Bitcoin’s insane rally yesterday that allowed it to climb nearly $2,000 at its peak has stalled, with the retrace from its daily highs of $9,500 printing a massive wick that has made its daily candle look quite bearish.
Analysts are now noting that a myriad of different technical factors suggest that the cryptocurrency may be poised for a pullback in the near-term.
There are a few key levels that analysts are closely watching, and how the crypto reacts to these levels in the hours and days ahead could be quite telling for just how high its current strength will lead it in the long run.
Bitcoin Flashes Bearish Signs as Analysts Watch for Reaction to Key Resistance
At the time of writing, Bitcoin is trading up marginally at its current price of $8,850, which is around the price level it has been trading at for the past day.
Overnight the crypto was able to significantly extend its recent uptrend when bulls pushed it to highs of $9,500. This is where it faced a dire rejection that ultimately lead it to decline to its current price levels.
Although Bitcoin has yet to post a sustained decline in the time since this rejection occurred, it is important to keep in mind that a failure for BTC to surmount $9,300 in the coming hours could be dire, leading the crypto to retest its support at $8,400.
One popular crypto analyst on Twitter spoke about the bull and bear cases in a recent tweet, explaining that multiple indicators signal that a pullback is imminent, but that BTC is flashing some positive technical signs on lower time frames.
“BTC: Bullish – price bounced hard off $8400 support and could have a run-up to retest $9000s again, looks good on LTF. Bearish – if unable to break $9300 4hr close, this could make a new lower-high, overbought on oscillators, BTC hit key levels & 7 weeks of green, pullback time?”
Image Courtesy of Josh Rager
Analysts Watching S&P 500 Futures for Insight into Near-Term Trend
Although this latest upwards movement has led Bitcoin to significantly outperform the traditional markets, analysts are still noting that a strong correlation remains.
Another analyst mused the possibility that the S&P 500 futures’ price action tonight will set the tone for where BTC goes next, explaining that there are striking similarities between the two asset’s bidding behaviors.
“Well that is one ugly daily candle considering the leg that got us here. Keep eyes on ES, what bitcoin has done is not suddenly independent of the same bidding behavior seen in traditional markets,” he said while referencing the S&P 500’s futures ticker – ES.
Image Courtesy of Cantering Clark
How the crypto trades in the several hours following its recent daily candle close will offer significant insights into which direction it may trend in the days ahead.
Featured image from Unplash. origin »
Ethereum might be the king of smart contracts and the world’s primary hub for decentralized finance (DeFi) and non-fungible tokens (NFTs) activity but onchain data suggests that Bitcoin is ahead in user engagement, interpreted by the number of daily active users, and network activity is at acceptable, healthy levels, reading from the number of daily transactions confirmed.
Despite Ethereum doing 60x of Bitcoin’s daily total fees and 5x the daily number of transactions, ETH is still lagging in valuation, worth only 0.0669 of BTC.
The post More than 100,000 Ether Already Burned in Just 3 Weeks, Daily Issuance Falls Below Bitcoin first appeared on BitcoinExchangeGuide.
Bitcoin is finally seeing a glimpse of hope today with a decent 3% price increase climbing above $9,240 and eyes $9,292, the last daily high. Bulls are also facing some resistance at $9,260, the daily 26-EMA.
Bitcoin’s daily transaction chart showed that it reached its all-time high. The daily transaction volume of Bitcoin [averaged monthly] reached 366,767. 4 txns in April 2019. The last time daily transactions [averaged monthly] peaked so much was in December 2017, i.
The news is bullish in this edition of the The Daily, mirroring the mood of the crypto markets. We’ll start by delving into BTC’s record-breaking day for trading volume and then examine a couple of stories that suggest 2019 is poised to get off to a very positive start.
There’s never a dull day in crypto. It’s soap opera for geeks who are too busy to do soap opera. Whether you’re a BUIDLER or HODLER, The Daily delivers the latest drama from the cryptocurrency world in less time than it takes to solve the captcha and log in to your favorite exchange.
In today’s edition of The Daily, we’re focusing on human interest stories. Tales involving people rather than products, as a reminder of the many ways in which cryptocurrency affects people’s lives, transforming them for the better.
