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Bitcoin Retreats To $4,270, Dropping 6% In A New $6 Billion Wipeout

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In the latest Bitcoin news, the most dominant cryptocurrency has dropped again and this time fell to $4,270, losing about 6% of its value. The total market cap also suffered from a $6 billion decrease and now has $137 billion in circulation according to data from CoinMarketCap.

Bitcoin has reached a new weekly low on fiat-to-crypto exchanges such as Coinbase, Kraken and Bitstamp, and has dropped by 21% in total against the US dollar over the past few weeks. Similar to Bitcoin’s strength from August to November despite the intense sell-off, bears are struggling to bring BTC below the $4,000 support level.

Right now, analysts believe that if Bitcoin continues to defend the $4,000 level in the weeks to come, it is possible for BTC to end the year with a positive sentiment, possibly around $6,000 which is now the major resistance level for the dominant cryptocurrency this year.

However, an alarming trend is that the prices of cryptocurrencies are dropping by relatively large margins with low daily volumes. For example, the daily volume of BTC is averaging around $5 billion which also suggests that BTC has fallen by more than 3.5% over the past day without significant sell pressure from bears.

Aside from Bitcoin, Ethereum has also dropped by more than 8% over the past 24 hours, with a high volume of $2 billion and now trading at $120. Throughout the last six months, ETH rarely experienced a surge in its volume over the $1 billion mark, which is an indicator of an increasing sell pressure from individual sellers and ICOs.

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Bitcoin News

Bitcoin Price Analysts: A Strong Bull Run Is Imminent

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bitcoin price analysts
Bitcoin price analysts believe that a strong bull phase is imminent for the number one cryptocurrency according to the coming altcoin news that we have on our website today. According to one of the bitcoin price analysts ‘’Crypto Michael’’, the longer the current sideways accumulation phase continues for Bitcoin, the stronger the next bull run will be. Since it briefly reached the $13,800 price range back in late June this summer, the price of the number one cryptocurrency has managed to maintain a $10,000 to $10,300 price range. The downward traces towards the $9,000 price range has seen a massive reversal. The trend has started despite the popular forecast made a while back that the bitcoin price will fall to $8,500 because of the unfilled CME futures gap. Over the last week, another one of the bitcoin price analysts Peter Brandt outlined the presence of the significant downward pressure on the Bitcoin price at least in the short term. On the macro level on the other hand, the longer the price of the major cryptocurrency resists this downward pressure and sustains its consolidation, the more likely it is for a stronger uptrend to start. If this prediction holds true, the bitcoin price action between $9,000 and $12,000 will manage to stay consolidated. Back in June, crypto analyst Josh Rager explained that the $11,700 price level is a crucial resistance level for bitcoin since last week he doubled down on his stance saying that the bitcoin price is closing above $11,700 and this could even start another significant rally. According to the charts, Bitcoin looks to have entered another parabolic phase and usually when the markets mature, their cycles become longer so bitcoin is in line with this rule. Assuming that the same pattern holds true, the next Bitcoin parabolic move will arrive as soon as 2021 or 2022. According to analyst PlanB, the relationship between the stock flow and the bitcoin price goes far beyond the correlation and cointegration. As per the analysis in the latest cryptocurrency news, bitcoin is set to begin the parabolic move advance at the end of the accumulation phase which is currently in motion.
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Bitcoin News

