Cover image via http://www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Although Bitcoin did not decide whether to move up or down, altcoins took this chance to show significant growth. Almost all the top coins outperformed BTC in terms of price growth.

Below are the key data of Bitcoin, Bitcoin Cash, Bitcoin SV, and EOS.

Name

Ticker

Market Cap

Price

Volume (24h)

Change (24h)

Bitcoin

BTC

$146 267 576 343

$8 056,92

$29 060 633 800

2.45%

Bitcoin Cash

BCH

$4 787 962 232

$262,83

$3 149 389 094

8.29%

Bitcoin SV

BSV

$2 854 122 412

$157,96

$2 241 822 967

25.97%

EOS

EOS

$2 814 563 318

$2,97

$2 981 085 025

7.93%

BTC/USD

Despite the fact that the price of the leading crypto risenby only 2.58% over the last day, the growth over the weekend amounted to almost 10%.

Looking at the 4H chart, Bitcoin is facinga rollback after a sharp rise from the level of $6,850. Currently, it is trying to fix the area at $8,036 which corresponds to 78.6% according to Fibonacci retracement.

Must Read

However, if the bears continue to push the rate deeper, the next stop will be $7,796 (61.8%). This point is supposed to be a reversal point of the short-term bullish trend.

At press time, Bitcoin is trading at $8,026.

BCH/USD

Bitcoin Cash has shown spectacular growth. The coin rate has rocketed by more than 40% since the beginning of 2020.

From a technical point of view, BCH has found a local high at $280, however, the current rise is not the end of a bearish trend. There is no accumulative volume, so it can be considered as a pump, rather than a trend reversal. In this case, the nearest price prediction is a correction to the closest support at the level of $245.

At press time, Bitcoin Cash is trading at $263.33.

BSV/USD

Bitcoin SV is the biggest gainer out of the top coins. The price has jumped over 25% over the previous day. The overall growth over the weekend has constituted more than 50%.

Bitcoin SV resembles Bitcoin Cash in terms of the trading patterns as its growth cannot also be considered as a start of the bullish trend. Applying the Fibonacci retracement, BSV is likely to face a correction to the level at $139 (61.8%). Such a scenario is about to happen in the nearest days.

At press time, Bitcoin SV is trading at $159.32.

EOS/USD

EOS is also among the top gainers. The growth of the coin has made up 8.15% over the previous day.

According to the chart, the current growth looks more 'natural' than the price rise of Bitcoin SV and Bitcoin Cash as the trading volume indexincreases correspondently. The current growth may continue to $3.05 where the resistance of the Bollinger indicator is located. From that point, we can expect a drop to support at $2.90

At press time, EOS is trading at $3.006.

Read more from the original source:
Bitcoin (BTC) Whale Moved 5000 BTC to Poloniex, 'Shuffling Funds' Suspected by Analysts - U.Today

As Bitcoin (BTC) enters another bull-and-bear fight, ranging between $7,800 and $8,000, crypto Twitter traders are warming up to a bullish attitude.

Leading social media names have returned with a bullish attitude to bitcoin price moves, as the coin is now battling out new support levels.

DonAlt, @CryptoDonAlt, is long and strong right now, and skeptical of bearish traders. BTC is still moving to test resistance levels, and a close below $7,500 may mean a more bearish attitude. But for now, bitcoin may mock bears, believes DonAlt.

Others still believe bitcoin is yet to show its mettle, and say the bullish move is still uncertain. There are still levels where a bitcoin dip will be bearish, but right now, the leading asset still has multiple chances of breaking upward. Luke Martin, @VentureCoinist, is optimistic of a bull run now that bitcoin has closed above the $7,600 level, and is en route back to $8,100.

CryptoBirb, @crypto_birb, sees logic in taking a long position. Based on chart analysis, shorting bitcoin right now would be a disaster. BTC already caused short position liquidations this week as it rallied above $7,500 to peaks above $8,300. He calls the current setup a textbook long opportunity.

This potential for long positions paying out is still remaining, as the bitcoin chart suggests for CryptoBirbs analysis.

