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Bitcoin’s (BTC) price hit $9,260 on Feb. 20 and dropped to $9,350 on BitMEX the very next day. Analysts say these two pullbacks were liquidity fills and that the dominant cryptocurrency is likely to sustain its bullish market structure.
Technical analysts and industry executives have laid out the exponential moving average golden cross, strong weekly support at $9,500, halving, liquidity fills and rising on-chain activity as the five main factors to support the continuation of Bitcoin’s upsurge over the coming months.
Bitcoin and other cryptocurrencies are having a strong year thus far, however, the rally is only expected to continue with the asset’s halving on the horizon this May. But how much could Bitcoin spike ahead of the monumental event?
According to historical analysis of previous market cycles in comparison to where the market may be right now, it suggests that the first-ever cryptocurrency is ready to surge another over 80% prior to the halving.
Even though Bitcoin at $9721.5 (at the time of writing) is expensive, and possibly unattainable for the majority of the inhabitants of developing economies, $9,700 is well within the grasp of many middle class investors, and those with a higher amounts of income.
The fact that Bitcoin has the potential to become the world’s standard for value transfer, and only 28 million addresses are holding non-zero balances right now, shows that the investment side of things is still extremely asymmetric even a decade later.
Bitcoin whales are individuals who house several million dollars-worth of cryptocurrencies in their digital wallets. Often, they possess so much in a single account that the slightest maneuver of money could potentially cause the entire industry to suffer a shift of some kind. Usually, the cryptocurrency industry experiences heavy dips or meteoric rises. It all depends greatly on what gets moved and where.
Bitcoin’s recent price action has made it incredibly unclear as to where the cryptocurrency could be positioned to move next, with its recent drop below $10,000 suggesting that bulls do not have enough strength to surmount the resistance that exists around this price level.
In the near-term, Bitcoin’s bullish reaction to its recent drop to lows of $9,200 seems to suggest that further upside is imminent, although it has not yet catalyzed enough buying pressure to rally back up to the five-figure price region.
One bullish possibility that could mean intense upwards momentum is imminent is the fact that Bitcoin is currently repeating an eerily similar pattern to that seen last year prior to its recent rally.
Despite the drastic shift in the spot market price, BTC’s volume has reportedly been rising and reached a peak for the year 2020, with the daily volume approaching $1 billion, according to Arcane Research. Corresponding to the daily volume, BTC’s trading volume was observed to be increasing on CME as it recently crossed $1 billion, hinting towards increased institutional demand. Bakkt had also been noting a higher contract expiration in February, when compared to its 2019 average, according to Arcane.
After settling in at the $10,000 price level, bitcoin (BTC) suddenly and rapidly fell more than 5 percent in an hour on Wednesday. As the market discusses possible explanations, some floated the unexpected simultaneous downtime of Binance and Coinbase as a causal factor.
In this episode of The Breakdown, we discuss the power exchanges wield – both in terms of market liquidity as well as the ability to shape news cycles. The good news is new funding for insurgent exchanges suggest that power is not inevitable.
Shopify’s entrance comes in a tough period for Libra. The latter started with 23 initial partners, but some of the biggest names quit the project rapidly. As Cryptopotato reported last year, the severe backlash from politicians and world watchdogs pushed companies like Uber, MasterCard, Visa, and Spotify to back off.
At the time of writing, Ethereum is trading up just under 3% at its current price of $266, which marks a notable climb from recent lows of $250 that were set at the bottom of the recent flash crash seen amongst most major cryptocurrencies.
This sharp and highly unexpected movement seemed to temporarily invalidate the cryptocurrency’s bullish market structure, but its price action in the time since seems to confirm that bulls have still maintained their underlying strength.
On Day two of the CoinGeek London conference, three of the top companies pitching Bitcoin businesses took the stage to present. Bitcoin Association’s BSV Venture Pitch Day gives developers and projects the chance to present their business to investors, and Looter, Memento, and ActivitySV all shared their visions and information regarding the companies they are building. Let’s take a look at these three projects and what they do.
At the time of writing, XRP is trading up just under 1% at its current price of $0.275, which marks a slight climb from recent lows of $0.26 that were set at the bottom of its recent selloff.
It is imperative to note that the embattled crypto has been severely underperforming Bitcoin in the time following its recent drop, as BTC has been able to climb from lows of $9,200 to highs of $9,700.
“Following a report in a section of the media referring to Binance as a ‘Malta-based cryptocurrency’ company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorized by the MFSA to operate in the crypto currency sphere and is therefore not subject to regulatory oversight by the MFSA.”
In the analog world, paper money reigned supreme, powering consumer transactions – from big ticket items to bread – as well as every conceivable industry, government and small-to-medium size business. But optimizing for the digital economy requires a distinctly different type of currency — one that is free of intermediaries, secure and capable of crossing borders instantly and on-the-go, argues the former chairman of the US Commodity Futures Trading Commission (CFTC).
As bitcoin grows in popularity and recognition worldwide, resources dedicated to providing in-depth and diverse stats on all things crypto have exploded onto the scene and continue to proliferate rapidly. This post lays out 17 of the best sites, and divides them into basic categories such as checking price, viewing network visualizations, and more.