bitcoin news – Page 4 – Top SEO Results Tool

Bitcoin Dumps 5% In An Hour As Predicted Slide Begins

Following a week of consolidation in an ever tightening channel Bitcoin finally made its move today. Many had been predicting it would be to the downside and they were correct as the king of crypto slumped 5% in an hour plunging back into the mid-$9,000 zone.

Monster Red Bitcoin Candle

Just an hour or so ago one huge red candle plunged Bitcoin prices through support at $10,100 and back into four figures. The move culminated in a bottoming at a previous support level at $9,600 but things bounced off this price quickly.

BTC price 1 hour chart – Tradingview.com

The move had been predicted by many analysts who suggested there would be a final phase down to below $9k before any meaningful upside rally can continue. Bitcoin traders were quick off the mark to seek new support levels and predict BTC’s next move. Josh Rager added that there was nothing unexpected about this move but things could turn south below $9,400.

“Not really worried unless price breaks and closes below $9400 again. This is the area to keep an eye on”

Industry observer Richard Heart added that the move has kept things within the large descending triangle formation that has developed since the initial run back in July.

At the time of writing BTC had closed the last hourly candle at around $9,800 so the drop has not been as extreme as it initially looked. A further period of consolidation may well happen at this area before buyers can push the asset back into five figures.

The Bakkt launch next week may provide some bullish momentum but at the moment no new money is entering the markets and it is the same players recycling the same funds.

Bitcoin Dominance Drop

Bitcoin dominance is now back below 70 percent according to Tradingview.com however the altcoins are also starting to slide so yesterday’s big pump was clearly just a blip. The likely scenario is that all of these gains will be wiped out again as BTC dips back into four figures.

Ethereum has dropped back to $205 while XRP is back below $0.30 again as the dump follows the pump for altcoins. The sea of red is intensifying at the moment as all crypto assets blindly follow their big brother like the digital lemmings that they are.

Over the past couple of hours $10 billion has been dumped from total crypto market capitalization which has slid back to $262 billion.

Martin Young

David

The quest for a Bitcoin ETF dealt a blow as VanEck withdraws proposal

The VanEck Bitcoin proposal was up for the finals decision by the US SEC on October 13.
Two more Bitcoin ETFs are still up for review filed by Wilshire Phoenix and Bitwise Asset Management.

The journey to having the first Bitcoin exchange-traded fund (ETF) will continue despite Cboe BZX Exchange recalled its VanEck/SolidX BTC ETF proposal. A filing made on September 17 came after a proposed rule alteration to publicly listed shares of the VanECK/SolidX was removed on September 13.

The United States Securities and Exchange Commission (SEC) was gearing up for the final decision on the proposal on October 18. This final decision was to come after a series of delays by the regulator. According to a report by CoinDesk:

“The news comes just weeks after VanEck and SolidX began offering shares of the Trust to qualified institutional buyers (entities with at least $100 million in assets owned or invested) under a Rule 144A exemption. In the nearly three weeks since first announcing the product, one “basket” of four bitcoin (worth around $40,000) was traded.”

Despite the setback, VanECK is not letting go of the goal to bring an exchange-traded product into the market. In an interview with CoinDesk on September 4, the head of ETF product Ed Lopez said such a regulated product will be beneficial to investors.

The SEC still has two more Bitcoin ETF proposals to review. The Wilshire Phoenix proposes the inclusion of Bitcoin and the US Treasury bonds. The SEC will provide an initial deadline ruling at the end of September. The second proposal by Bitwise Asset Management in collaboration with NYSE Arca will know its fate on October 13.

John Isige

FXStreet

David

Bitcoin Gets a Blow of 1%; Falls below $10,300

Bitcoin loses 1% in the last 24 hours and goes below 10,300 USD.
The next resistance may come at 10,481 USD.

Bitcoin has almost lost 1% over the last 24 hours and ditching the growth pattern it is now below 10,300 USD. The trading range of Bitcoin’s price in the last one day has been between 10,380 USD and 10,102 USD. The medium-term outlook is expected to be bullish.

BTC to USD Price Analysis-

The first blow for Bitcoin happened between 01:30 and 10:30 UTC and this fall took 79.22 USD away from it and placed it at 10,301 USD. The second variation started at 10:42 UTC and over the next 5 hours and 27 minutes, it lost 208 USD and the value of the coin was dragged to 10,102 USD, the lowest point for the day. However, it got stronger after that and by 21:01 UTC, it got a lift of 2.32% and reached 10,338 USD. Towards the closing of the day, it started weakening and after losing 1.45% it got placed at 10,188 USD by 00:56 UTC, today.