Bullish attitudes are somewhat subdued this time. Prices may continue to move within a range, with rapid rallies seemingly a thing of the past. But in early 2020, bitcoin may avoid a dip scenario, and regain some of the positions lost in the last quarter of 2019.

Josh Rager, @Josh_Rager, is cautiously bullish after the latest close. He urges traders to remain patient as bitcoin oscillates between the current range high and low. Once we see a clear breakout above either level, we should have a much stronger confirmation of bitcoins short-term direction.

Altcoins may also be entering the game, as Litecoin (LTC) jumped in the past day. The bullish attitude for Willy Woo, @woonomic, envisions a bitcoin rally to follow after a Litecoin spike. This is looking particularly promising right now as Litecoin is currently up 9% (at time of writing), and climbing.

For now, the exact time frame of the bull run is unknown. But those bullish attitudes arrive at a time when bitcoin also broke the expectations of a dip to $5,000 in January. The bullish attitudes see BTC cruise at a higher level.

The prices above $7,000 are also extremely positive for miners, who are trying to eke out the last 12.5 BTC block rewards before the halving around May 15. Past predictions usually envision the halving as having as preceding dramatic BTC rallies. But for now, the halving and peak mining activity, as well as robust futures trading, manage to keep BTC within a higher range within a shooting distance of five-digit prices.

What do you think about the potential of BTC for a bullish move? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @Woonomic @Josh_Rager @CryptoDonAlt @Crypto_birb @VentureCoinist

Continue reading here:
5 Top Crypto Twitter Traders Are Bullish on Bitcoin Right Now - Bitcoinist

The cryptocurrency market mounted a crazy recovery on Friday. Bitcoin, Ethereum, XRP, and all the rest of the altcoins surged higher, rallying to prices not seen since days earlier.

While this was notable in and of itself, with BTC managing to retake the $8,000 price point on a daily basis in a move benefiting bulls, one weird trend was spotted: all Bitcoin forks, from the Cash (BCH) and Satoshi Vision (BSV) variant to the more obscure Diamond fork, saw a stellar surge in prices. Just look to the data from CoinMarketCap below, which shows that four forks (five really, as Dash is technically a Bitcoin fork) have absolutely exploded higher.

BSV gained a jaw-dropping 40%, while BCH, the largest fork of the original Bitcoin chain, registered a 14% surge.

While this sudden surge higher has convinced many investors of the bull case for these altcoins, there is a key reason why the rallies in the price of Bitcoin Cash and other forks may not last on a medium-term scale.

First, we must break down why BCH has seen such stellar price action over the past 24 hours.

As reported by NewsBTC, the forks rocketed higher on news that Dr. Craig S. Wright, the Australian cryptographer and coder that claims to be the creator of the Bitcoin chain, had submitted documents in a court case that suggest he has control of a third Tulip Trust, which may hold a vast sum of BTC, likely in the billions of dollars worth of the cryptocurrency.

The idea with the Bitcoin forks surging on this news: if Wright actually has the funds and gains control of them, he would dump the BTC on the market en-masse while pushing the price of the forks higher. This is more fact than speculation because the self-proclaimed Bitcoin creator has only many times claimed he intends to crash the Bitcoin market to benefit his fork.

With that established, we can now convey the one key reason that suggests the jaw-dropping rally in the price of Bitcoin Cash and Bitcoin Satoshi Vision wont last: the upcoming block reward reduction events, known as halvings, for these forks.

While they are altcoins with their own blockchains, both BCH and BSV also have the halving function locked into their protocols, just like Bitcoin. Analysts expect Bitcoins next halving will push the price of BTC higher, though for the halvings for BCH and BSV to potentially lead to their ultimate demise.

Benjamin Celermajer of Coinmetrics and Magnet Capital recently broke down on why he thinks this is the case in an extensive thread on Twitter.

First, he noted that due to mining shenanigans, BCHs block height, meaning the number of blocks in the chain, is thousands more than that of BTC. While this may seem negligible, Celermajer noted that this discrepancy in the block heights of BTC and BCH will likely lead miners of the latter chain to abandon it for BTC due to profitability concerns. The analyst explained:

In April, when miners start receiving half the BCH and BSV rewards they currently receive, their profits will half (unless price doubles). This will lead to miners switching to mine Bitcoin which will not have a reduction in profitability until May.

