As Cointelegraph reported, expectations had been mounting throughout the week that Bitcoin would break its sideways trading pattern to produce fresh volatility.
Those omens came true, albeit to the downside, as analysts admitted that the monthly outlook as well was now looking less than appetizing.
“Price is near weekly support & on weekly perspective, I want to see BTC close above $9533 Sunday or it would form a lower-low,” regular contributor Josh Rager summarized in his latest update.
Bitcoin has lost almost 7% during the last 24 hours, according to Coinmarketcap data, taking analysts by surprise. Here are main reasons why the cryptocurrency is testing new support levels right now.
Bitcoin is back in the rags after testing the ‘riches’ in the leg that failed to breach $10,700 level this week. The leading cryptocurrency gave to the selling pressure which thrusted it under $10,000. The devastating drop ravaged through tentative support areas at $9,800 and $9,500. BTC/USD explored the lows towards the major support at $9,000.
Cryptocurrency markets are in the midst of a significant sell-off, with top digital assets losing over five percent in value over the past twenty-four hours. As the Bitcoin price has now fallen through two key support levels, analysts are predicting further losses, with BTC likely to fall below $9,000.
- BTC price slid as low as $9,320
- Investor in “extreme fear” as monthly chart looks ugly
- Following Bitcoin, Altcoins plunge, wipes out almost $20 billion from the market cap
Cryptocurrency exchange Binance can never catch a break. The Malta-based behemoth has just introduced its new platform called Binance X, which is supposed to streamline the creation of innovative projects in the Blockchain space. With a roster of its products, Binance is turning into a huge ecosystem, and it sees the new initiative as a way to support its growing developer community. Binance has adopted a three-pronged approach to engaging Blockchain developers — Learn, Collaborate, and Grow. These are the three pillars of Binance X.
Popular tweet poet and cryptocurrency influencer, Max Keiser took to his Twitter handle recently to make a bold prediction regarding the price of Ethereum. In his Twitter prediction, Max speculated that Ethereum was going to plummet to the $90 mark.
A Coinbase‘s survey was carried out on the top 50 universities in the world (i.e., according to the U.S. News And World Report) which noted that 56 percent of these universities now offer courses on the decentralized technology, which is 10 percent higher than the previous year’s percentage which was at 46 percent. This increase shows that the adoption of this technology by institutions is on the rise.
The median Bitcoin fees today are significantly less than the fees users experienced the first time Bitcoin hovered around $10k and above. According to BitInfoCharts, median fees today are $0.58. Compared to fees in December 2017 of $10 to $25, that is significantly less. However, there is a very apparent reason for this. There isn’t as much of a demand to use Bitcoin.
Bitcoin lost upwards of $800 in the past 24 hours, marking a sharp decrease of around 7 percent on the day. Conditions like these would typically leave room for altcoins to thrive, but this isn’t the case. The entire market is bleeding heavily, while Bitcoin manages to retain a high dominance of around 69 percent.
Bitcoin risks falling to $9,000 in the next 24 hours, having dived out of a narrowing price range on Wednesday. A violation there would expose the next support lined up at $8,500.
The breakdown looks legitimate as it is backed by a surge in selling volumes. The daily chart indicators are also reporting bearish conditions.
A weekly close (Sunday, UTC) below $9,533 would confirm a double top breakdown on the weekly chart.
The bearish case would be invalidated above Wednesday’s high of $10,280, although that looks unlikely.
By CCN Markets: The bitcoin price crumbled overnight, breaching the psychological barrier of $10k and dropping as low as $9,334 on Coinbase. The fall marked a nine percent collapse in a matter of hours, wiping out a total of $14 billion in BTC market capitalization.
Bitcoin has dropped towards the $9,300 level for the first time in the last 30 days as investors continue to explore traditionally perceived safe-haven assets against global market risks.
First, let’s take at bonds throughout the world and current interest rates, to analyze their influence on the equity markets. Earlier this month, the yield on the 30-year US Treasury Bond hit an all-time low below 2%, an alarming drop to some investors.
This, as investors are now loaning money to the US Federal Government for thirty years at a rate that’ll barely see their value keep up with inflation. While the rate has slightly recovered since, it’s still flirting with the 2% mark.
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.