The price of Bitcoin is in the digital currency news again, this time for bleeding and falling to the $6,300 margin – after many expected a new bullish run. Over the past 24 hours, the most dominant cryptocurrency suffered from two consecutive sell candles on the daily chart.
Even though the daily trading volume of BTC still remains above the $4.4 billion mark and is up more than 46% from earlier this month, Bitcoin is really struggling to sustain momentum and break through the $6,500 price margin. It has been in the mid-$6,000 region for quite some time now.
In the short term, analysts expect Bitcoin to retest the $6,200 region or bounce above the $6,450. However, a major breakout to $7,000 within the next days is still not expected mostly because of the stability in the crypto market.
As the popular analyst and managing partner at UTR named Thies wrote:
Looking for $6275 (at least) on this slow bleed, ideally seeing a try to upside after.
Resistance @ $6375 region continuing to hold us back on several TFs
Supports @ $6k, 6.2k, & 6,275
Resistances above @ $6450, $6650 & $7.4k pic.twitter.com/e2vAFX6Zde
— Parabolic Thies (@KingThies) November 12, 2018
Bitcoin has been bleed out out from the $6,500 mark since November 8th. Throughout the past three months (since August 9th), it has demonstrated stability in the mid-$6,000 region but in the past two weeks has tried to retest the support levels below the $6,300 mark several times due to the high sell pressure.
“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”
If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings.
Currently, Bitcoin is trading at $6,351.
Crypto Could Become ‘The Next Frontier’ In The War On Terrorism: US Treasury
“Terrorist organizations and their supporters and sympathizers are constantly looking for new ways to raise and transfer funds without detection or tracking by law enforcement. While most terrorist groups still primarily rely on the traditional financial system and cash to transfer funds, without the appropriate strong safeguards cryptocurrencies could become the next frontier.”The US Treasury undersecretary was also featured in the latest cryptocurrency news for her statement about the militant organization Hamas which asked for Bitcoin (BTC) donations via social media - and received more than $10,000 from two addresses.
“While this may not seem like a lot of money, a FinCEN analysis found remittances linked to terrorism averaged less than $600 per transaction. As we know, the cost of carrying out a terrorist attack can be very low. But the human costs to victims is always extraordinarily high,” Mandelker said.According to her, crypto could become a big part of this war. Specifically, she pointed out that cryptocurrencies are major developments in the field of value transmission, all of which requiring "a tremendous amount of energy and expertise" as she said.
“Absent appropriate safeguards to keep our nations and our communities safe from terrorists, rogue regimes, and others who threaten us, the U.S. will work with governments around the world to make sure that non-compliant networks and fintechs do not survive," Mandelker added.She also summed up with a statement featured in the altcoin news - which directly contradicts the declarations made by the US congressman Patrick McHenry who said that any attempts to stop Bitcoin are futile. However, the US Treasury undersecretary concluded with the following statement:
“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
Bitcoin Inches A Bit Lower, But $10,800 Target Remains
“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k.”If the pattern does have bullish implications for BTC as the most dominant cryptocurrency, $10,000 will likely be a key support level which analysts closely watch. Any break below this level could spell trouble for its mid-term price action. The latest cryptocurrency news show that BTC may still target $10,800. Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800. A break above this price level could spark a massive upwards movement. Chonis Trading, who is another popular analyst in the Bitcoin and altcoin news, recently spoke about how Bitcoin inches lower, explaining that a decisive break above the $10,800 price level would be notable.
“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said.https://twitter.com/BigChonis/status/1172328397348864002 For now, the most dominant cryptocurrency is in a good position, with a dominance of 70.3% and a nice daily trading volume.
Coinbase May Announce An IEO Platform, Explores STOs Too
"Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. The company may soon issue a proprietary exchange token."However, even though the report outlined that Coinbase may announce an IEO platform - it did not elaborate on the complete plans any further. As we can see for now, a lot of crypto exchanges are already offering their own IEO platforms. These include the names of Binance, OKEx, Bittrex, Huobi, Bitfinex and others. For those of you who don't follow our coming altcoin news, IEOs were sold as a safer way of investing in new blockchain projects. As reported earlier on our site, the short-term trends indicate moves away from IEOs - but longer term data indicates that the success of IEOs has been steadily growing overall since the term "IEO" became a buzzword at the start of this year. Still, there are discrepancies in reporting on IEO data. Despite the fact that Coinbase may announce an IEO platform soon, the number of total IEOs has collapsed - going from $1.1 billion in May this year to $125 million in June this year, according to TokenInsight. Other statistical pieces of data from TradeBlock which were cited in the Wall Street Journal show that IEOs raised $518 million in five months to the end of May. More importantly, their January total was around $10 million - something which increased to about $20 million in February and over $110 million in March, more than $220 million in April and around $150 million in May. Finally, CoinGecko's analysis was also in the altcoin news. In its official Q2 release, the company stated that IEOs raised only $262 million over the first six months of 2019. Even though every site has their own numbers and totals when it comes to IEOs, Coinbase may announce an IEO platform soon and trigger more growth and increased interest in this field.
Bitcoin Dominance Hits 2 Year High But Could Soon Face Resistance
“We have low and decreasing volume. Bearish divergence showing up on the MACD and RSI. Strong resistance ahead. RSI Overbought. Our main scenario is marked with arrows on the chart. The situation can easily change if the next resistance at 74.84 is broken with good strength and volume.”Conversely, some analysts also plotted the clear uptrend and predicted further gains as the altcoins get wiped out. The fellow trader Josh Rager also talked about how the Bitcoin dominance hits new highs. He shared his bullish opinion and claimed that the fundamentals such as the Bakkt launch could keep the dominance up there for a while yet. https://twitter.com/Josh_Rager/status/1168733275688513538 Last time Bitcoin moved up into five figures and rallied to a new 2019 high, the coming altcoin news showed a positive momentum and were pulled up with it. This time, however, they appear to be breaking down as Bitcoin continues to consolidate. Meanwhile, the total crypto market capitalization is at $264 billion as Bitcoin dominance hits new high. Right now, BTC's share accounts for 70.1% of the entire market.
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