Bitcoin Price Chart by TradingView

Bitcoin Price Prediction-

Bitcoin is the top coin of the market and this volatility of Bitcoin’s price movement shows the overall health of the market. Though, no big rise is anticipated for the short-term, long-term outlook is likely to be bullish. The next resistance may fall at 10,481 USD.

Support & Resistance Levels-

R1- $10379.19, R2- $10481.59, R3- $10576.32

S1- $10182.06, S2- $10087.33, S3- $9984.93

Mehak Punjabi Mehak Punjabi 17 mins ago

David

Opinion – We Want Bitcoin Results, Not Predictions

Is it safe to say that people are tired of talking about bitcoin? While not necessarily bored by it, they are tired of hearing the same things over and over, one of which is that the currency is about to enter a huge rally of sorts.

No More Bitcoin Predictions; We Want to See Change

Tom Lee, as reported by Live Bitcoin News earlier today, is back in the limelight again, commenting that the currency is about to hit a new all-time high once the S&P jumps up. Lee, despite claiming that he would never try to predict the bitcoin price again, has come out a few times this year to discuss where it could wind up, even stating the bitcoin could potentially strike the $40,000 mark in 2020.

This is a big prediction, but he’s not alone in the playing field. Others, such as venture capitalist Tim Draper, have commented that one unit of bitcoin could hit the six-figure range by 2022, spiking to as much as $250,000 each. He later revamped this statement to say that the currency would hit this mark six months later, so a bit of a delay is at hand, but not much.

This is all fine and dandy and likely to get some people breaking out the champagne, but for the rest of us, we’re getting a little tired of just hearing these predictions regarding where it will go later. We want to see change now and given how often everyone talks about the potentially bull rallies that the coin will soon allegedly enter, we can’t help but feel a little disappointed with the present results.

Everything takes time; we’re not children, and we understand this. In addition, bitcoin has shown major improvements this year considering how “in the trash” it was by the time 2018 said goodbye. At that stage, the currency was trading in the mid-$3,000 range and had lost more than 70 percent of its overall value.

Many of us thought recovery was completely out of the question, but five months later, it did begin to show signs of life once again, spiking to $5,000 per unit by the time April 2019 rolled along.

Things Need to Improve

Since then, it’s more than doubled in price, but for the most part, it’s underperformed as of late, especially given the situation involving the trade war. While BTC did spike at certain points during the early moments of the trade conflict, these spikes didn’t last long, and many times the currency has dropped to new lows in the $9,000 range.

Everyone seems to have an opinion regarding where it will go and what will happen, and some are claiming good things will happen very soon, but at this stage, we’re tired of just hearing about it. We just want to see it happen already.

NICK MARINOFF · SEPTEMBER 15, 2019 · 6:30 PM

David

Bitcoin (BTC) Price Weekly Forecast – Slow And Steady Increase Likely

There was a downside correction from the $10,954 swing high in bitcoin price against the US Dollar.
The price is holding the $10,000 support and it could bounce back in the near term.
There is a major bullish trend line forming with support near $10,140 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The price could dip in the short term before it starts a fresh increase above $10,500 in the near term.

Bitcoin price is showing positive signs above $10,000 against the US Dollar. BTC could rise steadily as long as there is no close below the $10,000 support area.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we saw bitcoin price holding the key $10,000 support area against the US Dollar. The BTC/USD pair climbed higher and traded above the $10,000 resistance area. Moreover, there was a break above the $10,800 level and the 100 simple moving average (4-hours). However, the price failed to continue higher and topped below the $11,000 resistance.

A swing high was formed near $10,954 and recently the price started a fresh decline. It broke the key $10,500 support area and the 100 SMA. Moreover, the price spiked below the $10,000 support area. Finally, a swing low was formed near $9,903 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the last decline from the $10,954 high to $9,903 low.

However, the upward move is facing hurdles near the $10,400 and $10,500 levels. Additionally, the price is also struggling to climb above the 50% Fib retracement level of the last decline from the $10,954 high to $9,903 low. If there is a break above the $10,450 and $10,500 levels, the price could continue to rise. The next key resistance is near the $10,800 level.

