Bitcoin has rebounded this week, climbing along with gold and other safe-havens as major stock markets struggle.

The bitcoin price is up just over 2% over the last weekmaking strong gains yesterday as investors search for somewhere to put their cash.

However, one major cryptocurrency has outpaced bitcoin's gains over the last week and is still rocketing higher.

Bitcoin and cryptocurrency investors have been hard hit by the coronavirus crisis but the bitcoin ... [+] price has begun to climb again this week--outpaced by just a handful of smaller cryptocurrencies.

The privacy-focused cryptocurrency monero, currently ranked as the 11th most valuable cryptocurrency on data site CoinMarketCap with a total value of just under $1 billion, has added almost 5% in the past weekbeating bitcoin's gains.

Monero, which masks the identity of users better than the likes of bitcoin, is up by over 6% over the last 24-hour trading period, soaring as the broader cryptocurrency market climbed.

The precise reason for monero's sudden surge wasn't immediately clear, though there have been a number of positive developments for the bitcoin rival over recent months.

Monero developers recently rolled out an update to its Carbon Chameleon software, designed to improve transaction execution and how the cryptocurrency works with the privacy networks Tor and I2P.

Monero and privacy coins have also recently gained support from some high profile figures in the tech and crypto industry.

"I think well also see privacy integrated into one of the dominant chains in the 2020s," Coinbase's chief executive Brian Armstrong wrote in a blog post back in January.

"Just like how the internet launched with HTTP, and only later introduced HTTPS as a default on many websites, I believe well eventually see a privacy coin or blockchain with built in privacy features get mainstream adoption in the 2020s. It doesnt make sense in most cases to broadcast every payment you make on a transparent ledger."

The monero price has surged over the last week, beating out bitcoin itself as the broader ... [+] cryptocurrency market bounces back.

John McAfee, the controversial and outspoken antivirus software developer and curve-ball U.S. presidential candidate, named monero as his cryptocurrency of choice earlier this year.

McAfee, who has reneged on his promise to "eat [his] own dick on national television" if the bitcoin price didn't hit $500,000 per bitcoin by the end of 2020, praised monero, along with ethereum, the second most valuable cryptocurrency after bitcoin.

McAfee made similar allusions to monero's technological superiority over bitcoin.

"Bitcoin was first. It's an ancient technology. All know it," McAfee said via Twitter before recommending monero to cryptocurrency users.

"Newer blockchains have privacy, smart contracts, distributed apps and more. Bitcoin is our future? Was the Model T the future of the automobile?"

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Just One Major Cryptocurrency Is Outperforming Bitcoin Right Now And Its Climbing Fast - Forbes

Data from CoinMetrics shows that roughly one-third of the circulating supply of Bitcoin Cash (BCH) has never been touched.

Coinmetrics also estimates that 2.3 million Bitcoins (BTC) have not moved in over five years comprising 12.5% of the nearly 18.4 million BTC in circulation.

On April 6, Coinmetrics published data indicating that 6 million BCH has not moved since the blockchain forked off from Bitcoin on Aug.1, 2017.

With nearly 18.4 million BCH in circulation, 32.6% of existing coins are either lost or being held for the long-term.

Coinmetrics also estimates that 12.5% of the circulating supply of BTC has not moved in over five years.

The data varies significantly from the analysis produced by Unchained Capitals Hodl Waves which estimates that nearly 4 million BTC or 21.65% of circulating supply has remained stagnant for five years or longer.

Hodl Waves indicates that the March 12 - 13 market meltdown saw the largest number of Bitcoins ever move on-chain, with 717,340 BTC or 3.9% of circulating moving in 24 hours.

The hard fork that created Bitcoin Cash in August 2017 is now the second-largest on-chain event in the history of Bitcoin, with 661,100 BTC or 4.1% of circulating coins moving in early August.

The third-largest day of on-chain activity took place as prices consolidated before the BTC crash of early November 2015, with 626,000 BTC or 4.2% of supply moving in 24 hours.

Read more here:
One-Third of Bitcoin Cash's Supply Has Never Been Touched - Cointelegraph

This week saw Bitcoin surging above the upper boundary of the previous consolidation pattern as the cryptocurrency penetrated above $6,800. It went on to break above resistance at $7,000 and $7,175 to reach the current trading level at $7,323.

