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Analysis

$6,500: Bitcoin Recovers But Downtrend Is Strong

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The crypto market seems to be recovering as the price of Bitcoin recently rebounded to $6,500 and Bitcoin Cash hit $605.

Still, the decline in the crypto market is present mostly because of the low market volume. Since July 29th, the price of Bitcoin has been freefalling. It dropped from more than $8,300 to $6,300 within two weeks.

Several other cryptocurrencies have started falling as well. The drop in value is steeper for tokens which lost 30 to 40 percent of their price in about 12 days. Over the past eight months, the crypto market and the most dominant cryptocurrency Bitcoin have seen similar trends and price movements in identical ranges.

Price manipulation is a huge possibility right now, especially because of the suspicious movement of BTC in the over-the-counter (OTC) market – which is two to three times larger than the cryptocurrency exchange market.

However, what many analysts agree on is the fact that a Bitcoin price drop is always timed exactly after an important piece of event or news such as the disapproval of the Winklevoss Bitcoin ETF and the VanEck ETF which both happened over the past 30 days.

Right now, it seems like the downward trend of the crypto market is strong and therefore, it is difficult to see a corrective rally initiated in the short run.

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Analysis

Bitcoin Nears $3,800, What Can The Market Expect?

Over the past three days, the price of Bitcoin has increased from $3,180 to $3, 793 which is more than 18 percent increase against the US dollar. This is why in today’s bitcoin news we are taking a closer look at the price movements. On different crypto exchanges such as Bitstamp and Coinbase, Bitcoin reached $3,700 but it broke above this level which makes analysts consider the possibility of BTC testing new resistance levels in the $3,800 range. Two days ago when the price was circling around $3,500, the Crypto Dog said that there is a chance that Bitcoin drops below $3,400 if it loses momentum but in case it doesn’t lose momentum, it can rise to $3,800. He said:
‘’BTC consolidation below resistance. If we lose strength I look at $3,400 for support. Below there I am concerned. A break out and I’m eyeing $3,800.’’
The major cryptocurrency is now showing clear signs of breaking above $3,800 which wasn’t capable of testing since December started. BTC is likely experiencing the increase in price because of the severely oversold conditions on the market. From November, the value of BTC was continuously falling against the US dollar experiencing a high sell-off pressure. When the oversold conditions swamped the market, many crypto assets began their corrective rally pushing the market into a surge stage. The steep decline in the value of other cryptocurrencies such as Ethereum and Bitcoin Cash can be attributed due to lack of fundamentals. Ethereum could not show a higher level of user activity while BCH struggled to gain adoption.
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Analysis

The Biggest Barrier That Stops Investors From Buying Cryptocurrencies Is Education

During the massive bull run last year, many got interested in cryptocurrencies and the interest kept rising this year as well. In today’s crypto news, we take a look at how education influences the interest in buying cryptocurrencies. The interest kept rising when a lot of hedge companies and fund managers saw the opportunity to make hundreds and millions in crypto and. Retail investors also saw a huge opportunity and people got even more interested in blockchain and tokenized platforms. However, simply being interested is not enough for people to be on board. Diving into the world of cryptocurrency without understanding is a certain way to lose everything you got. The good news is that very few people decide to invest unless they know all the information they need. Out of 1000 people, almost 400 noted a lack of decent education but more importantly lack educational resources. Those who are already in the community know that there are plenty of educational resources available but they do ask for a pre-existing knowledge with the basics of cryptocurrency. Another interesting fact is that more than 60% of both genders show interest in crypto investments but men, however, men believe that the volatility in prices to be the thing that keeps them away and woman find it difficult to find the best educational resources that they need to feel comfortable enough to invest. According to a survey report:
Millennials significantly more in favor of using financial advisors compared to Gen X, Boomers: 19% of Millennials planned on using a financial advisor to buy or sell products such as stocks, ETFs, or crypto assets, while only 11% of Gen X and 12% of Boomers indicated the same.
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Altcoin News

Ripple Breaks A Significant Resistance Level And Rails Above $0.33

Ripple is in our altcoin news of the day for breaking the resistance level at $0.3050 and slowly going above $0.33. This bullish movement has created a path for even more gains above $0.38. XRP gained bullish momentum after breaking the $0.3000 resistance level and a formed a breakout pattern at $0.34. Ripple could even correct further before it starts a major upward move. Yesterday, the altcoin showed a significant resistance near $0.300 and $0.3020 right when the buyers managed to push all of the cryptocurrencies higher including the price of Ethereum, Bitcoin and Ripple. If you take a look at all of the charts available on multiple websites, XRP/USD pair broke the important $0.3000 level and later on continued above the $0.3020 opening a slight opportunity for a bullish break. The price rapidly broke both the resistance levels. Ripple even managed to set above $0.3400 briefly but it corrected later at $0.33. A weekly high was formed at $0.35 but as said earlier, the price is still correcting lower. XRP managed to break the 23.6 percent Fib retracement level of the recent high. There is another short-term breakout pattern around the support level at $0.3450 but it seems like the price could break the support level and decline further towards $0.3230 support level. The 61 percent Fib retracement level of the recent wave up to $0.3370 could act as an even stronger supporter. If XRP declines further, the price might find a new support level at $0.3200.
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Altcoin News

Tether Hits 4th Place By Market Cap Briefly Before EOS Takes Over

Just for a couple of moments, Tether (USDT) stablecoin hit the number four place on the market cap list but EOS spiked with 21 percent increased and took over the position. In this crypto news, we take a closer look at the altcoins on the market. Bitcoin and almost all of the other altcoins are in the green with Stellar going up to the fifth place with almost a 10 percent increase. Before coming to the fourth position, Tether’s market cap dropped back to $1.85 billion. If you take into consideration all of the controversy circling around Tether, the performance of the stablecoin is notable. However, Tether’s market cap lost nearly $700 million over the past few months but the coin jumped to the number 5 position the past week. In the meantime that Tether receives scrutiny, other stablecoins such as the Gemini Dollar and the Paxos Standard Token gained popularity. Paxos has even received the New York Department of Financial Services approval. These are not a clear indicator of whether the market has totally recovered but it is certainly good to see that the volumes are rising. Investors are even looking into the more volatile coins now. EOS is showing one of the most amazing performances but there is no clear explanation for today’s rise. Currently, there is a three-week EOS workshop in India and the EOS Global Hackathon in Cape Town. EOS increased up to 16 percent last week and is still going well. Coinbase is even considering adding the stablecoin to its platform.
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