Bitcoin May Target $5,000 in Near Term as Momentum Falters

After surging from its recent lows of $7,800, Bitcoin has been unable to extend its upwards momentum and has continued trading sideways within the lower-$8,000 region. This bout of consolidation has made it increasingly unclear as to which direction BTC will move next, although its next major movement should provide significant insight into this.
One analyst is now noting that Bitcoin may continue dropping until it reaches the $5,000 region, which is where it currently has enough support to bolster its near-term price action and help it surge significantly higher in the near-term.
Bitcoin Stabilizes Around $8,400, But Momentum Falters
At the time of writing, Bitcoin is trading up marginally at its current price of $8,400, which is where it has found stability in the time since it plummeted following its attempt to surge towards $9,000 that occurred a couple of days ago.
Bitcoin’s inability to continue surging after it visited its recent lows of $7,800 points to an underlying weakness amongst the cryptocurrency’s bulls, and may signal that it will incur further losses in the near-term until it finds a region of support that has enough buying pressure to spark the next long-term uptrend.
It is important to note that Bitcoin did respond bullishly to an attempt by bears to push the crypto’s price lower last night, which caused it to wick as low as $8,200 before climbing back towards its current prices.
Big Cheds, a popular crypto analyst on Twitter, spoke about this movement as it happened yesterday, concisely noting that the drop was a reaction to the lack of buying pressure within a demand zone.

$BTC #Bitcoin gone pic.twitter.com/sw3G6zXYrn
— Big Cheds (@BigCheds) October 11, 2019

Analyst: BTC May Visit $5,000 Next
As for where Bitcoin could head in the near-term, Josh Olszewicz, a popular crypto analyst on Twitter, recent shared a very bullish assessment of the crypto’s recent price action, noting that it may continue plummeting until it finds noteworthy support within the $5,000 region.
“1D $BTC: 10k or 5k. – denied at 200EMA – still in multi-year bull PF – above yearly pivot now – above VPVR volume node now – will prob take a week for alligator to flip bull – fractal calling for short <7.7k – 5k is biggest recent support node aside from multi-month 6.5k vol node,” he explained while pointing to the below chart.

1D $BTC
10k or 5k
– denied at 200EMA– still in multi-year bull PF– above yearly pivot now– above VPVR volume node now– will prob take a week for alligator to flip bull– fractal calling for short <7.7k– 5k is biggest recent support node aside from multi-month 6.5k vol node pic.twitter.com/LX0NACF2Sr
— Josh Olszewicz (@CarpeNoctom) October 11, 2019

While looking at Olszewicz’s above analysis, it becomes abundantly clear that Bitcoin is currently trading at a pivoting point that will determine which direction the aggregated crypto market head next.
Featured image from Shutterstock.
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Binance’s Peer-to-Peer Trading in China is Great for Everyone

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Binance’s Peer-to-Peer Trading in China is Great for Everyone
Cryptocurrency exchange platform Binance launched its P2P trading facility for trading cryptocurrencies against the Chinese Yuan. This way, the company is opening a kind of a “safe space” for Chinese traders who want to trade cryptos.
Binance’s Peer-to-Peer Trading in China is Great for Everyone

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Source: CoinSpeaker

With Only 12,000 Bitcoin Millionaires, What is The Potential to Be One?

Bitcoin is many things to many different people. For some it is a store of wealth, for others it is a hedge against local economic oppression, but for many it is a vehicle to make money. With only 12,000 Bitcoin millionaires in the world it still shows great potential and opportunities to join that elite crowd are still abound.
Early Days For Bitcoin
Considering that BTC is only ten years old it has come a long way. Outperforming pretty much every other traditional asset class by a significant margin, Bitcoin has the potential to become a global currency.
At the moment regulatory pressure, extreme volatility, and lack of adoption is holding it back but over time these factors are likely to stabilize as the world accepts this new technology. Analyst Willy Woo has been looking at the charts again and found one of Bitcoin millionaires over time. He posed the scenario of that number vastly increasing should BTC become the new currency.
“Here’s the chart for the number of Bitcoin Millionaires over time, around 12,000 right now. There’s 36m Millionaires on this planet, it’s still early days if you believe BTC will be the new currency.”

