The recent Bitcoin and altcoin news show that there are a lot of losses on the market. It seems that the Bitcoin price reversal has triggered a lot more reds than originally expected. In a move that was not entirely unexpected, the BTC price has plunged below $10,000 in a breakdown that started around 1PM UTC this morning.
This quick dump was also featured in the latest cryptocurrency news and resulted in liquidating approximately $150 million in long positions on BitMEX. The morning dump was definitely expected by some analysts – but also unexpected by others.
In fact, nearly every technical analyst with a TradingView account has drawn the same or similar descending triangle as the one reported by TradingView – and shown below.
Either way, the contrarian analysts have likely drawn a sort of symmetrical triangle, pennant or wedge pattern. It is clear right now that the price of Bitcoin has put in consecutively lower highs and was lacking the steam to breakthrough the descending resistance line of the triangle.
What makes matters worse for the bulls in this Bitcoin price reversal trend is the fact that the daily exponential moving average (EMA) ribbon is now firmly positioned above the price, which will provide additional sell pressure alongside the descending resistance.
Despite the expected dump in the morning, there is still no reason to panic for the bulls, analysts say. The Bitcoin price overshot the first level of support at $9,775 but is now around $9,900 – retracing above it.
When it comes to the past and present Fibonacci levels, we can see that two more levels of support remain before Bitcoin turns legitimately bearish in the medium term. These support levels are around $9,411 and $9,049.
The question that many best cryptocurrency news sites post right now is – “Should the bottom drop out of Bitcoin and the market leader see the price drop below $9,000?”
The possibility of a further Bitcoin price reversal is obvious. For the bulls to regain some confidence in the short term, they must first retake $10,000 before making a push to break out of the descending triangle.
If such a breakout occurs, the Bitcoin price would still have serious overhead resistance in the vicinity of $11,300 and $12,000, analysts say.
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.
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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.
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