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Bitcoin Falls Below $9,000 As Price Teases A New Breakdown

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The price of the most dominant cryptocurrency, Bitcoin (BTC), lost its support at $9,000 on November 8 after several days of downward action which triggered the markets to make a decisive move. According to the charts, Bitcoin falls $9,000 for a first time this month but traders know that this is a major psychological level for the cryptocurrency.

Data also shows that BTC/USD is breaking out of its narrow trading corridor between $9,000 and $9,500 on early Friday. this corridor had broadly characterised the largest cryptocurrency since the end of October.

More importantly, a brief spurt beyond to $9,520 was soon met with resistance – and a dip into the $8,000 range was also living up shortly. In daily trading, Bitcoin has hit local lows of $8,980 before it bounced higher and the markets are currently trading at around $9,000.

As many media outlets noted, suspicions have mounted among analyst over the price behaviour in the recent weeks and months. Earlier, the erratic moves by the CME Group and its Bitcoin futures market gained particular attention.

This was also a point when the Bitcoin news moved to fill a “gap” in trading. This was observed when one session ends higher or lower compared to the one where the next begins – by suddenly crashing by hundreds of dollars before its recovery minutes later.

As it stands, Bitcoin falls below $9,000 and analysts are forecasting potential market drops. However, there are also some who are bullish on the long-term outlook. As we can see, there were talks about BTC rising to $14,000 or even $22,000 next year. Forecasts like these seem far from reality right now, but traders are not losing hope yet.

In the altcoin news, we can see that since the event started, the XRP/USD pair has fallen by more than 10% and is trading at just above $0.28 which is its lowest point since October 25. Meanwhile, the Bitcoin SV news show that BSV fell 6.2% on Friday to $128.

Chart data also shows that the market cap retraced to $244 billion in the downward run and the 24 hour volume is at $78 billion, accordingly. According to experts, a recovery is expected soon and BTC could still rise above $9,000.

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Analysis

BTC May Dip Below $7,000 Before Post-Halving Rally: Analyst

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One analyst named Tone Vays recently claimed that BTC may dip to lower regions before the halving event after which it is expected to visit new heights. According to Vays and his statement in the latest crypto news, BTC may dip below $7,000 before the mining reward halving.
“At the moment, I still see lower prices,” Vays noted in an interview with Block TV. “I still think we’re going to go lower than USD 7,000 before the halving. But after that, that would be the final secondary low. Hopefully it’ll be higher than the USD 3,000 low back in December. And then we can finally start a bull market after the halving.”
If the analyst is right, this means that BTC may dip and may drop pretty soon as the Bitcoin halving is expected to happen in May 2020. While the halving price has always been factored, there are still spikes. If the price of the most dominant coin falls, there will be another hype cycle going into the halving.
“It’s all about the proximinty of the halving and where the price is,” the analyst said when he told the media that BTC may dip lower.
Vays does not think that BTC will hit its all-time high in 2020 - in a year from now he sees it a bit over $10,000. Nonetheless, once the barrier of $20,000 is broken, $50,000 and $100,000 can follow "pretty quickly" but it won't be next year he said.The analyst also said that BTC may dip and that he was skeptical about BTC's recent rally when it hit new heights. Many pressured and said that BTC will keep rising - but the analyst notes that he knew that the big run up was "caused by the exodus out of the old coin space, Ethereum (ETH), Litecoin (LTC), Ripple (XRP) – and eventually that stopped.The latest Bitcoin news updates show that the leading cryptocurrency is below $8,200 and trading slowly. When it comes to external factors, the analyst said that Facebook's “Libra is not a competitor to BTC” and China does not drive the market much.
“Maybe an ETF (exchange-traded fund) is actually coming. Things like that are very, very bullish for the space – the more comfortable traditional financial markets are with Bitcoin [and] the more regulated products that appear, the better it actually is for the price of Bitcoin,” concludes Vays.
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Altcoin News