Here's the chart for the number of Bitcoin Millionaires over time*, around 12,000 right now.
There's 36m Millionaires on this planet, it's still early days if you believe BTC will be the new currency.
*gross approximation, uses balance in unique addresses
Data by @coinmetrics pic.twitter.com/MMD3J4BETE
— Willy Woo (@woonomic) October 11, 2019

The chart closely correlates to BTC price over the years which could be a sign that more people are holding the asset now. Recent market chop however indicates that it is the same money entering and leaving the space with no new fiat influx just yet.
This is likely to all change when the next major bull run starts and FOMO kicks in again.
Short Term Price: BTC Holding Support
According to Tradingview.com BTC has held on to support for another day. A fall to the 200 hour moving average dropped price to just over $8,200 a few hours ago but Bitcoin has managed to recover slightly to reclaim $8,350 at the time of writing.
Chart
As noted by trader and analyst ‘Crypto Fibonacci’ the Bollinger bands are tightening up again which could lead to another breakout.

$BTC Daily Chart.
Bollinger bands doing their thing and getting tighter by the day.#BTC #bitcoin pic.twitter.com/HRIdGcaw2o
— CryptoFibonacci (@CryptoFib) October 12, 2019

Josh Rager pointed out that higher lows were starting to creep in also which may lead to an upside breakout.

BTC Hopium
Technically, we're seeing higher-lows here…
But this area certainly has to hold – if not, well… alt-season on hold pic.twitter.com/fAcxdwYWE2
— Josh Rager (@Josh_Rager) October 11, 2019

Bitcoin dominance is still below 70 percent but it has not dropped lower just yet as the consolidation continues.
At the moment you’ll need 120 BTC to be a millionaire so prices will have to move a lot higher before this number decreases and the number of BTC millionaires increases, however the potential is there. When supply and scarcity are also added to the equation the long term outlook for Bitcoin is very bullish, especially as the world appears to be heading for another recession.
Image from Shutterstock
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Miners May Be Perpetuating Bitcoin Volatility as Analysts Anticipate Significant Drop

After finding some stability following its bullish upwards movement earlier this week, Bitcoin’s momentum has faltered and is showing bearish signs that may point to an underlying weakness amongst BTC’s bulls.
Analysts are now noting that they anticipate a significant downwards movement for Bitcoin in the near-term and are also noting that there may be an unlikely suspect that will perpetuate any volatility seen throughout the aggregated crypto markets.
Bitcoin Retraces Towards $8,300 as Bears Gain the Upper Hand
At the time of writing, Bitcoin is trading down just over 1.5% at its current price of $8,370, which marks a notable drop from its daily highs of nearly $8,800.
Just prior to the downturn that occurred overnight, Bitcoin’s bulls rapidly pushed it to its daily highs around $8,800, which appears to be a notable level of resistance that shifted the short-term trend to the bear’s favor.
It remains unclear if the support that was built within the lower-$8,000 region will be enough to support the crypto’s price in the near-term, but one popular analyst believes that it will incur a notable drop in the coming few hours.
“$BTC Provided a target of 8670 from couple weeks ago before a potential reversal, well we went a little higher, but reversal is imminent. Big drop approaching (new lows) as we have a 4hr rising wedge on RSI. Still could climb tad higher upon apex before dump,” The Cryptomist, a popular analyst on Twitter, said in a recent tweet.

$Btc
Provided a target of 8670 from couple weeks ago before a potential reversal, well we went a little higher, but reversal is imminent
Big drop approaching (new lows) as we have a 4hr rising wedge on RSI
Still could climb tad higher upon apex before dump pic.twitter.com/8Kb6Ohkb1g
— The Cryptomist (@TheCryptomist) October 11, 2019

Could Miners Perpetuate BTC Volatility in the Near-Term?
It is important to note that any potential big movement, including the one that The Cryptomist is pointing to, could be perpetuated by Bitcoin’s miners, as data shows that they have been holding their mined crypto and then selling it during periods of significant volatility.
TokenAnalyst – another popular cryptocurrency analyst on Twitter – spoke about this data in a recent tweet, eluding to the possibility that another significant movement will be perpetuated by miners.
“Following up on the great analysis by @eliasimos using our miner rewards API, we tracked how much $BTC these large mining pools sent into exchanges over time. We see miners taking advantage of volatility by sitting on their mined stash and then selling around large price swings,” they explained.

