The latest drop below $10,000 level was one of the many that occurred over the past 30 days as Bitcoin was hovering around the threshold since mid-August. In fact, this will potentially be the fifth time BTC will test the critical support level at around $9,300 that has proven resilient since mid-June.
Bitcoin first dropped to around $9,700 on Aug. 15 and then slipped to about $9,800 after reclaiming $10,000 again on the same day. Bitcoin trader Jacob Canfield calls the latest drop under $10K a “pretty classic rising wedge that hit resistance.”
However, Canfield doesn’t see BTC dropping lower than $8,900.
According to market analyst Chonis Trading, the moving average convergence divergence (MACD) oscillator on bitcoin’s weekly charts is looking to flip to indicate its bearish bias. The indicator is one of the most popular ones among both novice and professional investors when it comes to forecasting price momentums and trends. And it has stood accurate in predicting bitcoin’s bias in its recent history.
Chonis Trading pointed out the MACD’s flipping event, wherein the Fast Line in blue is looking to cross under the Slow Line in red. It technically signals a reversal to the downside on a weekly chart, which means the long-term bias for bitcoin is turning bearish.
Crypto focused research firm, Digital Asset Research, has recently released a new bitcoin price prediction model. It makes the bold claim that, based on the premise of scarcity, bitcoin’s price will reach $60,000 by May 2020. This will increase its market capitalization to over a trillion dollars.
The model has extrapolated previous price pumps to predict a future one. Its basis is on the BTC block reward halving which is due in May 2020. This usually bullish event has the effect of increasing the perception of a reduction in supply which in turn will increase demand and push prices higher.
In its July 2019 Exchange Review, the cryptocurrency data and indices provider gathered statistics that suggest the crypto industry still has a long way to go when it comes to transparency and legitimacy.
The CryptoCompare review covers “exchange rankings by volume; predominant fee types; derivative products; fiat, bitcoin and stablecoin volumes.” In addition, the company analyses the development of volumes for the “top trans-fee mining and decentralized exchanges.”
“Rejected by resistance, bought up in support. If 10800 gives way I think we see 11700 again. If current support at 10400 does, I expect 8000. Looks weak but looks too good to short. Once this trading range resolves one way or the other the chop will end,” the trader said.
The king of cryptocurrencies’ negative momentum is becoming unstoppable. Unfortunately, it is dragging the entire market along with it. The price action extended below the short-term trendline, daily chart leaving Bitcoin at the mercy of the long-term trendline.
Various analysts popular on Twitter predict that Bitcoin is on the verge of a massive breakdown. ‘D4rkEnergY ‘says
“We are going down. Expect 7.5-5.5k USD. Huge descending triangle.”
Per sources close to the matter, Tether is making plans to issue a new stablecoin named CNHT, which will be backed by offshore Chinese yuan (CNH).
For the uninitiated, there are basically two kinds of Chinese Yuan: offshore (CNH) and onshore (CNY).
While onshore yuan trading is under the control of China’s apex bank, the People’s Bank of China (PBoC), offshore yuan is traded freely on foreign currency markets, and both the onshore and offshore yuan have separate rates.
Reportedly, the news was revealed to a local news source, Chainews by Bitfinex shareholder, Zhao Dong, who also hinted that his firm RenrenBit will be the first to invest in the yuan-pegged stablecoin before it gets introduced to the public in the coming months.
T-card holders are now able to convert their loyalty program points into Bitcoin through this partnership. Every 100 loyalty points can be converted into Bitcoin worth 85 JYP. These Bitcoin rewards have also been extended to customers who use Bitcoin to make payments. For every 500 JYP worth of Bitcoin spent, a user will receive one loyalty point.
The firms say that they expect to attract over 2 million more clients through this initiative. This would significantly grow the number of Bitcoin users in Japan and influence the continual growth of the crypto community.
When asked on CNBC’s Squawk Box program how to regulate cryptocurrencies and projects such as Libra, Pompeo compared cryptocurrency transactions to those used in payments systems such as SWIFT. He said:
We should use the same framework that we use to regulate all other electronic financial transactions. That’s essentially what these are. These are monies moving through markets, or in some case disintermediated transactions.
Bitcoin recent suffered a massive dip down to the $9,400 levels, following which, the price pumped above $10,000 and has been hovering around the $10,700 region for a while. The price is awaiting a breakout from the consolidation pattern, something which would further reintroduce volatility to the Bitcoin market. What most hodlers/traders are wondering is the direction of the breakout from this pattern. If the 2013 fractal plays out, it is more than apparent that the breakout will be to the downside.
After last night’s dump, Bitcoin is already getting dangerously close to $10,000 again, a zone it fought hard last week to leave behind. And with a consolidation period looking to climax within the next week, yet another retest of $10,000 will be dangerous: the market could decide to break down here while crowding the $10k zone.
If Bitcoin is not able to hold $10,000, we could be looking at another trip down to $9,000 – and possibly further. We can see below some respect, since late June, of the limits of a downtrending channel, the bottom end of which could take Bitcoin below $8,000 heading into September.
In a recent tweet, Rekt Capital opined that the crypto bull market is not yet over. According to Rekt Capital, the last crypto bull run lasted for 152 weeks and may well have set the stage for precedents.
In that case, the market is just 20 weeks into the bull run and Bitcoin has already reached a 2019 high of $13,900. If Rekt Capital’s opinion is to be taken, then Bitcoin could be on its way to the highs of over $100k. In fact, many crypto bulls, including Tim Cook and Tom Lee, have been quoted as saying Bitcoin could soon raise to new exponential highs.
According to the Texas Department of Information Resources (DIR) information, last Friday, 23 small Texas cities were hit by a coordinated ransomware attack, which was carried out by “one single threat actor”.
According to a Texas DIR spokesperson, most targets are specific departments in cities. Note that he refused to clarify the names of these towns, saying that he did not want the “impacted entities” to become victims of other bad actors.
코인데스크코리아와 부산광역시는 오는 9월3일 해운대 파크 하얏트 호텔에서 디지털 자산 거래소 박람회 ‘DAXPO2019’를 연다. 각 분야 전문가들을 초청해 다양한 관점에서 디지털 자산 생태계가 맞이한 새로운 국면을 진단할 예정이다.
블록체인 기술과 산업에 전문성을 인정받는 미디어 5사가 공동으로 아시아 최대 규모 블록체인 컨퍼런스 ‘코리아블록체인위크 2019(KBW2019)’를 오는 9월 27일부터 10월 4일까지 개최한다.
9월30일부터 10월1일 양일간 그랜드 인터컨티넨탈 서울 퍄르나스에서 팩트블록의 ‘코리아블록체인위크(KBW) 2019’ 주간(9월27일~10월4일) 중 메인 행사로 열리는 디파인 컨퍼런스에는 국내외 주요 기업들과 블록체인 프로젝트들이 대거 참여할 예정이다.