The latest cryptocurrency news section is led by Bitcoin and its strong upward trend which saw the most dominant cryptocurrency rise from $6,150 to almost $6,700 in only 24 hours. According to analysts, the drop before the rally might have been the bottom for Bitcoin.
On the other hand, many believe that the $6,000 support level which Bitcoin managed to maintain since early August proved that this was the “final shakeout” for BTC. Due to its low volume, the most dominant cryptocurrency struggled in the mid-$6,000 region and failed to hold $6,550 which was a level that it had held throughout the past two months.
Traders are also positive that the drop to $6,150 was the final shakeout that Bitcoin needed to see before a new rally. According to one trader named AngeloBTC, BTC experienced its last dip ever, alluding to the fact that Bitcoin will grow in the weeks and months to come.
Last dip ever. pic.twitter.com/IiJ1AoR2UB
— Angelo฿TC (@AngeloBTC) October 15, 2018
On top of this, the shorts on Bitcoin on exchanges such as Bitfinex and BitMEX experienced their all-time highs, which led to the liquidation of many short contracts over the past 12 hours. This allowed the price of BTC to recover from the low $b6,000 region, as analysts claim.
The $2 billion increase in volume within 24 hours is another optimistic indicator for a short-term rally for Bitcoin, especially since it is an asset that stagnated throughout the past three months.
BitMEX Research: The BCH “Hash War” Costed Miners $6.1 Million In Lost Revenue
Ripple Is Now The Second Most Valuable Cryptocurrency Surpassing Ethereum
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
Analyst Believes That Bitcoin Is Expected To Bottom Out In Q2 Of 2019
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.”According to Woo, Bitcoin may enter an accumulation phase which is what could give it a push for a new upward trend.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo was confident.He also explained that if Bitcoin bounces in the short-term (which is a possibility) and surpasses the $7,000 mark, a bull run before the Q2 of 2019 can happen.
“If price (in the short term) bounces upwards here, which is certainly possible, I think the 200 day moving average is the upper band of the move. This is around $7,000 right now. Remember if price goes above the 200 DMA, in the history of BTCUSD’s 8 year trade history, it’s been a reliable indicator of bear to bull transitions. It’s too early to transition out of the bear,” he concluded.Still, Bitcoin (BTC) is struggling to break out of the $6,800 resistance level and is keeping at the same situation for the past three months. A breakout above $7,000 is even more difficult with the current market conditions.
Bloomberg Analysts: Bitcoin Is ‘No Longer Boring’ But Its Price ‘May Drop To $1.5k’
Join us on Facebook
- BitMEX Research: The BCH “Hash War” Costed Miners $6.1 Million In Lost Revenue
- China: Cryptocurrency Exchange Huobi Creates Communist Party Committee
- Bitcoin Takes A New Beating, Goes Below $4,500 As Market Loses $25 Billion
- BREAKING: Bitcoin Falls Below $5,000 With No Signs Of Support
- Best Cryptocurrency Exchanges For Beginners
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA
Blockchain Archive5 days ago
ICO Promotion Services | Advertise your ICO | Promo for ICO
Analysis5 days ago
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
Bitcoin News5 days ago
ECB Board Member: Bitcoin Is ‘The Evil Spawn Of The Financial Crisis’
Blockchain News4 days ago
Q3 Report: Chinese Blockchain Company Xunlei Reaches $45.3 Million In Revenue
Blockchain Archive3 days ago
15 Industries Blockchain Could Soon Revitalize
Altcoin News5 days ago
Bitcoin Cash (BCH) Activates A Hard Fork, Splintering Into (At Least) Two Competing Versions
Blockchain News1 day ago
Famous NY-Based Art Auction House Records A $318 Million Sale On A Blockchain
Altcoin News1 day ago
Bitcoin, Ripple And Ethereum Are Getting Hit (Again) This Monday