Bitcoin moves $500K around the globe every second, says Samson Mow

Samson Mow, chief strategy officer at Blockstream, says Bitcoin was never about “transactions per second and coffee,” but about value and a “new financial paradigm.”

Blockstream’s Samson Mow wants to move the conversation away from Bitcoin’s (BTC) performance in transactions per second and toward its role in ushering in “a new financial paradigm,” that is, serving as a permissionless medium for the store and transfer of value.

Mow’s argument is that “VPTS [value transacted per second] not TPS [transaction per second]” is what really counts. Calculations for the video were reportedly made using on-chain data by the editor of the Blockstream engineering blog, who goes by “Grubles” on Twitter. The editor similarly tweeted that “Bitcoin scales just fine. 1 BTC can store an infinite amount of value.”

The video, according to a follow-up tweet from Mow, “was inspired by a stupid XRP marketing video comparing their sh*tcoin’s TPS [transaction per second] to Bitcoin’s.”

 Blockchain.com data shows that as of Dec. 1, the total estimated value of transactions on the Bitcoin blockchain was estimated at $4.627 billion. This figure hit $5.15 billion, close to its all-time-high, on Nov. 5.

Total estimated value of transactions on the Bitcoin blockchain, 2008–2020. Source: Blockchain.com

TPS has long been presented as a purported Achilles heel for Bitcoin, whose capacity maxes out at a lower threshold than competitor coins like Ether (ETH). This is notably the line taken by Bitcoin Cash (BCH) evangelists like Roger Ver, who tout the asset as a better currency for retail adoption in small-scale transactions.

Mow’s line on Bitcoin has been consistent, arguing that those who are interested in everyday transactions can use second-layer solutions like the Lightning Network. Bitcoin in itself, he says, has an altogether different purpose:

“It’s more of a store of value and a medium of wealth transfer. It’s not something you would use every day in payments. I’ve said this before, and people have twisted around and said I hate Bitcoin, but Bitcoin is bad for payments.”

Russian central bank opposes ruble-pegged stablecoins

Russia wants to follow China’s approach of banning private stablecoins pegged to its national fiat currency.

Senior officials at the Bank of Russia have come out against the issuance of private stablecoins pegged to the Russian ruble.

Sergei Shvetsov, a first deputy governor of the Russian central bank, said that the bank aims to ban private firms from offering stablecoins backed by the country’s fiat currency. 

Russian crypto developers will only be able to use the Bank of Russia’s digital ruble, Shvetsov said. According to a Nov. 30 report by local news agency Prime, the he said that this approach follows the “philosophy of the means of payment’s uniqueness.”

Shvetsov referred to China’s digital yuan-related regulations that criminalize the issuance of yuan-backed stablecoins by third parties:

“China put a blanket ban on any yuan-pegged stablecoins. I think that we are not far from that. The bank will suppress everything that is positioned as a means of payment. We proceed from the premise that the ruble is the means of payment of the Russian Federation.”

Olga Skorobogatova, another first deputy governor of the Bank of Russia, underscored the technical difficulties of issuing a digital ruble:

She said, “So far, not a single regulator has figured out how to restore rubles in case the smartphone is lost, for example, but precisely due to the fact that [...] technologies are developing, we understand for ourselves that this issue can be worked out at the second stage. [...] Technologically, this problem will have to be solved."

The Bank of Russia officially released a roadmap for the digital ruble in October 2020. According to the bank, a digital ruble should become an additional form of money alongside cash.

On Nov. 30, Sberbank — the largest state-run bank in Russia — announced its plans to launch a new blockchain platform for trading and a native token called Sbercoin. Previously, Sberbank was reportedly considering launching its own stablecoin pegged to the Russian ruble.

The Bank of Russia and Sberbank did not immediately respond to Cointelegraph’s request for comment.

Russian central bank opposes ruble-pegged stablecoins

Russia wants to follow China’s approach of banning private stablecoins pegged to its national fiat currency.

Senior officials at the Bank of Russia have come out against the issuance of private stablecoins pegged to the Russian ruble.

Sergei Shvetsov, a first deputy governor of the Russian central bank, said that the bank aims to ban private firms from offering stablecoins backed by the country’s fiat currency. 

Russian crypto developers will only be able to use the Bank of Russia’s digital ruble, Shvetsov said. According to a Nov. 30 report by local news agency Prime, the he said that this approach follows the “philosophy of the means of payment’s uniqueness.”

Shvetsov referred to China’s digital yuan-related regulations that criminalize the issuance of yuan-backed stablecoins by third parties:

“China put a blanket ban on any yuan-pegged stablecoins. I think that we are not far from that. The bank will suppress everything that is positioned as a means of payment. We proceed from the premise that the ruble is the means of payment of the Russian Federation.”

Olga Skorobogatova, another first deputy governor of the Bank of Russia, underscored the technical difficulties of issuing a digital ruble:

She said, “So far, not a single regulator has figured out how to restore rubles in case the smartphone is lost, for example, but precisely due to the fact that [...] technologies are developing, we understand for ourselves that this issue can be worked out at the second stage. [...] Technologically, this problem will have to be solved."

The Bank of Russia officially released a roadmap for the digital ruble in October 2020. According to the bank, a digital ruble should become an additional form of money alongside cash.

On Nov. 30, Sberbank — the largest state-run bank in Russia — announced its plans to launch a new blockchain platform for trading and a native token called Sbercoin. Previously, Sberbank was reportedly considering launching its own stablecoin pegged to the Russian ruble.

The Bank of Russia and Sberbank did not immediately respond to Cointelegraph’s request for comment.

Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution

Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution

Historian and senior fellow with the Hoover Institution at Stanford University, Niall Ferguson says bitcoin is winning the Covid-19 monetary revolution. Hailing the virtual currency as a great place for the rich to store their wealth, Ferguson also notes that the bitcoin’s resilience has forced critics as well as institutional investors to alter their views about the leading crypto.

Cash Use Declining

Ferguson names bitcoin basher Nouriel Roubini alongside one financial journalist as some of the critics that are now having second thoughts about bitcoin. In an opinion piece, Ferguson explains that before Covid-19 struck, a financial revolution was already underway with cash being the main casualty.

To support his belief that a financial revolution is underway, the historian says in “some parts of the world — not only China but also Sweden — nearly all payments are now electronic.” In the U.S., debit card transactions have exceeded cash transactions since 2017. While in Latin America and parts of Africa, cash is giving way to cards and mobile money.

However, Ferguson says Covid-19 has, just like what other pandemics have done in the past, accelerated the current monetary revolution. Highlighting the narrative that bitcoin is now a better hedge against inflation, Ferguson compares the digital asset with the U.S. dollar and gold.

In the comparison, Ferguson says the “dollar spot index is down 4% since Jan 1. Gold, by contrast, is up 15% in dollar terms. But the dollar price of a bitcoin has risen 139% year-to-date.”

Next, the historian explains the factors behind bitcoin’s performance as follows:

What might have taken 10 years has been achieved in 10 months. People who had never before risked an online transaction were forced to try, for the simple reason that banks were closed. Second, and as a result, the pandemic significantly increased our exposure to financial surveillance as well as financial fraud. Both these trends have been good for bitcoin.

The Digital Gold Narrative

Ferguson, who has previously argued that bitcoin will never go to zero following its plunge in late 2017 and 2018, doubles down on this argument in an updated version of his book. In the book, he states “that bitcoin had established itself as a new store of value and investment asset — a type of ‘digital gold’ that provides investors with guaranteed scarcity and high mobility, as well as low correlation with other asset classes.”

Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution

Meanwhile, the historian also addresses the embrace of bitcoin by high-net-worth individuals as well as institutional investors. The embrace has sustained a bull run which has seen bitcoin breaching previous highs. In the past, Ferguson argued that “if millionaires collectively decided to hold just 1% of their wealth as bitcoin,” the price would reach $75,000.

Ferguson acknowledges that bitcoin has three obvious defects and these include transaction costs which “are not trivial,” low transaction throughput, and its “slow” use as a means of payment. Nevertheless, these disadvantages are outweighed by two unique features of bitcoin: scarcity and sovereignty.

Do you agree with Ferguson’s remarks that bitcoin is winning the monetary revolution? Tell us what you think in the comments section.

The post Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution appeared first on Bitcoin News.

Polkadex has the Power to Revolutionize the Decentralized Exchange Concept

Throughout the year 2020, there has been a strong focus on decentralized finance. At the same time, a lot of traders flocked to decentralized exchanges, primarily those embracing the AMM model. Polkadex aims to go to the next level through its Fluid Switch Protocol. 

Decentralized Exchanges Need to Evolve

In recent months, there have been a lot of projects seemingly mimicking the successful model of Uniswap. As Uniswap remains the largest decentralized exchange in terms of trading volume, that is not entirely surprising. However, simply copying a working idea is never ideal. With dozens of platforms now using the same AMM (Automated Market Maker) model, there has been a lack of innovation in the industry. This leads to far less trading volume passing through these platforms.

This makes some people wonder if decentralized exchanges can even be the “next big thing” for trading cryptocurrencies. While the AMM model has some merit on paper, there are other options to explore as well. Combined with increasing transaction costs and slow transactions, the model of using AMM – especially on Ethereum – will become counterproductive after a while. 

Granted, I have experimented with off-chain order books, as they offer a speed increase. Unfortunately, they severely lack transparency, making it a far less prominent solution. There have to be better ways to not only maintain current liquidity, but also tap into explored sources of liquid assets. During my research, I came across Polkadex.

Why Polkadex is Different

The main selling point of Polkadex is its Fluid Switch Protocol (FSP). Unlike most DEXes, it uses an order book, but one that is fully supported by an AMM pool. This unlocks a lot of new possibilities for the future. One option is to tap into unexplored liquidity and achieve a far more efficient trading experience. 

While the Polkadex team is working on such an engine, it still requires a bit more work. That is something they can keep working on, simply because the core concept of Polkadex is good. Any incoming order is matched against the order book, but if the engine can’t find a match, it will go through the AMM pool. As a result, there is far more liquidity, as well as potential arbitrage options to be explored. 

Personally, I have incredibly high expectations for these arbitrage opportunities. Being able to access them in a completely different setting than what traditional DEXes provide today will introduce a lot of benefits for traders such as myself. One can only hope the Polkadex team will be able to build a trading engine capable of meeting expectations. 

Addressing Liquidity Restrictions

To power the Polkadex service, there needs to be ample liquidity. Traders have multiple options: either through the Polkadot-to-Polkadex parachain, or by using the Snowfork trustless bridge. This latter option bridges liquidity between the Substrate and Ethereum ecosystem. While still in development, I can see a lot of benefits in this approach. 

Having the option to lock assets on Ethereum through smart contracts and bridging liquidity to Polkadex without relying on middlemen is a game changer. It also provides traders with peace of mind, as there are no concerns regarding the exchange getting hacked or anyone accessing funds inappropriately. A more than welcome change of pace from centralized platforms, as well as the issues affecting decentralized exchanges.

