Troubling Sign: Bitcoin’s Surge to $8.2k Was Much Weaker Than to $12k, Data Shows

Over the weekend, the bitcoin price spiked to as high as $8,200 prior to the highly anticipated weekly close. Despite it being the first strong breakout since November 2019, there was not enough buying demand to push it to higher levels. Many traders expected bitcoin to hit upper resistance levels including $9,000 supported by the upward momentum in the past three days. As the weekly candle closed below $8,500, bitcoin rejected the $8,200 to $8,400 range and dropped back to around $8,050. Drop from $8,200 could lead to a bigger…

Bitcoin’s Consolidation Past $8,000 Strengthens Its Safe-Haven Status

BTC/USD is presently trending at $8,091 (-1.1% from the start of the day). The coin retreated from an intraday high of $8,195.81, although the trend is quite bullish. As per Arcane Research, Bitcoin volumes have more than increased in seven days. The organization found that the 7-day normal every day exchanging volume spiked 126% all through the underlying seven day stretch of 2020 and came to $1.5 billion, exchanged on January 8, contrast with a dismal $192 million as of January 1. This scenario can be seen as a bullish…

What Will Bitcoin’s Price Look Like in 2020?

I would say the interesting question here is not the price of BTC, but whether BTC (and other main cryptocurrencies, such as ETH) will be more widely adopted on a long-term basis rather than only for a pure speculative aspect. We do not want to see a repeat of 2018, when users jumped hastily into crypto. I would prefer to see a genuine interest in the technology and its application and an overall appreciation of the utility of the tokens that support the different networks, products and services built upon…

Bitcoin’s Bull Bias Intact Despite 6% Price Pullback

Bitcoin has pulled back from seven-week highs above $8,400, but the bullish breakout confirmed on Jan. 6 is still valid. It’s been a low-volume price drop and could be reversed. The bullish case would weaken if prices find acceptance under key support at $7,567. Bitcoin has pulled back from multi-week highs, but is still hovering in bullish territory above key support near $7,600. The number one cryptocurrency is currently trading at $7,910 – down 6.5 percent from the seven-week high of $8,463, according to CoinDesk’s Bitcoin Price Index (BPI). Thepullback…

Bitcoin’s Bull Bias Intact Despite 6 Percent Price Pullback

Bitcoin has pulled back from seven-week highs above $8,400, but the bullish breakout confirmed on Jan. 6 is still valid. The price drop was backed by low seller volumes and may be reversed. The bullish case would weaken if prices find acceptance under key support at $7,567. Bitcoin has pulled back from multi-week highs but is still hovering in bullish territory above key support near $7,600. The number one cryptocurrency is currently trading at $7,910 – down 6.5 percent from the seven-week high of $8,463, according to CoinDesk’s Bitcoin Price…

Why the Counter Economy Is Necessary to Bitcoin’s Survival as a Disruptive Currency

As Bitcoin is adopted by more and more traditional financial institutions, and becomes regulated by governments worldwide, the question of its survival as a truly disruptive alternative to legacy financial systems is raised. After all, if governments like Qatar’s can ban it, and international banking laws like AMLD5 can push bitcoin-friendly companies out of business, how is Satoshi’s revolutionary P2P cash to survive without a counter economy of willing users who transact freely and autonomously? Also Read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws Counter-Economics and…

10M Bitcoins Haven’t Moved in More Than a Year, Highest Since 2017

“HODLing” has returned to a major milestone: The total number of bitcoins that haven’t changed hands in more than a year has crossed the 10 million mark.  About 10.7 million bitcoins haven’t moved in more than 12 months, according to Digital Assets Data, a fintech company building crypto data feeds.  Considering the total number of bitcoins in circulation is 18.14 million, this also means nearly 60 percent of the coins remained dormant and only 40 percent participated in the price action seen in 2019. The percentage of bitcoins lying dormant…

Bitcoin’s Price Rises above $8,300, Bull Run Seems Likely

Bitcoin’s price rises again. Many pundits have indicated that this has created a new paradigm where Bitcoin’s price is now finding new support levels. This also means that a bullish trend may be in the offing although many think that this isn’t so.  Bitcoin’s prices have been under severe pressure lately. The downward trend suggested that prices may have finally fallen to less than $5,000 or even worse indicating the lack of footing for a support level. These fears, however, were dispelled as Bitcoin’s price rose and several cryptocurrencies traders…

Why XRP And Other Top Crypto Assets Flatlined Against Bitcoin’s 9% Move

In the past 48 hours, the bitcoin price increased by around nine percent from $7,740 to $8,462. In the same period, XRP, Ethereum, and other top crypto assets stagnated, either flatlining against the U.S. dollar or falling. Factor #1: Crypto traders are not so confident in the move The upsurge of bitcoin in the past two days were from a relatively strong resistance level to another heavy resistance area at $8,400. Since surpassing $8,400, BTC has dropped by around $120, struggling to break out above $8,300. It is likely that…

Why XRP And Other Top Crypto Assets Flatlined Against Bitcoin’s 9% Move

In the past 48 hours, the bitcoin price increased by around nine percent from $7,740 to $8,462. In the same period, XRP, Ethereum, and other top crypto assets stagnated, either flatlining against the U.S. dollar or falling. Factor #1: Crypto traders are not so confident in the move The upsurge of bitcoin in the past two days were from a relatively strong resistance level to another heavy resistance area at $8,400. Since surpassing $8,400, BTC has dropped by around $120, struggling to break out above $8,300. It is likely that…