Following up on the great analysis by @eliasimos using our miner rewards API, we tracked how much $BTC these large mining pools sent into exchanges over time.
We see miners taking advantage of volatility by sitting on their mined stash and then selling aroung large price swings. https://t.co/tKQDzUTOMC pic.twitter.com/Lapt0NyOsY
— TokenAnalyst (@thetokenanalyst) October 11, 2019

How BTC responds to its recent drop may prove to be critical for determining how it trends for the rest of the year, as a break below its recent support of $7,800 could spark a massive downtrend that is perpetuated by miners selling off their BTC holdings.
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Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX

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Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX
Binance has made an official announcement that an XRP/BNB trading pair is now open on its decentralized platform Binance DEX and available for trading.
Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX

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Source: CoinSpeaker

CFTC Chairman Confirms That Just Like Bitcoin, Ethereum Is Also a Commodity

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CFTC Chairman Confirms That Just Like Bitcoin, Ethereum Is Also a Commodity
The CFTC chairman confirmed that Ethereum qualifies to be a commodity and all the forked assets like the Ethereum Classic shall be subjected to similar regulatory considerations.
CFTC Chairman Confirms That Just Like Bitcoin, Ethereum Is Also a Commodity

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Source: CoinSpeaker

Bitcoin (BTC) Price Dives $500 But Holding Key Support

Bitcoin price climbed to $8,950, but failed to continue higher against the US Dollar.
The price is down around $500, but it is holding the key $8,400 and $8,350 supports.
There is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could test the $8,350 support and it is likely to recover in the near term.

Bitcoin price is trading with swing moves below $9,000 against the US Dollar. BTC declined sharply from $8,950, but it is now approaching a couple of important supports.
Bitcoin Price Analysis
Recently, there was a sharp rise in bitcoin above the $8,600 and $8,650 resistance levels against the US Dollar. Moreover, the price spiked above the $8,800 resistance area and remained well above the 100 hourly simple moving average. The price traded close to the $8,950 level and formed a new weekly high at $8,934. However, the price struggled to continue higher and there was a sharp decline below $8,800.
Additionally, the price broke the 61.8% Fib retracement level of the recent rally from the $8,457 low to $8,934 high. There is a large red candle forming on the hourly chart with body below $8,600. The price even traded below the last swing low at $8,457. However, the $8,400 support area is acting as a decent support. More importantly, there is a major bullish trend line forming with support near $8,400 on the hourly chart of the BTC/USD pair.
The next key support is near the $8,350 level (the previous resistance area). It represents the 1.236 Fib extension level of the recent rally from the $8,457 low to $8,934 high. The main support is near the $8,315 level since it coincides with the 100 hourly SMA. Therefore, a close below the $8,000 support might push the price back into a bearish zone.
On the upside, an initial resistance is near the $8,550 level, followed by $8,600. The main resistances are near the $8,660 and $8,800 levels. It seems like the price might trade in a range above the $8,300 support area before it could start a fresh increase.

Looking at the chart, bitcoin is showing a lot of bearish signs from the $8,934 swing high. It seems like it was rejected close to $9,000. It is currently approaching the $8,350 and $8,300 support levels, where the bulls are likely to take a stand.
Technical indicators:
Hourly MACD – The MACD is currently gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is down sharply and is below the 50 level.
Major Support Levels – $8,350 followed by $8,300.
Major Resistance Levels – $8,550, $8,660 and $8,800.
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Crypto Market Cap And Bitcoin Could Rally: BCH, LTC, EOS, ADA Analysis

The total crypto market cap is holding a strong support area near the $220.0B level.
Bitcoin price is consolidating above $8,500 and it could rally further in the near term.
Litecoin (LTC) price must clear the $60.00 resistance area to continue higher.
BCH price is facing a strong resistance near the $235 and $240 levels.
EOS price is consolidating below the $3.250 and $3.300 resistance levels.
Cardano (ADA) price is currently consolidating above the $0.0400 support area.