Higher TPS = Better Experience

Compared to current DEXes, Polkadex will blow the competition out of the water in terms of throughput. Internal testing has shown that Polkadex can achieve 173 transactions per second, with the potential to reach 266 transactions per second at peak performance. This is on par with Binance’s trading volume, but everything happens in a completely decentralized and trustless manner. 

It has to be said, the Polkadex team is very ambitious. They expect to obtain a 5% market share from centralized exchanges and 25% market share from decentralized exchanges in the first year. That equals to $36.5 million in revenue by 2022, or $100 million in daily trading volume. Personally, I see no reason why these numbers can’t be hit. This approach is unique, extremely powerful, and seems to address issues one will experience when using other trading platforms.

Conclusion

All of the above is enough to get me excited about Polkadex already. While decentralized exchanges have potential, the stagnation in terms of innovation is unacceptable. As long as they remain focused on Ethereum, that situation will not change either. Polkadot, on the other hand, seems to be a more suitable ecosystem for higher-frequency trading. 

To make things even more interesting, the team is intent on enabling additional features. These include lending, margin trading, a dark pool, and futures and options. It makes for a complete package capable of checking all the right boxes for cryptocurrency traders and enthusiasts.

Image(s): Shutterstock.com

The post Polkadex has the Power to Revolutionize the Decentralized Exchange Concept appeared first on NullTX.

NYDIG raises $150 million for two Bitcoin investment funds

Bitcoin is becoming an increasingly “institutional asset,” according to NYDIG’s CEO.

New York Digital Investment Group has raised $150 million through two separate cryptocurrency investment funds, according to documents filed with the United States Securities and Exchange Commission on Nov. 24 and Dec. 1.

The NYDIG Digital Assets Fund I raised $50 million, while the NYDIG Digital Assets Fund II raised $100 million.

Reports suggest that the money raised by Fund I, which invests purely in Bitcoin (BTC), came from just two unnamed investors. Meanwhile, the larger Fund II is reputed to have received its entire $100 million investment from a single investor.

The new funds follow a big year for NYDIG, which announced $50 million in equity growth in October through investments from commercial and investment banks, insurance firms and asset managers. 

New York Digital Investment Group is a subsidiary of Stone Ridge, a $10 billion asset management giant.

As Cointelegraph reported, Stone Ridge recently made a Bitcoin investment of its own to the tune of 10,000 BTC. To date, that investment has seen gains of over $75 million.

There seems to be a growing trend of large businesses investing in Bitcoin, as business intelligence firm MicroStrategy made a $250 million investment into the number one cryptocurrency back in August. NYDIG CEO Robert Gutmann noticed this trend earlier this year, stating that Bitcoin is transitioning to a “predominantly institutionally-owned asset.” 

NYDIG raises $150 million for two Bitcoin investment funds

Bitcoin is becoming an increasingly “institutional asset,” according to NYDIG’s CEO.

New York Digital Investment Group has raised $150 million through two separate cryptocurrency investment funds, according to documents filed with the United States Securities and Exchange Commission on Nov. 24 and Dec. 1.

The NYDIG Digital Assets Fund I raised $50 million, while the NYDIG Digital Assets Fund II raised $100 million.

Reports suggest that the money raised by Fund I, which invests purely in Bitcoin (BTC), came from just two unnamed investors. Meanwhile, the larger Fund II is reputed to have received its entire $100 million investment from a single investor.

The new funds follow a big year for NYDIG, which announced $50 million in equity growth in October through investments from commercial and investment banks, insurance firms and asset managers. 

New York Digital Investment Group is a subsidiary of Stone Ridge, a $10 billion asset management giant.

As Cointelegraph reported, Stone Ridge recently made a Bitcoin investment of its own to the tune of 10,000 BTC. To date, that investment has seen gains of over $75 million.

There seems to be a growing trend of large businesses investing in Bitcoin, as business intelligence firm MicroStrategy made a $250 million investment into the number one cryptocurrency back in August. NYDIG CEO Robert Gutmann noticed this trend earlier this year, stating that Bitcoin is transitioning to a “predominantly institutionally-owned asset.” 

ILCOIN Launches Industry First Blockchain VR Game on Steam

Bitcoin Press Release: ILCOIN has coordinated with SYDYG to develop the first ever Blockchain VR gaming experience, called Age of ILCOIN. The game went live on Steam on the 2nd of November, 2020.  

2nd, November 2020, Dubai UAE – In an industry first, VR gaming has been combined with blockchain technology for the new stream crossover game, Age of ILCOIN

Virtual reality games are a rapidly expanding market, expected to hit $1B in revenues by the end of 2020. Powered by the Oculus device, these types of VR games are expected to double their revenues by 2024

VR Gaming Industry 

VR gaming is part of a larger trend, in which revenues for gaming reach $139 billion annually, growing by up to 9.7% year-on-year. Growth projections for this market have been estimated at $200B in annual revenues by 2022

CEO at SYDYG, Ramiro Faro Vélez had this to say about cryptocurrency and the gaming industry:

“Games are more than just fun for us. We have quite a few developments. The game provides a unique possibility for us to enter a market which we think holds great opportunity. The gaming industry is a market already worth several billions of dollars in which an effectively working blockchain technology could achieve great results since the gamers pay countless times for new experiences during the games. Why not make these transactions in cryptocurrency?” 

Age of ILCOIN

Age of ILCOIN offers players an absorbing VR experience, and blockchain-enabled game economics. The game, (which is ready for the Oculus sport) drew in work from several teams and companies, and will be announced for the Oculus app store very soon. When it does, it will be the first blockchain-powered game on Steam, adding another dimension to in-game purchases.

