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Bear Market Momentum Is Back As BTC And Major Altcoins Lose Grip

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Bear Market
FO6E3842CAC44 - Bear Market Momentum Is Back As BTC And Major Altcoins Lose Grip

This weekend was kind of optimistic for the Bitcoin news followers and altcoin analysts – mostly because BTC topped $8,200 briefly and initiated a small bullish run. However, the doom and gloom is now back and the bear market momentum shows that BTC is being dumped in the $7,000 region again – with many altcoins following this trend.

The longer term chart indicators are also mounting up and they are all screaming “bear market.” Following a weekend of stability, the cryptocurrency news today show that BTC is now back below $8,000 and sliding again as we start another week in crypto land.

The drop to $7,760 for Bitcoin overnight marked a 5% loss over the past 24 hours for the major cryptocurrency. We can also see that BTC managed to recover since then and is now trading in the $7,900 region. However, with the low established overnight and the bear market momentum surrounding most of the major coins now, we can see that Bitcoin retouched its five-month low and the technical indicators now look ominous.

The analyst Josh Rager showed the ‘doji candle’ as he illustrates it, and we can see that the fourth red weekly candle in a row has not happened for two years as volumes continue to decline. Additionally, BTC is now firmly below the 200-day moving average (MA) and this does not look good for the future of the most dominant coin. Still, news show that Bitcoin is 2019’s best performing asset.

According to the trader with a nickname ‘Cryptonaire’, this is usually a sign of prolonged consolidation of further declines – and a sign of a bear market momentum.

“NEVER has $Btc gone above or below the 200 MA and had an immediate pullback. There’s a 20% minimum move before going in opposite direction even if it’s just a wick,” he said on Twitter.

The fellow trader and analyst ‘Crypto Hamster’ also made similar statements between the 2018 final dump into crypto winter, stating:

“It is too obvious to be true, but I have to admit that the drop from 6k to 3k and the following price action indeed looks very similar to what we have now.”

Even though a dump to $3,000 is still a long way off, $6,000 is looking closer each day for BTC as the bear market momentum continues.

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Bitcoin News

Libra And Telegram Clampdown Could Negatively Impact Bitcoin

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Libra and Telegram clampdown from authorities could negatively impact Bitcoin since in the past month alone we saw a couple of very serious actions taken against the projects in the crypto industry. Facebook’s Libra and Telegram saw challenges in the face of the lawmakers and regulators across the world as we reported in the latest crypto news.A lot of the people and especially those who felt like Libra was a threat and a centralized bitcoin and Telegram a scam, embraced the news with a huge dose of positivity. Amid the legislative chaos, it is very important to take some time and think what all this means for Bitcoin being the benchmark cryptocurrency and the one that has so far managed to stand the test of the markets. Facebook’s libra was among the most heavily discussed and anticipated events in the crypto field on the merits that ‘’no private entity can claim monetary power which is inherent to the sovereignty of nations.’’ The head of the Libra project David Marcus stated that Libra is not actually planning to create new money but things went south since PayPal left the Libra Association followed by Stripe, Visa, eBay, and MasterCard.Going forward, the US Securities and ExchangeCommission and the publisher of EOS which managed to raise upwards of $4 billion in its ICO were fined with $24 million for conducting an unregistered public offering. The SEC then stated the token sale of Telegram’s TON cryptocurrency and the reason behind it is that it is unregistered and does not comply with existing regulations. All of this happened in less than a month and the autorities across the globe have been inactive and it seems like the lawmakers are starting to wake up. It also appears that the news above was embraced positively by quite a lot of people. It is important to notice that regarding Bitcoin, the authorities cannot shut down Bitcoin since the network’s distributed nature will make this a challenging activity at best.The Libra and Telegram clampdown is definitely a huge signal that shows Bitcoin could start a massive spike in the downturn. As we mentioned in the previous blockchain news, the US SEC openly stated that there is ‘’no privately entity that can claim monetary power.’’
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Bitcoin News

