A recent poll is in the latest cryptocurrency news, showing that the Bitcoin price monthly moving average is perhaps the most solid indicator of a bear market or a bull run. As the current stats show, Bitcoin climbs upward from the bottom set back in December 2018 – but the seven days which passed also show periods of inactivity.
Now that the Bitcoin price is rising once again following a year full of downtrend, the 200-week moving average – which is an important long-term strength indicator – is growing at a rate of 5% month over month. This growth rate could also help analysts determine whether the crypto market is transitioning on the positive, or the negative side.
As we can see from the Bitcoin price monthly 200-week moving average, the indicator shows that the strength of Bitcoin has been recently lifted as the cryptocurrency broke through $8,000 overnight and acted as support at the lowest points of the bear market. This prevented the BTC price from falling lower as many best cryptocurrency news sites noted – and acted as the fuel that Bitcoin needs for initiating a new bull trend.
At the time, cryptocurrency analysts had feared a break of the Bitcoin price monthly moving average – which would question Bitcoin’s longevity as a financial asset. This is mostly because investors would see this as a major threat to the gold’s long-term trend structure – and something that it may never bounce back from.
Still, Bitcoin bounced and also ignited the altcoin news section – triggering altcoins to record positive gains. Right now, we are seeing an influx on the market, with a 24 hour trading volume of $61 billion ($17 billion of which are investments in Bitcoin) and a total cryptocurrency market cap of $256 billion.
Comparing the previous bear to bull transition, the Bitcoin price monthly moving average suggests that the price action currently puts the market cycle closer to the start of 2017 – and bypassing all of the 2016 show-build of bullish momentum.
A lot of crypto analysts had been calling for increasingly longer market cycles in Bitcoin. Still, given the recent price action, the BTC price might be close to going on a full blown bull run very soon.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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