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Overnight Pump Leads Bitcoin To Gains: Will They Sustain?

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Overnight Pump

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.”

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.

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

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Altcoin News

Crypto Books Are Still Best Sellers On Amazon For 2020

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Despite the fact that there’s still no sign for an Amazon cryptocurrency, crypto books are best sellers for 2020 as we are reading further in the coming altcoin news today. Cryptocurrencies are still a major trend in 2020 and the entire market capitalization once again reached $300 billion which was seen six months ago as well. What is most interesting is that it’s not just the price of Bitcoin that is increasing over time since the altcoins are exploding as well. Of course, when the prices of altcoins increase, it increases the retail interest as well. Crypto books are now again in the mainstream while the Google searches are going up as well. Plenty of bitcoin and crypto books are trading and are reaching Amazon’s best-seller list for 2020. Maybe with the ever-increasing popularity, the online retail giant will consider the amazon cryptocurrency again. Amazon is the largest retailer in the world and it is the biggest marketplace for books and e-books. Writers across the world are using this platform to market their writings and to reach a bigger audience. More than 20 percent of the books are related to bitcoin and cryptocurrency. The author of one of the books, Nik Patel, recently ranked #3 on the list but it is also worth noting that the list is updated every hour but the number of books is still notable. This shows that there’s a lot of interest from retail investors as well. As the prices of crypto increase, the interest in investing in crypto also increases every day. These investors are referred to as retail because they don’t have specific knowledge on the matter and they don’t classify as institutions. As per the recent altcoin news reports, the ‘’buy bitcoin’’ key phrase surged to a new high last seen in June 2019 which is a very important price level because it shows interest in buying Bitcoin rather than learning more about it. Bitcoin searches are also increasing and this is only an indicator that people follow the price of the altcoin. Cryptocurrencies are charting a lot of gains since the start of 2020 and they show no signals of slowing down. Most of the major altcoins received double-digit profits since the start of the year.
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Bitcoin News

CME Bitcoin Futures Opened: Can It Make BTC Rise Back To $10k?

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The CME Bitcoin futures markets just re-opened and this could be the catalyst which leads the recovery of BTC back in the $10,000 region. Over the weekend, we saw that the Bitcoin price dropped from $10,500 to $9,650 which was a new weekly and monthly low, liquidating a significant amount of long contracts. However, the Bitcoin news now show that on active days, the CME Bitcoin futures market settles between $300 million to $500 million in daily volume. In May 2019, for instance, the BTC price was hovering at around $13,000 and CME recorded an average volume of $515 million per day on its CME Bitcoin futures contracts. While the margin trading platforms such as BitMEX and Binance Futures process billions of dollars in daily volume on paper, they are highly leveraged. As such, the real volume is only a fraction of the represented volume. In May 2019, for instance, when the BTC price was hovering at around $13,000, CME recorded an average volume of $515 million in daily volume. May 2019, on the other hand, shows that the Bitcoin price was hovering around $13,000 back then. CME recorded an average volume of $515 million per day on its Bitcoin futures contracts. While the margin trading platforms such as BitMEX and Binance Futures process billions of dollars in daily volume on paper, they are highly leveraged. As such, the real volume is only a fraction of the represented volume. https://twitter.com/BitBitCrypto/status/1229176212779565058 Given that the CME Bitcoin futures market closed at over $10,000, there is a major possibility that the opening of the CME market could lead to short liquidations and trigger a strong short squeeze in order to fill the gap. According to an analyst named Satoshi Flipper, Bitcoin has now defended the $9,800 support level despite a short term wick which dropped below $9,700. If the CME Bitcoin Futures open leads to the continuation of a bullish market structure, BTC could have a more solid foundation for an extended rally in the short to medium term.
“Nice push with this 4 hour candle, above $9800 and a push above $9900s for a daily close would be brilliant CME Gap at $10,300,” the analyst Josh Rager said in the cryptocurrency news.
With the $9,900 levels having turned into a strong support level following the CME open, technical analysts anticipate yet another strong week for the market.
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Bitcoin News

