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A test of resilience for Bitcoin price now revolves around an area with $7,400 as its bottom, one market analyst suggests. Bitcoin price (BTC) returned to sideways trading on Oct. 14 after a sudden dip on Sunday evening saw markets lose 2% in minutes. Cryptocurrency market daily overview. Source: Coin360 Bitcoin claws back lost groundData from Coin360 showed the largest cryptocurrency fluctuating around $8,300 at press time, having made up some of the ground lost during the downturn. BTC/USD spent much of the weekend grinding upwards, reaching local highs of $8,460 before dramatically reversing to bottom out at $8,200 minutes later. Since then, a slow recovery has been underway, paring 50% of the losses. Bitcoin seven-day price chart. Source: Coin360 The behavior mimics multiples occasions in recent weeks and months, during which Bitcoin punctuated periods of flat activity with sudden volatility either up or down. Various theories blamed traders and institutional investor settlemen..
As Bitcoin price is stuck in a range with tightening Bollinger Bands suggesting a big move is coming, XRP and Ether look to capitalize on their recent bullish momentum. Bitcoin price (BTC) bulls looked as if they were taking charge last week as BTC/USD rose by over $1,000, albeit momentarily. Bitcoin rallied throughout the week from a low of $7,760 on Oct. 7 to over $8,800 where it was rejected around the 200 Day Moving Average (MA) on Oct. 11. After this point, 50% of the weekly gains were wiped out in a matter of minutes as it fell back down to the $8,300 range. As Bitcoin price attempts another recovery, could we start to see altcoins regaining momentum? A look at this week's charts across the top-3 cryptocurrencies certainly paints a very interesting picture. Weekly Crypto Market Performance. Source: Coin360.com Bitcoin price overviewBoth BTC/USD runup and rejection towards the 200 Day MA wasn't exactly unexpected. Using the Moving Average Convergence Divergence (MACD..
Crypto price premiums are a thing! Which countries suffer the most and how big is the difference in price for a Bitcoin? Up until early 2018, major cryptocurrency markets the likes of South Korea and Japan demonstrated high premiums for Bitcoin. At the 2017 peak, when the Bitcoin price was trading at around $20,000 in the U.S. spot market, Bitcoin was being traded in South Korea’s cryptocurrency exchange market for around 26,000,000 Korean won, equivalent to about $22,000. This difference is now known as the Kimchi premium. Since then, starting with the introduction of various regulatory frameworks by South Korea to reduce regional premiums that included the prohibition of trading cryptocurrencies with foreigners in the local market, premiums in major markets have declined substantially. Still, due to the lack of supply and the relatively high demand in some markets, Bitcoin is being traded at a premium in certain regions — some higher than most. Hong Kong’s OTC Bitcoin market: 2% to..
In the third installment of the Bitcoin Price Diary, veteran trader Scott Melker revisits some recent successful trades including a sizable position on REN/BTC. In this third installment of my Bitcoin Price Diary, I’ll revisit some open positions which are still in play and review a sizable trade on REN. I also have a position in Bitcoin (BTC) that is still largely open. As I have said a number of times on Twitter, I believe that it has been an altcoin season for months and that altcoins found their local bottoms in August. I have been comfortably trading them since. In early October, Bitcoin dropped and was ranging sideways, giving altcoins even more room to appreciate. At the time of writing, Bitcoin price is a few days removed from a sizable 6.6% move up, which caused a drop across the board on many altcoins. I am proceeding with caution on altcoins for the moment until Bitcoin has provided clearer direction for its next move. I prefer to keep my active trades at a minimum becau..
Bitcoin rallied past $8,800 before a strong rejection drove BTC price back below the 200-day moving average. Bulls need to step in and restore momentum or a break below $8,000 is possible. Over the past five days, Bitcoin (BTC) has rallied more than $1,000, from $7,770 to $8,835, giving the crypto space hope of further upside. Bitcoin’s Oct. 11 daily candle, however, faced rejection near a few key levels, showing that crypto’s largest asset is still struggling to hit the $9,000 mark. Daily crypto market data. Source: Coin360 Bitcoin rejected at key levelSince its $1,700 drop on Sept. 24, Bitcoin largely has struggled to maintain its 200-day moving average (MA) as support, suffering clear rejection multiple times. The 200-day MA is commonly used as a notable benchmark regarding bullish and bearish trends for Bitcoin. The digital asset punched through the 200-day MA earlier today, only to fall more than $400 in the hours that followed. Closing today’s candle back above the 200-day MA..