This simple dynamic, he wrote, is likely to create massive market fear and capitulation among the investors of the two key forks, potentially leading to their short term and longer term demise.

Excerpt from:
This Key Reason is Why Bitcoin Cashs Sudden 14% Rally Wont Last - newsBTC

Cover image via http://www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Although Bitcoin did not decide whether to move up or down, altcoins took this chance to show significant growth. Almost all the top coins outperformed BTC in terms of price growth.

Below are the key data of Bitcoin, Bitcoin Cash, Bitcoin SV, and EOS.

Name

Ticker

Market Cap

Price

Volume (24h)

Change (24h)

Bitcoin

BTC

$146 267 576 343

$8 056,92

$29 060 633 800

2.45%

Bitcoin Cash

BCH

$4 787 962 232

$262,83

$3 149 389 094

8.29%

Bitcoin SV

BSV

$2 854 122 412

$157,96

$2 241 822 967

25.97%

EOS

EOS

$2 814 563 318

$2,97

$2 981 085 025

7.93%

BTC/USD

Despite the fact that the price of the leading crypto risenby only 2.58% over the last day, the growth over the weekend amounted to almost 10%.

Looking at the 4H chart, Bitcoin is facinga rollback after a sharp rise from the level of $6,850. Currently, it is trying to fix the area at $8,036 which corresponds to 78.6% according to Fibonacci retracement.

Must Read

However, if the bears continue to push the rate deeper, the next stop will be $7,796 (61.8%). This point is supposed to be a reversal point of the short-term bullish trend.

At press time, Bitcoin is trading at $8,026.

BCH/USD

Bitcoin Cash has shown spectacular growth. The coin rate has rocketed by more than 40% since the beginning of 2020.

From a technical point of view, BCH has found a local high at $280, however, the current rise is not the end of a bearish trend. There is no accumulative volume, so it can be considered as a pump, rather than a trend reversal. In this case, the nearest price prediction is a correction to the closest support at the level of $245.

At press time, Bitcoin Cash is trading at $263.33.

BSV/USD

Bitcoin SV is the biggest gainer out of the top coins. The price has jumped over 25% over the previous day. The overall growth over the weekend has constituted more than 50%.

Bitcoin SV resembles Bitcoin Cash in terms of the trading patterns as its growth cannot also be considered as a start of the bullish trend. Applying the Fibonacci retracement, BSV is likely to face a correction to the level at $139 (61.8%). Such a scenario is about to happen in the nearest days.

At press time, Bitcoin SV is trading at $159.32.

EOS/USD

EOS is also among the top gainers. The growth of the coin has made up 8.15% over the previous day.

According to the chart, the current growth looks more 'natural' than the price rise of Bitcoin SV and Bitcoin Cash as the trading volume indexincreases correspondently. The current growth may continue to $3.05 where the resistance of the Bollinger indicator is located. From that point, we can expect a drop to support at $2.90

At press time, EOS is trading at $3.006.

See the rest here:
Bitcoin's (BTC) Share of Mining Rewards Is Close to Pre-Ethereum (ETH) Levels - U.Today

Voting has opened for the 2020 NBA All-Star game. With fans able to decide the players they wish to see take the court, there is an opportunity for the leagues biggest Bitcoin proponent to take to the court during the prestigious weekend.

Spencer Dinwiddie plays point guard for the Brooklyn Nets and is hopeful of selection for the All-Star Game. The 26-year-old basketball star has also been investing in Bitcoin since 2017 and has been a vocal advocate of blockchain technology since.

Over the years multiple sports stars and franchises have professed an interest in Bitcoin and cryptocurrency. As NewsBTC previously reported, Russel Okung, the offensive tackle for the LA Chargers, has hosted his own Bitcoin conference. Meanwhile, the NBAs Sacramento Kings started a cryptocurrency mining initiative from within its high tech stadium.