Crypto Markets Continue The Drop: BTC Below $8,200, Alts Following

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A major sell-off occurred earlier today, resulting in a lot of pain for cryptocurrency traders this morning. As the crypto markets continue their drop, Bitcoin (BTC) is now at a new price level below $8,200.At the time of writing, it seems like all of the top 20 cryptocurrencies are in the red and seeing significant losses. The altcoin news show that Tezos (XTZ) which is the 17th largest altcoin by market cap is resisting this bearish movement and is still up by 1% over the past 24 hours despite the massive sell-off occurring on the market.As we can see from the charts, Bitcoin failed to reclaim $8,500 earlier today which caused its price to continue dropping. As the crypto markets continue the drop, BTC managed to visit lows of $8,104 per coin earlier on the day.At press time, Bitcoin (BTC) is trading at around $8,160. The latest Bitcoin news indicate that there has been a decline which is south of 5% as the major cryptocurrency is flat over the past 30 days.The fresh decline in the market is considered by some analysts as one that could expose Bitcoin to a potential return to $7,400 as we reported today. In contrast to this, other analysts suggested that Bitcoin's recent trading into a falling wedge is typically a bullish pattern which has a success rate to break to the upside in around 68% of the cases.Ethereum is losing 4% on the day, Ripple's XRP token is down by ore than 5%, Bitcoin Cash has lost ground and keeps falling with 8.31% minus so far, and EOS is in similar pains with a 7.53% drop. The Bitcoin Cash news today now seem to pinpoint BCH as the biggest loser of all in the altcoin markets.Last week, the CEO and co-founder of Distributed Lab made waves in the industry when he claimed that the Bitcoin price could "crash to zero" in the event of mass adoption by institutions.The total market capitalization right now amounts to $225 billion and keeps dropping. While industry experts hoped for another bullish run this week, the Tuesday proves painful. The only optimists in the space are the renowned bull Tom Lee who recently reaffirmed his prediction about BTC hitting $25,000 by 2022.
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Bitcoin News

LocalCryptos Adds Support For Bitcoin (BTC) And Ether (ETH)

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One of the largest competitors of the P2P Bitcoin (BTC) exchange LocalBitcoins has taken more of its market share as the Finnish company seeks regulatory compliance. The latest cryptocurrency news show that LocalCryptos adds support for Bitcoin as well as Ethereum.In what the company described as a pivotal step of adding support for both cryptocurrencies, LocalCryptos (formerly LocalEthereum) announced the following in a blog post:
“The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with BTC and ETH." Later on, the blog post describes this as a “large milestone.”
After LocalCryptos adds support for BTC and ETH, the company said that in the future even more cryptocurrencies will join its offering.
“LocalCryptos will list some of the most popular Ethereum-based tokens over time. We’ll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s,” the exchange said.
Meanwhile, what's interesting is that this move comes roughly a week after LocalBitcoins announced its registration with regulators in the home country of Finland. This is part of a multi-year scheme to formalize its compliance - we can now see that LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA.Executives have so far phased out a lot of ways of trading on LocalBitcoins without revealing the identity of the trader. Cash trades are now banned and ID submission is obligatory. By contrast, LocalCryptos adds support for BTC and ETH and stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken.Furthermore, the setup will allow the platform to retain features which LocalBitcoin does not have. When cash trades disappeared, LocalCryptos made the most of the decision and saw that it is a major PR opportunity on social media.There are other operators in the space which also saw a surge in popularity during the change which occurred in June this year.Meanwhile, the latest Bitcoin and Ethereum news show that both of the cryptocurrencies are vulnerable in today's trading. Ethereum (ETH) is trading at a price of $177 in a dump of 4.10% while Bitcoin (BTC) has lost 4.52% and is now below $8,200.
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Bitcoin News

US SEC With Another Look At Rejected Bitwise ETF Proposal

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The United States Securities and Exchange Commission is in the latest Bitcoin news. As we can see, the US SEC commission is reviewing its decision to reject the Bitcoin (BTC) exchange traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca.An official announcement shared on November 18 shows that the commission said that the ETF filing from Bitwise Asset Management and NYSE Arca will return to review the proposal, following the earlier rejection which did not meet the necessary requirements.In October, the US regulators noted that the applicants did not meet the necessary requirements regarding possible market manipulation as well as illicit activities. As the US SEC commission wrote at the time:
"The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices.”
We can clearly see that one of the US SEC commission's main concerns when evaluating new commodity-based ETFs is to determine whether the underlying market is resistant to manipulation. In the order which rejected the Bitwise ETF application, the commissioners clearly wrote that the evidence insufficiently supports the claim that the "real" spot market for Bitcoin - when “fake and/or non-economic data is removed" - is sufficiently resistant to manipulation.Today, the regulator announced that it is currently reviewing the proposal once again. As the US SEC commission noted, any party or person may file a statement in opposition to (or in support of) the action that was made pursuant to the delegated authorities. The statements, however, must be filed no later than December 18, 2019.Many analysts are setting timelines for the first cryptocurrency and Bitcoin ETF approval which is seen as something that will shake up the industry in a positive way and provide a lot of benefits for it. Industry professionals seem to have a certain level of optimisim believing that at some point, the US SEC commission will have to approve a Bitcoin ETF. 
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