The game was developed under SYDYG as a project leader and owner of ILCOIN, SPECTER, FOCKAGAMES, NEON SAVAGE and the in-house ILCOIN Development Team.

Potential Console Release

The team behind Age of ILCOIN are also in advanced stage negotiations for a console release. The game’s storyline, characters and graphics emerged in collaboration with the ILCOIN core developers. In coordination with SYDYG and other creators, the blockchain team also included transaction functionalities. 

About ILCOIN

ILCOIN is a digital asset launched in early 2015, and traded on multiple exchanges. The coin has a maximal supply of about 2.5 billion, and just around a third in circulation. 

Download Age of ILCOIN today on Steam –https://store.steampowered.com/app/1474000/Age_of_ilcoin_VR__Retribution/

Media Contact Details

Contact name: SYDYG

Contact Email: business@ilconblockchainproject.com

ILCOIN is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

The post ILCOIN Launches Industry First Blockchain VR Game on Steam appeared first on NullTX.

Bitcoin hitting $200K by December 2021 is now ‘conservative’ — Willy Woo

BTC/USD is more likely to reach $300,000 in a year's time, the popular analyst says, thanks to an "amplified bullish feedback loop."

Bitcoin (BTC) hitting $300,000 in just one year’s time is “not out of the question,” popular statistician Willy Woo says.

In a series of tweets on Dec. 1, Woo stated that he has “never been so bullish” on Bitcoin’s prospects for 2021.

Woo eyes "amplified bullish feedback loop"

Discussing potential price trajectory, he confirmed that he was looking at six figures by December next year.

“My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question,” one post read.

“The current market on average paid $7456 for their coins. You all are geniuses.”

Woo used his technical Top Cap metric to deliver the forecast. Despite being what his analytics website Woobull calls “experimental,” Top Cap has accurately matched price tops in the past.

BTC/USD predictions with Top Cap extension (dotted line). Source: Willy Woo/ Twitter

Continuing, he eyed the decreasing amount of BTC held on spot exchanges as a sign that bullish price action would be catalyzed in the coming twelve months.

“I've never been so bullish for 2021,” he wrote.

“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”

Lastly, the dollar gain in Bitcoin’s market cap for each dollar invested this cycle has outpaced the 2013 and 2017 bull runs.

“All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop,” Woo concluded.

Is anyone bearish on 2021?

As Cointelegraph reported, Woo is far from alone in his optimistic outlook for post-2020 Bitcoin.

Sky-high price predictions have come thick and fast over the course of the past two months, with quant analyst PlanB’s $100,000 December 2021 estimate now looking decidedly modest.

Beyond technical circles, familiar figures such as serial investor Mike Novogratz have begun taking price predictions to the mainstream. In the case of Novogratz, he told actress Maisie Williams last month that BTC/USD would head to $20,000 and then to $65,000. Williams subsequently invested.

This week, meanwhile, a giant $590,000 price forecast came courtesy of the Realized Profit/ Loss metric, which has returned to its classic bull run launch position.

Bitcoin hitting $200K by December 2021 is now ‘conservative’ — Willy Woo

BTC/USD is more likely to reach $300,000 in a year's time, the popular analyst says, thanks to an "amplified bullish feedback loop."

Bitcoin (BTC) hitting $300,000 in just one year’s time is “not out of the question,” popular statistician Willy Woo says.

In a series of tweets on Dec. 1, Woo stated that he has “never been so bullish” on Bitcoin’s prospects for 2021.

Woo eyes "amplified bullish feedback loop"

Discussing potential price trajectory, he confirmed that he was looking at six figures by December next year.

“My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question,” one post read.

“The current market on average paid $7456 for their coins. You all are geniuses.”

Woo used his technical Top Cap metric to deliver the forecast. Despite being what his analytics website Woobull calls “experimental,” Top Cap has accurately matched price tops in the past.

BTC/USD predictions with Top Cap extension (dotted line). Source: Willy Woo/ Twitter

Continuing, he eyed the decreasing amount of BTC held on spot exchanges as a sign that bullish price action would be catalyzed in the coming twelve months.

“I've never been so bullish for 2021,” he wrote.

“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”

Lastly, the dollar gain in Bitcoin’s market cap for each dollar invested this cycle has outpaced the 2013 and 2017 bull runs.

“All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop,” Woo concluded.

Is anyone bearish on 2021?

As Cointelegraph reported, Woo is far from alone in his optimistic outlook for post-2020 Bitcoin.

Sky-high price predictions have come thick and fast over the course of the past two months, with quant analyst PlanB’s $100,000 December 2021 estimate now looking decidedly modest.

Beyond technical circles, familiar figures such as serial investor Mike Novogratz have begun taking price predictions to the mainstream. In the case of Novogratz, he told actress Maisie Williams last month that BTC/USD would head to $20,000 and then to $65,000. Williams subsequently invested.

This week, meanwhile, a giant $590,000 price forecast came courtesy of the Realized Profit/ Loss metric, which has returned to its classic bull run launch position.

Why one analyst says Bitcoin ‘is on the cusp’ of busting through $20K

The market sentiment around Bitcoin is currently mixed, but one fund manager argues that BTC may soon see a new multi-month rally.

The market sentiment around Bitcoin (BTC) is mixed as BTC price dropped almost immediately by 10% right after hitting its previous all-time high at $19,892 on Dec. 1.

