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The bottom in fact came at $7,360, while attention now focuses on Bitcoin’s next move. A major factor potentially exerting pressure on price is governmental scrutiny of Libra, Facebook’s proposed digital currency.
This week, the United States Congress again grilled CEO Mark Zuckerberg in a public hearing, during which Bitcoin also came in for criticism.
The biggest takeaway from Cleps’ pennant theory is the date of bitcoin’s next halving – an event that reduces the cryptocurrency’s supply rate by half. Bitcoin supporters think an additional scarcity would make the cryptocurrency more expensive based on its history following each halving date.
Like the day after a night of hard drinking, the crypto market today is resting in bed, hungover. Very little movement has been observed since yesterday’s crash, which showed strong signals of market manipulation.
Be that as it may, the decisive direction picked by the cryptocurrency market could strongly influence the upcoming trading weeks.
Futures on December gold delivery peaked at $1,505.90 a troy ounce on the Comex division of the New York Mercantile Exchange, putting the yellow metal on track for its highest settlement since Oct. 9. The futures contract continues to hold above $1,505 at the time of writing.
During a recent interview with ‘Squawk Box,’ Galaxy Digital CEO Mike Novogratz opined that if Fidelity allowed its customers to buy Bitcoin, that would be the most bullish the most bullish thing for Bitcoin.
As the sector awaits with bated breath in the hope that some much needed positive light will shine on the Bitcoin market, it would seem like people would not have to wait that much longer. This is because a very popular market indicator that prognosticates certain directional trends has shown positive news for the market’s leading coin.
It has become known that in less than 2 months, Bakkt will introduce its regulated options contract for Bitcoin futures by December 9, 2019. According to the blog post published by the company, for the launch of these BTC options, Bakkt will use its Monthly Bitcoin Futures contracts.
This will be a major milestone for Bakkt driving further the institutional participation in the crypto market. Bakkt CEO Kelly Loeffler made the announcement today. In a blog post, she wrote:
In a recent interview with Forbes, Birch explained that Bitcoin is at a great buying opportunity right now. During the interview, he said that he doesn’t know whether Bitcoin is going to hit $3,000 or $4,000 in the future, however, he considers there is a buying opportunity under $8,000. About it, he said:
Bitcoin’s price had been moving sideways with minimal change in price. With the bears asserting their dominance and descending channel making its way in the market, a drop in price might be imminent.
“Today’s volume so far: 296 BTC. Last traded price: $7,772.50. Trading day progress: 26%. Today’s forecast: 1139 BTC”. Recall that the Bitcoin exchange rate fell from $7,988 to $7,523. At the time of preparing this post, one BTC costs $7552 (-8.26%) with a market capitalization of $136 billion. Earlier, ICE operator of the New York Stock Exchange, which also runs Bakkt, said about intention to launch additional Bitcoin products.
A death cross is a bearish cross between the 50- and 200-day moving averages (MA). A cross of these specific short- and long-term MAs indicates that the previous upward move has lost its strength and the trend has begun to turn downward. Currently, the gap between the MAs is less than $100 — making it almost certain that the cross will be confirmed today.
According to the index,
The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreations.
With only a week of October left, bitcoin price has just suffered a flash crash down to the $7400s. So what does this mean for the 4Chan ‘Wizard’ prediction, of $16,000 this month? Is it time to just give up the ghost, or does bitcoin have more autumnal tricks up its sleeve? And why on earth would anyone pay attention to an anonymous 4Chan user anyway?
Don't worry, he meant $6,000 $BTC in October, not $16,000
Republican Rep. Ted Budd of North Carolina used his time to separate Libra from crypto assets, warning that Washington should work to avoid stifling innovation in the blockchain technology.
“It’s crucial that members of this committee be able to differentiate between Libra, which is really not a cryptocurrency, and actual cryptocurrencies like Bitcoin, Ethereum and XRP, before we discuss draft legislation.