The strong recovery for Bitcoin has been crucial lately, especially when it comes to BTC strengthening its position and lowering its volatility lately. After posting strong recoveries from the recent lows of $9,500, it seems like Bitcoin (BTC) is further extending its upwards momentum and now nears the next key price hurdle that could determine in which direction it will trend in the near term. An overnight pump has suggested that a new green wave is here – but will it sustain?
At the time of writing, Bitcoin is trading up by less than 1%. The overnight pump added 2% to the current price of BTC but also took some in the past hour. Bitcoin is now at $10,736 with a $192 billion market cap. As such, the most dominant cryptocurrency is now nearing the next key price hurdle which could determine in which direction it will continue to trade in the near term.
Many best cryptocurrency news sites spoke about the overnight pump and the recovery that followed BTC’s drop to the $9,500 level – after being rejected that $12,000. From all of this, we can conclude that the $11,000 and $12,000 levels are very important and difficult for the dominant cryptocurrency to regain. We saw that bulls were not ready to allow bears to push the cryptocurrency into a new macro downtrend.
As it stands, Bitcoin has a next key hurdle at $11,000. A decisive movement above this price level will likely lead it to climb significantly higher and the next level of resistance is put at $12,000 – an insurmountable level of resistance for Bitcoin over the past few weeks. The overnight pump also made analysts in the Bitcoin and altcoin news to take notes.
One of them is the Cryptomist, a popular Twitter analyst who said:
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”
Feel this move may be short lived
Rising wedge on multiple time frames including 3hr RSI
Trade safe loveys pic.twitter.com/IqggXNVRND
— The Cryptomist (@TheCryptomist) August 19, 2019
DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a “do or die” level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.
Somehow a mixture of well-respected level and chop.
The daily and the 4h are at resistance.
If those break I'd expect another leg up.
It's a bit of a do or die situation.
I very much doubt any supports are going to hold another test. pic.twitter.com/GiMuv8IZv3
— DonAlt (@CryptoDonAlt) August 19, 2019
BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
McAfee Believes Bakkt Launch Could Jumpstart Widespread Adoption
“BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement."https://twitter.com/officialmcafee/status/1174999327917297666 McAfee also said that the date of the platform's launch mixed up - and the Bakkt actually launches on Monday and not tomorrow. The coming altcoin news sum up a lot of stances from the community. One of them is the viewpoint of Thomas Lee, a prominent cryptocurrency analyst and a notable Bitcoin bull. While John McAfee believes there could be a bull run soon, Lee said that the Bakkt launch will improve the institution trust of the crypto markets.
“I am very positive on @Bakkt and its ability to improve trust with institutions to crypto,” Lee explained.https://twitter.com/fundstrat/status/1174894754250838016 Assuming that everything goes well and the Bakkt launch proceeds with great success and utilization, it could lead to an influx of fresh capital in the markets. This could also boost the performance of crypto for the second half of 2019. The best cryptocurrency news sites today report about the falling price of Bitcoin over the past several days. The sideways trading, however, may soon come to an end as McAfee believes - mostly because of the upcoming Bakkt launch.
CME Group Will Launch Bitcoin Options Early In 2020
“Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk. These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment.”CME Group also detailed that since their 2017 launch, there have been more than 20 "successful" futures expiration settlements and more than 3,300 individual accounts trading the contracts. Close to 7,000 CME Bitcoin futures contracts are traded on average each day, the company stated. Meanwhile, the coming altcoin news in March this year showed that CBOE abruptly changed the tack and halted its futures product. Now that CME Group will launch Bitcoin options and CME won't (for now), this gives a massive advantage to CME as the sole provider of Bitcoin futures in the US. However, it seems like CME will have a new rival from Monday. The rival is the Intercontinental Exchange (ICE) and is subsidiary Bakkt - both of which are preparing to offer a new BTC futures product. Unlike CME and its cash contracts, ICE will be offering a physically settled product which means that its customers will receive actual Bitcoin (BTC) instead of the cash equivalent.
Bitcoin Avoids Posting Seven Consecutive Red Daily Candles
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