A close above $7,400 would allow Bitcoin to continue further higher during the week to reach as high as $8,000 over the next few days.

BTC/USD Daily CHART SHORT TERM

Analyzing the daily chart above, we can see that Bitcoin cleanly broke the previous ascending triangle over the past 3-days as it went on to break above $7,000. It recently broke up above resistance at $7,175 which is provided by a bearish .618 Fibonacci Retracement level and is now using this as support moving forward.

Bitcoin is now certainly bullish in the short term but must break above $8,000 to turn bullish over a longer period of time.

If the buyers do continue higher above $7,500, the first level of resistance is located at $7,676 which is provided by a 1.618 Fibonacci Extension level. Above this, resistance lies at $8,073 (bearish .786 Fib Retracement), $8,200, and $8,600 (bearish .886 Fib Retracement).

On the other side, the first level of support is located at $7,175. Beneath this, support lies at $7,000, $6,800, $6,500, and $6,319.

The RSI has now broken above the 50 level to show that the buyers have now taken control of the market momentum.

Support: $7,174, $7,100, $7,000, $6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $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: $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 Surges And Breaks Consolidation Pattern - Can We Hit $8K Next?

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Bitcoin increased by a small 1.5% today as the cryptocurrency trades at around $7,323.The cryptocurrency recently broke above resistance at $7,175 and is using this as support moving forward.

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Yaz Sheikh

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Coin Gape

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Bitcoin Price Analysis: BTC Surges And Breaks Consolidation Pattern Can We Hit $8K Next? - Coingape

Bitcoin (BTC) price has gained more than 10% in the last week, giving bulls some hope that the road ahead is a bright one for the leading digital asset.

However, despite an effort to blast through the critical resistance level of $7,200 as mentioned in last weeks analysis, there was a huge rejection bringing home the reality that perhaps it may be a little too soon to be expecting a miraculous bounce back to the $8,000+ levels.

Daily crypto market performance. Source: Coin360.com

BTC USD daily chart. Source: TradingView

I think its safe to assume that Bitcoin has settled back into the descending channel that formed in the second half of 2019. As Bitcoin has now not only bounced off support on the daily, leaving nothing but a wick, but it has now done exactly the same with the resistance.

To me, this validates the channel even more so than before, as the price is currently following a path marked I marked out in yellow, on a video I published to YouTube on March 31. This was one of three scenarios I was waiting on, and the one I felt that was most likely.

As such, since Bitcoin cannot seem to break out above $7,200, it seems probable that bears might be about to regain control ahead of the much-anticipated halving event, and this puts $5,500 as the critical price to hold before cheap corn is back on the menu.

However, many key indicators are contradicting this sentiment.

BTC USD weekly MACD chart Source: TradingView

During sideways market periods, it is easy to get chopped up and spat out when working off lower time frames, and often a glance at a higher time frame can help validate your bias. However, one such indicator that isnt good for bears right now is the weekly moving average divergence convergence (MACD) indicator, as this is now mooing to the herd.

As can be seen from the chart, the MACD is already starting to pinch towards the signal line. Since we have had a relatively bullish week, we should see this move in even more so when the weekly candle closes, bringing us closer to a bullish cross, which typically results in a sustained uptrend, which almost always lasts over a month if not several.

However, right now, there are bigger things happening in the world that may invalidate this as a possibility, and my concern is that we will begin to see a significant reduction in retail buying power due to the rise in unemployment resulting from the coronavirus lockdowns.

While the worldwide quarantine is in the early stages with many believing it will only last a couple of weeks you only need to look at China to see that this will last a lot longer, so who exactly would be buying?

The answer may lie in the Relative Strength Index, which could be enticing smart money into crypto.

BTC USD weekly RSI chart Source: TradingView

The last time Bitcoin approached oversold territory on the weekly, it experienced a 300% price increase within six months as can be seen on the Relative Strength Index (RSI) indicator. This is based on the Dec. 10, 2018,pivot from 29.07 on the RSI scale.

