Bitcoin to Surge Past $20,000? Facebook’s Libra Could Send BTC Flying

By many measures, Tuesday was the biggest day for Bitcoin (BTC) and crypto ever. As some quipped on what is affectionately known as “Crypto Twitter”, yesterday was a “turning point” for the entire industry. If you’ve been living under a rock, here’s a recap.
Related Reading: Bitcoin (BTC) Price Uptrend Intact: Bulls Sighting Fresh Increase
During the wee hours of Tuesday morning, Facebook, making good on months of rumors and speculation, unveiled Libra, the world’s first Silicon Valley-backed cryptocurrency. True to leaks published over recent months, the project was revealed to be a stablecoin, backed by a basket of assets that includes but isn’t limited to the United States Dollar.
What was also confirmed was that Libra, which quickly occupied the headlines of every mainstream media outlet — from Bloomberg to the New York Times — was backed by corporate giants. Visa, Mastercard, Booking Holdings (Booking.com, Kayak, etc.), Uber, Spotify, Coinbase, and notable venture capitalists.
Interestingly, while Libra appeals to the public more than it does to the Bitcoin-lauding decentralists, most in the cryptocurrency community has begun to embrace this venture. In fact, some state that this project has the potential not only to decimate the need for altcoins but boost BTC to new highs too.
Bitcoin Bulls Welcome Libra With Open Arms
At launch, Libra is expected to be the, as HTC’s Phil Chen puts it, the “antithesis” of Bitcoin. While the development of the blockchain and its in-house programming language “Move” will be open-sourced, nodes are expected to be permissioned at launch.
Yet, many are bullish on the project anyways. In a comment issued via Twitter, Max Keiser, a prominent anti-establishment proponent (that wants to burn fiat at an upcoming Bitcoin conference), explained that Facebook’s cryptocurrency will be instrumental in the success — not downfall — of Bitcoin.

It’s built into the protocol’s genesis block that eventually a heavyweight like $fb would take on BTC. This increased awareness and appeal to would-be potentates will, of course, drive the hashrate to new highs, leading to new ATH for BTC price. Zuck is Satoshi’s useful idiot.
— Max Keiser, tweet poet. (@maxkeiser) June 18, 2019

Keiser remarked that built into Bitcoin’s Genesis Block is code that tacitly awaited the arrival of a “heavyweight” like Facebook into the cryptocurrency ecosystem. He explains that with the increased awareness and appeal of the digital asset class achieved via Libra’s widespread adoption, Bitcoin should directly benefit.
More specifically, the investor, who speculated in 2011 that BTC will eventually surmount the auspicious price point of $100,000, noted that Libra will inherently drive Bitcoin’s hash rate higher. This, due to simple network effects and the capex (capital expenditures) of miners, should be the catalyst that drives BTC to new all-time highs, meaning past $20,000.
The RT contributor, who recently released a series outlining Bitcoin’s history dubbed “To The Moon”, claimed that by virtue of green lighting Libra, Facebook’s Mark Zuckerberg is now a “BTC drone.”
What Keiser seems to be postulating is that with Libra, Zuckerberg will do everything in his power to push the adoption of his latest venture, leading to a direct inflow of capital and interest to Bitcoin as a result.

Here’s the absolute truth #Bitcoin has turned Mark Zuckerberg out. He’s a BTC drone now. He works for us. His capital, distribution, and ambition will annihilate Congress, regulators, Central Banks and Wall St.
Satoshi planned this all along. It’s baked into the protocol. pic.twitter.com/2P9lN7KgZP
— Max Keiser, tweet poet. (@maxkeiser) June 19, 2019

Fundstrat’s Tom Lee, known for his incessant optimism regarding the cryptocurrency market, agreed with Keiser’s quip. As reported by NewsBTC previously, the Bitcoin-centric markets researcher claimed that the Facebook digital asset is “complementary” to Bitcoin, not anything else.
In fact, Lee went as far as to say that with this recent news regarding the Silicon Valley firm in mind, he would be inclined to suggest that $10,000 is right on the horizon for BTC. And, as this outlet has covered previously, once $10,000 is breached, the analyst believes that $40,000 will follow shortly thereafter.
Bound to Run Into Issues
Libra’s launch hasn’t been cut and dried, however, despite what reports may suggest. Mere hours, maybe minutes after the press embargo broke on Facebook Libra, lawmakers were already commenting scathingly on the news.
Speaking to an audience in Portugal, Mark Carney, the Governor of the Bank of England, pledged to scrutinize the cryptocurrency. First reported by Bloomberg, the regulator said that the Group of Seven (G7), the largest economies on Earth, will ensure that Libra abides by the “highest standards of regulation”.
Carney’s peer over in France, Bruno Le Maire followed suit just after, claiming that he is fearful that Libra could be used to harvest data, launder money, and finance terrorism. Similar terms were used in his comment to those used in anti-Bitcoin regulatory statements. Le Maire explained:
“This money will allow this company to assemble even more data, which only increases our determination to regulate the internet giants.”
Most recently and most notably, United States Representative Maxine Waters has called for Facebook to halt Libra in its tracks. She, like her peers over in Europe, expressed the sentiment that Libra could become a threat about online privacy.
Waters added that she is also concerned about “national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies,” citing Facebook’s “troubled past”.
It is currently unclear how this will (or will not) hamper Libra, and thus Bitcoin. But this will be interesting to watch unfold over the next couple of weeks and months.
Featured Image from Shutterstock
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Litecoin Still Strong as Foundation Launches LTC Debit Card

All attention has been focused squarely on Libra this week as Facebook enters the crypto arena with its centralized offering. This new digital token is nothing like crypto as we know it and one of the year’s top performers by a mile, Litecoin, is still going strong.
Over the past 24 hours LTC has regained its Monday losses and topped out at an intraday high of just north of $135 a few hours ago. It has held on to these gains during Asian trading this morning as daily volume has increased to $3.7 billion.
LTC price 24 hours – coinmarketcap.com
Litecoin market cap is currently $8.37 billion, double what it was at the end of April. LTC has fallen slightly on the week, cooling off from its 2019 high of $142 on June 12th. Over the past 30 days, however, Litecoin has made a whopping 50 percent gain.
Where Next For Litecoin?
Analysts and traders are looking at the charts for the next move as LTC appears to be starting to consolidate. Trader ‘CryptoFibonacci’, who offers daily analysis on the top cryptos, has identified key areas of support should a pullback occur.
“Just sort of consolidating here. 10 ema has held. 125-126 is some key support. If that is broken, it would bring the 115 area into play and possibly 107. Almost looks like a bull pennant on this one too.”

