Yesterday's positive day along the crypto board has brought the BTC/USD pair to the borderline between a bearish market and a free space where it can grow again in search of new historical highs. The technical setup is critical, although it hides danger if it doesn't materialize, as I explain in the technical section.

The essential notes of the day regarding the crypto ecosystem:

- The World Economic Forum presents a project to promote the adoption of a "robust" framework for the Crypto ecosystem, involving both the private and public sectors.

- A group of Bitcoins Cash miners from both North America and Europe are threatening to promote a hard fork as a lobbying measure against BTC's intention. TOP's CEO Jiang Zhuoer is using 12.5% of the mining rewards to cover infrastructure costs.

The ETH/BTC is currently trading at the price level of 0.01903 while attempting to stay above the EMA50. The excellent performance of the Bitcoin yesterday harmed the price.

Above the current price, the first resistance level is at 0.01965, then the second at 0.020 and the third one at 0.022.

Below the current price, the first support level is at 0.0189, then the second at 0.01865 and the third one at 0.018.

The MACD on the daily chart is preparing for a bearish cross above the zero line, a typical consolidation structure. This configuration increases the chances of seeing recent minimum levels below 0.018 again.

The DMI on the daily chart shows bulls in continuous decline, while bears are increasing their strength and are close to disputing the lead to buyers.

The BTC/USD is currently trading at the price level of $8961. The session high is at the price congestion resistance at $9150.

The long term downward trend line is at $9025, while the BTC/USD finds support at the SMA200 which is at the price level of $8903.5

The BTC/USD must close the day above the $9,025 level to confirm the exit from the long term bearish scenario.

A close below the SMA200 would cancel the current bullish breakout scenario.

Above the current price, the first resistance level is at $9150, then the second at $9550 and the third one at $10500.

Below the current price, the first support level is at $8900, then the second at $8800 and the third one at $8400.

The MACD on the daily chart is near to move upwards again, but it is not confirmed yet. Taking market positions with this structure involves a lot of risks, both upward and downward.

The best option is to wait for the price to dictate the path the price will take in the following weeks.

The DMI on the daily chart shows bulls trying to get back above the ADX line. The most likely pattern indicates that the bulls will fail to cross, and the price will fall.

The ETH/USD is currently trading at the price level of $170.46and is far from reaching the SMA200 as the BTC/USD has done. The long term downward trend line is now at the $185 level.

Above the current price, the first resistance level is at $176.7, then the second at $180 and the third one at $190.

Below the current price, the first support level is at $170, then the second at $160 and the third one at $155.

The MACD on the daily chart shows a neutral profile, as even though the typical trend of this structure is bearish, the fact that it remains so horizontal shows underlying strength upward.

The DMI on the daily chart shows the bulls moving up again as the bears retreat. The structure confirms the price movement.

The XRP/USD is currently trading at the price level of $0.2326and is the only Top 3 that is already free of the long term bearish trend. The day's high remains at the SMA100 level at $0.2358.

Above the current price, the first resistance level is at $0.237, then the second at $0.253 and the third one at $0.267.

Below the current price, the first support level is at $0.227, then the second at $0.217 and the third one at $0.20.

The MACD on the daily chart shows a similar structure to that described for the ETH/USD, leaving a neutral situation with a slight downward trend.

The DMI on the daily chart shows the bulls moving upward, while the bears are moving downward. They do not provide any additional information about price behavior.

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Top 3 Price Prediction Bitcoin, Ethereum, XRP: Bitcoin moving on the razor edge - FXStreet

Today, markets are green, with most of the top 100 posting gains. At the time of writing Bitcoin is up to $8,962 on the daily. Having peaked 4% to just below $9,150 earlier on in the day.

Bitcoin daily price since Oct 19. (Source: tradingview.com)

Analyst, Mati Greenspan attributes this run of form to US fiscal factors, including the ever-booming stock market. While discounting any notion of the heightening coronavirus pandemic being a factor.

As such, at the present time, Greenspan sees Bitcoin behaving more like a risk asset, rather than a safe haven.

The outbreak of coronavirus began making headlines at the turn of the year. Reports centered around cases of pneumonia-like symptoms from a virus that did not match other known viruses. Symptoms include tiredness, trouble breathing, high temperature, and a sore throat.

Research shows that the coronavirus is similar in structure to Severe Acute Respiratory Syndrome (SARS). And much like SARS, its airborne, with touching infected people and objects also thought to transmit the disease.

The onset of the virus has been pinned on the central city of Wuhan, Hubei province, which is approximately 500 miles west of Shanghai.