However, Bitcoin had already experienced a bounce on the RSI on March 9, 2020, when it was 33.37 on the RSI scale, and even with the colossal dump on March 12, the RSI is still trending upwards. This brings to light two pertinent questions:

But perhaps another clue as to what can be expected from Bitcoin over the coming weeks can be found in the mining difficulty charts?

BTC mining difficulty. Source: BTC.com

The Bitcoin mining difficulty dropped by a monstrous -15.95% the biggest since 2011 on March 26, an adjustment that helped ease miners concerns surrounding profitability. This time last week, it looked as if the mining difficulty would drop by a further -14%.

However, as the week has progressed the adjustment estimate has dropped to just -2.2% and with three days left to go, this could end up closing as a positive adjustment.

You only have to look at the impact the positive adjustments had on the price of Bitcoin this year to see what this could be yet another bullish indicator.

All the indicators are bullish, so why does it feel bearish? Right now we are at the top of a valid channel, as such a breakout could well be imminent. For this to happen Bitcoin would need to flip $7K resistance into support and from here $8,200 looks like the next level of resistance we would encounter.

The price of Bitcoin has already doubled since its recent bottom, as such a pullback to $5,500 over the next week would be completely reasonable to expect.

If this level fails to hold, then it opens up $3,900 as a possibility. If bulls dont step in then, Id be very surprised.

The views and opinions expressed here are solely those of @officiallykeith 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.

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Bitcoin Flips Bullish But Heres Why BTC Price May Still Hit $3.9K - Cointelegraph

Bitcoin has climbed 10% this week, gaining along with gold as stock markets remain under significant pressurewith bitcoin's performance outpacing the Dow, the S&P 500 and the Nasdaq.

The bitcoin price, which is more-or-less flat for the year, has rebounded from lows of under $4,000 in mid-March (though just one major cryptocurrency is outperforming bitcoin).

The precise reason for bitcoin's rise was not immediately clear, though reports of an increase in bitcoin demand this week could herald a retail investor driven surge similar to bitcoin's epic 2017 rally.

The bitcoin price has climbed this week, adding some 10%, as traders and investors continue to steer ... [+] away from equity amid the coronavirus crisis.

"I havent seen this much organic new interest in bitcoin since early 2017 in my non-crypto circles," said well-known crypto investor Ari Paul, the co-founder and chief investment officer of BlockTower Capital, via Twitter.

Bitcoin's 2017 rally, which saw the bitcoin price soar from under $1,000 per bitcoin at the beginning of the year to around $20,000 by December, was largely driven by retail investors and so-called fear of missing out as early adopters became overnight millionaires.

"Got pinged by three separate old friends I havent spoken to in years about buying their first bitcoin yesterday," Ari added.

Meanwhile, some of the biggest bitcoin and cryptocurrency exchanges around the world have reported an uptick in both new users and trading volume.

Bitcoin exchanges Kraken, OKex, Bitfinex, Paxful, and Luno have all said they've seen an influx of new users since the coronavirus lockdown started, speaking to bitcoin and crypto news website Decrypt earlier this week.

U.S.-based Kraken reported an 83% increase in users with peer-to-peer bitcoin marketplace Paxful boasting it had doubled its signup rate.

The bitcoin price suddenly surged this week after trading sideways since it took a massive step down ... [+] last month.

"With Western governments struggling to contain COVID-19 and forcing cities and nations into blanket quarantines, individuals feel an urgent need to get out of the centralized financial system," Pierre Rochard, Kraken's bitcoin strategist, told Decrypt. "They can't go protest in the streets, so they protest with bitcoin."

Late last month, U.S. president Donald Trump signed a $2 trillion emergency relief package to try to offset the economic devastation wrought by the coronavirus pandemic, marking the biggest rescue deal of its kind in U.S. history.

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Bitcoins Huge Surge This Week Could Be The Tip Of The Iceberg As Investors Recall 2017 Gold Rush - Forbes

Bitcoin is showing a few bearish signs below the $7,400 resistance area against the US Dollar. BTC price is currently declining and it could extend its weakness towards $7,100 or $6,800.

