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Analysis

Bitcoin At New High: Surging Past $5,700 For The First Time This Year

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The price of Bitcoin has reportedly hit a record high, pushing above the $5,600 mark for the third time in less than a month. Right now, we see Bitcoin at new high – trading even above $5,700 as the latest cryptocurrency news show.

The rally comes despite the confirmation that the world’s most popular stablecoin, Tether, is not backed “one-to-one” with cash as some cryptocurrency news sites reported. Meanwhile, Bitcoin’s market cap has also went above $101 billion for the first time since November 2018 – and as a result of the pump.

Even though there is Bitcoin at new high for 2019, analysts are skeptical if the trend is going to continue. As the technical indicators listed on many best cryptocurrency news sites show, we may see a slight correction to $5,600 which is now seen as the safe zone. What’s also important to note is that this high is still much below the peak for the past 12 months. As a reminder, on May 5, 2018 Bitcoin traded for close to $9,800.

What’s great, however, is the fact that the Bitcoin at new high shows that the bear market is over along with the “crypto winter” which made us see a lot of reds over the past couple of months.

The total crypto market capitalization has gained a $5 billion on the day, or around 3% and it is right now – currently at $180 billion and approaching the top of the present trading range. As we can see from the Bitcoin new high, the dominant cryptocurrency has also increased its market share and dominance to 55.6% which is another highest level for this year.

Unlike BTC, the top twenty is a little more mixed at the moment with Cosmos and Tezos streaking out ahead (13% and 8% gains respectively) as they both jostle for the fifteenth place. In the other altcoin news, Maker has also woken up again due to the recent announcements and is gaining 4% as we speak, knocking out Ontology and taking the twentieth spot on the list.

The top ten is in line with the Bitcoin new high and is in the green mostly during the Asian trading session. However, there is still some heavy resistance for BTC which means that further gains may not be forthcoming so quickly.

The 50 day moving average (MA) for Bitcoin sits above $5,600 which coupled with the Bitcoin new high, is a great sign for a bullish sentiment.

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Analysis

Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021

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Alex Kruger, the popular economist, and the crypto analyst believes that bitcoin will surpass the $20,000 price limit and will reach up to $50,000 by the end of 2021 and we read more about his predictions in the latest cryptocurrency news today. In a Twitter thread that was published on Saturday, Alex Kruger noted his argument for the bitcoin price reaching a high of $50,000 by 2021 at the latest. According to him, there is much more weight of positive factors than negative that could impact the new trajectory Bitcoin has set its foot on:
‘’Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.’’
Currently, the price of the number one crypto assets is under resistance in the region above the $10,000 level and has settled in a range between $9,000 and $12,000. Kruger also noted the possibility of bitcoin dropping to $8,500 which is the midway point of the current performances for the year. Some other commentators stated that one of the reasons for the bitcoin retracement could be the CME futures gap. For Alex Kruger, filing the CME gaps is not a mere pointing to the absence of significant support or resistance as such price levels. The focus on the unfilled gapes just takes away from the never-ending trading activities occurring in the spot market. However, if bitcoin goes below the $9,000 price point, there is a chance of a huge fall to the $8,500 price mark. According to Kruger however, any further downward slide should be taken as a ‘’gift’’ or a buying opportunity which will help traders prepare for a fast upward movement beyond the current 2019 highs. While the signs all point for a bullish long-term for Bitcoin, Kruger believes that there are some strong headwinds for BTC. The profitability for miners is still high as long as the price of the number one asset remains positive. It will not be weird for miners to simply HODL not just for profits but revenue to be plugged in to cover the rest of the nodes as explained in the altcoin news previously.
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Analysis

