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Bitcoin Pullback Could Extend, Placing BTC At $4,300: Analyst

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The epic surge that Bitcoin made over the weekend resulted in gains of $25 billion on the market, and has brought a lot of attention on the latest cryptocurrency news. However, despite the gains, a Bitcoin pullback is already happening – and one analyst believes that it could extend in the next couple of days.

According to Yahoo Finance and a report that they published, “all five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend, based on pricing from Bitstamp and Bitfinex,” which means that the 17% gain of Bitcoin sent it to its highest level since August 2018.

CNBC was among the best cryptocurrency news sites which said that there will be a Bitcoin pullback after breaking the $6,000 barrier which did not happen. Anyways, the news outlet has become known as the best counter trading indicator in the crypto ecosystem.

As the market is correcting, we are seeing a slight Bitcoin pullback to just above $7,000. The coming altcoin news show that the situation is identical in the world of altcoins. Analysts and traders are expecting further corrections from this point – before the market starts accumulating again.

According to one analyst and investor named Josh Rager, a Bitcoin pullback is expected – similar to the bull run in 2015 and the correction afterwards. As he said:

“Amazing similarity between the last bear market prior to uptrend. Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend. Watching for a potential pullback where I’ll add more to the stack.”

Another analyst known by the handle “Cryptohamster” predicted this run up to $7,500 correctly in early April, after analyzing many charts from previous market cycles. As he said then while predicting the Bitcoin pullback:

“If history rhymes and Fibonacci retracement is a real thing, bitcoin will rise to $7.5k and then will have a massive correction to $4.3k. That will be the last attempt of bears to come back.”

Right now, a Bitcoin pullback to this level would be the catalyst for a massive bull run mostly because of the accumulation which is going to happen if BTC goes back anywhere near $4k. Either way, this weekend’s action has been bullish and is more likely to come in 2019 when Bitcoin is expected to make headlines once again.

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Bitcoin News

This Month Decides Whether BTC Is Entering Bullish Rally: Report

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The latest Bitcoin and altcoin news and rumors show a lot of things except for clear predictions on the future price of coins. This is mostly because of the fact that no one knows the exact trajectory after the latest bullish run which has put the total market cap near the $250 billion levels. What we know so far is that this month decides the near-term future of cryptocurrencies and whether BTC will enter a full-blown parabolic rally or not.Technically speaking, BTC is still in a bearish trend which has not moved ever since it lost the $13,000 mark in 2019, to fall to $5,000 levels months after that. For six consecutive months, the BTC price recorded lower lows which indicated that a steep downward trend was there for an extended period of time.However, this is 2020 and the year has begun nicely for Bitcoin - and that is why many say that this month decides what will the future of crypto prices be in 2020. There are obviously fears that the recent upsurge is merely a relief rally following half a year of downtrend. If this is the case, the Bitcoin bear market can continue throughout 2020.However, the key level which will decide whether Bitcoin (BTC) at last breaks out of a bearish trend is the $9,153 level. If this level is to be passed soon, the Bitcoin news updates can finally show us that the most dominant coin is serious about getting back to the all-time highs.The top cryptocurrency analyst DonAlt agrees with this. As he explained in a recent tweet:
"If this is a bear market rally, it ends this month. If it’s a bull market rally you better be positioned. The monthly close is gonna be fun to observe, it’s either gonna be shattered bear or bull dreams."
https://twitter.com/CryptoDonAlt/status/1218457514091720705The BTC price is up by 23% this month with less than 18 days. Therefore, a clean break over $9,153 would mean that it will end the month with 27% price gains. Even if it moves to test higher levels like $9,900 in the short-term, maintaining that momentum to lead a monthly close over a major resistance level is difficult.
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Bitcoin News