BCH/USD Medium-term Trend: Bullish Supply zones: $800, $900, $1000 Demand zones: $300, $200, $100 BCH is back in a bullish trend in its medium-term outlook. $554. 70 in the supply area was the point the bulls pushed BCH before the close of yesterday trading session.
BTC/USD Medium-term Trend: Ranging Resistance Levels: $6,800, $7,000, $7,200 Support levels: $6,300, $6,100, $5,900 Yesterday, September 26, the BTC price was in a bullish trend. Price of Bitcoin now fluctuates above the $6,400 price level.
The future of blockchain is as uncertain as the future of Bitcoin. The word in itself has become a bit of a buzzword in the business but how does it fit into the higher education sector?
Experts have predicted that in the future, blockchain will be able to automate multiple tasks and upend banking, education and even healthcare.
Ripple (XRP) has been on a wild bullish spree these past few days. A lot of people even in the crypto community have been trying to wrap their mind around how Ripple (XRP) has achieved such gains without the blessing of Bitcoin (BTC).
CSIRO, Australia’s National Science Agency, in partnership with Sydney University have revealed that, through using the Amazon Cloud, the pair have managed to achieve a blockchain transaction settling time of 30,000 transactions per second.
It’s no secret that DApps have struggled to achieve adoption; in fact, according to stateofthedapps. com, the most popular DApp currently has just 1,811 daily active users (DAUs).
According to Cryptoglobe, two US based finance experts, Lourdes C. Miranda and Ross Delston have told Asia Times that they believe North Korea (DPRK) could be mixing cryptocurrencies in order to get hold of US Dollars, in a move designed to totally undermine US economic sanctions.
Bitcoin (BTC) has had its days of wild swings since the beginning of this correction. However, the past few months have seen more sideways movement and less aggressive moves. To some, this might be a strong sign that Bitcoin (BTC)’s correction is over and that the price is consolidating before beginning a new cycle.
British-based digital bank Revolut has applied for financial licenses in two European Union member states, Lithuania and Luxemburg, in the light of risks associated with Brexit. We’ve covered its progress in The Daily.
Early in 2018, BitPay announced that they would be adopting the BIP70 system which means merchants that wish to use the BitPay service need to have BIP70 ready Bitcoin wallets.
What is BIP70?
According to CCN:
“BIP70 seeks to accomplish this by allowing customers to make payments to human-readable payment addresses(e.
With Bakkt hitting the headlines for their new Bitcoin Futures contracts announcement, LedgerX are now moving forward with their new Ethereum Futures project, one that could kickstart a new movement within Ethereum offerings, in the same way the first Bitcoin Futures contracts did at the end of 2017.
Through 2018 we have seen a number of tech giants move to ban cryptocurrency advertising. In line with global regulation, firms such as Google, Twitter and Facebook have made moves to ban all forms of cryptocurrency advertising, that included the ban of adverts for cryptocurrencies, cryptocurrency services, ICO’s and even cryptocurrency news.
Bakkt is still promising to be the next big thing for Bitcoin. Bakkt promises to bring institutional cryptocurrency investment to the mainstream, shattering the dream of the traditional Bitcoin ETF and fostering a new culture of big, crypto investment, through a platform that has been designed to benefit everyone.
Yesterday, news broke out about a huge new listing for Bitcoin, though it’s not quite what it seems.
Popular family board game Scrabble have announced that ‘Bitcoin’ will be added along with 300 news recognised words that can be used in order for players to earn points.
With failed cryptocurrency exchange Mt Gox now set to provide some form of compensation payments, heads are now turning towards Nobuaki Kobayashi, also known as the Tokyo Whale and one of Bitcoin’s more prolific holders.
BitcoinNews. com Daily Podcast provides the gateway to get access to the latest news on Bitcoin and other cryptocurrencies, not leaving out significant events in and around the cryptoverse. Cryptocurrency News at its Best The biggest stories in and around the crypto world are aired on BitcoinNews.
Bitcoin (BTC) is playing a very dangerous game. It is hard to say if these are whales looking to lowball that have allowed the price to fall to such dangerous levels or if it is institutional players dumping Bitcoin (BTC) after every pump to take quick profits.