Another big name from American sports is also a fan of Bitcoin. Describing himself as a tech guy with a jumper, Spencer Dinwiddie of the Brooklyn Nets, is currently in the process of organising the tokenisation of his own contract. Forbes reported on the NBA first earlier today.

In a video promoting the investment opportunity, posted to Dinwiddies Twitter today, the basketball star stated that, despite previous objections from the league, he was going ahead with the launch of security tokens representing his current contract. The sale will begin on January 13.

The date is significant not only because of the launch of the so-called Spencer Dinwiddie bond but also because it marks just one week left of voting for who will represent each team during the much-hyped NBA All-Star Game. As something of an incentive to both vote for him and for accredited investors to buy shares in his contract, the Brooklyn Nets player has stated that he will gift all of his teammates Bitcoin if the sale is successful and hes voted into the game.

Spotting an opportunity to get Bitcoin exposure during the celebrated NBA All-Star Weekend was Anthony Pomp Pompliano. The podcaster and founder of Morgan Creek Digital Assets has encouraged his followers to head over to the NBA website and vote for Dinwiddie to be the Eastern Conferences starting point guard.

If the Bitcoiner is to take to the court during the NBA All-Star Game, held during the weekend of February 14 -16, he is going to need a fair bit more support. According to a tweet posted yesterday by basketball journalist Howard Beck, Dinwiddie is outside of the top ten Eastern Conference guards. However, the support of Bitcoin Twitter going into the last week of voting could well change that.

Related Reading: Why Analysts Think Bitcoin Price On Verge of Crash to $6,000

Go here to see the original:
Bitcoin Could Take Centre Stage at the 2020 NBA All Star Game, With Your Help - newsBTC

Bitcoin is often called digital gold, which led many to assume that the two assets are correlated in some way, but recent research has debunked such theories.

Whenever someone starts researching the cryptocurrency space at all, it does not take long before they run into the phrase digital gold. which is one of the most common ways people speak of Bitcoin. Some even believe that Bitcoin will become so highly-priced someday, that it will replace gold as a store of value.

However, while the two assets are often compared and talked about in the crypto space, recent research confirmed that they are not actually correlated. This is something that experts have been claiming for a long time, although many used to believe otherwise.

An incident such as the recent conflict between the US and Iran saw the prices of gold and Bitcoin surge together, as investors started buying these assets in fear of an economic crash. However, after studying long-term data, researchers uncovered that the two assets are not in any real connection.

In order to determine whether or not there was a correlation between BTC and gold, researchers used a 90-day Spearman rank correlation calculations while using the data from Coin Metrics. The Spearman rank correlation calculation measures the price correlation by assigning three values to the prices -1, 0, and 1. If the value is 1, it indicates a perfect correlation. The value of 0 means that there is no correlation between the assets. Finally, the value of -1 indicates a perfect inverse correlation.

Now, after studying the data, researchers found that the correlation between BTC and gold has been between 0 and 0.2 since 2013, meaning that there is little to no correlation between the two. In other words, any similarities between the two assets performance in the past have been coincidental, at best.

However, the data shows an interesting turn of events around October 2019, where the prices of gold and crypto were slightly inversely correlated. However, the numbers still do not indicate any real connection between gold and digital assets, and any reports claiming otherwise were just temporary developments and coincidences.

As mentioned, it is true that both gold and Bitcoin prices surged after the US attacked Iran, and claimed the life of Qasem Suleimani. However, this does not prove the correlation between the assets, but only the investors interest in assets other than fiat currencies.

In other words, it was an incident, rather than a trend, and the two assets were moving in opposite directions often enough to prove that there is no real correlation between them.

In the end, calling Bitcoin digital gold is nothing more than sentiment at this point, and while it may become more in the future, that is all it is for now.

Do you believe that Bitcoin and gold prices will move together in the future? Or do you think that Bitcoin will completely replace gold as we move on? Let us know your thoughts down in the comments.

Image via Shutterstock, Twitter: @MessariCrypto

More:
No Bitcoin and Gold Prices are Not Correlated: Research - Bitcoinist

Bitcoin SV, a somewhat controversial hard fork of Bitcoin Cash, has suddenly spiked by as much as 17% intraday following legal developments in the Craig Wright legal battle with the late David Kleiman.