In the past two days, bitcoin bulls made more than two attempts to gain strength above the $7,400 and $7,500 levels against the US Dollar, but they failed. BTC price seems to be forming a short term topping pattern near the $7,440 level.

The last swing high was below $7,440 and the price is now trading below the 23.6% Fib retracement level of the upward move from the $7,080 low to $7,429 swing high.

More importantly, there was a break below a crucial bullish trend line with support near $7,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below the $7,280 level.

Bitcoin Price

An immediate support is near the $7,255 level. It is close to the 50% Fib retracement level of the upward move from the $7,080 low to $7,429 swing high. If there is a clear break below the $7,255 level, the bears are likely to take control in the short term.

The next major support is near the $7,150 level and the 100 hourly simple moving average, below which the bulls are likely to protect the $7,100 support area.

If the bulls fail to hold the $7,100 support area, the price is likely to continue lower below $7,000. The next stop for the bears may perhaps be $6,800.

On the upside, bitcoin is facing a strong resistance near the $7,400 and $7,500 levels. Therefore, the bulls need to gain momentum above the $7,500 zone.

If there is a successful break and close above $7,500, the price is likely to continue higher above $7,600. The next major resistance is near $7,800, above which the bulls could aim a test of $8,000.

Technical indicators:

Hourly MACD The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.

Major Support Levels $7,150 followed by $7,100.

Major Resistance Levels $7,400, $7,500 and $7,800.

More:
Bulls Beware: Bitcoin Could Dive After This Key Technical Breakdown - newsBTC

Golden coin closeup

Which of the 2 investment vehicles might work better as a store of value? Would it be the classic precious metal of the old school or the more recently created technology accessed electronically?

If you excluded stocks and bonds from the concept and had to choose gold or bitcoin. Ones been around forever, the other is as new as it gets.

Over the past 2 or 3 weeks, the cryptocurrency has come back strong after a long period of decline. Compared, for example, to the stock market, bitcoin has more than held in there lately.

Whether it now falls into the store of value category remains a question, given how far its fallen from its all time highs.

Bitcoins daily price chart looks like this:

Bitcoin daily price chart, 4 4 20.

You can see how the cryptocurrency has rallied from mid-March to the present, from just under 5250 to just above 6700. Nice move except that its failed to make it back to that early February high of 10250.

Its not back to the September, 2018 high just above that. The trend here remains downward with a series of lower highs and lower lows.

Bitcoins weekly price chart looks like this:

Bitcoin weekly price chart, 4 4 20.

The last 3 weeks worth of rally is not all that dramatic when viewed on this time frame. Bitcoin has remained above the lows of that period from late 2018 into early 2019 but you can see how far off the price is from the June/July, 2019 highs and the late 2017 all time high of above 18000.

Note that the cryptocurrency has not yet been able to climb above the Ichimoku cloud on the weekly or daily price chart.

Gold looks like this on a daily price close basis:

Gold daily price chart, 4 4 20.

The month of March has yielded incredible volatility in commodity markets and the gold market did not escape it. Note, however, that somehow the price managed to stay above the late 2018 lows. Its rallied more than halfway back to the early March high and seems poised to retake a level back above the Ichimoku cloud. Its almost there.

Gold looks like this when viewed on a weekly basis:

Gold weekly price chart, 4 4 20.

This is the price chart of an uptrend that remains in place. The March dip took it below the November/December lows, but never sagged into or below the up trending Ichimoku cloud. This, despite the extraordinary massive levels of selling as indicated by the red volume bars for the period, seen below the price chart.

So, during the stock market sell-off and with government bonds yielding next to nothing (in return for safety) and with the price of oil in free fall, to which might investors turn: gold or bitcoin?

So far, Id say the precious metal, but who knows what the future holds especially in this strange and uncertain time. Under these circumstances, no matter what, I would be cautious about declaring anything a store of value.

I do not hold positions in these investments.No recommendations are made one way or the other.If you're an investor, you'd want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.

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The Price Of Gold And The Price Of Bitcoin - Forbes

For all of its revolutionary potential, Bitcoin remains a work in progress. Its long, and often contentious development has been the subject of immense debate among both supporters and critics. Several emerging steps along its march to completion will soon become game changers on the move toward mass adoption.