$LTC Daily Chart.
Just sort of consolidating here. 10 ema has held. 125-126 is some key support. If that is broken, it would bring the 115 area into play and possibly 107. Almost looks like a bull pennant on this one too.#LTC #Litecoin pic.twitter.com/ASbKQRCfRg
— CryptoFibonacci (@CryptoFib) June 19, 2019

The Fibonacci levels have come into play previously and the mid $120s zone would be one for further accumulation leading up to the halving.
With just 47 days to go, there is likely to be a run up to $150 for LTC in the next few weeks. Fellow trader and investor ‘Crypto Rand’ has targeted $160.

I can't stop myself from adding more $LTC
My target still: $160 pic.twitter.com/kT3AwVtw84
— Crypto Rand (@crypto_rand) June 18, 2019

Litecoin Foundation Launches Crypto Debit Card
According to a recent announcement the Litecoin Foundation has teamed up with Bibox Exchange and Ternio to release a special edition Litecoin debit card. The BlockCard will enable users to spend crypto online or in physical stores anywhere that major credit cards are accepted.
Ternio’s BlockCard platform will be used to power the plastic which will hold three cryptocurrencies, LTC, Bibox Token (BIX) and Ternio (TERN). Litecoin godfather Charlie Lee stated;
“This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life. Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”
The announcement added that Bibox will act as the custodian of funds leveraging its $200+ million worth of crypto trading volume to help route the deposits and spending for users. The debit card will be released in the US first before it is made available to other markets.
There are big things ahead for Litecoin and the halving is only half of it.
Image from Shutterstock
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Crypto Market Wrap: All Eyes On Bitcoin as Altcoins Consolidate

Crypto markets consolidating today; Bitcoin takes a breath, LTC back up,  XRP, EOS and Tezos retreating.
Market Wrap
Crypto markets have remained in consolidation for the past 24 hours. Very little movement has occurred on most of the majors as Bitcoin shows no direction at the moment. Total market capitalization remains around $285 billion this Wednesday morning.
Bitcoin peaked at $9,250 yesterday but failed to hold that level, sliding just below $9k three times in the past 12 hours. It did recover back above it every time though and is currently sitting at $9,150. With heavy resistance above $9.5k and a new support zone at $8.7k BTC could consolidate here for a while.
Ethereum is still stagnant, dropping back below $270 again in a downside correction. The next key support level is $260 and a fall through this could lead to larger losses for ETH. Without any clear fundamentals it is hard to see where else it can go in the short term.
Altcoin Outlook
Red dominates the top ten during today’s Asian trading session. XRP could not hold on to its gains despite the big partnership announcement and has fallen back over 3 percent to $0.43. Bitcoin Cash, EOS and Stellar are shedding a similar amount as altcoins remain weak. Only Litecoin and Binance Coin are in the green, but only just as these two continue to hold strong.
The top twenty outlook is also mixed but most crypto assets remain flat for another day. Ethereum Classic and Tezos are the only two that have really moved in the past 24 hours and both are falling back. Zcash is making a comeback and is about to flip NEM for that 20th spot as ZEC grabs 8 percent on the day.
FOMO: Insight Chain Cranks
The pump of the day has gone to INB which has spiked 85 percent to reach $0.34. There does not appear to be anything obvious fundamentally driving this EOS based blockchain project. Nearly all of the volume is on one exchange, Livecoin, indicating that the pump is probably manipulated.
Ardor is doing well today with a climb of 26 percent and privacy based Zcoin is third with a 16 percent gain on the day. At the red end of the top one hundred is Aurora which probably isn’t worth mentioning any more. Zilliqa and Chainlink are also dumping over 7 percent each.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization has not really changed much over the past day. It is back to yesterday’s level of $284 billion with a daily volume of $54 billion which has fallen significantly this week. Altcoins are still largely frozen as Bitcoin continues to dominate, still commanding over 57 percent of the market.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Crypto Analyst: Don’t Expect Altcoin Season Until New Bitcoin All-Time High

Since the start of 2019, crypto investors and traders have been watching and waiting for the promise of “alt season,” a period in which altcoins outperform Bitcoin significantly. There have been a few glimmers of an alt season starting, but Bitcoin’s parabolic rally has stopped it short in its tracks.
A “real” alt season may still be aways off, and not until Bitcoin reaches a new all-time high, according to one prominent crypto analyst and if past performance can help predict the future.
Is Alt Season Almost Two Years Away Still? Depends on Bitcoin All-Time High
Bitcoin continues to rise, yet altcoins continue to bleed out both in USD value and relative to their BTC trading pairs. Crypto traders are dumping their alts into the first ever cryptocurrency, either due to FOMO’ing into Bitcoin’s rally, or through derisking in the face of mounting regulatory pressure and one of the largest crypto exchanges eventually cutting off a portion of its userbase.
Related Reading | Clearing Up the Crypto Confusion For US-Based Binance Traders of Altcoins 
The increased sell pressure on alts has helped Bitcoin break through resistance, completely ignored a massive head and shoulders pattern the market was eyeing, and continued on its rally towards $10,000.