Ethereum Could Climb Above $200 According To Analysts

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Ethereum Could
The past week, Bitcoin and Ethereum were some of the cryptocurrencies that declined heavily below the $10,000 and $200 levels, respectively. And as Bitcoin is preparing to climb to $11,000, Ethereum could climb above $200 too, analysts predict. The latest cryptocurrency news show that the ETH/USD pair even broke the $190 support line recently, settling well below the 100 simple moving average (4 hours). There was also a push below the $185 support level and the price traded as low as $174. As of recently, it also started an upside correction and managed to recover above the $180 levels. Ethereum could climb above $200, mostly because of the break above the 23.6% Fib retracement level and the major decline from the $217 high to the $174 swing low. There are many resistances backing up this factor. The positioning on the upside is near the $192, $195 and $200 levels - and there is a crucial bearish trend line forming with resistance near $195 on the 4 hours chart of ETH/USD. The most important resistance, as the coming altcoin news show, is near the $200 and $202 levels which acted as the previous supports. Therefore, any successful break above the $195 resistance plus a follow through above $200 is needed for a fresh increase. The next key resistance, according to analysts, is near the $207 level and the 100 simple moving average of 4 hours. Conversely, if there is no upside break above $195 or $200, the price of ETH could resume its decline. However, analysts think that Ethereum could climb above $195 or $200 easily. The pessimistic side shows that if ETH breaks below $174, we can see a $162 price as well. All of this shows that the Ethereum price is currently consolidating below its key resistances such as the $192, $195 and $200. In order to start a strong recovery and an upward move, the price of ETH must settle above $200 in the next few days. The technical indicators on many best cryptocurrency news sites show the following:
  • 4 hours MACD – The MACD for ETH/USD is currently placed in the bullish zone, with neutral signs.
  • 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
  • Major Support Level – $174
  • Major Resistance Level – $200
The total cryptocurrency market cap right now is at $270 billion - a number that has been here for 2 or 3 days.
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Analysis

What Drives BTC Below $10k This Summer: Analysis

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If you are following our latest cryptocurrency news, you probably know that Bitcoin is in a vulnerable situation - again. While many of you are asking what drives BTC below the $10,000 point numerous times this summer, an analyst decided to list all of the factors influencing the price of Bitcoin. At the time of writing, Bitcoin is recouping some losses as it heads to five digits again. BTC is now at $9,980 but is still down by 6% in the past 24 hours. The fact that the market lost $40 billion this week due to corrections like these is also a frightening one. So, if you are wondering what drives BTC and its constant losses, analysts agree that despite the losses the medium-term prospects of Bitcoin are looking surprisingly bullish. This is what one Goldman Sachs analyst recently noted when commenting the latest Bitcoin and altcoin news. Even more recently, analysts have been calling for BTC to bounce at $10,000. Users wondering what drives BTC below this margin got an answer from one trader - who explained that $9,900 is where the 0.786 Fibonacci retracement and 1..6 times the 350-moving average sits - implying that it is a strong bounce zone for Bitcoin. In a recent impassioned Twitter thread, an analyst named Dovey Wan with roots in China, said that the sell-off is a result of a monumentally large Ponzi scheme - which is what drives BTC to go lower and lower. The Primitive Crypto founding partner revealed that PlusToken, a Chinese seeming pyramid scheme, managed to take away with more than 200,000 BTC and more than 800,000 in Ether (ETH). https://twitter.com/DoveyWan/status/1161686134314848256 The scam apparently saw the individuals (as shared in his tweet above) creating fake wallets with "high yield investment return" which resulted in 10 million investors sending capital to the platform. As featured on many best cryptocurrency news sites, what's strange is that not all of these involved in this scheme have been caught and jailed. Wan said that there remain “some people who hold the keys." In short, this Chinese cryptocurrency insider thinks that the recent sell-offs are caused by PlusToken which is what drives BTC to a four digit bottom. This may also explain why the cryptocurrency has yet to bounce.  
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Altcoin News

Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts

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The coming altcoin news show Bitocin Cash (BCH) in the focus. According to analysts, Bitcoin Cash is a wounded animal because of its recent downs, but could still surge and post gains near 150%. In times when there is only one mover and shaker in the world of cryptocurrencies and it is evident which one it is (Bitcoin), Bitcoin Cash is volatile and seen as one of the smaller siblings while the other altcoins remain in deep hibernation. In fact, there are no major updates in the recent altcoin news and BCH is one of the cryptocurrencies with gains in the past 24 hours. Speaking of, Bitcoin Cash is now at $331 with gains of more than 1% on the day. What is interesting is that it started the weekend with a low of $308 and surged over 10% to hit an intraday high of $340 during the Sunday trading session. On Monday, we saw a major pullback which took BCH to around $330 which is still a good position - and one that is outperforming most of the other altcoins. Bitcoin Cash is now at the fourth place once again, reclaiming the spot in terms of its market capitalization which is currently below $6 billion. According to the famous cryptocurrency trader DonAlt who is featured on many best cryptocurrency news sites for scouring the altcoin charts, BCH has big potential right now.
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.
https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.
https://twitter.com/maxkeiser/status/1160712205849059328
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