Bitcoin Will Surge To $400K According To Max Keiser

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The famous TV host in the cryptocurrency world, Max Keiser, has doubled down his earlier predictions about BTC. In the crypto news today, we can see Keiser's prediction that Bitcoin will surge to $400,000 - a new price target which he has set for the first time since 2012. Keiser spoke on the news information show Infowars on February 17th and in a discussion with the host Alex Jones, said that his old prediction of $100,000 was now too conservative. As he told the show:
“I am officially raising my target for Bitcoin — and I first made this prediction when it was $1, I said this could go to $100,000 — I’m raising my official target for the first time in eight years, I’m raising it to $400,000.”
Bitcoin will surge to $400k as Keiser said. He was speaking as the coronavirus continued to overshadow the global markets and Bitcoin traded lower on the day at below $10,000. Keiser was confident and unfazed by the short-term volatility which is now viral in the Bitcoin price news. He said that the most dominant coin was "equally as attractive" at the current levels as it was at the time of his original forecast.
“The good news… is that Bitcoin at $10,000 or $9,300 is equally as attractive as it was when it was $100,” he explained.
While Keiser did not name a specific timeframe for this, he answered the "what is the benefit of Bitcoin" question and told the media that 40x returns would make him more bullish than the majority of even the best-known Bitcoin supporters. Even the popular venture capitalist Tim Draper believes that at least by 2024, BTC/USD should make it to a more modest $250,000. Meanwhile, we saw other predictions by McAfee, who said that Bitcoin will surge to $1 million by 2021, and subsequently withdrew from his bet. The CEO of the Bitcoin wallet Ballet, Bobby Lee, was also in the news for his $500,000 price prediction for BTC for 2028. Meanwhile, one historically accurate technical indicator has calculated an average price for Bitcoin at $100,000 for the period between 2021 and 2024. Besides all of these predictions, the reality now is that BTC is still stuck in the $9,000 region in which it fell over the past couple of days, now trading at $9,800 with a 1.70% decline on the day.
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Bitcoin News

New Bitcoin Drop Nets Bitfinex Whale $10 Million In 5 Minutes

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The new Bitcoin drop is all over the latest cryptocurrencies news and we can see that BTC is in the four-digit area again, trading below $10,000 for the first time in a week. The price of the most dominant coin reclaimed the $10,000 mark shortly overnight but lost it again, seeing its price drop 5.35% to $9,853. Right now, Bitcoin is trading at $9,933. The new Bitcoin drop also meant a lot of billions lost in the total cryptocurrency market cap. While the yesterday's levels were at $306 billion, today the numbers show that the total coin market cap is at $291 billion and again in the lower regions. The possibility of a downside break was enhanced with the new Bitcoin drop. According to data from Skew Analytics, the swift drop resulted in $90 million worth of liquidated leveraged positions at BitMEX. However, what was most interesting for analysts overnight is what happened in the immediate aftermath of Bitcoin and its sharp price correction. On crypto Twitter, we saw many speculating that the new Bitcoin drop put some BTC whales at play. Some were vocal in the Bitcoin news and pointed to a well known Bitcoin whale called Joe007 as one of the main players responsible for Saturday's correction. The CTO at Bitfinex, Paolo Ardoino, posted an image from the Bitfinex leaderboard and tweeted:
“How to recover 10M in 5 minutes@J0E007.”
https://twitter.com/paoloardoino/status/1228726393669853184?s=20 Another popular analyst known for his handle @filbfilb posted in his Telegram group, pointing out that Bitcoin's price dropped as a sell-wall was removed. He suggested that Joe007 took advantage of the thin order books over the weekend in order to slam the BTC price below $10,000 and cause the new Bitcoin drop.
“Looks like finex whale dumped,” filbfilb said.
This is not the first time a crypto whale is implicated in trading maneuvers that impacted the entire spot market. In December 2019, many pointed to Joe007 as he entered a bet with a Dogecoin trader to win 10,000 DOGE and then used an 800 BTC buy-wall to defend the $7,200 level. If we see today's analysis, the Bitcoin price must sustain above the moving average (MA) to give the bulls an opportunity to aim for the upper Bollinger Band arm at $10,516. BTC was not the only asset to undergo a sharp correction on February 15 - the entire altcoin community took serious drops and many alts saw double-digit percentage losses.
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