Bitcoin had been trading higher for most of the session but just recently some selling pressure has put it into negative territory. The top of the consolidation period at 5,985 could act as support but 6K looks to be doing a good job at the moment. The price is also above the 55 SMA and this indicator does also sometimes provide support.

Looking at the chart now, the MACD histogram has turned negative but the signal lines are still above the zero line which is still positive. 7K seems to have been just a step too far for the Bitcoin bulls as there was a firm rejection at that level along with a bearish candlestick formation.

The target could be 5,285 to 5,300 which is the middle of the consolidation period and could be considered the mean value area. The overall trend is also down so shorts could be in favour at the moment.

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Bitcoin Price Analysis: The 6K level looks vulnerable to another downside break - FXStreet

Well, it seems that the bears are back in town as Bitcoin drops by a total of 10% today as it penetrates back beneath the $6,000 level once again. The cryptocurrency was looking like it was on the road to recovery over the past couple of days, however, it was unable to overcome resistance at $7,170 which caused it to roll over and fall.

It is currently trading above a short term trend line but if it breaks we might see Bitcoin returning beneath $5,000 and possibly make some fresh lows for March.

BTC/USD 4HR CHART SHORT TERM

Taking a look at the 4HR chart above we can clearly see Bitcoin running into the resistance at $7,174 provided by a bearish .618 Fib Retracement. It was really unable to climb above $6,700 which caused it to roll over and drop back into previous resistance (now support) provided by a bearish .382 Fib Retracement priced at $5,911.

Bitcoin remains neutral but a break of the trend line is likely to put it bearish again.

If the sellers push beneath $5,911 and the rising trend line, the first level of support is located at $5,786 (short term .5 Fib Retracement). This is then followed by support at $5,550, $5,467 (short term .618 Fib Retracement), $5,200, and $5,000.

If the sellers continue beneath $5,000, support lies at $4,800, $4,577 (downside 1.272 Fib Extension), $4,139, and $4,000.

On the other hand, if we climb above $6,000, resistance lies at $6,174, $6,400, $6,542, $6,700, and $7,000.

Support: $5,911, $5,786, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436..

Resistance: $6,000, $6,174, $6,542, $6,700, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

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Bitcoin Price Analysis: BTC Might Drop Beneath $4,800 Again If It Breaks THIS Short Term Trend Line

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Bitcoin dropped by a total of 10% over the past 24 hours as it pushes back beneath $6,000.The cryptocurrency is currently trading above a short term trend line but if it breaks we might see Bitcoin heading beneath $4,800.

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Yaz Sheikh

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Coin Gape

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Bitcoin Price Analysis: BTC Might Drop Beneath $4,800 Again If It Breaks THIS Short Term Trend Line - Coingape

/latest/2020/03/brazilian-authorities-intervene-to-prevent-bitcoin-fraud-caught-on-tape/

Brazilian Authorities Intervene to Prevent Bitcoin Fraud Caught on Tape

brazilian-authorities-intervene-to-prevent-bitcoin-fraud-caught-on-tape

A Brazilian cryptocurrency trader documented an attempted bitcoin scam during which police intervened.

According to a series of Instagram videos published by Diego Aguiar, the scam occurred at the Iguatemi shopping mall in So Paulo, Brazil. Aguiar claimed to have been involved in a transaction with an alleged scammer, Marcelo Nego, who attempted to send him fake bitcoin.

He said,

I just took a bitcoin scam, the guy managed to hack my bitcoin wallet. He sent me a fake bitcoin, I never saw it.

Aguiar reportedlylost RS $64,000 ($12,358)from the fraudulent transaction. However, he was able to alert authorities in the aftermath of the scam and captured on video police immobilizing and detaining the perpetrator, before putting the manin handcuffs.

The cryptocurrency trader warned his followers to be careful when conducting physical bitcoin transactions,

When making a bitcoin transaction, be careful. I did it in a public place and even then the guy tried to rob me. Pay close attention to who you do business with.

Aguiar describes himself as a high-risk businessman and publishes Instagram videos documenting his travels.