Location of Wuhan. (Source: google.com)

Scientists believe coronavirus originated in animals, before mutating to the extent that it can survive in a human host. As such, wet markets in Wuhan, which are known for selling exotic animals for food, including bats, have been blamed as the source of the outbreak.

Official figures claim that 4,500 have been infected, and 106 have died. With the virus spreading to at least 16 countries worldwide.

Moreover, health services in China are being stretched to breaking point. With healthcare professionals voicing a lack of manpower and resources in fighting the disease. One video on YouTube shows a doctor collapsing from exhaustion after a busy shift.

But more alarmingly, there are fears that China is underreporting the severity of the outbreak. A chilling leaked video shows a nurse from Wuhan sharing her story of the outbreak.

Her heart-wrenching account criticizes the Chinese government for censoring the story while downplaying the true extent of the crisis.

Im in the area where the coronavirus started. Im here to tell the truth. At this moment, Hubei province, including Wuhan area, even China, 90,000 people have been infected by coronavirus.

All the same, few, including analyst Mati Greenspan, believe Bitcoins upward trend is the result of the worsening coronavirus pandemic.

Following the outbreak, Chinese stock markets posted massive falls. So much so that trading ceased on January, 23rd, with authorities recommending that they resume on the 3rd, February.

But investors did not flee to traditional safe havens, namely gold, and part of the reason why comes down to booming US stocks, which have been immune to fears over the coronavirus so far.

The S&P 500 is down 1.6% today but continues to keep most of Januarys gains.

Monthly performance of S&P 500. (Source: google.com)

As such, with US stocks performing well, on the back of repo money, investors have little motivation to jump to Bitcoin. And it makes sense that Bitcoins 30% gains, since the start of the year, have little to do with the outbreak.

Continued here:
No, Bitcoin Gains Are Not Down To Fears Of Coronavirus Outbreak - newsBTC

Bitcoin gained bullish momentum above the key $8,800 resistance. As a result, BTC price surpassed $9,000 and it seems like the bulls are now aiming a test of $9,500.

Yesterday, we discussed how bitcoin bulls aim big after the price surge above the $8,500 resistance. BTC even surged above the main $8,800 resistance level and the 100 hourly simple moving average to move further into a positive zone.

In the past three sessions, the price is up around 5% and it surpassed the $9,000 psychological barrier. A new weekly high is formed near the $9,145 and the price is currently correcting lower.

It is trading near the 23.6% Fib retracement level of the recent rise from the $8,873 low to $9,145 high. The first key support on the downside is near the $9,000 level.

Furthermore, the 50% Fib retracement level of the recent rise from the $8,873 low to $9,145 high is also near the $9,000 level to act as a strong support. If there are additional losses, bitcoin price might decline towards the $8,880 support area.

More importantly, there is a key bullish trend line forming with support near $8,880 on the hourly chart of the BTC/USD pair. If the price fails to stay above the $8,800 support, it could revisit the main $8,500 support area (the recent breakout zone).

Bitcoin Price

In the short term, BTC might correct lower towards the $9,000 and $8,880 support levels. However, the bulls remain in control as long as the price is above $8,500 and the 100 hourly simple moving average.

On the upside, an initial resistance is near the $9,200 area. If bitcoin surges above the $9,200 resistance, it will most likely set the pace for a test of the $9,500 hurdle. Any further gains may perhaps call for a push towards $10,000 in the near term.

Technical indicators:

Hourly MACD The MACD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently correcting from the overbought zone.

Major Support Levels $9,000 followed by $8,880.

Major Resistance Levels $9,150, $9,200 and $9,500.

Excerpt from:
$9,500 is Imminent For Bitcoin Despite 5% Intraday Gain: Heres Why - newsBTC

The proposed Bitcoin Cash (BCH) tax levy on miners could now be dead in the water.

Bitcoin.com one of the five mining pools backing the plan has withdrawn its support for the tax plan. The sudden u-turn comes just hours after an anonymous group of miners threatened to launch a hash war in opposition to the tax.

Tuesdays post by BCH mining pool, Bitcoin.com, announced the firms re-thinking of the BCH tax proposal. While the possibility of another chain split remains possible, Bitcoin.com will not continue to support the tax plan.

As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.

Tuesdays blog post noted the tax plans lack of clarity when it came to deciding where the $6 million in tax collections would go.

We think the lack of clarity in this is one of the main drivers of confusion and contention around the various funding proposals. In venture capital, investors do not find talented technical individuals and hand them money to do something.