However, there is one important lingering factor that could cause this rally to run out of steam and eventually lead to a lot more downside in the future.

Avid Bitcoin SV supporter and the face of the cryptocurrency, Craig Wright has long been embroiled in a legal battle with the estate of his former business partner David Kleiman. The legal turmoil has been closely followed by the cryptocurrency community at large as well as Bitcoin SV supporters.

Wright is being sued by Kleimans brother Ira for his brothers portion of the 1.1 million BTC mined by Satoshi Nakamoto the mysterious founder of the original Bitcoin that Wright claims to be.

Wright claimed in a document called Tulip Trust that the keys to the Bitcoin were inaccessible, dragging out the legal battle. Wright has since produced another document, Tulip Trust II, and just yesterday according to new court filings, a third Tulip Trust has emerged with additional information.

Its not clear as to why the emergence of a new document would get Bitcoin SV investors bullish, however, the news circulating has led to a 17% spike in the Bitcoin Cash fork.

While theres no denying the timing is coincidental, crypto assets like Bitcoin SV have been in a bear market for the better portion of two years and are at extremely oversold conditions. The gains could very well be a clear break of resistance causing a cascade of stop losses, further driving up the price. Still, news like what has emerged related to the case can often be a catalyst for large price movements.

Despite Bitcoin SV growing by over 17%, the gains are unlikely sustainable. Any time an asset goes parabolic and rallies with such significant numbers, a deep retracement almost always follows as exuberance dies down and investors come back down to reality.

In addition, Bitcoin SV mining has failed to be a lucrative process for miners, and with the assets halving coming before Bitcoins which will cut BSVs new issuance from a combined $600,000 to just $300,000 miners are expected to operate at a further loss.

Miners must sell their crypto assets when the process becomes more costly than beneficial in order to make up for lost revenues. If miners begin to take extreme losses due to the halving, a deep selloff could occur and put the assets longevity in danger.

The best hope for Bitcoin SV is that this rally continues and the price of the asset grows enough to where mining becomes a more lucrative and sustainable venture.

Read more:
Bitcoin SV Spiked 17% Today: But Theres a Key Reason Its Not Sustainable - newsBTC

Bitcoin price followed a bearish path after it failed to surpass the $8,500 resistance against the US Dollar. BTC is now approaching a crucial support near $7,750 and $7,600.

Recently, bitcoin bears took control and they were able to push the price below $8,000 against the US Dollar. Moreover, BTC settled below the $8,000 handle and the 100 hourly simple moving average.

The price is now trading below the 50% Fib retracement level of the last major rally from the $7,302 low to $8,460 high. During the decline, there was a break below a key bullish trend line with support near $8,000 on the hourly chart of the BTC/USD pair.

Bitcoin Price

The pair is now trading near a significant buy zone at $7,600-$7,750. An immediate support is near the $7,750 level. Additionally, the 61.8% Fib retracement level of the last major rally from the $7,302 low to $8,460 high is at $7,744.

The last key support is near the $7,600 area (the previous breakout zone). Both $7,750 and $7,600 are important buy zones. Therefore, there are chances of a fresh rally above the $8,000 resistance.

An initial resistance is near the $7,900 level. There is also a short term declining channel forming with resistance near $7,880 support near $7,930 on the same chart.

A successful break above the $7,900 and $8,000 resistance levels could set the pace for a decent rally. The next key resistances are near $8,180 and $8,300.

There are slight chances of a downside break below the $7,600 support. However, if the bears are successful, it could start a steady downtrend and the price might extend its decline towards $7,300 and $7,100.

Looking at the chart, bitcoin price is losing bearish momentum below $8,000, but the $7,750 and $7,600 supports are important. Overall, the price could either bounce sharply above $8,000 or tumble below $7,750 and $7,600.

Technical indicators:

Hourly MACD The MACD is likely to move into the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently declining below the 40 level.

Major Support Levels $7,750 followed by $7,600.

Major Resistance Levels $7,880, $8,000 and $8,180.