The crypto market cap is showing positive signs along with bitcoin and Ethereum (ETH). Altcoins such as ripple, litecoin, BCH, EOS, tron (TRX), and ADA could slowly rise.
Bitcoin Cash Price Analysis
In the past two days, bitcoin cash price remained stable above the $210 and $215 levels against the US Dollar. Moreover, the BCH/USD pair made an attempt to climb above the $235 and $240 resistance levels, but it struggled to gain momentum. Thus, if there is a clear break above $240, the price could march towards $250.
On the downside, the main support is near the $215 level. Therefore, below $215, the price could move back towards the key $205 and $200 support levels in the near term.
Litecoin (LTC), EOS and Stellar (XLM) Price Analysis
Litecoin price is consolidating above the $56.50 and $55.50 support levels. On the upside, there is a strong resistance forming near the $60.00 level, above which there are chances of a fresh increase towards the $65.00 and $68.00 levels.
EOS price settled above the $3.050 pivot level and it is currently trading in a range. On the upside, there are a few hurdles near the $3.300 level, above which the price might surge towards the $3.500 level. On the downside a break below $3.000 could push the price into a bearish zone.
Cardano price is currently consolidating above the $0.0400 support area. On the upside, an immediate resistance is near the $0.0425, above which the price is likely to climb higher towards the $0.0450 level. The next key resistance is near the $0.0485 and $0.0500 levels.

Looking at the total cryptocurrency market cap hourly chart, there was a major upside break above the key $220.0B resistance level. The market cap is currently consolidating above the $220.0 level and it seems to be setting up for the next key break. If there is an upside break above $226.0B, the market cap could continue to rise. An immediate resistance is near the $235.0B and $240.0B levels. The next major resistance is near the $250.0B level. Overall, there are high chances of more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the coming sessions.
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Cardano will not succeed if Bitcoin fails: IOHK’s Charles Hoskinson

IOHK’s Charles Hoskinson has been pioneering the idea of building a fully decentralized ecosystem that eliminates Bitcoin‘s scalability issues. On a recent Anthony Pompliano podcast, he said, “Bitcoin is blind, deaf and dumb. And that was by design. You don’t solve your decentralized reality and your decentralized dream by by centralizing it. I’m sorry, that’s […]
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Source: AMB Crypto

Bitcoin Rally Stalls Despite Bullish Market Structure

Bitcoin (BTC) incurred a sudden influx of buying pressure yesterday that sent its price surging past its previous resistance levels and allowed it to gain a more solid footing within the $8,000 region. This movement proved to be highly bullish for the aggregated crypto markets, as multiple major altcoins posted notable gains.
Analysts are now noting that BTC currently has a bullish market structure but are also noting that it may first need to dip back towards $8,300 before it is able to gain enough upwards momentum to propel it towards $9,000.
Bitcoin Rally Stalls; Will It Extend Further? 
At the time of writing, Bitcoin is trading up over 3% at its current price of $8,485, which marks a notable climb from its daily lows of $8,200.
It is important to note that the upper-$8,300 level was previously Bitcoin’s near-term resistance, and its break above this level opened the gates for significantly further gains. Despite this, BTC’s bulls have not yet been able to step up and push the crypto’s price higher, which is leading some investors to question the long-term significance of this rally.
Popular cryptocurrency analyst HornHairs, however, explained in a recent tweet that Bitcoin’s 2-day candle chart shows a bullish market structure break that could mean it will test its near-term resistance level in the upper-$8,000 region, which will be a price that is critical for bears who want to prolong BTC’s recent downtrend to defend.
“$BTC #Bitcoin: 2D chart just landed a bullish market structure break. Previous floor + monthly pivot looks ready to be tested… I’ll be taking partial profits there,” he explained.

$BTC #Bitcoin
2D chart just landed a bullish market structure break. Previous floor + monthly pivot looks ready to be tested… I'll be taking partial profits there. pic.twitter.com/sYZ1Rj46If
— HornHairs (@CryptoHornHairs) October 10, 2019

Analyst: BTC May Retest $8,300 Before Uptrend Continues
Despite the bullish market structure that HornHairs referenced in the aforementioned tweet, it is important to note that he also believes that Bitcoin may dip towards $8,300 before it begins climbing higher in the near-term.
“$BTC #Bitcoin: In the meantime, if we do dip from here, $8,300s are a confluent level of support where i’d be looking for additional long exposure,” he said.