Nevertheless, some analysts and fund managers anticipate the dominant cryptocurrency to rise past $20,000 in the short term. But others are adamant that there will be another correction first as seen in previous bull cycles.

Bitcoin sees a "minor" 10% drop

There are many compelling reasons to believe that a deeper Bitcoin correction is coming. In the past, multiple 30% to 40% pullback accompanied major uptrends such as in 2017. Thus, the current BTC correction of roughly 10% from the new all-time high is relatively minor by comparison.

BTC/USD weekly chart (Bitstamp). Source: Tradingview

Meanwhile, Mohit Sorout, the founding partner at Bitazu Capital, argues that Bitcoin could soon enter a bigger multi-month rally. He emphasized that the medium-term outlook of BTC remains highly positive despite the price failing to break the key psychological $20,000 barrier upon its first attempt.

Bitcoin price was rejected right before $20,000 with a strong reaction from sellers across the spot market. As Cointelegraph reported, on-chain analysts attributed the drop to a combination of miners and whales selling.

The futures market took a hit as well following the initial spot-driven sell-off. The derivatives market was already overheated before the drop reaching as high as $23,000 on the Chicago Mercantile Exchange, alongside a surging BTC futures funding rate and a record high Fear & Greed Index of 95.

Since the market was swayed towards buyers, this meant that if a minor drop occurs, the probability of a larger drop caused by cascading liquidations was high. This resulted in the drop that resulted in BTC bouncing off the $18,000 support area.

Is Bitcoin now on the cusp of a major breakout?

However, some analysts now expect BTC to break past $20,000 upon the next attempt.

Bitcoin monthly chart with RSI and DMI. Source: Mohit Sorout, TradingView.com

Specifically, Sorout pinpointed the Relative Strength Index (RSI) of Bitcoin’s 1-month chart. It shows that in spite of the recent uptrend, the RSI is at 69, which is neutral. An asset becomes overbought if it surpasses 75 on the RSI indicator. He said:

“Zoomed out & couldn't help but notice #Bitcoin is on the cusp of a truly special multi-month rally.”

Additionally, a pseudonymous cryptocurrency derivatives trader known as “Flood” echoed this sentiment. He said that a strong rally after a fakeout rally to the all-time high is not unlikely. He wrote:

“ATH fakeout followed by actual ATH would be classic. Longed $BTC here 18800.”

The possibility of a BTC price correction persists

Other traders, however, believe that the probability of a correction would continue to increase if Bitcoin consolidates under $19,000.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said that weakening momentum increases the likelihood of a pullback.

Technically, an argument could be made that the bull run of BTC is indeed overextended. After the past two minor pullbacks, lower time frame charts, like the 4-hour and 1-day charts, show Bitcoin treading closely above short-term moving averages (MAs). This signifies that BTC is not overbought on lower time frames.

However, on the weekly and the monthly chart, Bitcoin is still significantly above short-term MAs, which indicates a large correction could occur.

As Cointelegraph reported, some traders have said that a correction to around $13,000 should not come as a surprise for this reason as previous bull cycles have shown. If BTC drops further, the major support areas should be found at $13,000, $13,800 and above $15,000 on the high time frame charts.

Charted: Ripple (XRP) is Facing Uphill Task Near $0.63 and 100 SMA

Ripple started a fresh decline after it failed to clear the $0.6800 resistance against the US Dollar. XRP price is showing bearish signs below the 100 hourly SMA and facing many hurdles.

  • Ripple started a sharp downside correction from the $0.6800 resistance against the US dollar.
  • The price is now trading below the $0.6250 support and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $0.6460 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue lower unless it surpasses $0.6300 and the 100 hourly SMA.

Ripple Price is Facing Hurdles

Recently, we saw a sharp bearish reaction in bitcoin, Ethereum, and ripple against the US Dollar. XRP price broke the $0.6450 support zone to move into a short-term bearish zone.

The decline gained pace after there was a break below a major bullish trend line with support near $0.6460 on the hourly chart of the XRP/USD pair. The pair even settled below $0.6300 level and the 100 hourly simple moving average.

There was a spike below the $0.6000 support, but the price remained stable above $0.5800. The recent swing low was formed near $0.5938 and the price is currently consolidating.

Ripple Price

Source: XRPUSD on TradingView.com

An initial resistance is near the $0.6080 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.6564 swing high to $0.5938 low. The first major resistance is near the $0.6200 level and the 100 hourly simple moving average.

The next resistance is near the $0.6250 level or the 50% Fib retracement level of the downward move from the $0.6564 swing high to $0.5938 low. A clear break above the $0.6250 and $0.6300 resistance levels might clear the path for more upsides towards $0.6550 or $0.6640.

Key Supports For XRP

If there is no upside break in ripple above $0.6300, there could be more losses. An initial support on the downside is near the $0.6000 level.

The next key support is forming near the $0.5920 level, below which the price might revisit the main $0.5750 support. Any more losses could lead the price towards the $0.5200 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.6000, $0.5920 and $0.5750.

Major Resistance Levels – $0.6250, $0.6300 and $0.6550.

Bitcoin Makes US Dollar Less Relevant – BlackRock CEO

Source: A video screenshot, Youtube/CNBC While the most popular cryptocurrency, bitcoin (BTC) is still an untested territory, it possibly can evolve into a global market, and already makes the US Dollar less relevant, according to Laurence D. Fink, CEO of the world’s largest asset manager, BlackRock. He was answering a question on digital currencies during The 2020 Stephen C. Freidheim

Bitcoin and Altcoins Holding Key Breakdown Supports

Yesterday, there was a sharp bearish reaction in bitcoin price from the USD 19,900 zone. BTC declined over USD 1,500 and it settled below USD 18,800. The price is currently (05:00 UTC) trading near USD 18,500, below which there is a risk of more downsides. Similarly, there was a sharp decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and

NFT representing 5% of Monaco F1 Delta Time track auctioned for $220K

NFT-powered racing game F1 Delta Time has auctioned off a segment of an in-game track for $222,000.

