The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CURATION. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Looking at the technical charts, Bitcoin’s nearest resistance lies at $8,300. The most interesting resistance level is located around $9,000, as it’s a psychological level and the location of the 200-day moving average line. If the bears come to town, additional resistance levels lie at $8,000 and $7,700, with the latter having been tested successfully a few times already this month.
Bitcoin’s total market dominance stands at 66.7% as of now, with a yearly low of 50% in March and a high of 71% in September.
It’s hard to say whether the price will go up or down from here, but if history and the Bollinger Bands are solid indicators, we can expect a serious move coming soon.
Bitcoin (BTC) has an almost 11-year history, and its price has always surprised by moves in either direction. But a slide back below $1,000 is at the far edge of most predictions right now, and may be the least probable scenario as we head towards the year end.
After incurring an influx of buying pressure yesterday, Bitcoin has been able to sustain its upwards momentum and has not faced any notable retrace in the time since its recent surge, which may point to growing strength amongst BTC’s bulls.
One prominent cryptocurrency analyst is now noting that he anticipates BTC to see further upside in the near-term, with an initial target existing at roughly $8,400, which he expects to be visited in the coming few hours.
It has been suggested by consultancy firm McKinsey & Co. that half of the world’s banks are too weak to survive an economic downturn and that steps need to be taken to address this. On the other hand, it is near impossible for the decentralized financial system of Bitcoin to collapse in the same manner.
Grayscale’s institutional investors are increasingly looking to gain exposure to the altcoin market. Rayhaneh Sharif-Askary, the company’s director of sales and business development, tells BlockTV that “I think it’s important to take a step back and look at the bigger picture and the broader trend. The fact that we have, over time, been moving away from Bitcoin maximalism, where Bitcoin represents a safety asset in the space… shows that investors are more comfortable diversifying beyond just Bitcoin and [that’s] really positive.
BTC/USD price chart by Tradingview
Bitcoin is range-bound after the recovery stage from the support at $7,800 fizzled out around $8,400. This left the critical level at $8,400 untested. BTC immediate lower correction found support at $8,150. The high congestion of buyers above $8,000 saw another shallow recovery but the price is lethargically range-bound between $$8,350 and $8,150.
The popularity of Bitcoin derivatives experienced exponential growth in 2019. Blockchain data analytics startup Skew has estimated that they now exceed the top coin’s spot volume by at least ten times. OKEx’s Andy Cheung says that twice as many users trade derivatives instead of actual cryptocurrencies.
About this, Joseph Young, who’s one of the industry’s famous analysts, opines that bitcoin’s present situation aims to test the “will/passion of both businesses and investors in the industry.”
Mr. Young, who referred to bitcoin’s lingered bearish position as a “brutal” one, also said it would not only shake off “weak hands” but also test the strength of those who called themselves bitcoin believers.
The purely-technical picture appears bearish so far, with the Bitcoin price trading below its 200-day average and the almost-certain Death Cross looming. But sometimes that’s not enough to form a complete picture. As excitement around the block reward halving ramps up, institutions appear to have noticed.
Source: Crypto Compare
Ethereum perpetual contracts on Bitfinex had also witnessed a fall after daily aggregated volumes were below the $50,000 range and averaging around only $25,000. For comparison, On 30th September, ETH perpetual contracts crossed the $150,000 mark. Despite the collective slash in trade volume, Bitmex’s perpetual BTC futures had been holding its own over the past months.
While they may not vanish into thin air, Adam Back – the CEO of Block Stream and the co-author of a bitcoin sidechains whitepaper – claims that the presence and stamina of presence bitcoin sidechains could lower interest in altcoins altogether, thereby making their appeal virtually non-existent. As it stands, currencies like Ethereum (ETH), Ripple’s XRP, EOS (EOS), and Litecoin (LTC) have made hefty names for themselves in the crypto space. Ethereum, for example, is the world’s second-largest cryptocurrency by market cap and has easily become the most popular blockchain for building new cryptocurrency applications and tokens due in part to its smart contracts.
According to Zuckerberg’s prepared remarks released on Oct. 22 in advance of planned hearings before the U.S. House Financial Services Committee, the Facebook CEO wants to assuage regulatory concerns over the launch of the coming stablecoin. He said:
“Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve.”
The Dow Jones rose with Boeing on Tuesday but was rocked late in the day by an unexpected Brexit defeat. | Source: Yahoo Finance
The Dow Jones attempted to drive higher on Tuesday amid an eerie period of trade war calm, only to falter in late afternoon trading.
Assisting the stock market rally, Boeing, the Dow’s most heavily weighted stock, bounced 2% on positive 737 Max news, erasing a 4.6% drop from McDonald’s and offsetting a punishing capitulation from Travelers stock post-earnings.