Bitcoin attempts to break the resistance lines between the $9,000 and $11,000 levels and there are two possible scenarios in the bigger picture as we are about to read in the coming altcoin news.
As per the previous bitcoin price analysis, we can read:
Two days ago, while Bitcoin was attempting to stay above the critical $10,000 mark, we have pointed out two scenarios in the bigger picture:
“The bigger picture from below is the crucial support line around $9,400, which is the last barrier before the triangle breaks to the downside. From the top, the triangles’ trend-line sits around the resistance level of $10,300 – $10,400.”
As you can see from the analysis, the wedge that is seen on the 4-hour charts has managed to make a break to the bullish side which started the later scenario out of the two and Bitcoin reached an area of resistance at $10,300 and $10,400 which is the bitcoin area that is the currency trading at. This area consists of the big supply that might be a huge breaking point for Bitcoin which is the 50-days and the 100-days moving average lines along with the significant descending trend-lines. This line has started to form when Bitcoin recorded its 2019 high at $13,880 last June. If bitcoin is able to overcome this, the bitcoin coin will be sent into a decent rally. This could also be another roof before another plunge towards the $10,000 region or $9,400. Some of the near-future events such as the launch of the Bakkt futures platform can be huge triggers for such huge moves. Keep in mind that the Bitcoin dominance is only reaching a decision point at 70% mark.
Bitcoin is now facing the critical support area of $10,300 and in case of a breakout, this is likely to lead up to a decent price move. The next resistance levels are reaching to $10,600 and even up to $11,000 since the last is the latest daily high. The last time Bitcoin wanted to break it, it turned out to be a quick plunge of $700.
From below, the nearest support area is the ascending trend line that is marked on the 4-hour charts and the further down is the $9,880 support along with the 4-hour chart ascending trend-line. As per the latest cryptocurrency news, there is not that big of the amount of volume that is following the recent price action. The daily volume is decreasing over time which means that there could be an upcoming significant price move.
Growth Of BTC Millionaires Now Matches The Early Years: Report
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network.”
Source: charts.woobull.comWoo was expanding on his original data from blockchain analysis resource Glassnode. According to him, the fresh desire for major Bitcoin balances at vastly higher prices than five years ago tells that wealthier individuals coming into the space.If the generating addresses with over 1,000 BTC at the time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Willy Woo talked about this in his growth of BTC millionaires report and summarized:
“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”Meanwhile, the crypto news show that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth which started in late 2013 prior to the implosion of the major exchange Mt. Gox.As many news sites reported last month, the number of addresses containing more than $100,000 has also hit a new all-time high. At press time, around 3,070 addresses hold more than 1,000 BTC each, representing around 0.01% of the total, according to the BitInfoCharts' Bitcoin Rich List.What's also important is that many of the richest addresses - specifically the top four - belong to exchanges such as Binance which are holding Bitcoins belonging to millions of users.Besides the growth of BTC millionaires, the situation on the market remains the same - and the total market cap is nearing $225 billion.
Libra And Telegram Clampdown Could Negatively Impact Bitcoin
Brian Kelly Believes The Market “Needs A Bitcoin ETF” RIght Now
“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.
Bitcoin Is No Longer Seen As The Driving Force Of The Current Market
“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.
World’s Leading Carmakers Will Start A Pilot For Blockchain Projects
Ripple’s XRP Performed Better Than Bitcoin With A 6% Spike In Price
Litecoin Founder Denies Bankruptcy FUD During LTC Eight B-Day
Crypto Trader Says He Is “Immediately Bullish” On Ripple’s XRP
South Korean Blockchain ID Service Raises $8M In Funding
Libra Suffers Heavy Blows: Visa, eBay And Mastercard Quit
French Tobacco Shops Will Sell Bitcoin At A 5% Premium: Keplerk Confirms
29-Year Old Man Faces 34 Years In Prison For Illegal Crypto Mining
Block Matrix- The Company That Allows Sending BTC Over Social Media
Voatz Blockchain Voting App Was Unsuccessfully Hacked: FBI
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
- Bitcoin News4 days ago
Bitwise Bitcoin ETF Proposal Gets Rejected By The SEC
- Ripple News4 days ago
Ripple’s Brad Garlinghouse Warns China Could Replace The US Dollar
- Ethereum News5 days ago
Ethereum 2.0 Critics Say The Entire Network Is A Scam
- Libra coin news5 days ago
Defend Libra: Mark Zuckerberg To Testify Before Congress
- Regulation5 days ago
IRS Releases New Guides On Taxing Crypto Transactions
- Binance News3 days ago
Alipay Will Ban All Bitcoin (BTC) And Other Crypto Transactions
- Regulation4 days ago
US Counsel: Jay Clayton’s SEC Will Never Approve A Bitcoin ETF
- Tezos News4 days ago
Tezos’s Market Cap Increased By 119 Percent, Platform Usage Still Low