A segment of a race track in F1 Delta Time, a non-fungible token-powered motorsports game from Animoca Brands, has been auctioned off for more than 9 million of the company’s REVV tokens, worth approximately $222,000. Animoca says it’s a record price for an in-game NFT.

The token, “Formula 1 Grand Prix de Monaco 2020 1A” was auctioned on NFT marketplace Open Sea, with bidding taking place from Nov. 29 until Dec. 2. The token offers its owner an "Apex” share in the game’s Circuit de Monaco track.

Similar to the way users can buy virtual land in Decentraland or The Sandbox, F1 Delta Time’s in-game tracks are fractionally tokenized for sale to the game’s players — with Circuit de Monaco comprising 330 tokens of three varying rarities: Rare, Legendary, Epic, and Apex. 

The owners of Delta Time track-NFTs earn dividends from all activity that takes place on their track, including entry fees for races and yields from “Elite Events” that require participants to stake REVV for entry.

According to their rarity, track-NFTs will earn either 5%, 7%, 13%, or 25% of gameplay fees, in addition to either 3%, 5%, 11%, or 21% of elite staking yields.

Apex tokens are of the greatest rarity and afford their owner a 5% stake in the entire in-game track. As such, the auction’s closing price implies the entire track could be worth $4.44 million

The Monaco 1A track token is the first F1 Delta Time track-NFT to be auctioned. The token was sold to ‘MetaKovan’, who also made history by purchasing a tokenized Apex race car from Animoca for $111,111 last year.

Speaking to Cointelegraph, Animoca Brands’ co-founder and director, Yat Siu, asserted the Apex token is “the most expensive gaming NFT” by fiat value.

NFTs have gathered significant momentum in recent years, with several game-based tokens garnering six-figure prices.

In September 2018, the CryptoKitties collectible “Dragon” sold for $172,000, just two months before a parcel of virtual land in Decentraland changed for hands for $215,000.

Coinbase Says It Brokered Microstrategy’s Influential $425 Million Bitcoin Buy

Coinbase Says It Brokered Microstrategy's Influential $425 Million Bitcoin Buy

U.S. crypto exchange Coinbase said Tuesday that it brokered Microstrategy’s $425 million bitcoin purchase earlier this year. Until now, it has not been clear who facilitated the deal.

Microstrategy’s first bitcoin (BTC) haul of $250 million bought in August was executed over five days, Coinbase revealed in a case study of the transactions.

The deals – done via the exchange’s brokerage unit called Coinbase Prime – leveraged human effort and trading algorithms that sliced Microstrategy’s order into 200,000 fills. Each fill averaged under 0.3 BTC in size, it said.

Cutting the main order into much smaller orders placed across several liquidity pools helped to “minimize price impact … [and] to not disturb the market” while achieving savings of $4.25 million for Microstrategy.

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of Microstrategy and did so without moving the market,” Brett Tejpaul, head of institutional sales, custody and prime services at Coinbase, said in a blog post.

Microstrategy, a Nasdaq-listed business intelligence and software company, with a market capitalization of $3.02 billion, has become a central talking point in the crypto industry since it decided to invest in bitcoin as a reserve asset, pouring in $425 million into the virtual currency.

The purchase was made in two tranches, with the second $175 million buy executed later in September. Microstrategy chief executive officer Michael Saylor has described bitcoin as “a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

It seemed Microstrategy had achieved some influence over some publicly traded companies looking for safe-haven asset alternatives outside the traditional pots such as gold. Square, the Jack Dorsey-owned firm, followed Microstrategy’s investment with a $50 million bitcoin purchase of its own.

Several publicly listed companies are now piling into BTC, which has helped the asset’s price to breach all-time highs. Coinbase is looking to cash in on institutional investors intending to make large purchases of bitcoin.

“We hope that this is an inflection point for the cryptoeconomy and look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto,” Tejpaul stated.

What do you think about Coinbase facilitating Microstrategy’s $425 million bitcoin investment? Share your thoughts in the comments section below.

The post Coinbase Says It Brokered Microstrategy’s Influential $425 Million Bitcoin Buy appeared first on Bitcoin News.

TA: Ethereum Near Inflection Zone, Why ETH Could Tumble Below $570

Ethereum traded to a new yearly high at $636 before correcting lower against the US Dollar. ETH price is showing bearish signs and it could decline heavily if there is a break below $570.

  • Ethereum started a downside correction after trading to a new yearly high at $636.
  • The price is trading below the $600 level and approaching the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower if it fails to stay above $570 and the 100 hourly SMA.

Ethereum Price is Down 4%

There was a decent increase in Ethereum above the $600 and $620 levels. ETH price even broke the previous swing high and traded to a new yearly high at $636. However, the bulls failed to gain strength, resulting in a sharp decline below $620 (similar to bitcoin).

The price broke the $600 support level to move into a short-term bearish zone. The last swing high near $620 before the price declined towards the $575 support. A low is formed near $574 and the price is currently consolidating losses.

It traded above the 23.6% Fib retracement level of the recent decline from the $620 high to $574 low. Ether is currently facing a strong resistance near the $590 and $595 levels.