Excerpt from:
Bitcoin Is In Steep Downtrend, But This Variable Can Trigger A New Rally - newsBTC

A sharp rise in the USDT emission perceived as a positive signal for growth, so bots start buying after such news. What happened once again indicates a growing share of algorithmic trading in the crypto sector.

As a result, Bitcoin jumped up to $8,400, where it faced severe resistance. Apart from mistaken news on USDT emission, the geopolitical tension around Iran and the U.S. began to decrease. It became clear that both sides are not interested in further escalation and markets started to return to normal functioning. For Bitcoin, this means a decline.

Besides, as the crypto market began to grow, the technical picture pointed to a significant overbought of the Bitcoin. The Relative Strength Index (RSI) was even higher than when the bitcoin rebounded to $10K at the end of October 2019, when Chinas head Xi Jinping made his famous statement related to Chinas course on the blockchain development. It is not surprising that now we are witnessing a rollback in prices. However, the cautious nature of the reversal suggests that the level of optimism is still quite high.

Several well-known traders, including Peter Brandt, still hold bullish views on bitcoin. One of the leaders in the analysis has tweeted several bullish scenarios for bitcoin in 2020. In the first scenario, we will first face bear pressure which will push the Bitcoin down to $5K and then see the rebound while the lower boundary is held. In the second scenario, we are already out of the descending channel, which lasts from the summer, and the long accumulation of the asset will be the main reason for its growth. Also, optimists are waiting for Starbucks and Bakkt to collaborate, and for bitcoin usage to increase in the real world.

This article was written byFxPro

This article was originally posted on FX Empire

See the original post here:
Bitcoin Lost Momentum, But Markets Believe In Its 2020 Outlook - Yahoo Finance

The future of cloud-based bitcoin mining is in Russia, not China, according to a new report by TokenInsight, published Friday. This overturns the common conception that Chinas the only dominant player in the bitcoin mining industry.

With cloud-based bitcoin mining, users rent a computer system owned by someone else, elsewhere, and use the computers hash power to mine cryptocurrencies. This means the user doesnt have to bother with up-front mining costslike buying a bespoke mining rig and finding a place to put it.

Through user analysis on cloud-based bitcoin mining sites, TokenInsight discovered that, though mainland China's monthly unique visitors are fairly high, those of Russia are even higher.

This reflects a strong interest in cloud mining products outside of China, Johnson Xu, an analyst at TokenInsight, told Decrypt.

Be the first to get Decrypt Members. A new type of account built on blockchain.

In fact, according to data TokenInsight pulled from SimilarWeb, unique monthly visitors from Russia were almost double that of mainland China; Russians comprised around 130,000 unique visitors, while mainland China comprised around 80,000. Next up was Ukraine, with around 56,000 unique monthly users.

The report attributes this to the ease of Russia's policies on cryptocurrency and the weather advantages brought by the cold climate.

In addition, Xu said that the bitcoin network hash rate, the speed at which the complex computational processes can generate bitcoin, is concentrated in mainland China, which potentially reduces demand for cloud-based bitcoin mining within the country. After all, why would Chinese miners bother using the cloud, when the countrys already got the infrastructure for setting up their own mining rigs?

Xu estimates that the market outside of China will become even larger due to the increased awareness of crypto mining outside of China, and the fact that markets outside China are less saturated with mining products.

For those considering investing in cloud-based bitcoin miningRussian or otherwiseone piece of advice can be inferred from TokenInsights report: Go big or go home. Around 60% of all cloud-based bitcoin mining contracts last between six months to a year, but the market is moving at such a rapid pace, that the less powerful miners quickly become unprofitable.

Most of the bitcoin mining products are unprofitable under current network difficulty and bitcoin price, said the report. This will only get worse once the block halving event occurs around May of this year, which cuts the block reward in two.

Assume that as the block reward is halved, the hashrate of the entire network is also reduced by the same proportion; less than half of the cloud-based bitcoin mining products tracked by TokenInsight cannot make a positive ROI, it added

Its clear that Russians will have to bring their A-game to thrive in the cloud-based bitcoin mining industry. And their wallet.

The rest is here:
Russia dominates the cloud-based bitcoin mining industry - Decrypt