First "real" alt season started after we hit new ATH back in February 2017.$LTC went up 700%$XLM went up 3200%$XRP went up 5300%$ETH went up 1060%
It also happened after the #Bitcoin halving which is in 339 days.
Is it gonna be different this time? pic.twitter.com/EL3oWkDpdN
— Livercoin (@livercoin) June 17, 2019

However, according to one crypto analyst, the leading crypto by market cap will need to push even higher in the coming days for alt season to occur once again.
According to the trader, the first “real” alt season stared after Bitcoin set a new all-time high back in February 2017. The previous all-time high had been set back at the top of the 2013 bull run peak, where Bitcoin had reached over $1,o00 for the first time.
In February 2017 when Bitcoin breached that number for the first time, a “real” alt season kicked off that saw Litecoin increase by 700%, Stellar gain as much as 3200%, Ethereum grow by 1060%, and Ripple explode a staggering 5300%.
Related Reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains 
All of this happened after the Bitcoin halving, which is still 339 days away. It’s surprising that alt season may be so far off, as altcoins have been in their longest accumulation pattern yet. Regardless of the timeframe, most crypto analysts agree that at least three of the four aforementioned altcoins are primed for a massive movement upward, both in USD value and relative to BTC. These coins are expected to greatly outperform Bitcoin in the coming months.

Another interesting fact :
Both bottoms formed +- 530 days before the Bitcoin halving.
A potential alt season is only 600 days away!!! You better start accumulating. pic.twitter.com/i8zQ0rrJav
— Livercoin (@livercoin) June 17, 2019

Also, it’s important to note that the Bitcoin halving is still 339 days away, but both bottoms – Bitcoin and alts – formed about 530 days before the Bitcoin halving. This means that any potential alt season could be as far as nearly two years away.
But as we’ve seen with Bitcoin transitioning from bear market into bull, the momentum this time appears to be stronger now that institutions have become involved, and the market cycle seems to be increasing in rate. Should this be the case, much like Bitcoin left lows sooner than expected, an alt season may also arrive sooner than anyone is prepared for.
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Pro or Anti Bitcoin? Crypto Community Divided Amid Facebook Coin Launch

At long last, Facebook’s inaugural consumer-facing Bitcoin-related (albeit remotely related) project is upon us. To be announced on Tuesday morning, Libra (Reserve) is slated to be a stablecoin tied to a basket of traditional assets, presumably ensuring it is nothing like other crypto assets.
Joining the social media giant in this venture are star massive corporations and some of the cryptocurrency industry’s very own giants. Visa, PayPal, Spotify, Uber, Lyft, the pro-crypto a16z, Coinbase (NewsBTC has reached out for a comment, no reply has been received), and Xapo are among the star-studded companies that have purportedly invested big in Libra.
Related Reading: JP Morgan Analyst Admits Institutions are Behind the Bitcoin Bull Run
While many have remained agnostic towards the venture, claiming that it won’t involve “real” cryptocurrencies in any material manner, some have come out to comment on Libra. Some see it as a threat to society at large; others view the project as the trigger that will kickstart the next megalithic BTC rally.

We’ve mapped it out too! pic.twitter.com/o2uhoxKJjc
— Frank Chaparro (@fintechfrank) June 14, 2019

Financial Privacy? What’s That?
Via a comment given to NewsBTC, Phil Chen, the Decentralized Chief Officer of Taiwanese technology giant HTC, explained that he isn’t all too excited about Facebook’s project. Echoing concerns put forth in interviews with this outlet, Chen accentuated that Libra, unlike something like Bitcoin, will not be conducive to the digital privacy of consumers the world over:
“If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even more direct access to your financial information. It’s not just access to the information of your transactions, it’s direct access to your wealth and capital.”
Indeed, in backing a project with dozens, if not hundreds of millions of dollars, you must ask: what do Facebook and its countless Fortune 100 partners stand to gain with Libra? If there aren’t absurdly high fees for payments, which is the model that something like Visa or PayPal employs, the answer to this question is likely your data.

Cryptocurrencies issued by consortia can't compete with the value propositions of decentralized currencies like Bitcoin. If you think Libra will rival Bitcoin, you've missed the bigger picture.
— HTC EXODUS (@htcexodus) June 18, 2019

In a world becoming increasingly “online”, the fact that one entity will presumably have access to all social and financial data simultaneously has some scared. Just last week, a probe reported on by The Wall Street Journal divulged that Mark Zuckerberg knowingly was aware of his platform’s privacy issues years ago, but was seemingly slow to act.
The same could, of course, easily occur with Libra. Bitcoin supporter Chen elaborates:
“If the top-line question about Facebook and antitrust is about whether to break it up and spin off the likes of WhatsApp and Instagram – well this global coin is the most invasive and dangerous form of surveillance they have devised thus far. This will easily become the most dangerous antitrust case in history.
If this is launched and adopted worldwide, we’re bound to see Facebook as the top 10 biggest companies for the next 100 years that have complete ownership of the customer and their data from their social graph to every transaction recorded through Facebook, WhatsApp and Instagram.”
As Chen puts it, “it’s no surprise that ‘Libras’ are known for their social skills, but they can be tactful and charming to achieve their objectives.” This latest scathing quip comes after the venture capitalist and technologist explained to this outlet that Libra, JP Morgan Coin, and all other projects are the polar opposites of Bitcoin — intranets compared to internets.
Or to sum it up, Libra is the “antithesis” of Bitcoin and all it stands for.
Andreas Antonopoulos would agree. In a recent video, the long-time Bitcoin evangelist and decentralization proponent remarked that this latest project from the Silicon Valley company goes against tenets of open networks, being not entirely borderless, somewhat private, and will likely involve censorship.
Arthur Hayes of BitMEX, CoinFLEX’s Mark Lamb, and IDEX’s Alex Wearn are among others concerned about what a centralized cryptocurrency could do to this space whose pertinent comments NewsBTC has covered previously.
A Catalyst For Bitcoin & Crypto Adoption
There are some commentators, however, that state Libra will be the medium in which the mass adoption and acceptance of cryptocurrency are found. Per previous reports from NewsBTC, Bank of America analysts believe that Libra will boost cryptocurrency to heights unknown.
They argue that Facebook’s cryptocurrency simply validates the idea of crypto, giving users a further reason to allocate money to this growing digital economy:
“With more than 2.5 billion users, Facebook and its partners could be a significant endorsement of cryptocurrency and a notable addition to the Facebook app ecosystem.”
Whether this is true remains to be seen, however.
Featured Image from Unsplash
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Bitcoin Hits Resistance But Long Term Technical Indicator Flips Green