Featured Image Credit: Photo via Pixabay.com

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Brazilian Authorities Intervene to Prevent Bitcoin Fraud Caught on Tape - CryptoGlobe

The daily confluence detector shows one strong resistance and support level at $6,375 and $5,775, respectively. The former has the 15-min Bollinger Band, one-week Fibonacci 23.6% retracement level and SMA 100, while the latter has the one-month Pivot Point support-three.

There are two healthy support levels on the downside at $130 and $119.50. The former has the one-day Fibonacci 38.2% retracement level and SMA 10, while the latter has the one-month Pivot Point support-two. On the upside, there is a strong resistance level at $133.50, which has the 15-min Previous Low, one-week Fibonacci 38.2% retracement level, 15-min Bollinger Band middle curve, SMA 5, SMA 50 and SMA 200.

Quite like Bitcoin, Ripple also has one strong resistance and support level, as per the confluence detector. Strong resistance lies at $0.1765, which has the Previous Year low. On the downside, good support lies at $0.145, which has the 4-hour and one-day Previous Lows and one-month Pivot Point support-two.

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Top 3 Coins Price Prediction: Bitcoin, Ethereum and Ripple consolidate their price following as bulls and bears wrestle for control - Confluence...

What happened

Thursday has been a strong day for cryptocurrencies. As of 3 p.m. EDT, bitcoin had risen by about 14% over the past 24-hour period, and most other major cryptocurrencies also made double-digit moves to the upside.

So, it shouldn't come as too much of a surprise that Grayscale Bitcoin Trust (OTC:GBTC) is rising as well. Shares of the trust, which essentially holds a stockpile of bitcoin that back its share price, were nearly 15% higher on the day.

Image source: Getty Images.

There isn't much in the way of bitcoin- or cryptocurrency-specific news that appears to be propelling prices higher. Instead, this looks more like a relief rally, as bitcoin and most other cryptocurrencies have taken a nosedive along with the stock market as the COVID-19 coronavirus pandemic has spread across the globe. Even after today's move, bitcoin is only about 5% higher over the past week and is roughly 33% lower than it was a month ago.

Before you decide to invest in Grayscale Bitcoin Trust, it's important to point out that its shares trade at a huge premium to the value of the bitcoin owned by the trust. According to Grayscale's website, each share represents 0.00096524 bitcoins. At the current price of just over $6,100 per bitcoin, this translates to a per-share value of $5.89, about $1 less than the trust's current share price. Plus, Grayscale charges a high 2% annual management fee for maintaining the trust.

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Here's Why Grayscale Bitcoin Trust Is Rising Today - Motley Fool

Bitcoin and cryptocurrency markets were shocked last week when the bitcoin price briefly plunged to under $4,000 per bitcoin, sparking fears of a crypto wipeout.

The sudden fall was led by Seychelles-based bitcoin and cryptocurrency exchange BitMEX, with the bitcoin price dropping to a low of $3,600 on the exchange before it was closed for "maintenance."

The bitcoin price recovery to back over $5,000 per bitcoin was led by U.S.-based exchange Coinbase with BitMEX lagging far behind the other major exchanges and now crypto analysts have warned so-called leveraged trades, where investors can open positions much larger than their own capital and are popular on BitMEX, can lead to "extreme corrections."

The bitcoin price crashed last week, losing about half its value and causing panic among the bitcoin ... [+] and cryptocurrency community.

"On March 12th, bitcoin fell below $4,000. At one point, due to a backlog of liquidations, the price of bitcoin on BitMEX was over $300 below the price on other exchanges," said Geoff Watts, senior data scientist at U.S.-based Digital Assets Data, which has analysed last week's bitcoin sell-off.

"We're seeing a lot of leveraged trades in the crypto markets and that leverage can lead to extreme corrections during periods of high volatility."

On BitMEX users can borrow against their deposits up to a ratio of 100:1, providing traders the opportunity to amplify their gains, as well as potential losses.

During last week's crash, BitMEX users saw $750 million in bitcoin liquidated in a matter of minutes.