$BTC #Bitcoin
In the meantime, if we do dip from here, $8,300s are a confluent level of support where i'd be looking for additional long exposure. pic.twitter.com/qsFWOQpvaL
— HornHairs (@CryptoHornHairs) October 10, 2019

It does appear that Bitcoin is currently trading at a key price region, as which direction it moves in the near-term could provide significant insight into how it will trend for the coming weeks and months.
Featured image from Shutterstock.
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Bitcoin heading towards becoming ultimate form of collateral: Trace Mayer

Towards the end of September, the price of almost all cryptocurrencies was seen dropping by more than 10%. While several altcoins hit a yearly low, Bitcoin was seen falling by over 9% in just an hour, which further pushed the coin’s price down to four digits. Bitcoin’s price was seen moving sideways for a long […]
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Source: AMB Crypto

Bitcoin can be banned if deemed a tax burden, claims developer

Bitcoin was created right after the financial crisis of 2008, conceptualized as an alternative to the existing centralized model which had failed the world several times over the years by keeping power concentrated in the hands of governments. In order for the ‘difficult to manipulate’ Bitcoin to succeed, it needs to find mainstream adoption, and […]
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Source: AMB Crypto

Bitcoin [BTC] Is Not Peer-to-Peer At All Says Craig Wright

Self-acclaimed bitcoin creator, Craig Wright has made the headlines again. This time, he digs into the supposed original bitcoin whitepaper in order to point out critical points of deviation between BTC and the underlying technological propositions. According to Craig, BTC does not exist totally as a P2P microtransactions system.
BTC Does Not Follow The Original Bitcoin Whitepaper
Craig Wright, in a document published recently, explained how BTC makes a point of deviation from the initial bitcoin whitepaper in terms of payment validation and how he had used BitcoinSV (BSV) to actualize the real technological propositions of the bitcoin whitepaper. The self-acclaimed Satoshi Nakamoto maintained that BTC, alongside other derivative systems that forked out of Bitcoin are not peer-to-peer at all.
The truth of the matter is, nobody realised how simple SPV could be. It is critical because you cannot scale the blockchain without SPV, and more importantly, SPV is the peer aspect of Bitcoin. Right now, derivative systems that have forked away from Bitcoin, such as BTC, are not peer-to-peer at all.
Explaining The “Simplified Payment Verification”
Further explaining his points of view, Craig talked about a “Simplified Payment Verification” (SPV), which he said was a critical aspect of scaling bitcoin. According to Craig, the Simplified Payment Verification, SPV allows for transacting parties to connect directly while verifying the deal over a distributed network of miners or nodes. Further explaining the method, he maintained that no single node needs to be trusted. This is what makes the system different from others and this is where he thinks that BTC goes against the actual bitcoin whitepaper.
The SPV model
Making further specifications on the actual reason for bitcoin’s existence, Craig emphasized on the fact that bitcoin was designed to deal with issues of the fraudulent flow of money and its miners should act within the law. According to Craig, the honesty of bitcoin’s network directly relates to conventional government laws such as the U.K.’s Fraud Act 2006.
The myth that Bitcoin acts outside the law has been propagated by those seeking to create criminal systems, but it is a false and malicious lie and one that is easily discredited.
According to him, Bitcoin was never meant to exist outside the system. If governments and regulators recognized the true design of Bitcoin, they would understand that Bitcoin is meant to work in accordance with the law by assisting in the traceability of transactions and being able to immutably record money laundering and crimes.
What do you think of the self-acclaimed Satoshi’s take on Bitcoin whitepaper and BTC as it exists today? Do you think he is right in saying that BTC is not peer-to-peer? Share your views with us in the comments below!
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Source: CoinGape

Bitwise Set to File Another Application for Bitcoin ETF Following SEC Rejection

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Bitwise Set to File Another Application for Bitcoin ETF Following SEC Rejection
The United States Securities and Exchange Commission (SEC), has published an official document describing its ruling on the application for a Bitcoin exchange-traded fund (ETF), filed by Bitwise Asset Management and NYSE Arca.
Bitwise Set to File Another Application for Bitcoin ETF Following SEC Rejection

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UNICEF Created Its Crypto Fund, Accepting Donations in Bitcoin and Ethereum

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UNICEF Created Its Crypto Fund, Accepting Donations in Bitcoin and Ethereum
UNICEF launched a cryptocurrency fund and is accepting donations in Bitcoin and Ethereum. The initiative has been rolled out to fund open-source technology benefiting children and young people around the world.
UNICEF Created Its Crypto Fund, Accepting Donations in Bitcoin and Ethereum

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Source: CoinSpeaker