Total crypto market capitalization is back at its 2019 high as Bitcoin maintains gains and grinds slowly higher. There is a lot of resistance approaching, however, and analysts are starting to wonder when the next altseason will start to kick in.
Bitcoin Grinds Higher
BTC has been slowly grinding higher over the past 24 hours, touching a new 2019 peak of just above $9,400 a few hours ago. Since then it has retraced back below $9,300 during Asian trading this morning but is still up on the day.
There is a huge amount of resistance above $9,500 as Fibonacci levels line up and the price level matches that in May last year which was Bitcoin’s final top before its eight month plunge into the depths of crypto winter in December. ‘Chonis Trading’ has depicted this heavy resistance forming on the four hour chart;

$BTC – showing the market how strong this area of #bitcoin resistance truly is on the 4hr chart… pic.twitter.com/4VmWN4r71K
— Chonis Trading- (@BigChonis) June 17, 2019

Over the past couple of months, however, Bitcoin has breezed through several heavy resistance levels with ease. Many had anticipated a large 30 percent plus correction and it has yet to materialize as daily price peaks get pushed higher.
A well observed industry counter trade signal has also just appeared again in the form of CNBC’s Fast Money predicting a move to five figures soon;
“Bitcoin is booming to its highest price in a year and the Chart Master says it’s heading straight for $10K $BTC”

Bitcoin is booming to its highest price in a year and the Chart Master says it's heading straight for $10K $BTC pic.twitter.com/91R9GhfIgT
— CNBC's Fast Money (@CNBCFastMoney) June 17, 2019

Long Term Indicator Flips Green
Trader and analyst, Josh Rager, is still very bullish though, especially in the long term. The weekly Super Guppy moving average indicator has just flipped to green indicating a strong bull market ahead;
“It’s finally here… The Bitcoin Super Guppy has flipped green on the 1-week chart
2012: 400-day uptrend followed a flip green
2016: 700-day uptrend followed a flip green
2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years,”

It's finally here…
The Bitcoin Super Guppy has flipped green on the 1-week chart
2012: 400-day uptrend followed a flip green
2016: 700-day uptrend followed a flip green
2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years pic.twitter.com/6zAn1qgtBy
— Josh Rager (@Josh_Rager) June 18, 2019

It is clear to see that from the chart long bull markets followed whenever this indicator has turned to green. So even with that large correction, which is well over due, Bitcoin could drop back to $6,500 which is still up over 70 percent since January first.
Bitcoin’s recent moves have lifted total market capitalization to an eleven month high of just over $290 billion. Late July 2018 was the last time total cap topped $290 billion and we all know what direction markets took over the following seven months.
BTC dominance is still over 57 percent so it is clearly in control of things at the moment. Other high cap coins such as Ethereum have been lack luster. Bitcoin is now 53 percent down from ATH while ETH is slumbering around 80 percent down still. Even with today’s partnership pump of 10 percent, XRP is still down 87 percent from ATH, and Bitcoin Cash down 90 percent.
Image from Shutterstock
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Crypto Markets Hit 11 Month High as XRP Gets a Partnership Boost

Crypto markets reach 2019 high; Bitcoin still in charge, XRP and BNB pumping, LTC retreating slowly.
Market Wrap
Crypto markets have reached their highest level since July 2018 in terms of market capitalization. The momentum has come from Bitcoin hitting another 2019 top, and Ripple’s XRP pumping on a new partnership announcement.
Bitcoin has been grinding higher for the past 24 hours until it topped $9,400 briefly marking its highest price since early May 2018. There is heavy resistance above this and BTC quickly started to retreat back to the $9,200 area where it was trading this time yesterday. According to coinmarketcap.com daily volume dumped 25% in an unnatural looking spike so the figures could be spurious.
Ethereum has been static again and remains at $270 where it was this time yesterday. Without any solid fundamentals ETH remains sluggish and unable to push towards $300. It is still 80 percent down from its all-time high and ‘altseason’ has yet to materialize.
The top ten is a mixed affair during Asian trading today but the top performer is XRP. The Ripple token surged 9 percent after the announcement that the company was partnering with MoneyGram. The deal would involve the deployment of xRapid for cross border transfers using XRP. After topping $0.46 XRP corrected to $0.44 where it currently trades.

An industry defining milestone: together, @MoneyGram and @Ripple are solving the challenges with cross-border payments using the speed and efficiency of #XRP. https://t.co/xIfeJJgSy7
— Brad Garlinghouse (@bgarlinghouse) June 17, 2019

Binance Coin is also doing well today adding 5 percent as the exchange announced that it will issue a number of crypto-pegged tokens on Binance Chain in the coming days, starting with $BTCB, a BEP2 token pegged to $BTC. BSV is up marginally and Litecoin is starting its pullback, dropping 3 percent back towards $130.
The top twenty is also mixed but red is dominating over green as altcoins slide again. NEO and Tezos are dumping 5 percent a piece right now and IOTA and NEM are not far behind dropping 3 percent. Only Cosmos is making anything with 3 percent added on the day.
FOMO: Chainlink Churning Higher
Today’s top one hundred top performer is LINK which has cranked 18 percent to hit $2. The fomo is still lingering from the Google Cloud tie up as this altcoin climbs the charts to 24th with a market cap of $700 million. Japan’s Monacoin is also on a roll today adding 15 percent, unsurprisingly most of it on Bitbank in JPY. Zcash is the third most popular altcoin today making 13 percent.
The two usual suspects are at the bottom end of the performance pile, Maximine Coin and Aurora.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market cap hit a new 2019 high of $290 billion a few hours ago. The move was driven by BTC and XRP which both pumped within a few hours of each other. Market cap is currently back at $286 billion where it was this time yesterday. BTC is still in the driving seat.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Bitcoin Defies Correction Calls, Where Will BTC Go Next?