On the downside, there are many supports near the $10,100 and $10,000 levels. Additionally, there is a major bullish trend line forming with support near $10,140 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line and the $10,000 support, the price could resume its decline.

Bitcoin Price Weekly Analysis (BTC) Chart

Looking at the chart, bitcoin price seems to be consolidating in a contracting range below the $10,500 resistance. It might soon break the $10,500 resistance and continue higher. Conversely, a downside break below $10,000 could start a strong decline in the coming sessions.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently stable above the 50 level.

Major Support Level – $10,000

Major Resistance Level – $10,500

Aayush Jindal

David

Analysis – Bitcoin primed for a price break out

Bitcoin is approaching an end to a trading pattern, that potentially spans back over 5 months with a $10000 range.

Bitcoin is sitting inside a mammoth 5-month trading pattern—with a possible breakout approaching in the next 10 days. The pattern is called a symmetrical triangle, and refers to a chart characterized by two converging trend lines connecting a series of sequential peaks and troughs.

Looking back over the last 160 days, bitcoin's price sat neatly inside this pattern–the first signs of it emerged in May this year, when bitcoin's price rallied from a low of $5,000.

From there, bitcoin gained steadily over the next two months, to hit a high of nearly $14,000 in June. That was followed by three distinct lower highs of $13000, $12000 and $11000, in July, August and September, as the chart below shows.

Bitcoin has been fitly into this triangle pattern, but for how much longer?

On the support (lower) side of the triangle—bitcoin saw two recent higher lows of $9350 and $9850, in late August and just 2 days ago on September 11.

More interesting than just the pattern, however, is the shape's length, and range in the price's movement—5 months and an astonishing $10,000 (from top to bottom). While it's impossible to predict what will happen next, when a break out does occur—i.e. a price drop or rise that falls outside the trend lines—it's like to be sizable. A movement as high as a $5,000 swing up, or down, over the next few weeks is not beyond expectations.

For now, all eyes seem to be on the expiry of this pattern—with many predicting that it will be on the exact day of the Bakkt bitcoin futures launch, coming up in just 10 days.

By Nawaz Sulemanji

September 13, 2019

David

Bitcoin {BTC} price readings – dominance grows as Redditor unveils first draft of the Bitcoin Bible

Bitcoin is the top-ranked asset in the market, with a dominance rate of 70.3% linked to it. The price climbed at a rate of 2.49% in the course of the past 24-hours. The trading volume recorded stands at $15.165 billion, while the supply has 17,932,687 BTC coins in play for now. As of this moment, the total market cap of Bitcoin is $186.478 billion. BTC is priced at $10,399.

A 17-year-old, who is a Bitcoin proponent and goes by the username OGKebabEater shared a few pictures of a book he has been working on. According to him, it is a draft which reads like a guidebook for all those who wish to know more about the king coin. He is also planning to give a presentation [in his class] regarding the advent of Bitcoin in the modern world.

Data from the candlestick chart associated with the BTC/USD pair on tradingview points to bullish momentum swaying the growth of the coin. The daily RSI is at 53.47 currently. The peaks for the Awesome Oscillator remain south of the zero line, although the last two bear the green shade pointing to a trend change.

Key resistance may impair the rise of the coin beyond $10,954.43, and support can be found close to the $9861 mark. The Ichimoku Cloud is still crimson, but the MACD line has stayed to the north of the signal line for the past 10 days. This shows that while sellers have been working diligently to drive the price down, buyers haven’t been beaten yet. The present target for the king coin would be $10,500.

BY ADITYA CHATTERJEE ON SEPTEMBER 13, 2019

David

Bitcoin price analysis – BTC/USD bounced from key support, further growth imminent

BTC/USD managed to push for a reversal from the tested $9,800 support only to hit a snag at $10,200.
Bitcoin must settle between $10,200 and $10,400 to allow the bulls to focus on higher levels heading towards $11,000.

Many cryptocurrency analysts and experts have become strongly bearish in the past few weeks. This was fueled by the failure to break the psychological resistance at $11,000 even after pushing for recovery from the recent dive to $9,300. Moreover, Bitcoin has had a rough time defending support areas, the latest being the dip below $10,000.

However, the 4-hour chart clearly shows an asset that has potential for growth. BTC/USD managed to push for a reversal from the tested $9,800 support. In fact, the price ascended to levels above the 100 Simple Moving Average (SMA) 4-hours but the momentum hit a dead-end at $10,200 (first resistance area).