The tax was initially levied as a way of funding Bitcoin Cashs development in-house. A 12.5% tax would be collected from BCH block rewards for 6 months until $6 million was raised. These funds would then be distributed to BCH developers for the betterment of the project.

The reason funding discussions are taking place is because proper funding will strengthen the Bitcoin Cash ecosystem, but it cannot come at the expense of compromising the foundational goals of Bitcoin Cash. Bitcoin.com will not risk a chain split or a change to the underlying economics.

The anonymous mining group which threatened the chain split took notice of Bitcoin.coms reversal. The group announced their intention to halt plans for a hardfork, and will continue to support BCH for the time being.

We have taken notice of Bitcoin.com post here. We trust Bitcoin.com are going to be able to convince the rest of the signatories to severely amend the IFP. We are therefore standing down and will not start our competing pool for the time being and will continue to support the BCH pools instead.

The tax proposal triggered vigorous debate among developers, miners and investors in the week since its announcement. Originally declared set in stone by its author, Jiang Zhuoer, the plan attracted criticism on a number of fronts.

But the turning point for Bitcoin.com came when the prospect of another chain split reared its head. Both Bitcoin Cash (BCH) and Bitcoin SV (BSV) spent tens of millions competing for hashrate in 2018.

The previous war also had a disastrous effect on cryptocurrency prices, not least Bitcoin Cash itself. The coin lost 87% of its value in five weeks in November of that year. A repeat of this messy affair is sought by no one in the cryptocurrency space.

This article was edited by Samburaj Das.

Go here to read the rest:
Crypto Killed the Tax Man: Bitcoin Cash Escapes Hash War Over Mining Tax Grenade - CCN.com

Bitcoin is only a decade old but it has come a long way on the path to becoming money. A couple of metrics to consider are precision of spending and unit of account status.

When bitcoin was first envisioned back in 2009 it was largely experimental. For its first year, tens of thousands of them were fired across networks just to see what happened.

The first real world transaction occurred in 2010 when Laszlo Hanyecz famously asked for pizza on the bitcointalk forum in exchange for 10,000 BTC. He received a $25 order of pizza in exchange for the coins marking the first ever transaction for a tangible asset.

It went from magic worthless internet money to something with real value, which was the desired intention for the transaction. At todays bitcoin prices that pizza would be worth $90 million.

BitMEX Research has delved deeper into the precision of spending on the bitcoin network to reveal how the accuracy has improved over time.

By dividing outputs into groups increasing by a power of ten (from 1 satoshi to 100k BTC) and plotting the results on a chart it is clear to see the increase in precision over the past decade.

Currently over 70% of Bitcoin outputs use the highest available degree of precision (one satoshi), considerable growth since the c40% level in 2012.

The report concluded that an increase in precision would be beneficial to privacy based on the way bitcoin transactions work with UTXOs.

As our data shows, the level of precision is increasing, such that most outputs now have the maximum level of precision. This could inadvertently be positive news from a privacy perspective.

The study went on to state that bitcoin needs to achieve three major steps before it can be considered the same status as money.

Firstly it needs to be used as a medium of exchange which is already happening, driven by its potential unique capability: censorship resistant electronic payments.

The second step has been clearly evidenced this month and that is its status as a store of value. With market movements mirroring the worlds largest store of value, gold, bitcoin is being viewed in the same light, especially in times of adversity.

Thirdly is the unit of account status. This is when goods and services are priced in bitcoin, or satoshis in this case. This is still a very long way off due to price volatility as BTC is still primarily a vehicle for speculation. There are also a number of factors that need to happen to the technology before it sees mass adoption.

It added that if this does finally occur then the degree of precision may decrease due to the assets increased use as a unit of account.

How long will it take for bitcoin to have money status? Add your comments below.

Images via Shutterstock

View original post here:
Bitcoin Moves on Path to Money But Unit of Account a Long Way Off - Bitcoinist

The number of cases of coronavirus has risen to more than 2,700 in mainland China. Photo by Betsy ... [+] Joles

I have maintained for a long time now that China is a very significant driver of bitcoin (BTC). I have also maintained that bitcoin is a leading indicator of troubles in China because it is a safe haven asset and flight capital.

I have repeated the assertion that you cant easily fly out of a country with cash or gold and for countries with capital controls BTC is the only way to get out of town with significant amounts of capital.

Like it or not, the people are never the first to know when trouble is brewing. That is the whole reason insider information is illegal to act upon. The first to know in these emergency situations are the first to act.

