Bitcoin is fairly buoyant as we can see in the latest cryptocurrency news. We can see that the delay on the exchange-traded funds (ETF) by the United States regulators still has not affected the price of Bitcoin. However, according to analysts, a gold breakout could jolt Bitcoin above $12,000.
The BTC price is still unfazed by the Bitcoin ETF delay – and the coming altcoin news show no major changes in the prices of other cryptocurrencies. In fact, BTC/USD is still clinging to support above $11,000 this Tuesday as the fallout of another delay to a Bitcoin ETF hitting the market is impacting the markets less than ever before.
At press time, Bitcoin is down only by 0.22% while the 7% weekly losses contrast with the best weekly close of 2019 for Bitcoin which was set over the weekend. What’s interesting is that analysts are seeing a gold breakout as a major trigger for Bitcoin – even despite the exchange traded funds (ETFs) and their delay by the United States Securities and Exchange Commission (SEC).
Currently, analysts are looking to strength in gold to determine whether Bitcoin could likewise continue to expand. As many best cryptocurrency news sites reported, Bitcoin’s relationship to the precious metal as an investor safe haven gathered a lot of traction in the recent weeks, mostly because of the turmoil in China which coincided with a fresh boost for BTC/USD, leading it over $12,000.
As the crypto trader and developer known on Twitter as RideTheLighting said, a gold breakout is currently one of the short-term predictions and seeing a breakout. “Gold at HTF resistance, if it busts through I wonder if Bitcoin follows,” the analysts from this profile commented while uploading an accompanying chart.
Across the altcoin news and markets, we can see that tokens are fluctuating around Bitcoin and its sideways performance, gaining or losing up to a modest 2.5%. Out of the top twenty cryptocurrencies by market cap, Bitcoin Cash (BCH) is leading the way with a growth of 2% on the day, while Binance Coin (BNB) managed to pull of a 1% rise.
Ether (ETH), which is the largest altcoin, has also contracted 1.5% as a continued bearish trend took the token even lower against both USD and BTC. Ether has not traded at the current levels since March 2017.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
Join us on Facebook
- Bank Of England Governor Says Crypto Could Displace The US Dollar
- Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
- Bitmain’s Hashrate To Increase By 50% With 600,000 New Mining Chips
- U.S. Government Rules Out BTC As Drug Funding Mechanism
- BitPay Under Fire After Rejecting BTC Donation For The Amazon Rainforest
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Anthony Pompliano Says G7 Only Needed 10 Years To Discuss Bitcoin
Blockchain News5 days ago
Coinbase Confessed To Have Put Traders’ Funds At Risk
Blockchain News4 days ago
E-Commerce Giant Rakuten Launched Its Own Crypto Exchange
Bitcoin News3 days ago
Bitcoin Gets Blacklisted By US Treasury Due To Money Laundering Suspicions
Blockchain News5 days ago
Telegram Open Network Will Finally Launch On October 31st
Bitcoin News1 day ago
Winklevoss Brothers On BTC: ‘Wall Street Has Been Asleep’
Blockchain News3 days ago
World Bank Raised $33.8 Million Via Blockchain Bonds
Bitcoin News2 days ago
SegWit Developer Introduces New Smart Contracts Language