Low Bitcoin Volatility Could Power A Strong Price Movement

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low bitcoin volatility
Low Bitcoin volatility levels could spike a very powerful price movement since BTC is trading in the lower $10,000 range again as we read in the altcoin news analysis previously. After the weekend trading from around $10,000 range, the price failed to break out higher and as a result of the lack of clear direction, the volatility levels have dropped to the lowest point since November 2018 and April 2019. Usually, Low Bitcoin volatility means that the price could start a strong upwards movement and could make a decision for the trend ahead. Some of the other assets along with Bitcoin both feared for their volatility and some of the investors choose not to invest because of this feature of the cryptocurrencies. Bitcoin’s once reached $20,000 and then crashed at $3,000 so this is one of the main reasons investors choose to stay away from Bitcoin. The number one cryptocurrency did manage to gain up to 80 percent of its value. For the crypto traders, the volatility is why Bitcoin makes for an attractive financial market and the price swings are ideal for some who are waiting to buy low and sell high which could lead to making a fortune when trading on leverage using the platform such as PrimeXBT and BitMEX. The lucrative volatility is still non-existent at the moment since the price of Bitcoin is trading within a $200 range for most of the weekend. Back in 2018, the Bitcoin price dropped through what was believed to be the unbreakable support of $6,000 but then it later dropped to $3,000 before it bottomed out in December again. In April this year, Bitcoin increased more than $1,000 in just hours which initiated the bull run and rally to the current range. Another one of this huge price movements is expected soon as per most of the crypto analysts which is expected to put an end to the low volatility and help choose the trend for the upcoming days and weeks ahead. As per the analysis in the latest cryptocurrency news, a break out of the multi-month triangle will mean that Bitcoin will retest $14,000 price range and will have the momentum to even break further. However, If the bitcoin price breaks down instead, the target will be standing in the $7,000 range with a huge possibility of it reaching below $7,000.
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Bitcoin Mining Power With A New High As 500k New ASICs Go Online

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Bitcoin Mining Power
The Bitcoin mining power, which is the computing power dedicated to mining BTC, has hit another new high. All of this suggests that more than 600,000 powerful new machines may have come online in the last three months. The latest cryptocurrency news pull out data from the crypto mining pool BTC.com, showing that the Bitcoin two-week average hash rate has crossed another major threshold. It reached 85 exahashes per second (EH/s) around 19:000 UTC last Friday. Meanwhile, the mining difficulty also adjusted to a new record of nearly 12 trillion. Notably, the figures have jumped 60% since June 14, the data indicates. What's interesting is that aside from the Bitcoin mining power, the difficulty of mining (a measure of how hard it is to create a block of transactions) adjusts after 2,016 blocks or roughly once in two weeks. Many best cryptocurrency news sites reported about new models of application-specific integrated circuit (ASIC) miners which hit the market over the summer, with an average hashing power of around 55 tera hashes per second (TH/s). Assuming all of the 35 EH/s of new hashing power added since mid-June came from the top-of-the-line models, a new calculation suggests that more than half a million such machines have connected to the Bitcoin network. These powerful ASIC miner chips are made by a lot of major manufacturers such as Bitcmain, Canaan, InnoSilicon and MicroBT. They are priced from $1,500 to $2,500 each. Therefore, if more than half a million of them are delivered (as estimated above) the leading miner makers could have made $1 billion in revenue over the past three months. The spiking hash rate and difficulty of Bitcoin are in line with the soaring price earlier this year, which led to an increasing demand for mining equipment that has significantly outstripped the supply. This is also in part thanks to the rainy summer season in southwestern China which resulted in cheap and abundant hydroelectric power. According to miners in China, the Bitcoin mining power and more specifically the hash rate in the summer would break the level of 70 EH/s, which already happened in August. As a result, major miner manufacturers sold out their equipment due for shipment until the end of the year.
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Bitcoin Breakout May Happen This Week, Analysts And Traders Predict

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bitcoin breakout
A potential Bitcoin breakout has been discussed and predicted many times this year. In the latest cryptocurrency news, we can see that such surge could happen soon. The BTC trading range is getting tighter which can only mean one thing - a Bitcoin breakout is imminent at this point. Yesterday, BTC was inactive most of the day. The coming altcoin news showed some increases but nothing that will attract the eyes of investors. With a peak at $10,370, Bitcoin is now stable and has passed the period of sideways trading. It seems that the candle sticks are getting smaller on the daily charts - something that indicates indecision between the bulls and the bears. At the time of writing, BTC was still within this channel and was trading at just above $10,300 with daily RSI right on 50. The oscillators and moving averages are all pretty neutral at this point. However, a Bitcoin breakout is expected - and analysts can sense that something big is coming. One of them is the analyst 'CryptoFibonacci' known for his predictions in the Bitcoin and altcoin news. As he recently said, a series of exponential moving averages have all aligned on the daily time frame.
“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.
https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of.  Could it wick down to 8500?  Sure it could, but too many people are looking at that area and calling it,” he said.
Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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