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Data from Coin360 shows BTC/USD down 1.6% on the day, circling $9,250 after a sudden dip saw markets bounce off $9,200. That level has been in play for the past 72 hours and has seen two tests since local highs of $9,520 on Monday. The week’s behavior continues a broader trend which Cointelegraph reported on previously — Bitcoin remains range-bound between $9,000 and $9,500.
Despite the above said, since yesterday, following a failed retest of the upper trend-line around $9,450, Bitcoin is losing momentum slowly, and as of writing this, the coin is struggling to stay above the ascending trend-line (the lower angle of the triangle). The last comes together with the critical 200-days moving average line. The 200-days MA is a significant indicator to distinguish between bear and bull markets.
Since Bitcoin bounced from $7.5K to reach $9K towards the end of October, the digital asset has stagnated. Strong resistance has been the $9.5K position. This crucial level could open up the next wave of gains, quickly seeing Bitcoin climb above $10K or see the asset crash again. Now with only two months to go to the end of the year, no one really knows how strong or weak the market ends it.
During our last market outlook, cryptocurrency prices had found new foundations after the massive rally on Friday, October 25. Since then digital currency prices have been meandering roughly in the same positions after coins like BTC failed to break upper resistance on various occasions.
Even though bitcoin is far from just a digital version of gold, these connections persist in the minds of new adopters and hardcore Bitcoiners alike. It has spurred a variety of initiatives, offerings and services from digital asset managers — each of which is its own interpretation of the analogy that bitcoin is digital gold.
In 2019, the share of crypto-related job offers also increased by 26 percent despite searches dropping by 53 percent. Indeed predicts that this trend will continue in 2020 as well despite price volatility and regulatory uncertainty as the crypto industry continues to grow.
- Bakkt’s monthly futures volume surged to $10 million, the second-largest on record.
- The steady growth of Bakkt’s monthly futures volume may reflect the growing interest of institutional investors.
- In addition, the rise in volume is giving analysts more reason to be bullish on bitcoin.
Silvergate Bank, a crypto-friendly bank, officially began selling shares on the New York Stock Exchange Thursday. Roughly a year after it first filed for its initial public offering, Silvergate began its “IPO day” on the NYSE, according to the stock exchange’s Twitter account. The news comes a day after Silvergate received a “notice of effectiveness” from the U.S. Securities and Exchange Commission, indicating its long-running IPO bid had been accepted.
There is a growing hype surrounding the upcoming Bitcoin halving, set to occur in May 2020, about 190 days away. What this means is widely known. Every four years, the amount of Bitcoin rewarded to block producers is cut in half, a feature hard-wired into the blockchain’s architecture. Currently, around 1,800 new Bitcoins are produced daily, with miners being rewarded 12.5 BTC for each block mined. That is set to drop to 6.25 next year.
Crypto exchange Binance has taken some major steps in setting new standards for cryptocurrency services. Adding support for the Ukrainian national currency, signing a memorandum of understanding (MOU) with the Ukrainian government, and implementing a cryptographic protocol for distributed key generation and signing – these are only a few achievements of the company led by Changpeng Zhao (CZ).
Bitcoin futures contracts offered by several exchanges including Bybit have been known to positively impact the Bitcoin market. They allow traders and investors to be on the future price of Bitcoin. In the technical analysis on Thursday, we will explore scenarios in the coming sessions before the weekend session.
In a new interview with BlockTV, Ong affirms that market manipulation continues unabated and that the only way to get clean data on crypto trading volumes is from regulated exchanges.
“I would say that the situation is actually getting worse…The trading volume for the spot market is almost close to not being used as a trusted source anymore. There are so many exchanges that are just wash trading that it’s ridiculous…..
The hourly chart for Bitcoin recorded a descending channel. The price of the coin was depreciating within the channel and the lower highs were marked at $9,494.63, $9,485, and $9,423.8, while the lower lows were at $9,230.14, $9,222, and $9,137.04. The breakout predicted to occur within a few days might see a breakout towards the bullish end.
The excerpt reads that “the worst of this year’s Bitcoin price correction… in our view.” The analyst elaborated that they expect for Bitcoin to remain bound to the $8,000 to $12,000 range until year-end; Bloomberg wrote that increasing institutional investment and a “favorable macroeconomic environment” should produce upside potential, but that “hangover selling from 2017’s price surge” should limit the upside, and potentially create some room for downside to the $8,000 region.