BitMEX has claimed its outage was caused by a planned DDoS attack against the exchange.

"At 02:16 UTC a botnet began a DDoS attack against the BitMEX platform," BitMEX chief executive Arthur Hayes wrote in a blog post this week.

"We discovered shortly afterward that this botnet had been responsible for a similar, yet unsuccessful, attack a month ago on 15 February."

Deribit, a smaller bitcoin and crypto exchange in the Netherlands, also experienced outages during bitcoin's flash crash last week, one during the sell-off and another after the recovery began.

BitMEX and Deribit, acting as two of the largest liquidity providers, experienced technical issues which may have likely contributed to the extreme volatility, Digital Assets Data researchers found.

Last year, the chief executive of the world's largest bitcoin and crypto exchange by volume, Binance, Changpeng Zhao warned the bitcoin price was potentially being inflated by the increased use of leveraged trades.

The bitcoin price continued to fall on Bitmex after it stabilized on other exchanges.

Bitcoin and cryptocurrency markets have fallen sharply over the last few weeks, plummeting along with traditional markets in the face of coronavirus chaos.

Bitcoin and and other major cryptocurrencies saw some $100 billion worth of value erased in just a week, with some senior figures in the crypto community warning confidence in digital assets has "evaporated"potentially leaving bitcoin and crypto vulnerable.

Originally posted here:
Heres What Caused Bitcoins Extreme Price Plunge - Forbes

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Bitcoin is on the rise Thursday morning (UTC), showing resilience in the face of a global dash for dollars seen in the foreign exchange markets.

At time of writing, the cryptocurrency is trading near $5,670, representing a 9.4 percent gain on a 24-hour basis. Bitcoin found bids near $5,260 during the Asian trading hours and has been climbing since, according to CoinDesk's Bitcoin Price Index.

While bitcoin is flashing green against the U.S. dollar, most fiat currencies are currently trading in the red. For example, the British pound-to-dollar exchange rate is hovering near 1.1555, the lowest level since 1980. The currency pair has dropped by nearly 8 percent this week.

The Australian dollar fell to a 20-year low of 55 U.S. cents early on Thursday and is currently reporting a 0.6 percent drop on the day.

The greenback has gained in the past six trading days against all major currencies, as noted by macro analyst Holger Zschaepitz.

The surge indicates many investors are selling everything, even safe havens like Japan's yen and Swiss francs, to move their money into dollars over fears of a coronavirus-led recession in the global economy. If cash is king, then dollar cash is currently being world president," according to ING's head of global markets.

Bitcoin, however, isn't bowing down to the new cash overlord, and could see bigger gains if the U.S, equity markets put in a good performance in line with rising European stocks. At press time, the Euro Stoxx 50 the eurozone's benchmark index has added 1.3 percent to its value.

A risk reset on Wall Street cannot be ruled out, as central banks from Australia to Canada have launched easing programs to inject massive amounts of liquidity into the system.

Bitcoin's technical charts, too, are suggesting scope for a stronger recovery rally.

Daily chart

Bitcoin defended the psychological support of $5,000 on Wednesday and ended up producing a small hammer candle, validating seller exhaustion signaled on Monday.

A hammer candle occurs when sellers fail to keep prices at the lowest point of the day and is widely considered an early sign of a trend reversal.

The MACD histogram is printing higher lows below the zero line, indicating a drop in bearish momentum.

Hourly chart

Bitcoin produced a green marubozu candle in the 60 minutes to 10:00 UTC, which comprises a big body and small or no wicks. The bullish indicator shows buyers were in control from the session's open to its close.

The odds appear stacked in favor of a rise to the top of the ascending triangle at $5,926. A high-volume break above that level could cause more bargain hunters to join the market, producing a stronger rise to the next resistance at $6,425 (December low).

Conversely, a triangle breakdown would open the doors for a re-test of the March 16 low of $4,446.