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from the $620 high to $574 low sits at $597. A clear break above the trend line resistance and then $597 could start a decent increase.

The next key resistance is near the $600 level. A successful close above the $600 level could lead the price towards the $620 resistance in the near term.

Downside Break in ETH?

If ethereum fails to clear the trend line resistance and $597, there is a risk of more downsides. An initial support is near the $575 level and the recent swing low.

The main support is forming near the $570 level and the 100 hourly simple moving average. A proper close below the $570 level and the 100 hourly SMA could spark a sharp decline towards the $550 and $530 levels.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently well below the 50 level.

Major Support Level – $570

Major Resistance Level – $600

BTC Markets privacy breach exposes all customers to potential phishing attacks

Aussie exchange BTC Markets has revealed the full name and email addresses of all of its customers in a marketing email blast.

Major Australian cryptocurrency exchange BTC Markets accidentally exposed the full name and email addresses of all of its customers in a marketing email sent to each affected individual on Dec. 1.

The emails were sent in batches of 1,000, meaning that each customer was sent the name and email address of 999 other users.

BTC Markets is in the process of reporting the incident to the Office of the Australian Information Commissioner, with Bowler noting the exchange will be “taking guidance from the OAIC” on how to respond to the breach moving forward.

Speaking to Cointelegraph, BTC Markets CEO Caroline Bowler expressed the company’s “heartfelt apologies” for the incident, emphasizing that the exchange’s executives are now working around the clock to minimize the repercussions of the breach and to implement “additional security features” to prevent future information leaks.

Bowler recommended BTC Markets customers to ensure two-factor authentication is enabled to protect their account, and to change the password to their email account.

She also urged users to be wary of unauthorized attempts to access their email accounts and of phishing scams purporting to be from BTC Markets. She recommended users double check that emails from ‘BTC Markets’ are actually from addresses ending in ‘@btcmarkets.net’.

Bowler noted that the breach has not impacted the security of the exchange itself, and that no personal data aside from full names and email addresses was leaked through the email.

The promotional email was issued to announce that BTC Markets will list pairings for USDT from Dec. 3, in addition to supporting Flare Network’s Spark token airdrop on Dec. 12.

While BTC Markets will still proceed with the Tether listing and Spark airdrop, Bowler highlighted that the immediate focus of the exchange is on managing the data leak.

It was a case of bad timing for Bowler, who yesterday announced she has just joined local industry body Blockchain Australia as a board member.

New withdrawal contracts will enable Rocket Pool Eth2 staking service to launch

Ethereum developer Danny Ryan’s new proposal would unlock 80% of withdrawal use cases and allow decentralized staking service Rocket Pool to launch within months.

Withdrawal contracts for Ether staked on Ethereum 2.0 could become available as early as Q1 2021 allowing decentralized Eth2 staking service Rocket Pool to launch.

While Phase 0 of Eth2’s roll-out was launched with its Beacon Chain on Dec. 1, the 900,000 Ether deposited by stakers will not be available for withdrawal until Phase 1.5 — which is expected to arrive around early 2022.

Last week, Ethereum developer Danny Ryan introduced a new proposal that would allow for “Simple (but expressive) withdrawal contracts to be written today”.

Should the proposal be implemented, he estimates that “80% of withdrawal contract use cases will be satisfied,” but he admitted, the solution isn’t going to unlock complete functionality:

“There are potentially more sophisticated features that cannot be built with the simple scheme until Beacon Chain reads are implemented, but I would argue that most designs can be accomplished.”

Unfortunately the new contracts will not in themselves enable withdrawals, but they will allow staking pools to initiate payouts in future.

Rocket Pool is an Australian-based decentralized staking platform designed to allow hodlers with less than the mandatory 32 ETH to pool their funds for staking. In a blog post today it indicated the platform is waiting for smart contract withdrawals to be enabled before it can go live.

Founder David Rugendyke explained that since withdrawals aren’t supported in Eth2 currently, “in order to democratize staking in the current environment, projects must utilize a centralized custodian to control validator withdrawal keys.”

He added the trust issues involved with this "are not worth sacrificing our core values and risking user deposits.” Rugendyke called Ryan's proposed solution "a fantastic step" and something "we want to show massive support for!" He explained in an email to Cointelegraph:

"Withdrawals themselves won't be available until 18+ months most likely, but what will hopefully be enabled soon is the ability to specify an ETH1 smart contract address that WILL be able to receive that withdrawal in 18+ months. So it's not that you'd be able to withdraw in Q1, just specify a withdrawal address that is a smart contract, this would enable trustless staking which we are aiming to use first and foremost."

Blockchain firm Consensys has noted Ryan isn’t the only potential solution. Ethereum developer Jeff Coleman’s "Dirt Simple Withdrawal Contract" proposal also provides a solution for withdrawals. Ethereum staking service Attestant co-founder Jim McDonald’s has another proposal called "Simple Transfers of Excess Balance".

There are a variety of stop gap measures for the interim period until withdrawals are enabled. Staking firm LiquidStake has taken a different approach, allowing stakers to take out a USDC loan on their staked ETH in order to provide better liquidity to users. Coinbase has also announced support for Eth2 staking, however, they will provide the liquidity for users:

"While staked Eth2 tokens remain locked on the Beacon chain, Coinbase will also enable trading between Eth2, ETH, and all other supported currencies providing liquidity for our customers."

In the past, Ethereum co-founder Vitalik Buterin warned users of risks associated with using third-party staking services.

This story has been updated with comments from Rugendyke indicating that withdrawals will not be available for 18 months, but that the new contracts will enable Rocket Pool to launch staking.

