from March…
Bitcoin price volatility, shifting narratives in crypto and U. S. President Trump’s executive orders have shaken down the cryptocurrency ecosystem in less than 50 days of his administration. Crypto.
Spot Bitcoin exchange-traded funds in the United States recorded their third consecutive day of net outflows on March 5, led by Valkyrie’s BRRR. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $38.3 million in outflows on Wednesday,…
POPG, the web3 entertainment ecosystem, is set to launch on KDG and Gempad on March 3, 2025, offering fans a new way to access its utility-driven tokens.
Spot Bitcoin exchange-traded funds in the United States continued their outflow streak on Feb. 27 as Bitcoin tumbled under $80k, driving a risk-off sentiment across the broader crypto market. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded…