Day: October 18, 2020

Seller shortage? Bitcoin exchange reserves plunge as BitMEX bleeds BTC

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Bitcoin (BTC) exchange reserves are continuously plummeting as analysts pinpoint the trend to a shortage of sellers. Since the March crash, the reserves on exchanges rapidly fell from 2,950,000 BTC to 2,700,000 BTC. Within merely seven months, a 250,000 BTC fall in exchange reserves signifies a $2.85 billion decline. Behind the steep trend could be two major factors: a decline in sellers and lower trust toward exchanges. Bitcoin reserves on exchanges. Source: Glassnode Is the number of Bitcoin sellers dropping amidst an accumulation phase? Analysts mainly attribute the sustained drop…

Ethereum Struggling Below $375, But 100 SMA Can Trigger A Fresh Rally

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Ethereum started a steady decline from the $395 swing high against the US Dollar. ETH price is now trading just above the main $360 support and the 100 SMA (H4). ETH price is showing a few bearish signs below $375 and $380 against the US Dollar. The price is still holding the $365 support and the 100 simple moving average (4-hours). There is a major declining channel forming with resistance near $372 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to rally above $375…

Bitcoin Key Indicators Suggest A Strengthening Case For Rally Above $11.5K

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Bitcoin price is holding an important support near the $11,230 level against the US Dollar. BTC is likely to rally above $11,500 as long as it is above the $11,000 pivot level. Bitcoin started a downside correction after it failed to clear the $11,600 resistance zone. The price is still trading well above the $11,000 pivot level and the 100 simple moving average (4-hours). There is a declining channel or a bullish flag pattern forming with resistance near $11,450 on the 4-hours chart of the BTC/USD pair (data feed from…

Trader Claims Uniswap’s UNI Will Plunge to $2.00 Prior to Platform’s V3 Launch

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Uniswap’s UNI token has been struggling to garner any sustainable upwards momentum over the past few days and weeks, with each rally being met with massive inflows of selling pressure that force its price lower. There are no immediate catalysts for it to see any significant upside, as it will still be quite some time before any governance proposal is put forward and passed to distribute fees to holders, and there’s no definitive date for when V3 of the platform will be released. Until either of these two events take…

Analyst Who Predicted V-Shaped Reversal Thinks Bitcoin Will Hit $12k

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Bitcoin has faced a slight reversal since the highs of $11,750 set a number of days ago. The coin currently trades for $11,350 as of this article’s writing, 3.4% below the highs. Analysts remain optimistic despite the price reversal. One historically accurate analyst that has called a number of pivotal movements in the Bitcoin price said that the cryptocurrency is primed to hit $12,000 as we enter the second half of October. The cryptocurrency could continue even higher to new year-to-date highs by the end of the month, the analyst…