Also supporting Bitcoin is the main trendline since August 29 lows. Besides, Elliot Wave Oscillator has posted four consecutive bullish session following the late Wednesday recovery. Trading at $10,101 at the time of writing, Bitcoin only needs a break above the $10,200 resistance. A move the will pave the way for a trajectory to $10,400 (second resistance and breakout point). It will still be a win for the bulls if the price settles between $10,200 and $10,400 as it will allow them to focus on the medium resistance between $10,800 and $11,000.

BTC/USD 4-hour chart

John Isige – FXStreet

David

Next Bitcoin Bull Market Could Take Years, So How Long To Next Peak?

Long term price predictions for Bitcoin are always positive since very few industry analysts see things going south for the technology. This year has been very bullish for BTC, compared to the nightmare it had last year. Looking at the charts though could spell quite a long wait for the next market cycle peak.

Bitcoin Could Take Its Time To Reach Next High

BTC has made over 170 percent since the beginning of the year and while that is no mean feat, it doesn’t compare to gains in recent bull markets. In just three months in late 2017 the king of crypto surged 400 percent to hit its all-time high.

This time around the going seems a lot slower, especially considering the past ten weeks of sideways trading with little clear direction. The market cycles from boom to bust appear to be extending, with each one taking considerably longer than the previous. So, the big question remains, when can we expect the next cycle peak?

Crypto analysts have been looking at past bull cycles in an effort to determine the length of the next and we may have a bit of a wait. Josh Rager has observed that market bottoms to tops are not sharp movements so it could be a good few years until the next one.

“Each Bitcoin market cycle took significantly longer than the previous. Each market bottom to peak-high in price wasn’t as sharp. Next peak-high likely a few years away but good things come to those who wait”

His observations are similar to those from analyst ‘Moon Overlord’ who said something similar last week.

“Naturally as Bitcoin expands as does the velocity at which these moves take place. With each dollar added to the marketcap it becomes that much harder to grow and the percentages become more incremental. A bull market at this scale will take years to play out to full effect”

Those charts do not offer a next peak, which could arrive somewhere in the middle of the next decade, but they do both agree that there will be one.

Really? That Long …

Other arguments for a shorter period to the next peak include the fact that Bitcoin is now considered a new asset class and previous data has been accumulated in less than a decade. Those charts also do not include institutional investment which has yet to weigh in and the fact that millions are now seeking safe haven, offshore hedges against government currency and economy manipulation.

In the short term there appears to be little demand for Bitcoin at current price levels and only when it drops into four figures do the buyers wake up. In the long term, patience will be the key.

Martin Young

David

How Bitcoin Distribution Is a Bullish Sign For Greater Adoption

There are a number of differing metrics analysts use to determine the health of the Bitcoin ecosystem. Hash rate and transactions are two of the most popular but distribution in terms of the number of addresses can also be used to determine adoption rates.

Bitcoin Addresses Increasing

Over the past two years the number of BTC addresses has surged indicating that the asset is undergoing greater adoption. The largest gain is the number of addresses with less than a million satoshis which also suggests a more even distribution that is not just a few whales or large exchanges.

According to director of research at The Block, Larry Cermak, this is a very bullish metric.

“This is probably the most bullish chart on Bitcoin I’ve seen to date. Even though a single person can own multiple addresses, this to me clearly indicates user growth and an improving distribution.”

The numbers of addresses holding very large amounts of BTC have not increased anywhere near the rate of the smaller ones. A major jump has occurred since 2017 in addresses holding just 100k satoshis despite the massive bear market of 2018. This could be a sign of mass accumulation of smaller amounts of Bitcoin.

In a similar observation, Coinbase CEO Brian Armstrong noted the increase in addresses holding 10BTC and that it too has hit a new high.

“Great charts from Coinmetrics, showing crypto industry growth. For instance, the number of addresses holding at least 10 Bitcoins recently hit an all-time high.”

Still Top Heavy?

It has often been suggested that a small number of whales can control a disproportionate amount of the supply of BTC, and thus influence its price. However, stats on Bitinfocharts.com suggest that the number of addresses holding just a dollars’ worth is also on the up.

The site suggests that almost half of all BTC addresses hold less than 100k satoshis. A quarter of addresses hold between 100k and a million satoshis and 17% contain between a million and ten million sats. Only ten percent or so of BTC addresses hold more than 1 Bitcoin according to the website, however it should be noted that there are a lot of coins being held in that ten percent!

Martin Young

David