Tech Bureau, the company behind recently hacked cryptocurrency exchange Zaif have been issued a third (and probably final) warning by the Japanese Financial Services Agency (FSA). The warning has come in the form of a Business Improvement Order, one that stipulates certain improvements that must be made to a financial based business otherwise they risk having their license to trade revoked.
We are edging ever closer to a final decision being made on the status of cryptocurrencies within India. As it stands, the Reserve Bank of India (RBI) have essentially banned cryptocurrency. As a result of this, the community have led a charge for the decision to be overturned, which in turn has led to a case being brought into the Supreme Court of India.
We always discuss Bitcoin regulation as a good thing. Generally, like many others within the community, Bitcoin regulation is seen as the next step towards adoption. Whilst many would like Bitcoin to remain as a channel for investment and as a product that can offer huge returns, many more do believe that the future for Bitcoin is within adoption and that adoption can only come through regulation.
A study has detected stability in the amounts of bitcoin held for both speculation and investment during the last several months through August. Also in The Daily, Opera launches its much-vaunted desktop browser with built-in crypto wallet, a new service offers Venezuelans SMS-controlled platform for cryptocurrency remittances, and website-building platform Wix integrates coin payments for […]
The post The Daily: Speculators and Investors Hodl, Venezuelans Send Crypto With SMS appeared first on Bitcoin News.
Money attracts thieves and masterminds of what could be the largest Bitcoin Ponzi scheme in history are facing justice. Vivek Bhardwaj, a software developer and brother of Gain Bitcoin founder and CEO Amit Bhardwaj, was brought to Delhi, India on Sept.
Published a month before a report by researchers from the University of Texas alleging that stablecoin Tether (USDT) issues new tokens to manipulate bitcoin's price, another academic study has come to light that challenges this theory.
Following an earlier report by researchers from the University of Texas alleging that stablecoin Tether (USDT) issues new tokens to manipulate the bitcoin price, a new report has emerged debunking this theory.
Bitcoin (BTC) has been in a steady decline since the beginning of the year. The first wave of this decline, from January to February was a very steep one. However, when Bitcoin (BTC) broke the first downtrend and entered another phase of decline, the fall was not as steep.
The Philippines is experiencing an inflation crisis. Yet virtually its entire population of 106 million people are unaware of and reject the notion that Bitcoin (BTC) and cryptocurrencies give them a payment solution and store of value.
Dash Text, an SMS-operated mobile application, has just launched in Venezuela and is aimed at enabling easy remittance in the DASH cryptocurrency. As Venezuela suffers from strict international sanctions and its national currency, the Bolivar, is being diluted on a daily basis, transactions and cross-border payments have become extremely cumbersome.
Bitmain have announced the release of a new mining rig, specifically designed for the mining of Decred. Named the Antminer D3, the new rig will mine Decred at 7. 8 TH/s.
The mining economy is sat within a spot of difficulty at the moment.
The disclosure brings to question whether state-sponsored or organized hackers would have succeeded in exploiting the Bitcoin software bugs had they known about them to threaten what was thought to be an impregnable blockchain network.
It’s become a bit of a hot topic within the crypto-debate. Research carried out during the middle of 2018 suggested that movements of Tether (USDT) could have been disturbing Bitcoin and thus, could have been manipulating the price of Bitcoin.
The world is full of Bitcoin holders, or hodlers (whatever you want to call them) but which countries are holding the most? Whilst this might not seem important, it is in fact very important. In order to see how Bitcoin might flow in the future, we need to see which areas are seeing Bitcoin as a long term investment, compared to the countries that are spending it more quickly.
Welcome to a new week crammed with new ways of thinking about Bitcoin and its fellow cryptocurrencies. To kick things off, today’s edition of The Daily details three big-hitting topics: Is it time to find a more accurate metric than market cap for measuring cryptocurrencies? Why are venture capital funds so enamored with stablecoins right […]
The post The Daily: Rethinking Bitcoin’s Market Cap, ICOs Printing Money appeared first on Bitcoin News.
The crypto space takes off in 2019!
There are many reasons how this could happen including the granting of a Bitcoin ETF, fuller regulation, which will encourage big institutions to invest, and also the fact that a lot of the new crypto start-ups will have their platforms/mainnets going live from the beginning of next year and will start to offer real world usage and the huge advantages that blockchain offers over traditional business models.