Bitcoin’s epic weekend pump has continued into Monday as gains are holding. BTC is still above $9k but has hit resistance once again. Analysts and traders are looking for its next move and some are now eyeing altcoins for bigger gains.
Bitcoin surged through resistance yesterday to record a new 13 month high of just north of $9,300. The move resulted in 8 percent on the day for BTC has it pumped from around $8,600 to its highest price of 2019. A small pullback occurred but it retested this price a few hours later forming a double top on the day.
A larger pullback then took Bitcoin back down to $8,850 but it has since recovered again and is heading upwards during the morning’s Asian trading session. At the time of writing BTC was trading at $9,100, marginally higher than yesterday morning.
Daily volume has also pumped back up to $23 billion taking Bitcoin’s market capitalization to $162 billion, higher than that of the total crypto market back in March. Bitcoin market cap has not been this high since May 2018.
What is Next For Bitcoin?
Traders and analysts have been looking at the Ichimoku Cloud, which is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. The weekly candle has opened inside the cloud which is bullish and could result in further upwards momentum;
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”

$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K… pic.twitter.com/UVDSMsa0bF
— Chonis Trading- (@BigChonis) June 17, 2019

Looking at next moves for BTC, the analyst added;
“one more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”
The 38.2% Fib level is pretty much were BTC reached during May last year when it started to fall from over $9k so this does form a natural resistance level. It is an obvious take profit zone so could well be tested again with a bounce to the low side.
Current chart patterns are mirroring those from previous market cycles which could also give indication as to where Bitcoin will go next. Trader ‘CryptoHamster’ pulled out a chart from the 2013 bull run which shows similarities with what is occurring now;

When you try to find similarities between the current price action of #bitcoin and what happened in history… (Don't really think that it will play out, but if it will, short-term bears will be super-happy, i guess.)$BTC $BTCUSD pic.twitter.com/ngeFtXhns4
— CryptoHamster (@CryptoHamsterIO) June 17, 2019

Many have been waiting for a correction back to $6k but this is looking more distant as the days go by and Bitcoin continues to make new 2019 highs. A big 30 percent plus dump from current levels will drop BTC back to $6,400 which, coincidentally, was the most traded price in 2018. But as we have seen, BTC has done the opposite several times this year, as predicted late last week the consolidation cracked with Bitcoin’s latest move.
Image from Shutterstock
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Crypto Market Wrap: Bitcoin Still Dominating as Weekend Gains Hold

Crypto markets holding on to weekend gains; Bitcoin still dominating, XRP moving up, ETH retreating slowly.
Market Wrap
Crypto markets have held on to weekend gains and there has been no typical ‘Red Monday’ reaction so far. Bitcoin’s surge to new 2019 highs has buoyed up markets and several altcoins have also gained. A number have fallen however, but in general total market capitalization is high and holding above $280 billion.
Bitcoin traded above $9,300 twice yesterday marking a new high for thirteen months. A pullback dropped BTC price back to high $8,000s but it quickly recovered during Asian trading today to reach $9,200 again at the time of writing. Technical indicators and historical highs show a lot of resistance at $9,600 which will need to be broken for BTC to hit five figures.
Ethereum got a weekend boost reaching $278 but it has not been able to follow Bitcoin and hold those gains. ETH is down 2 percent since yesterday dropping prices back below $270. The longer term trend for ETH is still up though so more momentum could take it to $280 this week.
The top ten is pretty mixed during Asian trading on Monday morning. XRP is showing a little progress with a further 2 percent added taking it to $0.429. Litecoin has remained flat following its epic rise last week and is still at $135 and the rest are level with yesterday’s prices.
Top twenty movements are also mixed with Cosmos and Tezos getting the best performance adding over 4 percent each to reach $6.54 and $1.33 respectively. NEO has added almost 3 percent and NEM is back in the big twenty with a 5 percent gain. As above, the rest are pretty flat this morning.
FOMO: A Smiles For Grin
Entering the crypto top one hundred with a 12 percent push is Grin, a private lightweight blockchain based on mimblewimble. The only thing that could be driving momentum is an approaching hard fork next month. Bytom is the only other double digit altcoin today with 11 percent added, BitTorrent token is third gaining over 8 percent.
There are no big dumps going on as markets remain flat on the day. At the bottom of the pile right now is Dent, MaidSafeCoin, and KuCoin Shares dropping 5-6 percent.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization is at $284 billion, holding gains but remaining flat over the past 24 hours. Since last Monday crypto markets have gained a solid 16 percent, driven largely by Bitcoin. Over the same period daily volume has jumped from $60 to $75 billion. Bitcoin dominance is also up to 57.3 percent as it continues to eat into lack luster altcoins.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Crypto Exchange Gemini On the Rise After CBS Airs Bitcoin Feature

On Sunday morning, the American public got another boost of exposure to Bitcoin (BTC) and crypto assets. Renowned New York-based outlet CBS released an extensive feature on the leading cryptocurrency, interviewing the Winklevoss Twins about their involvement in the space.
As a result, the twins’ brainchild, Gemini, has gained some exposure, just as BTC has surged past $9,000 in a jaw-dropping turn of events.
>Related Reading: Crypto CEO: Launch of Facebook Libra Could Boost Bitcoin (BTC) Past $10,000
Bitcoin Boosted by CBS
On Sunday morning (Father’s Day), CBS aired an eight-minute segment on Bitcoin — the latest time a mainstream outlet has discussed the matter in depth. During the episode of the fittingly-named “Sunday Morning”, CBS contributors sat down with Tyler Winklevoss, Cameron Winklevoss, and Ben Mezrich (author of the “Bitcoin Billionaires”).