Brian Kelly Believes The Market “Needs A Bitcoin ETF” RIght Now

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The prominent founder and CEO of the major crypto investment firm BKCM named Brian Kelly believes that Bitcoin (BTC) exchange traded funds (known as ETFs) are a hard need for the current development of the ecosystem. As the latest crypto news show, Kelly is a big supporter of Bitcoin ETFs.Knowing that the coin is already available on regulated platforms such as Fidelity and TD Ameritrade, Kelly agrees that now is the right time for a Bitcoin ETF. The BKCM CEO made his remarks in an interview with CNBC published on October 11, when he said:
“You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”
Brian Kelly also pointed out to the fact that the United States Commodity Futures Trading Commission (CFTC) decided to define Ethereum as a commodity and how this made a significant impact on the space.
“The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. [...] That opens the door for institutions to come in. [...] Everybody is concerned, what if they ban it? [...] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’”
In May this year, Brian Kelly also said that the upcoming supply cut - which was brought by the next halving of the block reward - is what Bitcoin needs to rise further in the coming months. As we reported on October 9, the US SEC rejected Bitwise Asset Management and its proposal to list a Bitcoin ETF.Meanwhile, the Bitcoin news updates show that BTC is still vulnerable in the $8,000 region and trades at $8,350 today with a downward momentum. Meanwhile, there are altcoins surging such as Binance Coin (BNB) and Bitcoin SV (BSV). The  market is not in a good position and things may change soon, but there must be a coin that will trigger a new bullish run.
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Bitcoin Is No Longer Seen As The Driving Force Of The Current Market

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Bitcoin Is No Longer Seen As The Driving Force Of The Current Market FILEminimizer - Bitcoin Is No Longer Seen As The Driving Force Of The Current Market
After plunging more than 30% since hitting a year-to-date high, the most dominant cryptocurrency is trading in a slow momentum and is held back at the $8,300 mark. The fact that the cryptocurrency retraced a lot is clear, but explaining how it lost momentum in the second half of the year is anything but clear. As it stands, Bitcoin is no longer the face of the new potential bull run or the driving force that may lead to new market-wide heights.JPMorgan Chase & Co. and others have recently pointed to Intercontinental Exchange (ICE) and its new futures contracts as well as an unwinding of long positions as some of the clear indicators for the nosedive. Others think that the latest Bitcoin news have shown a buildup of technical bearish signals as setting off its summer swoon.According to Indexica and their predictive index built on data from August 1 through October 1, Bitcoin's fall has less to do with the currency itself and more to do with the growing cryptocurrency ecosystemindexicaAccording to the CEO of Indexica, Bitcoin's sensitivity to the development of competitors is why people are certain that Bitcoin is no longer a leader of a new bull run. Indexica also found that Bitcoin's strongest predictive measure was "quoteability" which showed that it was the most often talked about in conjunction with more traditional currencies.
“Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Selbert. “Bitcoin is part of the financial landscape in a very intertwined and mature way.”
As it stands, Bitcoin is trading at $8,346 and the latest crypto news bring a mix of reds and greens on the marketplace. The 24 hour trading volume is stable at $46 billion and the dominance of Bitcoin has fallen to 66.8% - another sign that Bitcoin is no longer dominant in every single way.Among the tokens which are rising today we have Bitcoin SV (BSV) which managed to grow by 4.43% reaching $89.21 - and Binance Coin (BNB) which surged by 2.53% to a price of $17.46. The biggest loser, on the other hand, remains Chainlink (LINK) with its price of $2.54 following a 5.36% decline.
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Crypto Markets Trade Sideways After TON Rejection By The SEC

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The latest crypto news show that the markets are in an unstable position following the Telegram Open Network (TON) and its rejection by the US Securities and Exchange Commission (SEC). The crypto markets trade sideways and seem to be held by a negative pressure that is constant over the past couple of days.At press time, even 8 out of the 20 cryptocurrencies are seeing gains. The Binance Coin news indicate that BNB is surging by nearly 2.8% and Chainlink (LINK) is seeing the biggest losses in the top 20 - dropping by more than 6.1%. As the crypto markets trade sideways, Bitcoin is also taking a hit. Even though BTC is stable in its safe zone around $8,300, the momentum is red and the cryptocurrency managed to lose some of its value.This is maybe the fourth day of literally no bigger action on the markets. After hitting $8,800 on October 11, BTC has been hovering around the $8,300 threshold for some time now. At press time, the Bitcoin price news show that the leading cryptocurrency is down by around 0.4% on the day. On a seven day period, Bitcoin is still up by around 2.8% which is a good sign for its market share rate which has also been relatively stable.The fact that the crypto markets trade sideways has many Bitcoin bulls predicting that the upcoming Bitcoin block reward halving in May 2020 will be the most crucial event for the cryptocurrency - possibly leading to all-tie highs and breaking prices. According to the CEO at the Chinese mining giant Bitmain, the BTC halving may not lead to a bull market.On October 8, we saw the American asset manager VanEck publishing its research and providing a number of reasons why Bitcoin improves its investment portfolio upside, emphasizing the coin's unique monetary value, scarcity and independence from the traditional markets.The ETH news feature Ethereum and its possibility to soon drop to new levels and that the pressure on the cryptocurrency is big. As a leading altcoin, ETH is down by 1.6% on the day and is trading at $182. The developments in the company recently introduced by its co-founder, Vitalik Buterin, are the only proof that the cryptocurrency could soon recover and reach new yearly highs.
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