BTC Hash Rate Hits New Highs To Mark Latest Technical Achievement

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btc hash rate hits
The BTC hash rate, known as the mean hash rate of the Bitcoin network, has recently hit new all-time highs to mark the latest technical achievement for the cryptocurrency, according to fresh data. Research from the monitoring resource Glassnode shows that a new analysis of Bitcoin's historical hash rate indicates that the mean value reached 119 quintillion hashes per second which is its best ever at the time now.If you are not following our cryptonews, you should know that hash rate refers to the actual amount of computing power that miners are using to validate the Bitcoin blockchain. The more power, the more secure the blockchain behind the cryptocurrency is. Therefore, a large hash rate can also be taken as a statement of the popularity of mining for participants.Glassnode's reading also derives from the one-day moving average hash rate calculation. Even though it is impossible to measure the BTC hash rate exactly, the data supports other estimates which show that the metric hit new records in the recent weeks and months.As reported by many media outlets and Bitcoin price news sites, there are many statistics resources which confirmed the uptrend, with the highest reading approaching 150 quintillion hashes per second this week. The progress has been swift and according to Glassnode, the BTC hash rate low of 36 quintillion hashes per second occurred in late April 2019.Meanwhile, Bitcoin has already exhibited multiple signs that a bullish transformation is once again underway. The new research shows that alongside hash rate, commentators also highlighted the increased trading activity among Bitcoin futures investors.On the other hand, there is also the mining difficulty - which had previously been in decline - and is now increasing. Last week, we saw that the mining difficulty progressed 6% and the BTC hash rate rose, while another 6% to 7% is on the cards at the next adjustment in nine days' time.A lot of anticipation has been building around the recent Bitcoin price action for the coming twelve months. Just like that, many industry figures are going on record and predicting new all-time highs for BTC/USD before year 2021. Currently, we can see the BTC/USD pair trading at $8,914 and still hesitating to visit the $9,000 region.
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Bitcoin News

New Research Shows Mondays Are Best Days For Buying Bitcoin

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The latest Bitcoin news show us that BTC is hitting the $9,000 barrier amid the launch of CME Bitcoin options and the recent acquisition by Visa, reaching a record price for the last two months. According to new research, Mondays are the best days to buy Bitcoin (BTC) and have shown as a great chance for this type of investment.The 27% price gain by Bitcoin (BTC) since the beginning of the year along with the future bullish scenarios laid down by investors may attract new crypto holders. However, since BTC/USD is traded 24/7, new investors may be wondering and asking themselves: is there a difference between investing on a particular day of the week.As per the new research, it has been shown that stock returns on Mondays are on average very negative. This is called the Weekend Effect, and one explanation is that the effects on a particular stock will only be felt on Monday since the market is closed during the weekend. However, the crypto market is always open which leads many to ask themselves whether we should expect the same behaviour this Monday for Bitcoin?If we analyze the Bitcoin returns from the beginning of 2019 until January 13 this year, data shows that Fridays present the highest average return across the days of the week at 1.1%. In contrast, only two days of the week show negatively average returns. As per the new research, Mondays seem to be the best days for investors and if you are looking to invest in BTC but want to choose a particular day, Fridays are known for presenting the best cumulative returns followed by Mondays.The Bitcoin weekly trends in the long-term, as the latest crypto news show, indicate that Thursdays and Wednesdays are the worst days of the week to invest in Bitcoin with an average return of -0.09% and -0.23%, respectively.The Monday anomaly case is reinforced from a statistical perspective since Monday is the only day of the week with a statistically significant result from the regression models. If we use the same long-term sample starting from April 2013, we will see that the best strategy is to invest in BTC on Mondays, followed by Saturdays. 
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Google Search Volume For Crypto Is Trending Down Despite Surge

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The crypto hype bubble that rocketed Bitcoin and Ethereum into the public eye and made them household names when they reached all-time highs was also accompanied by a surge in search interest of people who were scrambling to find out what the fuss was all about. However, the recent crypto surge on the markets did not come with a change in Google search volume - in fact, the volume has been decreasing.The latest rally has put a lot of cryptocurrencies up by 250% from what they were worth in less than a month. Even Bitcoin surged and the Bitcoin price news now show that BTC is close to $9,000. However, despite the rally and the fact that this downtrend may be over, the rise in prices is not being followed by a rise in Google search volume.Trading volumes also have not seen any uptick which caused a lot of top crypto analysts to wonder what are the actual benefits of this rally. If you have been following our latest cryptocurrencies news for the last few years, you probably know the FOMO effect which swept the mainstream public when Bitcoin rose to $20,000.The more people heard about BTC, the more they bought it which lead to surges everywhere. The Google Search volume for the Bitcoin price also spiked, reaching all-time highs in late 2017.Now, this is not the case. The prices are going up but the search volume is going down. This was also shared on Twitter by an analyst named Haejin who illustrated the unchanged behaviour:https://twitter.com/Haejin_Crypto/status/1217288329382842369So, as the prices are skyrocketing once again, the crypto community is not that convinced that we are beginning to see the start of a larger trend reversal. The Google Search volume has not only started to trend upward - it is actually trending down now and suggesting that even fewer people are interested in Bitcoin (BTC) now.The same attention who called attention to the Google Search volume is also very leery about the entire leary. Haejin claims that lesser rallies over the last few months experienced more volume - suggesting that this is not the crypto reversal we have all been waiting for.https://twitter.com/Haejin_Crypto/status/1217937419158376457
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