Bitcoin coming to @CBSSunday tomorrow, w/ @winklevoss, @tylerwinklevoss & @benmezrich https://t.co/lABzUJilyO
— Barry Silbert (@barrysilbert) June 15, 2019

The twins’ early involvement in Facebook and Bitcoin was discussed, with the anchor mentioning that he isn’t surprised that the so-called “Winklevi” have been at the head of two trends: social media and digital money.
Simple Bitcoin concepts were mentioned, with CBS dubbing it “money that works like e-mail” and the twins accentuating that BTC has the potential to surmount gold. The anchor also mentioned Facebook’s impending cryptocurrency. It isn’t clear how many viewers the segment received, but this figure likely ranges in the single-digit millions — not bad.
Interestingly, some have come out to criticize the report, which this writer thinks was mostly balanced. Prominent commentator and staunch Bitcoin bull American HODL remarked that the fact CBS claims BTC is “slippery and incomprehensible” is a bit irresponsible, in that the outlet is pushing “FUD” if you will.
You see, as HODL explains, “just because you can’t comprehend it, doesn’t mean everyone can’t. Believe it or not, some of us actually get what’s happening here.”

CBS news: bitcoin is slippery and incomprehensible.
Just because you can’t comprehend it, doesn’t mean everyone can’t. Believe it or not some of us actually get what’s happening here.
Low IQ. High time preference. A recipe for a terrible life.
— AMERICAN HODL (@MericanHodl) June 16, 2019

Gemini on the Rise
Seemingly as a direct result of this extensive report and Bitcoin rallying past $8,800 and $9,200 in rapid succession, regulated crypto exchange Gemini, which the Winklevoss Twins founded, has seen a nice spike in interest from the American public.
As spotted by twin Cameron, the Gemini mobile app is “about to break into the top 20” in the Apple App Store for “Finance” applications.

Bitcoin broke $9,000 and the @Gemini mobile app is about to break into the top 20 in the App store for #Finance apps! pic.twitter.com/qjMudEUrzX
— Cameron Winklevoss (@winklevoss) June 16, 2019

This follows news that the Bitcoin-friendly Square Cash is on the top of the App Store, and the terms “Blockchain” and “Coinbase” have trended on the marketplace’s search bar.
Mainstream Exposure is Back for Crypto
This comes shortly after CBS’ “60 Minutes”, a world-renowned television program known for tackling tough issues and covering key trends, covered Bitcoin.
In that segment, hosted by legendary television personality Anderson Cooper, CBS met with Federal Reserve Governor Lael Brainard; MIT Media Lab’s Digital Currency Initiative’s Neha Narula; cryptocurrency entrepreneur Marco Streng, who heads Genesis Mining; the ‘Bitcoin pizza guy’; and BitInstant founder and Winklevoss Twins collaborator Charlie Shrem to gain a fleshed out understanding of the nuances of the industry.
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XRP Surges Higher and Leads Today’s Crypto Market Surge, But Where Will It Go Next?

The crypto markets have once again incurred significant buying pressure that has allowed them to climb higher, with Bitcoin surging into the $9,000 region while most major altcoins have climbed slightly. XRP has been the best performing crypto of the day, surging over 6%.
Analysts are now noting that XRP has been able to break out of a pennant it had previously formed, which likely means further price gains are imminent.
XRP Surges to $0.44 As Buying Pressure Mounts
At the time of writing, XRP is trading up over 6% at its current price of just below $0.44 and is up significantly from 24-hour lows of $0.40.
This latest surge marks the first big price movement XRP has incurred over the past couple of weeks and has allowed the crypto to catch up to many other major altcoins that have been posting major gains as of late.
XRP has not yet revisited its one-month highs, however, which were set in late-May when it ran to highs of $0.47. In the time since, it has been drifting lower, finding strong support around $0.40.
Analysts are now noting that this upwards movement could extend further due to a bullish technical formation, which could lead it up towards $0.50.
“$XRP: HERE WE GOOOOO! Broken the pennant I have been monitoring. I expect us to test the long term resistance from April 2018 (Not in one candle but at stages) – Could be between 49 – 45 cents. Once this break, there will be serious fomo and rewarding profits,” The Cryptomist, a popular analyst on Twitter, explained in a recent tweet.

$Xrp
HERE WE GOOOOO!
Broken the pennant I have been monitoring
I expect us to test the long term resistance from April 2018 (Not in one candle but at stages) – Could be between 49 – 45 cents
Once this break, their will be serious fomo and rewarding profits pic.twitter.com/vtpda1Ff1v
— The Cryptomist (@TheCryptomist) June 16, 2019

Analyst: Ripple May Have Significantly Further Room to Climb
The latest upwards surge is not entirely unexpected, as Galaxy, another popular crypto analyst on Twitter, explained in a tweet from last week that he believes there is a strong chance that XRP could surge towards 0.0001 BTC, which is over double its current price of 0.00004735 BTC.
“Double bottom, followed by an easy 2x. Soon / $XRP,” he noted.