Disclosure:The author holds no cryptocurrency at the time of writing.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Sees 9% Gain as Turmoil Hits the Forex Markets - CoinDesk - CoinDesk

All hell seems to be breaking loose in the financial markets in light of the coronavirus pandemic. But if youve spent any time talking with a Bitcoin enthusiast, youve probably been told (perhaps many times) that moments like this are what the cryptocurrency was made for. Some of its most ardent fans have contended that since the digital asset is uncorrelated with traditional assets like stocks, it is a safe haven against market crashes like those we are seeing right now.

You can read all ourcoverage of the coronavirus/Covid-19 outbreakfor free, and also sign up for ourcoronavirus newsletter. But pleaseconsider subscribingto support our nonprofit journalism.

Sign up for the Chain Letter blockchains, cryptocurrencies, and why they matter

Much to the disappointment of true believers, however, Bitcoinin fact, the whole cryptocurrency markethas cratered right along with the stock market. Though the price has jumped today, at publication time it was still down roughly 40% from a month ago. So is Bitcoin not actually a safe haven after all? Though it appears to have failed the biggest test of the idea yet, the debate will probably rage on, serving as a reminder that we are still figuring out exactly what Bitcoin is and is not.

Its also not clear that Bitcoin is supposed to be anything in particular. But Satoshi Nakamoto, its pseudonymous, still-unknown creator, did leave some clues. The title of Nakamotos Bitcoin white paper, which introduced the concept to the world, refers to peer-to-peer electronic cash. In the introduction, Nakamoto called for an alternative to the traditional system of online commerce, which relies too heavily on trusted third parties.

Then there is the mysterious message Bitcoins creator left in the very first record of transactions in the blockchain, known as the genesis block: The Times 03/Jan/2009 Chancellor on the brink of a second bailout for banks. Nakamoto never explained what this message meant. Still, its hard not to see Bitcoin as a reaction to the last global financial meltdown, which began in September of 2008. The Bitcoin white paper hit a popular cryptography email list on Halloween of that year, and the system was running by January.

In practice, Bitcoin is too slow and inefficient to act like electronic cash. Instead, many enthusiasts today view it as a form of digital gold. Real gold has long been considered a reliable store of value, and investors tend to see it as a form of insurance against an economic downturn.

Gold is also famously seen as a safe haven asset, which Investopedia defines as an investment that is expected to retain or increase in value during times of market turbulence. Other commodities like silver, corn, and livestock can also be safe havens. So are US Treasury bonds and cash. Many Bitcoin advocates have claimed that the digital asset belongs in this league too. Then last week happened.

Surprised were seeing the Bitcoin price fall in this environment, would have expected the opposite, Brian Armstrong, CEO of the popular US exchange Coinbase, tweeted on March 9, likely expressing what many Bitcoin fans were feeling. And that was before the carnage of March 12, when Bitcoin lost more than 40% of its value.

So what happened? One part of the explanation is somewhat ironic. In its earlier days, most of the people who invested in Bitcoin were committed to building an alternative financial system. They saw it as a long-term investment. Bitcoin used to be the asset of the future, writes Noelle Acheson, director of research at CoinDesk. It really was separate from the traditional financial system.

But as an industry has emerged around the currency in more recent years, it has made a major effort to foster adoption by institutional investors like hedge funds and other professional trading desks. The recent selloff is evidence that the effort has worked. Professional traders have been desperate to raise cash, writes Acheson: Bitcoin was just another financial asset getting trampled as investors headed for the exit.

So in its short life, Bitcoin has gone from an extremely obscure asset held mostly by true believers to just another financial asset. In light of the latest global financial crisis, it looks nothing like a safe haven. But in other contextssuch as in countries with high inflation, like Venezuelait has become a safe haven of sorts, at least compared with the national currency. And though it did crash alongside the stock market this time, Bitcoin can still be considered an alternative asset, in that like gold it doesnt depend on the cash flows of other institutions for its value, writes Acheson: The greater range of alternative assets, the better for investors, especially in troubling times like these.

A decade from now, how different will Bitcoin look as an asset? Will it still look more like digital gold than digital cash? Who will be investing in it, and why? What Bitcoin is is bound to keep changing along with those factors. So are ideas about the role it can play for investors and in society, safe haven or not.