Increasing network capacity is crucial for Bitcoins long-term success. Finding a workable scaling solution has been by-far the most difficult and contentious challenge faced by Bitcoin advocates.

The adoption of Segregated Witness (SegWit) enabled the creation of the Lightning Network (LN), which in theory solves the scaling problem. However, LN use has been anaemic since its launch. Apps and wallets that use the protocol are not user friendly, and it remains more of a novelty than a core function of the platform.

This fact may soon change as the network grows. Presently, daily transaction levels are low enough for all to easily move on-chain without help from the LN. Bitcoin will begin to see problems once daily volume is roughly double what it is now, which is all but certain to happen. At that point fees and slowing confirmation times will make using the LN far more attractive.

There are other scaling solutions in the works as well. Liquid, promoted by Blockstream, is growing rapidly. In fact, as Longhash recently pointed out, more Bitcoins are tied to Liquid than the LN at the time of writing:

Critics have long derided Bitcoin for lacking true privacy, as every transaction can be tracked on the chain. Many altcoins, such as Monero, Zcash, and Dash seek to solve this shortcoming through a variety of obfuscation features.

Bitcoin developers have been hard at work on this issue for several years. One solution, known as bulletproofs, uses what are known as zero knowledge proofs. These enable senders and receivers to prove that they know the value of a transaction without revealing how. Thus, transactions can be sent and confirmed privately.

Other ways to ensure private Bitcoin transactions are also under development. It remains too early to know which will become the standard, yet there is little doubt that the flagship cryptocurrency will soon enable fully confidential use. How this will tie in with future international regulations however, remains to be seen.

The ability to move blockchain assets across the various platforms has long been a major goal of crypto developers. Various incarnations of this ability have been worked on over the years, the most notable of which are Atomic Swaps.

Perhaps the strongest demand is to create functionality between Bitcoin and Ethereum. In fact, Vitalik Buterin recently tweeted about this issue:

Among the most promising is the Nerve network, which is part of the Nuls ecosystem. The Nuls technical team has just released a whitepaper that outlines how Nerve will enable a degree of interoperability between Ethereum and Bitcoin. Cosmos and Polkadot are two other platforms also working on similar projects.

The most important takeaway from these developments is the fact that Bitcoin is far from complete. Many changes will soon dramatically increase its functionality and potential for use on a mass scale.

What do you think is Bitcoins most important development going forward? Add your thoughts below!

Images via Shutterstock, Twitter @VitalikButerin @longhashdata

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3 Major Developments That Will Change How You Use Bitcoin - Bitcoinist

The last 24 hours were very exciting for cryptocurrency buyers. Bitcoin (+2.77%) has finally entered into the $7K territory, and it, even, went momentarily through our $7,400 target. But the best performer among the top coins was Ethereum (+13.27%), followed by Tezos(+11.56%) and Eos(+10.97%). Overall, the cryptocurrency market had a great day, with an average gain of 8.9%. The Ethereum-token sector behaved particularly well, with LINK(+11.96%) leading gains among the top capitalized, followed by MKR(+8.56%) and BAT(+8.18%).

The Market capitalization of the crypto sector moved back to the $200 billion range and is currently $203.558 billion, on a 24-hour volume of $57.29 billion(+84.3%), whereas, the dominance of Bitcoin descends slightly to 64.53%.

Boris Johnson is the first political leader that needs an ICU as a consequence of the SARS-CoV-2 infection. The U.K Prime Minister has been transferred to the intensive care unit of London's Saint Thomas Hospital, diagnosed with COVID-19 ten days ago. Johnson's deteriorating health was confirmed by Downing Street sources, according to the BBC, contradicting the government's previous reports that Johnson's condition was "mild."

A new quantum computer is said to boast 1 million qubits, significantly surpassing Google's most powerful device, which currently has 53 qubits. The computer is being developed by PsiQuantim Corp., with headquarters in the Silicon Valley. The project aims to develop a commercial photon-based quantum computer, and it has already raised over $200 million from investors.

