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Analysis

Bitcoin Regains Momentum At $6,500 After Yesterday’s Slip

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The Bitcoin price managed to climb to the $6,500 position again, after slipping below $6,000 yesterday – which is a mark that many analysts pegged as a critical support level for the short-term prospect of the flagship cryptocurrency.

After spending the majority of the day trading above the $7,000 mark, the plagued market made Bitcoin slip from $7,100 to $6,900 in less than 45 minutes. At the point, BTC/USD began to test the $6,800 level which was described as critical by many professional analysts.

This is not the first time in recent days that Bitcoin has flirted in the $6,000 to $7,000 region. What’s important is that now that support at $6,800 has broken, it may be the case that Bitcoin has not found its bottom price in 2018.

The good news is that the Bitcoin price managed to come back after yesterday’s crash – and is right now demonstrating a slight recovery in its volume. As the CEO of BitMEX Arthur Hayes said last month, a drop to mid $6,000 is inevitable with a low market volume like this.

All of the scenarios right now are both directly and indirectly affected by the decision of the US SEC to not list Bitcoin ETF and such delay definitely caused the price of BTC to fall. However, at the same time, a rejection like this can also have a massive positive effect on the mid-term price trend of other major cryptocurrencies.

 

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Altcoin News

Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?

The latest digital currency news show that the Bitcoin Cash (BCH) hard fork is now completed and that BCH successfully activated its second scheduled semi-annual hard fork since splitting away from the original Bitcoin blockchain. However, unlike the previous upgrades which brought a lot of positive news, this fork was contentious and the development teams that launched it are still competing, pointing out to their incompatible BCH implementations. There were two groups with different beliefs about the fork. The first one was the Bitcoin Cash ABC team which had support from most node operators as well as investors and companies such as Roger Ver (Bitcoin.com) and Jihan Wu (Bitmain). The other group was the one cheering for the Bitcoin Cash SV altcoin and trying to prove that it has better features than BCHABC. Strictly speaking, there could have been three versions if any miners decided to continue mining according to the pre-fork consensus rules. However, all of the hashrate migrated to one or the other of the two new rulesets, killing off the original chain. Currently, according to BitMEX Research, both sides are mining at a loss of at least $280,000 per day relative to the value of the coins (or more) which will put pressure on profit-motivated miners to cut their losses and switch to BCHABC or BTC.
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.
Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
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Analysis

Brian Kelly Sees The Bitcoin Price Decline As ‘A Short-Term Event’

In the latest Bitcoin news, we are reporting a statement from the last edition of the CNBC Fast Money show where Brian Kelly expressed his beliefs about the future of Bitcoin. In the wake of a struggling market where Bitcoin dropped by more than 11%, Kelly emphasized that the future of BTC still seems bright. The founder and CEO of BKCM, an investment management firm focused on global macro and currency investing, has stated that the recent drop of BTC and the rest of the crypto market could be attributed to the civil war of Bitcoin Cash (BCH). As he said during the show:
“After some real quiet period, lowest volatility, almost in Bitcoin history, all of a sudden today things exploded, so what happened? Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork. Now, when you do a hard fork, everybody usually agrees. But in this particular case, everybody is not agreeing. So we’ve got ourselves a crypto civil war, and that has people in the market concerned,” Kelly said.
Aside from this, if the hash rate war between CoinGeek and Bitcoin Cash continues, then it will likely have a negative impact on both Bitcoin and Bitcoin Cash. As the most dominant cryptocurrency in the market, any negative sentiment around Bitcoin will pose an effect on the rest of the market.
“People are concerned that both Bitcoin and Bitcoin Cash markets, their networks might slow down, they might not work as well, the software upgrade may not go through or if it does go through, we will end up with some chaos. People started selling, that triggered stops, everybody got concerned. The entire market settled down. In my view, a very short-term event,” concluded Kelly while summing up his view on the current downtrend.
Many analysts are now asking if the hash power between CoinGeek and BCH caused the drop. If that is the case, however, we could see the crypto market recovering in the weeks to come.
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Analysis

Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage

According to a crypto news report today, a Fundstrat Global Advisors analyst explained that bitcoin could take ‘’weeks, if not months’’ to recover from the technical damage caused by the recent collapse. Fundstrat’s analysts Rob Sluymer predicted that the recent collapse of Bitcoin has brought the crypto market in a ‘’deeply oversold’’ place and long-term technical indicators are not favorable at the moment. He continued by saying that Bitcoin will likely go through a ‘’multi-month rally’’ by saying:
 “This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”
Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
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Analysis

Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low

In the latest Bitcoin news, we have a new bloodbath on the market which led the price of Bitcoin, the most dominant cryptocurrency, to below $6,000 and to the lowest price it has ever seen this year. The yearly low was $5,280, after which the Bitcoin price managed to correct. However, the BTC/USD index managed to fall more than 12% ahead of the US trading session and is now trading at $5,647. It seems like the pair was trading comfortably inside a narrow trading range since September this year, leading many to believe that Bitcoin had established a bottom around $6,000. However, the latest selling action showed the very opposite. In the crash, the market lost more than $26 billion and digital assets managed to drop by additional 15% to 20%, led by the downward trend set by Bitcoin. The flash-crash, as the analysts label it, managed to change the dynamics and technical indicators of Bitcoin. According to some fresh analysis, Bitcoin has a potential to fall to as low as $4,500 before it attempts a brief rebound towards the upper trend line of the wedge formation. What's safe to say is that the BTC/USD pair has established a new yearly low which serves a decent interim support level. In case Bitcoin breaks above the $5,650 resistance level, a long position towards $5,750 looks achievable. Nonetheless, a breakdown action is definitely possible at this moment - and no one knows how far this downtrend can go.
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