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Coronavirus is forcing fans of Bitcoin to realize its not a safe haven after all - MIT Technology Review

Bitcoin price drop witnessed recently is one of the worst beatings in months while the cryptocurrency sphere as a whole sits tight. Well not just the cryptocurrency sphere, but the world is sitting tight as the Bitcoin price chart movement has correlated with the stock market in a weird movement.

Bitcoins recent massive selloff has made the analyst wrap their heads around the question that is this third sell-off a sign that Bitcoin has fewer chances to survive.

Among others, the crypto research firm Coin Metrics tried to decode the whole episode and have come up with this conclusion that those holders that held the currency for a short period are the reason that contributed to this.

CoinMetricsin its latestState of the Network reportstated that the long-term holders remained chose to stay on sidelines in this whole episode. The coins that were held for twelve months or less than that were responsible for driving out the thirty-eight price route.

This tends to explain the reason for Bitcoins one-year revived supply not having any major spike in the month of March.

The short-term holders were reportedly selling their coins at a loss.

The report also highlights the fact that the market value of Bitcoin to realized value (MVRV) slipped under 1.0. On 12th March, MVRV experienced its biggest drop since the year 2013. The Coin Metrics report explains:

an MVRV above one can signal that speculators have a higher average market valuation than holders. An MVRV below one, on the other hand, can signal that holders have (or had) a higher market valuation than current speculators.

Speculators now do not value Bitcoin more than the holders, and this could be the potential indicator that the leading cryptocurrency is moving closer to bottoming out.

Coronavirus is affecting everyone and everything and not just causing Bitcoin price drop. But this is an indirect effect of the market that is killing the coin at the moment. Truth be told, investors are also putting away their money in stable coin and other assets on account of extreme volatility.

Coronavirus effect on Bitcoin price drop has been observed on the market already in the correlation study with the stock market, where the two markets almost shadowed each other. The world is on lockdown and that means less retail trading, less of buying and less of business everywhere and not just in the cryptocurrency sphere.

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Here is the real reason behind Bitcoin price drop - Cryptopolitan

Tethers USDT money printer is up and running again, and it could be a sign of whats to come next for Bitcoin and the aggregated cryptocurrency market.

It now appears that Tether has issued a whopping $161 million worth of USDT over the past 24-hours, putting the total number of new USDT issued over the past three months at $627 million.

Although this massive addition of new Tether into the crypto ecosystem has come about during a time of immense selling pressure on Bitcoin, historical precedent does seem to suggest that this is a highly bullish sign for the benchmark cryptocurrency in the near-term.

Tether has long been accused of using their ability to print USDT tokens to manipulate Bitcoin, with the addition of these tokens to the crypto ecosystem being directly correlated to massive BTC price movements.

According to data recently shared on Telegram by Unfolded a Bitcoin and crypto analytics group Tether has increased the circulating supply of USDT by an astonishing 13.3% over the past three months, with an additional $161 million worth of tokens being minted over the past 24-hours.

In less than 3 months Tether circulating supply grew by 13.3% or $627m USDT got added into circulation. Last 24h $161m USDT got minted, Unfolded noted in a message.

Image Courtesy of Unfolded

As for why this massive climb in the circulating supply of USDT is significant for Bitcoin, over the past several years there has been an uncanny correlation between BTCs price trends and USDTs market cap.

Charles Edwards, an investor at Capriole, spoke about this phenomenon in a recent tweet, explaining that he believes the recent rise in USDTs market cap is a healthy sign for Bitcoin.

Major changes in Tethers Market Cap have led Bitcoins price over the last 1.5 years. 5 January 2020 was no different. A healthy signal. Keep it printing, he explained.

Assuming that this trend continues to have validity in the future, the recent rise in the circulating supply of USDT does seem to suggest that Bitcoin could soon see some serious upwards momentum.

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Tether is Now Printing Millions, and Thats Huge for Bitcoin - newsBTC