So if you were a rich Chinese person and you heard about this outbreak, what would you do? You would certainly consider packing the family off for a bit of a holiday. You might stick around to look after the business, but you would definitely get your loved ones out. You see this in the Riviera. The Russian oligarchs keep their families safe in France while they ply their trade in Moscow. Who would not do the same in that situation?

However, you have to fund a long stay abroad and the best way to go, unless you are very well prepared, is to grab some bitcoin because once you have those crypto wallet keys the money is anywhere you want it. You might also buy it as a hedge against the worst.

The coronavirus outbreaks started in early December, so lets take a look at bitcoin:

Bitcoin's movement since the Coronavirus outbreak in Decwember

Remember we are not looking to the future, we are looking to the past, a past where things are happening before we know about them. Bitcoins recent rally aligns with the assumption that Chinese demand for bitcoin because of coronavirus has driven the price.

However, what are we looking for? We are looking for an early signal that things are going to blow over or get worse and I believe you can look at bitcoin for that temperature. As such, the chart suggests the situation is stabilizing, but of course it cannot predict the future, only the current situation.

This is what we are looking for in the Bitcoin chart

With the media screaming plague at the top of its toxic voice, the stock market could well take a tumble, but unless BTC shoots above $10,000 and heads for the moon I will be holding and looking to buy.

I wrote a fiction novel about global plague called The First Horseman so Im pre-sensitized to think the worse, but people on the ground will know what is really going on and will react like rational economic actors; if they think the game is up the word will spread far faster than the infection and BTC is the instrument that will react sharply and send up the SELL flare and have me pulling up my drawbridge.

I think we are going to get a buying opportunity in the market, not a global catastrophe, but thats simply a barely informed guess. Instead I believe bitcoin will provide early warning of good or bad news and we will have a reasonably clear picture one way or the other within ten days.

As such, Im going to be watching the bitcoin price like a hawk.

From Forbes: Stay informed and ahead of the crowd with Forbes Crypto Confidential, a free weekly e-letter delivered to your inbox. Sign up today.

-

Clem Chambers is the CEO of private investors websiteADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginners Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

See more here:
Bitcoin Is A Leading Indicator Of The Coronavirus Outbreak - Forbes

Bitcoin (BTC) plans to move higher and further squeeze bears in the short term, several price indicators suggest.

As the week begins, a group of measurements some surprisingly accurate historically are combining to make traders firmly bullish on BTC.

Leading the positive signs is a useful but somewhat forgotten indicator dubbed the Guppy. This is a collection of exponential moving averages which has flashed green on the daily chart for the first time in around 300 days.

The interval is significant the last flip from red to green for Guppy was on April 9, 2019, coinciding with Bitcoins rapid rise to highs of $13,800.

Before that, Guppy also turned bullish on Jan. 14, 2018, when Bitcoin briefly rose above $9,000 on the way down from the all-time high a month earlier.

Bitcoins Guppy indicator bull and bear phases. Source: Hsaka/ Twitter

A second sign that bullish momentum is building for Bitcoin lies in the so-called Puell Multiple.

Used to identify the cryptocurrencys price cycles, the tool allows traders to tell from a miners perspective when the value of newly-mined Bitcoins is historically too high or too low.

Puell spiked during the 2017 highs, bottoming a year later in January 2019 when BTC/USD traded at under $4,000.

At present, the indicator suggests Bitcoin is significantly closer to the too low area than its lifetime highs.

Bitcoin Puell Multiple with peaks and troughs highlighted. Source: Glassnode/ Twitter

Zooming in, steady enthusiasm is already creeping into traders forecasts once again. For regular Cointelegraph contributor Michal van de Poppe, current action means $8,000 has now formed a fresh support level.

BTC/USD has gained around 3.8% since Friday, having bounced off local lows around $8,200.

Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support, he summarized in a Twitter update on Jan. 27.

Van de Poppe continued:

Eyeing to see a retest of $8,500. Holding that and we can aim for $8,900.

A classic guidance signal for Bitcoin comes in the form of the Mayer Multiple, which is also firmly supportive of Bitcoin as a buying opportunity this week.

The brainchild of Proof of Keys organizer, Trace Mayer, the Mayer Multiple divines to what extent it is profitable to buy Bitcoin at a particular time.

To arrive at its conclusions, it uses the current Bitcoin price versus its 200-day moving average. When the multiple is below 2.4, Mayer says, long-term Bitcoin buys saw the best long-term results.