Double bottom, followed by an easy 2x.
Soon / $XRP pic.twitter.com/N3EVCe0HvJ
— Galaxy (@galaxyBTC) June 10, 2019

As the week kicks off and Bitcoin continues leading the crypto markets upwards, it is probable that analysts and investors will gain a better understanding of where altcoins, like XRP, are heading next.
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Crypto CEO: Launch of Facebook Libra Could Boost Bitcoin (BTC) Past $10,000

June 18th is nearing, and that means that Facebook’s crypto asset, expected to be nothing like Bitcoin (BTC), is on the verge of becoming full public knowledge.
For those who missed the memo, reports released by TechCrunch and other mainstream outlets revealed that the social media giant was planning on releasing a white paper for “Libra” or “Globalcoin”, as the project is known as, on the 18th.
Related Reading: Family Offices Pour Billions Into eSports, Can Crypto be Next?
With this, industry commentators have come out of the woodwork to express their thoughts on the subject matter. And interestingly, some are divided on whether the release of this cryptocurrency will be bullish or bearish for the industry. Most, however, are sure that Libra’s foray into the mainstream will be unequivocally positive for Bitcoin and its altcoin brethren.
Facebook’s Crypto to Boost Bitcoin Sky-High
According to a recent tweet from Jeremy Allaire, the chief executive of Circle, the launch of Libra (whitepaper) will be a “massive inflection point in [the] global adoption of cryptocurrency.” Infusing the space with a nice dose of FOMO, the prominent entrepreneur adds that by June 21st, he fully expects for Bitcoin to be valued at $10,000, “marking [the] start of Crypto Summer.”

Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.
— Jeremy Allaire (@jerallaire) June 15, 2019

While $10,000 may seem like just a nice round number, many see it as a key level to watch. According to Fundstrat Global Advisors, once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached. As Lee wrote on Twitter earlier this month, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”
While Fundstrat has long had its eye on the $10,000 price point, its analysts never indicated a price target — until now anyway.
In a recent podcast with Binance’s chief financial officer, Wei Zhou, Lee explained that once $10,000 is breached, all hell will break loose for the cryptocurrency market. This corroborates the aforementioned analysis of this nascent market’s “FOMO levels”.
Per CCN, which reported on this first, the Wall Street analyst stated that once $10,000 is breached, there will be a “fast and furious” move to $20,000. And from there, Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.
Some Beg To Differ
There are some that rebut this cheery sentiment about Libra, however.
Peter Schiff, a prominent gold investor and libertarian-leaning economist, ventured that Facebook’s latest project will be “bad news” for Bitcoin.
Schiff, who has debated crypto pundits like Erik Voorhees and Barry Silbert previously, adds that Facebook will be targeting the unbanked in “nations with high inflation (Venezuela, for instance)”, thus threatening the biggest medium of potential BTC adoption.
The prominent cryptocurrency critic, who sides with the belief that BTC has no intrinsic value as is not better than hard gold, adds that Libra will likely be much stabler, cheaper, and more easy-to-use than Bitcoin.
Indeed, there are reports and individuals stating that the Facebook play will involve very low fees, fast transfer times, and a level of stability not seen with Bitcoin, in that this new cryptocurrency will be pegged to a basket of traditional currencies and maybe other ‘stable’ assets.
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Bitcoin Likely to Set Fresh Year-To-Date Highs If It Closes Above $8,740, Here’s Why

Bitcoin and the aggregated crypto markets have been able to surge significantly higher in the past 24-hour and BTC now been able to solidify its position within the $9,000 region. This bullish momentum has allowed BTC to set fresh year-to-date highs and will likely lead it into the five figure price region in the near-future.
Analysts are now noting that Bitcoin is likely to continue surging higher if it is able to hold above $8,740, but they are also explaining that it does face resistance at $9,600.
Bitcoin Skyrockets to Fresh Year-To-Date Highs as Bulls Gain Full Control 
At the time of writing, Bitcoin is trading up nearly 5% at its current price of $9,200, up significantly from 24-hour lows of just above $8,700.
Over a one-week period, BTC is trading up significantly from lows of $7,600, and its latest upwards leg that has pushed its price into the $9,000 region has marked a significant extension of the upwards momentum that the cryptocurrency first incurred in early-April when it began its ascent from under-$4,000.
This momentum, which does appear to be emblematic of a bull market, may ultimately lead BTC to surge significantly higher in the near future, and could result in a parabolic upwards movement.
Despite this, BTC does still face several significant resistance levels that may prove to be quite strong.
Alex Krüger, a popular economist who focuses primarily on cryptocurrency, spoke about these resistance levels in a recent tweet, explaining that the first one currently exists at $9,600.
“$BTC just traded new year highs. Next major resistance levels: 9600, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon,” he explained.

$BTC just traded new year highs.
Next major resistance levels: 9600, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon.
— Alex Krüger (@krugermacro) June 16, 2019

Analyst: BTC Likely to Continue Surging If It Holds Above $8,740
In order for BTC to continue surging higher, it is important that it holds above $8,740 for its upcoming weekly candle close.
Josh Rager, another popular cryptocurrency analyst on Twitter, discussed the importance of this weekly close in a recent tweet, saying:
“$BTC Weekly ‘Bullish Engulfing’ Candle. Strong uptrend followed by pullback with ‘bullish engulfing’ candle led to continued uptrend last bull cycle. Current uptrend is showing similar patterns. The weekly close above $8740 could likely signal a continuation to new yearly highs.”

