Data from Coin360 painted a fairly unremarkable picture of Bitcoin markets on Wednesday, the largest cryptocurrency trading in a narrow corridor between $10,050 and $10,250.
BTC/USD has stayed above the $10,000 mark since Monday, repeatedly testing but failing to break support for five figures.
Is $10,000 really a magic number for Bitcoin? Do traders care if it trades above or below this mark? It certainly seems so.
Bitcoin is trapped in an extremely narrow trading range as we head into the U.S session, following another minor bounce from just above the $10,000 support level. With Bitcoin close to posting thirty consecutive daily prices above the $10,000 level, we thought it may be a good time at look at this key psychological barrier and what it may mean for Bitcoin going forward.
The Dow stumbled toward a losing session on Wednesday after President Trump appeared to double down on his controversial trade war strategy ahead of new tariffs scheduled for this weekend.
Meanwhile, one Wall Street strategist warns that the stock market could be on the cusp of entering a nauseating “death spiral.”
The Dow Jones Industrial Average and other bellwether indices continued to bleed this morning after Tuesday’s early rally fell short.
US President Donald Trump reassured that the economic situation with China is “doing very well.” The tweet came weeks after the imposition of yet another tariff imposition which saw traditional markets plunge into the red. Despite his reassurance, the overall market condition is still far from positive. Amid this economic uncertainty, Bitcoin remains relatively stable above $10,000, showcasing its negative correlation to traditional markets yet again.
“Dr. Wright’s story not only was not supported by other evidence in the record, it defies common sense and real-life experience. Consider his claims. He designed Bitcoin to be an anonymous digital cash system with an evidentiary trail. DE 236 at 15. He mined approximately 1,000,000 bitcoin, but there is no accessible evidentiary trail for the vast majority of them.”
On the surface, Bitcoin (BTC) looks downright boring today, trading on low volume within a very narrow range. But in fact, the leading crypto has been squeezed into an extremely tight corner of a pattern, and volatility could swiftly return at any moment.
We start with a 6-hour chart, below, showing the 200 exponential moving average (EMA). This average has been an inflection point for Bitcoin’s price since mid-August (and even before). And on the August 26 fakeout out of this pattern, price was quickly sold back below the 200.
- Bitcoin maintains a gradual uptrend from last week lows but forming a lower high pattern.
- The Bollinger Bands currently narrowing into a constriction could end up thrusting Bitcoin past $10,000.
- Bitcoin price impressively continues to hold above $10,000 support. The incomplete leg staged from the weekend lows infiltrated $10,600 resistance but failed to break above the critical $10,700. The weekly high at $10,680 left the door wide open for the bears. The price action in the last couple has had an affinity to losses.
Bitcoin’s recent price performance has provided little inspiration lately. An ongoing range-bound bounce between the high $9k and mid-$10k price levels has not given any clear direction of future movements. Some analysts expect a breakdown to a new lower low while others remain bullish.
The last 48 hours have seen the market go calm. The week has seen top coins largely trade sideways. Neither bears nor the bulls are taking charge of the situation which has seen market prices trade within recent ranges. Unfortunately, for most of these coins, they are trading near critical support positions.
For Bitcoin, the week began with a great prospect after hitting $10,500, however, the bears struck before dusk on Monday. Since then the asset has not been able to recover. Fortunately, the asset found strong support above $10K which has been a challenge in the last few weeks.
For both those involved in Bitcoin and traditional markets, all eyes have been on the Federal Reserve over the past few months.
Many analysts claim that whatever the American monetary authority decides to do with monetary policy will dictate the direction for global markets, and, potentially, the fate of the current fiat economic hegemony.
Bitcoin’s recent market movements have thrown into contention consensus about its short-term price direction, with traders asking openly if demand is strong enough to fend off another bear market.
Such a question has emerged in the wake of the world’s largest cryptocurrency’s inability to set new highs above those seen in June and July, when optimism about a Facebook cryptocurrency launch pushed the price of bitcoin to $13,880 and $13,200 on June 26 and July 10, respectively.
Since then, bitcoin has largely failed to test these highs again, prompting speculation traders may be willing to push the market into a lower range, one that could be deepened by available futures options.
A series of Bitcoin predictions from an anonymous analyst are catching fire on Reddit.
The forecast was posted on 4chan on January 21st of this year, mapping out BTC’s price movements through November. A screenshot of the original post shot to the top of the Bitcoin subreddit on Tuesday, along with a graph showing the predicted parabolic movement.
Social media giant Facebook rattled regulatory cages when it announced plans for its Libra project earlier this year. Messaging platform Telegram has clear ambitions to win this particular race with the launch of GRAM, but will it hit the same brick wall?
According to an AMA (Ask Me Anything) session on Twitter, CZ followed up on last month’s announcement that Binance was planning to launch futures trading.
“Binance is planning to offer futures contracts on the exchange. Binance CEO Changpeng “CZ” Zhao announced plans for this futures trading feature during a presentation at the Asia Blockchain Summit in Taipei.
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.