The current multiple is 0.97 and has been higher 63% of the time since Bitcoin was created eleven years ago.

Bitcoin Mayer Multiple with 2.4 boundary highlighted. Source: Mayermultiple.info

Originally posted here:
Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again - Cointelegraph

The price of Bitcoin (BTC) found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.

Alongside with that, the total market capitalization of crypto found a support at $215 billion and starting to look bullish. Will this mean that the correction is over, and crypto is trending upwards?

Crypto market daily performance. Source: Coin360

Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support. A recent example is showing a bounce on the green area, which is the $8,200 level. This type of bullish support/resistance flips is a common occurrence in an uptrend market.

BTC USDT 1-day chart. Source: TradingView

A break below $8,200 would have demonstrated weakness, as that level would not have provided enough buying pressure and support. Losing such a level would usually have been followed by a continuation downwards. An example is found after the push to $10,000 in November 2019.

The chart is also showing a clear breakout from the 7-month downtrend. A retest was done at $7,600, after which the price of Bitcoin rallied towards $9,200 for temporary resistance.

BTC USDT 4-hour chart. Source: TradingView

The 4-hour chart of Bitcoin is showing a healthy support/resistance flip at $8,200, after which price broke through the $8,500 resistance. Currently, the price of Bitcoin is facing the next resistance at $8,800.

However, its quite unlikely to see an immediate breakthrough at this level as the indicators on smaller time frames show exhaustion of this upwards move.

Additionally, some significant resistances are shown on the chart, i.e. $9,000 and $9,200-9,400, which are two hurdles to overcome if the price of Bitcoin wants to continue moving upwards.

On the support side, a retest of $8,500 looks quite healthy for confirmation of new support. Range-bound movements are now likely to happen if price cant break through $8,800 or drop below $8,500.

Total market capitalization cryptocurrency chart. Source: TradingView

The total market capitalization of cryptocurrencies is showing an essential bounce from the blue zone (level around $217-218 billion). A retest there was quite healthy as anticipated in a recent article.

This retest is now completed and shows intense buying pressure as the total market capitalization has already rallied up to $238 billion. This retest also indicates confirmation of the uptrend with the total market cap breaking the 7-month downtrend as well.

The first hurdle to overcome now is the $247 billion level. If that is broken, continuation towards $270 and $300 billion is likely to occur.

The total market capitalization chart of altcoins is looking healthy The market cap rallied from $52 billion to $80 billion. Only a slight retracement occurred to $71 billion, which means that it is stuck in a narrow range.

Total altcoin market capitalization chart. Source: TradingView

If we check the rest of the chart, we can spot many tests of the $80 billion level in recent months. Around three tests have happened prior to this latest one, which means that the resistance should become weaker.

Remember, the more times a resistance gets tested, the more exhausted sellers will get, and the weaker a resistance becomes. On the other hand, this also happens with support zones. The $6,000 support of Bitcoin in 2018 was tested many times before it broke down.

Given that these tests of the $80 billion level occurred quite frequently, a breakout to the upside is the most likely scenario at this point, meaning that the altcoin market cap could rally towards $120 billion.

BTC USDT 4-hour chart bullish scenario. Source: TradingView

The most bullish scenario would be a clear breakout of $8,800 and a continuation from there. However, as stated earlier, I find it unlikely to see such a move occur in one go.

A retest and consolidation would be more likely including a likely retest of the $8,500. This is healthy and would be almost required before the price of Bitcoin can continue to face higher resistance levels.

If Bitcoin can hold the $8,500 area for support, I see a breakthrough of the $8,800 and $9,000 as likely, after which $10,000 will become the primary target. Moreover, clearing $10,000 could bring the price of Bitcoin towards $11,000 as well.

BTC USDT 4-hour chart bearish scenario. Source: TradingView

Typically, the bearish scenario has a similar pattern in the beginning, as BTC needs to be rejected at the $8,800 level. However, the difference is in the subsequent pattern.

If the price of Bitcoin is to make lower highs with weak bounces, the downward trend is likely to resume. If this occurs, Id be aiming for bearish retest (support/resistances flips) of the $8,500 level as a potential short opportunity. The main target would then be the $7,600 area.

But first, the price needs to be rejected at $8,800-9,000 to get these scenarios going. Overall, the $8,100 support/resistance flip doesnt say that were bearish at this point. Especially, since that price has broken at a 7-month downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Here is the original post:
Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K - Cointelegraph

Bitcoin (BTC) hitting $6,000 again is not only unlikely but would be concerning, a well-known commentator has told Cointelegraph.