Does the pullback in Bitcoin price and most major altcoins indicate that lower levels are likely? Let’s study the charts. The wait for a Bitcoin (BTC) exchange-traded fund got a bit longer as the United States Securities and Exchange Commission (SEC) shot down the proposal by Bitwise Asset Management and NYSE Arca. The regulators felt that the application did not satisfy the requirement that it will “prevent fraudulent and manipulative acts and practices.” However, there was no noticeable reaction to this news, which shows that the market participants did not have high expectations of an approval. Meanwhile, as Bakkt’s volumes continue to unimpress, the Chicago Mercantile Exchange (CME) Group is upbeat on its forthcoming Bitcoin options product. Tim McCourt, CME Group’s global head of equity index and alternative investment products, believes that the new product will see high demand in Asia. He anticipates the miners to use this product to hedge their production accurately. In a rec..
An attempt to break sideways trading pattern failed to gain momentum, taking Bitcoin price 2% lower and disappointing traders. Bitcoin price (BTC) traded broadly lower on Oct. 11 after sudden volatility broke a sideways trend in place since earlier in the week. Cryptocurrency market daily overview. Source: Coin360 Bitcoin analyst prepares for range-bound tradingData from Coin360 showed BTC/USD circling $8,350 on Friday, having jumped to a local high of above $8,770 earlier. The enthusiasm was short-lived, with the following crash taking the pair below its previous levels. Daily losses for Bitcoin totaled 2.3% at press time, while the largest cryptocurrency remained up 2.6% versus the same point last week. Bitcoin seven-day price chart. Source: Coin360 Markets broadly shook off events which commentators assumed would impact them. Specifically, the decision by U.S. regulator the Securities and Exchange Commission to reject the latest Bitcoin exchange-traded fund (ETF) failed to den..
As Bitcoin price consolidates, several altcoins are posting gains and providing the rationale for a period of market-wide gains. After several months of difficulty, many altcoins such as Ether (ETH), Chainlink (LINK) and Binance Coin (BNB) finally show signs of life on the charts providing hope for a new bull-run. As 2019 nears its end, Bitcoin price (BTC) looks back on an overall positive year. Crypto’s largest asset rose from $3,330 to $13,880 in the first half of the year before retracing down to $7,715 several months later. Altcoins shared in the exuberance surrounding Bitcoin’s parabolic price rise, with the majority of top market cap cryptocurrencies posting notable gains. After painting its 2019 high of $13,880, however, Bitcoin declined in price, posting lower highs. During this period, altcoins lost all momentum they had gained during Bitcoin’s price run, spiraling into strong downtrends. The state of the altcoin market seems to have changed though, as Bitcoin’s market dom..
On Oct. 9 Bitcoin price rallied 5% to notch a 2-week high at $8,715. Traders now must push BTC above the 200-daily moving average and set a higher high above $9,780. On Wednesday morning Bitcoin perked up and punched above the $8,300 resistance during the U.S. trading session. Daily crypto market data. Source: Coin360 The 5% rally was well-timed as Bitcoin price was weakening after successfully managing to break above $8,200 on Monday. At the time (Oct. 7) the digital asset had spent the last few sessions pressing against the upper trendline of the descending triangle on Monday. BTC USD 4-hour chart. Source: TradingView A closer look at the 4-hour chart shows a head and shoulder formation was in play since Sept. 30 and the surge from $8,250 saw the successful completion of this pattern. Interestingly, Wednesday's upside move brought Bitcoin price right to the 200-day moving average (DMA) at $8,700. As mentioned in a previous analysis, the volume profile visible range (VPVR) s..
Bitcoin has rallied to touch $8,600, while major altcoins follow in its wake; Chainlink is seeing daily gains of almost 14%. Wednesday, Oct. 9 — Bitcoin (BTC) continues its rebound, jumping $400 in a few hours, while altcoins rally in sync with BTC. Cryptocurrency market daily overview. Source: Coin360 The world’s most popular crypto coin rallied from an intraday low of around $8,200 up to its current trading price near $8,600, showing impressive gains of over 5% in the past 24 hours, while a vast majority of the top 100 crypto coins are pumping in sync with BTC and are recording major double-digit gains. Bitcoin seven-day price chart. Source: Coin360 Ether (ETH), meanwhile, followed suit and rallied in sync with most of its fellow altcoins, showing a more than decent gain of nearly 7% on the day. The second-biggest cryptocurrency by market cap hit its intraday low at $179 and has since found its way to $191.58 per coin at press time. However, its price is still down 14% from the h..