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Analysis

Bitcoin’s Weekly (Low) Price Volatility Falls To A 2018 Low

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The Bitcoin price volatility has been one of the main topics in the Bitcoin news section of our cryptocurrency news website mainly because of its record-breaking lows. In the latest news, the Bitcoin price volatility dropped again, this time reaching a new 15-month low.

The weekly volatility of Bitcoin, which is calculated by the difference between the high and the low, fell to $317 last week which was the lowest reading since the first week of July 2017, according to data from Bitfinex.

What’s more important is the fact that the leading cryptocurrency witnessed a trading range of $398 and $741 in the previous two weeks, indicating that Bitcoin (BTC) is being squeezed in a price range and a market where a decisive move is overdue.

There are also other measures of Bitcoin’s price volatility which are echoing similar sentiments. One of them is the Bollinger bandwidth, a technical analysis tool used to measure standard deviations of a price’s moving average. This measure has also fallen to the lowest level since December 2016.

Currently, Bitcoin is trading at $6642 with a small increase (0.82%) over the course of the past 24 hours. After defending $6,100 and creating a bullish outside reversal in the third week of September, Bitcoin is now stable – but its follow-through is far from encouraging at this point.

Right now, only a convincing upside move above the trendline would confirm a bullish breakout and cover these record lows.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Analysis

New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst

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Ever since Bitcoin (BTC) tapped $6,500 in late November, we could see that analysts were wondering if the bottom is really in. In the latest Bitcoin news, we can see that the leading cryptocurrency managed to post a new jump for BTC by 20% from $6,500 and hit $7,850 just a week after that.At press time, BTC is trading at $7,500 and is seemingly trying to establish a market trend for the coming week. Even though some say that Bitcoin is unable to move past the resistance in the high $7,000 area and is decisively bearish, one analyst thinks that the odds are leaning in favor of bulls.The popular trader Mr. Chief (also known as Halo Crypto) recently said that there could be a new jump for BTC and that the ball is finally entering the playground of the bulls. He also noted that the inverse chart of Bitcoin shows that the cryptocurrency has broken below (above) a key - a trend line which has been in place for over six weeks. The asset is right now situated in a descending channel which implies a potential move to $8,500.A move to $8,500 would mark a 15% rally from the current price levels.https://twitter.com/HaloCrypto/status/1203144682177548288However, it is not only halo that is expecting a new big jump for BTC. According to previous reports by Willy Woo who is a popular on-chain metrics analyst, a proprietary indicator lets him believe that bulls will soon gain the upper hand again.
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.
There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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Analysis

Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000

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Bloomberg analysts expect that bitcoin’s price will surpass the $10,000 price range despite its low levels of $7,400 and $6,600 as previously reported Bitcoin price news.Bitcoin had a struggling second half of 2019, dropping from a year-to-date high of $14,000 in June to $7,400 as the Bitcoin buyers filed to step in amid the selling pressure seemingly catalyzed by the Chinese regulation of digital assets as the operators of multi-billion dollar Bitcoin scam selling the coins. Despite the price backdrop, Bloomberg analysts including Mike McGlone of the business media giant’s intelligence unit believe that Bitcoin has a strong positive outlook heading to the 2020 and the next decade as well because of many factors.This confluence of factors McGlone explained that will bring the cryptocurrency back into the five-digit range in the close future which will be a welcoming surprise for many investors in the industry who began thinking that bitcoin has reentered a ‘’crypto winter’’ state again. Bloomberg’s McGlone believes that the bullish case for the Bitcoin price is in the forming as long as the key support of $6,500 holds in the near future. The analyst said that it is ‘’only a matter of time’’ before Bitcoin breaks the key resistance of $10,000.The analyst first explained that as gold rallies, bitcoin will too. While the precious metal is right now trending lower after it peaked last summer in the middle of the trade war talks, the macro picture for the gold is looking favorable heading into 2020 with a slight recession restart of the trade war due to the latest Chinese regulations.Second, McGlone explained that a perfect storm will be building for the cryptocurrency in terms of the basic premises which are mass adoption and fixed supply cap. He said:
 “Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.
He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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Analysis