Speaking in a market discussion with Cointelegraph, EzeeTrader partner Charlie Burton said that should current market behavior continue, those waiting to buy in closer to $6,000 will face disappointment.

...I think well have upside and then well have downside again, just to the point where a number of players will just get bored and move on, he said. Burton continued:

And then therell be a fast move thatll come, and a lot of people will say, Oh my God, why was I not on that move?

BTC/USD was trading at around $8,600 on Monday, having gained almost 4% over the weekend.

As Cointelegraph reported, a number of price indicators are flipping bullish for Bitcoin under current conditions, providing strong suggestions of bullish momentum on both a short and long-term basis.

I think the market has done a good job of shaking out a load of people into 2018 and 2019, but I think its probably a different type of shakeout now, Burton continued.

The comments broadly echoed previous market discussion guest, Peter Brandt, who also argued that buyers planning to enter at $6,000 had already missed their opportunity.

The weak hands are out the strong hands own it, he famously summarized last weekend.

Fellow guest YouTuber and Twitch regular Eric Krown appeared to agree. Based on technical analysis, he suggested that it would be poetic if Bitcoin denied the lower levels demanded by some traders.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraphs YouTube channel.

View post:
Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K - Cointelegraph

Bitcoin (BTC) is currently trading at around $8,610 following a 3% increase in price over the last 24 hours.

Even though BTC seemed to be struggling last week, the worlds largest cryptocurrency recovered nicely over the weekend.

Bitcoin momentarily traded close to $8,300 at the start of the weekend after price dropped 4% from Thursday to Saturday.

Since then, Bitcoin has rebounded to the upside, which reiterates the bullish sentiment surrounding the digital asset ahead of this summers halving event.

Bitcoin now seems to be consolidating above $8,600 and getting ready for another shot at the $8,830 level of resistance.

Lets take a look at Bitcoins chart, courtesy of TradingView.

Bitcoin has been climbing upwards since the start of the new year, breaking through all its EMAs over the past few weeks after a major rally that took the digital asset from just below $7,000 to over $8,600.

From bottom to top, BTC has grown about 28% in the space of 18 days. At the moment, BTC is still around 25% higher than the start of the year.

However, price needs to continue picking up steam if the hangover from the second half of 2019 is to completely turn around.

In addition, Bitcoins volume must continue to grow. At the time of writing, it is showing signs of having fully recovered and is now between 30-40% higher than last month around $23 billion.

If Bitcoin is able to maintain the positive trend seen so far this year, we might see it top $10,000 sooner than expected.

Last week, I underlined that within the next few days/weeks, we could see a major reversal after a period of serious accumulation by hodlers.

The boost in trading volume means the accumulation cycle could be close to an end and the bull run were all waiting for will start sooner than expected.

The upwards movement over the past few days could mean a shift in sentiment, but it is too early to tell. It seems we already found the bottom (during 2019) and could be making our way towards a mid-term move to the upside.

For the time being though, theres a chance it can go either way. Only if BTC continues to record higher lows will price continue to go up.

Hopefully, the 200-day EMA (blue line) will now become support for Bitcoin and BTC will continue to hold above all its EMAs. In addition, I expect the 20-day EMA to cross both the 50-day and 200-day EMAs to the upside quite soon.

When these golden crosses take place, my take on the market will considerably shift to the upside.

I strongly believe Bitcoin to be a long-term store of value, especially as traditional markets continue to show weaknesses.

How can the markets continue to push higher after the ECBs recent rate cuts, the continuous share buybacks from huge corporations, or the inverted bond yield shoving investors away towards riskier assets?

In addition, repo market activity as in loans from central banks to commercial and investment banks has spiked to new monthly records. That adds up to another signal of weakness for the general economy.

We shouldnt forget that the Bitcoin halving is coming in May 2020, which will put extra positive pressure on price as the number of Bitcoin minted per block is halved.

The key aspect of the halving event is to work out whether it has already been priced-in by miners. I personally doubt it, since most people (and businesses) have a short-term mindset.

Therefore, I see miners pushing for lower prices until the halving takes place. The harder it is to mine until the halving, the more miners will drop off, leaving more room for profits for the players who stay.

In conclusion, investors and traders should pay attention to the overall economic panorama, as it will most likely be a major catalyst for worldwide BTC adoption.

Safe trades!

Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:

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In August 2008, the domain name bitcoin.orgwas registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins.

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

Link:
Latest Bitcoin price and analysis (BTC to USD) - Coin Rivet