Bitcoin has moved up after yesterday's breakout of the $7000 level and moved as we had envisioned towards the $7,400 level, which is acting as a resistance level. We see its price making a doji near the +3SD Bollinger line, so we think it is slightly overbought, but also, it shows that the bullish momentum is strong. Thus, we believe it has room to continue moving to the $7,700 level.

Support

Pivot Point

Resistance

6,550

6,800

7,400

6,180

7,700

5,850

8,050

Ethereum buyers have boosted ETH's price after yesterday's breakout from the wedge structure. Buyers had enough strength also to pierce through several resistance levels and bring its price to the $170 range. ETH also made a doji while touching the +3SD line, but the momentum seems still strong enough to challenge the $180 level and to continue climbing into that range.

Support

Pivot Point

Resistance

142.00

150.00

152.00

128.00

165.00

119.00

180.00

Ripple has finally found buyers. After the breakout of the triangular structure, the price went straight up and pierced through the upper side of the wedge, the $0.19, and $0.2 levels. Now it is in a zone of the previous consolidation, this it will be more difficult for the price to continue straight up. Right now, XRP is a bit overbought and with strong upward momentum, so it is possible the upward movement would continue a bit further up, but it would not surprise a sideways action for a while, also.

Support

Pivot Point

Resistance

0.1700

0.1800

0.1900

0.1600

0.2000

0.1600

0.2070

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Bitcoin rallies but ethereum rocks! - FXStreet

The Bitcoin price (BTC) has recovered strongly from $5,200 to $7,200 in the past two weeks, despite the declining appetite for high-risk assets including single-stocks and cryptocurrencies.

One prominent trader predicted the entire price movement of Bitcoin since its initial drop from $10,500 to sub-$6,000, and in the medium-term, the digital assets trend remains gloomy.

Crypto market daily price chart. Source: Coin360

PentarhUdi, a well known technical analyst and trader who has deftly predicted multiple Bitcoin market cycles in the past, initially estimated that Bitcoin price would plunge from $10,500 to $5,800 in the first week of February.

On February 10, 2020, the trader explained that based on candlestick wicks, $10,500 was technically a lower low at a macro level and given that this level was a historically heavy resistance, a drop to $5,800 was highly probable.

Citing PentarUdis $10,500 to $5,800 prediction, crypto whale and Bitfinex trader Joe007 said:

There is one, and only one, TA analyst in the world that I really respect, and just today, a few hours ago, he came up with this piece of analysis.

Due to a significant selloff in the U.S. stock market and the worsening Coronavirus pandemic that has since swept across the U.S. and Europe, the price of Bitcoin over extended its downtrend and fell to $3,600 on crypto futures exchanges.

The fact that buyers quickly stepped in to buy the dip and pushed the price from $3,600 to $5,200 led PentarUdi to suggest that Bitcoin price is likely to rally to $8,500 over the short term.

PentarUdi stated:

This should bounce up from weekly sma 200 ($5,200) up to daily sma 200 ($8,500). Break up of the upper trend line invalidates this bearish count. I remind this is a hypothetical bearish outcome of previously published ideas.

As a note of caution, PentarhUdi warned that as a result of the current global financial panic, Bitcoin is still likely to fall below $3,000 after rebounding past $8,000.

According to the trader:

I got a bearish target between $1,800 and $2,500. In this case weekly 200 SMA will be broken and become resistance. Many times and affords will require to break it up and make it support.

BTC-USDT daily chart. Source: TradingView

In short, Bitcoin price is currently seeing a relief rally to the 200-day SMA, a point which has acted as a strong resistance area throughout the past several years. Yet, there is a strong possibility that the entire rally becomes susceptible to a deep correction.

With instability in the global equities market and dire warnings from governments that the novel Coronavirus pandemic could potentially lead to increased deaths over the next several months, a recovery to $8,500 could still be a bull trap.

On March 29, Anthony Fauci, the director of the U.S. National Institute of Allergy and Infectious Diseases said that the Coronavirus could potentially lead to 200,000 fatalities.

If efforts to contain the outbreak in the U.S. and Europe fail and the development of a vaccine takes 12 to 18 months, the sentiment in crypto and equities markets could take an even deeper bearish turn.

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$8.5K Then $3K This Traders Bitcoin Price Call Is Playing Out - Cointelegraph