Bitcoin Faced The Largest Price Drop Of 2019 Despite Slight Increase

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Bitcoin faced the largest price drop of the year and it seems that the cryptocurrency is set to end the month on a negative note. Closing below the $8,300 looks like a decent prediction so let’s see further in the bitcoin price news below.The hourly chart continues to urge a move higher to the $7,800 and $8,200 but a bullish reversal could be confirmed on the three-day charts if the prices close above the $7,280 today. The acceptance below the $6,515 could invalidate the bullish hammer candle that is seen on the three-day chart and invite the strong selling pressure. Bitcoin faced the largest monthly loss of 2019 despite the recent recovery from the six-month low.Right now, the number one cryptocurrency is priced at $7,530 on Bitstamp which represents a 17.6 percent loss from the start of the month when the price was standing at $9.586. The percentage drop could have been more than 30 percent if the prices stayed at the six-month low of $6,515. Bitcoin suffered a bigger monthly loss in November last year and the prices dropped by 27 percent, reviving the sell-off from the record high of $20,000 that was reached in 2017 in December. The cryptocurrency went on to hit a new low of $3,122 in December 2018.Bitcoin was expected to pose good gains in November with the miners’ reward halving coming in May 2020. The cryptocurrency picked up slightly six months ahead of the supply-cutting event. The run-up period has started with a heavy price drop because of the miners who started selling off their bitcoin as noted by popular analyst Willy Woo. Bitcoin plunged from $13,000 to $7,500 in the third quarter and then the price took its toll on the miners’ profitability.Looking forward, Bitcoin could suffer a deeper drop in December if the prices end the current month below $8,300 as Woo predicts. The monthly close above $8,300 looks unlikely and that said, the price could increase to $8,000 before Saturday closes as short-term technical and bullish signals occur. Bitcoin bounced back from the former resistance-turned-support of the inverse head and shoulder pattern at $7,360 reinforcing the bulls.
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Analysis

Boring Bitcoin: BTC Still At $7,500 With No Sign Of Upswing

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The latest cryptocurrency news are showing that the price of the most dominant cryptocurrency is still trading around the $7,500 level as the bullish breakout upends the bear market. This is a situation where we see a boring Bitcoin (BTC) - one which does not move in the needed direction and one that forces analysts to hold on to their losses.However, a surprise bullish reversal took the markets $700 higher the previous day and as data shows, the BTC/USD pair came down slightly from the local highs at Wednesday at $7,640 to trade just over $7,500 at press time.The largest cryptocurrency also took the traders unaware during the previous session and jumped from below $6,900 when many were prepared for further drops. So, the current boring Bitcoin is still in a good position and comes a long way from the recent near-$6,000 price movements.Prior to this, pressure had been building up on Bitcoin after news emerged showing that the major South Korean exchange Upbit suffered a loss of funds worth over $50 million. This fresh run-up appeared to already impact the sentiment among traders. Well known social media analysts commented on the boring Bitcoin case and said that the mood had changed from shorting price decreases to long positions.One analyst with a handle Rhythm summarized the Bitcoin movements in 2019 and said:
“Earlier this year, bitcoin went from $4,000 to $14,000 in less than three months. But one pullback, and everyone forgets.”
Despite the negative price action, the Bitcoin news updates today show that the cryptocurrency is still holding on well. However, it did not manage to breach the $10,000 level which was expected for this month.Currently, the boring Bitcoin is said to break out in the near future and probably test the $10,000 region this year. If that happens, analysts would be lucky and can see a bullish potential in the most dominant cryptocurrency once again.Today, we can see reds all over the market but with a maximum of 1% for most coins and a negative drop of 1.64% for Binance Coin (BNB). On the other hand, a major gainer on the day is Cardano (ADA) with a 5.20% rise. The total cryptocurrency market cap managed to go above $200 billion and is at $204 billion at press time. 
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