$BTC Weekly "Bullish Engulfing" Candle
Strong uptrend followed by pullback with "bullish engulfing" candle led to continued uptrend last bull cycle
Current uptrend is showing similar patterns
The weekly close above $8740 could likely signal a continuation to new yearly highs pic.twitter.com/02DFn2O3zr
— Josh Rager (@Josh_Rager) June 16, 2019

As the weekend wraps up and Bitcoin continues to express incredibly bullish price action, it will likely grow increasingly clear as to whether or not investors can expect another parabolic move to occur anytime soon.
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Multi-Billion Dollar Crypto Firm: Bitcoin Finding Use as Hedge for Global Crisis

Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity.
And as a result, many have looked to Bitcoin and its brethren — other digital assets — as a much-needed escape hatch from fiat and government overreach. Indeed, BTC was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents.
Related Reading: Bitcoin (BTC) Soars Past $9,300 in Massive Weekend Pump: Bulls on Parade
Some, however, have denied this key narrative. Cynics of the theory remark that BTC is too nascent to be used as a proper store of value, citing the periods of volatility, especially the downturns, as a perfect case in point. Regardless, a massive cryptocurrency firm recently laid out why these naysayers may be wrong in their postulation.
Bitcoin as a Macroeconomic Hedge
Grayscale’s industry-famous research department recently released a report titled “Hedging Global Liquidity Risk with Bitcoin”. In it, the firm explained how the leading cryptocurrency is becoming used as a hedge in financial crises and periods of geopolitical turmoil.

More specifically, the crypto investment firm looked into how the asset can be used during bouts in which there is high “liquidity risk”, the “risk of a real decline in wealth resulting from an imbalance in the amount of money and credit relative to debt in a given economy.”
To back this point, Grayscale looks to three primary facets of Bitcoin’s existence: store of value, spending viability, and growth possibility.
Firstly, as the company has characteristics, BTC can act (and has acted) better as a store of value than gold. Unlike the metal, the crypto is mathematically scarce, capped at 21 million units; BTC is decentralized and verifiable through the Internet; BTC is portable and divisible through digital technologies, and is unconfiscatable.
Gold, on the other hand, has an unlimited supply, centralization risks, an inability to be easily divided and moved around, and concerns around its purity. The chart below from Grayscale sums this argument up fairly well.

Secondly, Grayscale purports that due to having similar properties to physical cash, Bitcoin will retain a solid value proposition amid a liquidity crisis. They look to recent adoption by Whole Foods, AT&T, Overstock.com, Microsoft, Expedia, PayPal, and Dell to corroborate their claim.
Thirdly, they remark that the potential that blockchain technologies have to grow and create value will only stimulate demand further, which should mitigate most, if not all negative effects of any downturn in global markets.
So, are these characteristics helping Bitcoin hold true in the current geopolitical stage? Well, yes, and it already has been for a while.
Grayscale looks to the fact that during Grexit (Greece’s debt-fueled financial crisis in 2015), China’s market collapse in 2015 and 2016, Brexit, a short period of growth worries for the U.S., and the recent trade war debacle, Bitcoin has done rather well for itself.
In fact, some have argued that the recent political tussle between China and the U.S. is what has contributed greatly to the recent rally in the Bitcoin price, with some arguing that Chinese traders and others in Asia have fled to Bitcoin from traditional stocks to deter most downside risk. They write:
“While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations.”
Indeed, this strength is why many love Bitcoin. In fact, Delphi Digital, a New York-based crypto research group, recently pointed out that BTC is absolutely lapping every other asset class, even the more risky, high-return blue chips and the venture-backed Silicon Valley darlings that have begun to trade on public markets.
At the time of their analysis (end of May), Bitcoin was up over 120% year to date, while crude oil and the Nasdaq 100 index were up a mere 18% and 13%, respectively. It’s an even scarier sight for tried and true assets, like gold, foreign currencies, and government bonds, which are up less than 5% so far. This led the firm to the conclusion that BTC could be the  “King of the Asset Class Hill”.
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Bitcoin (BTC) Soars Past $9,300 in Massive Weekend Pump: Bulls on Parade

And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,300 where it stands right now.
Related Reading: If History Rhymes, Bitcoin May Be Trading Around $12,000 By the End of July
With this, the bullish cries of traders all across the industry have returned, despite the fact that they were calling for a massive pullback just weeks earlier. But, what exactly are they commentators saying? And more importantly, where does Bitcoin and the asset’s ilk head next?

Bitcoin Rips Past $9,000 
Earlier this week, Fundstrat Global Advisors’ Rob Sluymer remarked that Bitcoin could find resistance in the $8,800 to $9,000 range. Indeed, during the rally in late-May, BTC stumbled to surmount that range, perpetually scaling back after temporarily tapping prices above $9,000.
But, on Sunday morning, this trend was denied. Hard.
Almost as if $9,000 was nothing but a sheet of soggy parchment paper, Bitcoin broke past it, leaving no shorts unliquidated. Let’s take a closer look at what exactly traders are saying on the Twitterverse.
Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Near, Facebook’s Libra Backed by Uber, Binance to Block US Clients
Analyst Credible Crypto remarked that while last week’s candle was very bearish, the rapid bullish retracement is a sign that buyers are ones in control of the market rather than sellers. Credible adds that while the candle has yet to close, it seems as though BTC’s next stop would be in the high-$9,000s and low-$10,000s, which is where the next line of heavy resistance lies.
$10,000 is where BTC topped in last years’ bear market rallies, and where the asset found heavy resistance on its way up during the legendary 2017 boom.

Although last week's candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTC pic.twitter.com/kHcX1ZRwPM
— Credible Crypto (@CredibleCrypto) June 16, 2019

Others are sure that BTC may continue higher. They look to the speed of the recent retracement, coupled with the fact that the impending closure of Binance.com for United States traders will likely cause a further capital flight from altcoins to Bitcoin.
Anyhow, regardless of what happens in the coming days, most are coming to the conclusion that a retracement is now not on the table, in spite of what was said just days and weeks prior. For those who missed the memo, many were expecting for a massive 30% retracement to the $6,000 range after a number of technical signals flashed bearish last week.
Now, however, the bulls are on parade. Trader Nunya Bizniz, known for his accurate noticings about historical market patterns, recently noted that if the weekly Bitcoin candle closes above $8,800 or so, BTC’s weekly chart would have printed a pattern that preceded massive multi-week upswings.
But few know exactly how that will play out at the moment.

BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019

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