Bitcoin has undergone a strong rally since the lows seen just two weeks ago. The leading cryptocurrency currently trades for $13,050, far above the aforementioned lows and above the medium-term lows set during the September correction at $9,800. Some have argued that the cryptocurrency is severely overbought. As reported by NewsBTC previously, one trader recently noted that the cryptocurrency’s one-day Fisher Transform indicator is currently at highs not seen since August, May, and February of this past year. As can be seen in the chart, each of the named periods…
Day: October 25, 2020
Critical Technical Signal Suggests Bitcoin Price Will Likely Reverse
Bitcoin has undergone an extreme rally over the past two weeks. The coin has surged from $11,200 to $13,000 as of this article’s writing, with the rally topping on Saturday evening at $13,350. While BTC is heading into the weekly close around $13,000, which is a pivotal win for bulls, analysts are wary of a drop from here. There are some signs indicating that the cryptocurrency may be overbought in the near term, having rallied over $1,500 in around a week’s time. Related Reading: Here’s Why Ethereum’s DeFi Market May…
Commodity trading gets sweeter with blockchain-based sugar exchange
The world’s largest sugar refinery, Al Khaleej Sugar, officially announced the application of blockchain technology in its recently launched sugar trading platform, DigitalSugar.io. Users of the UAE-based platform will trade the spot price of sugar via tokens tied to “up to 100,000 tonnes of raw sugar,” with its peg assured by the Universa blockchain who will be issuing electronic warrants of ownership with the tokens. Traders will be able to hold tokens representing between 1 kg to 1M tonnes, and will pay .4% in exchange fees as well as a 2.5%…
Bitcoin Shoots Up to New Year-to-Date High After $13k Daily Close
Bitcoin has once again rallied over the past day, bringing it to new year-to-date highs at $13,350 as of this article’s writing. The latest move higher just took place, bringing the leading cryptocurrency from $13,150 to the aforementioned highs. Chart of BTC’s price action over the past two days. Source: BTCUSD from TradingView.com This comes after Bitcoin saw a notable daily candle close of $13,000. This daily candle close was the highest of its kind since January 2018. Many see this as notable as $13,000 has long been an important…