Governments are known to pass bad regulations that harm industries as well as implement rules that often lead to unforeseen, negative results — consequences that significantly deviate from the new rule’s original intent.
From Washington to Moscow, cryptocurrencies have entered the agenda of those who share a vocation to rule and regulate. Following the congressional summer vacation, the House of Representatives passed a bill that will enable the Treasury to investigate crypto transactions, while a Congressman plans to introduce three drafts supporting the crypto industry.
Ten years from now, the story of Satoshi Nakamoto – the anonymous creator of Bitcoin – may very well become as unknown as the story of Tim Berners Lee, the creator of the world wide web.
Billionaire Mike Novogratz of Galaxy Investment Partners believes Bitcoin (BTC) will have a 30% rally by December 2018, which means the current price of $6,700 would jump to $8,700 if he’s correct.
Binance, the largest exchange by daily trading volume, has some of the most popular coins and a host of initial coin offering (ICO) tokens listed. The Founder and CEO Changpeng Zhao revealed the exchange’s global expansion plans on the first day of the Coindesk Consensus event in Singapore.
Chart for ETCUSDShorts (1W)
Ethereum Classic (ETC) is a lot like Bitcoin (BTC) was back in 2012. Majority sentiment was against Bitcoin (BTC) and very few people actually believed that it might have a real shot at the level of adoption that it has achieved today.
Cryptocurrency exchange Binance is making good on its promises to expand globally – focusing on emerging markets and fiat-to-crypto trading services. Also in The Daily, Huobi founder and CEO Leon Li meets a Putin adviser in Beijing, a leading Brazilian brokerage firm shares plans to launch a crypto exchange, and digital assets management firm Altonomy caters […]
The post The Daily: Binance Expands, Putin Advisor Visits Huobi, Brazilian Brokerage Goes Crypto appeared first on Bitcoin News.
Whoever Satoshi Nakamoto is, he/she might be deserving of the Nobel Prize in economics for inventing Bitcoin (BTC), the nascent digital coin that is currently rescuing crypto-adopting Venezuelans from the abyss.
With the Bitcoin ETF hype back in full swing, we want to take a moment to stop and remember that Bitcoin ETFs aren’t the only thing that promise to be the trigger needed to encourage institutional investment, the Bakkt project as announced in August is equally, if not more promising for the future of large scale institutional investment.
DePIN io. net has introduced Co-Staking, a new feature that allows network users to share block rewards by staking their $IO tokens. The Co-Staking Marketplace connects token holders with suppliers, enabling broader participation in validation without the need to operate hardware.
On-chain analytics firm, Nansen recently announced a partnership with Viction, a people-focused Layer-1 blockchain, to enhance analytics capabilities within the Viction ecosystem. The collaboration seeks to provide investors and developers with tools to maximize the benefits of building on the Viction platform.
The best meme coins are cryptocurrencies that began as jokes but now gained massive popularity, community, and some real-world value. Today, many new coins hitting the crypto world, and finding
The post 10 Best Meme Coins To Buy Now That Will Explode In 2025 appeared first on CryptoNinjas.
Lawmakers in Maryland, Iowa, and Kentucky have introduced legislation proposing the creation of Bitcoin (BTC) strategic reserves in their respective states. The latest bills bring the number of US states considering Bitcoin reserves to 17.
Blockchain technology is revolutionizing industries such as financial markets, global trade, insurance, and gaming, with the potential to bring hundreds of trillions of dollars worth of assets onchain.
The VIRTUAL price rose to highs of $2. 45 after Upbit, Korea’s largest exchange, announced trading support. Upbit planned to add VIRTUAL pairs against Korean Won, BTC and USDT. Virtuals Protocol is also among tokens in Injective’s AI index AIX.
Securitize and Apollo have teamed up to launch a diversified credit fund. The Apollo Diversified Credit Securitize Fund, ACRED, goes live on Aptos, Avalanche, Ethereum, and Solana blockchains. Tokenization platform Securitize has partnered with $730 billion alternative asset manager Apollo to bring a new tokenized credit fund on-chain.