Institutional Bitcoin Shop NYDIG Raises $150M for Twin Crypto Funds

New York Digital Investments Group (NYDIG) raised $150 million for two new funds to invest in cryptocurrencies, a move that underscores the one-stop crypto shop’s skyrocketing clout on the institutional bitcoin scene. As revealed in two U.S. Securities and Exchange Commission filings, NYDIG Digital Assets Fund I raised $50 million from institutional investors while NYDIG […]

Reuters runs the headline Bitcoiners have longed to read

Mainstream news agencies are beginning to provide positive coverage of Bitcoin, acknowledging its proper significance as an asset as the US dollar nosedives.

The U.S. Dollar Index fell sharply today, extending a 10 month losing streak that places it at the lowest point since April 2018. 

International news agency Reuters marked the occasion with a story headlined: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak”. The article noted the tumble coincided with today’s news of a second COVID relief bill being discussed in Congress and the recommencement of negotiations between the U.S. Treasury Secretary Steve Mnuchin and House of Representatives Speaker Nancy Pelosi. The piece contrasted the falling dollar with the rising price of Bitcoin which briefly surpassed all-time highs for the second day in a row on Tuesday.

“Looks like a headline from 2024,” remarked Erik Voorhees, CEO of ShapeShift and long-time Bitcoin advocate, in a tweet about Reuters’ headline. “… but I guess we should assume it won't be one headline, but many over the coming years.”

Some Bitcoiners compared the Reuters headline with that of the famed headline from The Times that is embedded in the Bitcoin genesis block: "Chancellor on brink of second bailout for banks", noting the significance of the changes between now and then.

Historically speaking, Reuters isn’t known for its positive coverage of Bitcoin, but this may be changing. Last week the news agency published a story examining the likelihood of a $100,000 price target for Bitcoin by the end of 2021, and the week before came a story about how this year’s “bubble” is different to 2017’s.

The U.S. Dollar Index is a measure of the value of USD relative to a basket of other currencies; the Euro, Japanese yen, Pound sterling, Canadian dollar, Swedish krona and Swiss franc.

Starting at a relative value of 100 in 1973, the index reached an all-time high of 151 in October 1984 and an all-time low of 71.8 in April 2008. It currently sits at 91.1 -- a low not witnessed for more than two and a half years.

The USD has also fallen relative to a number of other currencies and heavily traded assets over the years, including many commodities and stocks. The devaluation of the dollar via inflation was sped up this year by the U.S. government’s attempts to provide COVID-19 relief in the form of economic stimulus, which according to experts, is helping to drive the price of BTC to all-time highs.

Increase Your Potential Profit With the Margin 2X Feature on Remitano Invest

PRESS RELEASE. With the steady rise of Bitcoin price in recent days, this is arguably one of the best periods for Bitcoin trading and other cryptocurrencies. However, not all willing investors have enough capital to invest in the crypto market and although sometimes it is good to start small, investors who start with small capital tend to make negligible profits.

As a result, Remitano, the leading peer-to-peer cryptocurrency exchange has launched its margin trading product with 2X leverage on its Invest platform. This new feature enables both small and big investors alike to double their potential profit.

What is Crypto Margin Trading?

Margin trading is an investment feature that allows investors to invest with a capital larger than their account balance. It‘s simply borrowing more money from a P2P exchange to invest in cryptocurrency. When making use of the margin feature, the exchange will loan investors “N times” the amount available for investment. Accordingly, investors will have to pay a one-time interest on the loan.

Why only Margin 2X on Remitano?

To attract investors, lots of exchanges offer many “attractive” margin levels such as 10X, 50X, or even 100X the initial investment. This obviously comes with high-interest rates and risks in the event of a loss. Some exchanges use Margin as a trap for inexperienced crypto traders.

However, in line with its mission of making people financially happy and also to protect investors from high risks and interests, Remitano offers only Margin 2X. Remitano’s 2x Margin has the lowest interest of about 9% per year, equivalent to 0.001027% per hour.

Remitano has also implemented its Remitano invest platform with a ‘Take-Profit and Stop-loss’ feature to help investors close trades at their preferred time without having to stay glued to their device screens.

Read more about the Remitano Margin 2X and Take profit – Stop loss feature.

Remitano’s Margin 2X promises to give investors the option to double their trading capital to increase their potential profit.

From now on, trading capital will no longer be a barrier for investors. Along with the automatic take profit-stop loss feature, investors can now trade confidently without having to stay glued to their screens. In addition to the inherent advantages of Invest since its launch, it is obvious that the latest version of the Remitano Invest platform will be a smart choice for both new and veteran investors.

Increase your potential profit, Invest in cryptocurrency on Remitano now!

 

About Remitano

Remitano is a product of Babylons Solutions Limited based in Seychelles. Remitano’s purpose is to offer a robust, quality trading experience to all users as a fast-moving marketplace. With necessary safety standards in place, buyers and sellers can come together, store, trade, and withdraw assets, thus avoiding issues common to other crypto exchanges.

Launched in 2014, Remitano is a global cryptocurrency exchange serving international markets, such as Malaysia, China, Nigeria, Vietnam, Australia, Cambodia, and Indonesia.

 

Got Questions?

Reach out to Remitano via:

  • Email: team@remitano.com, marketing@remitano.com

● Socials: Facebook, Twitter, Reddit, and LinkedIn.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post Increase Your Potential Profit With the Margin 2X Feature on Remitano Invest appeared first on Bitcoin News.

TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline

Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA.

  • Bitcoin is currently correcting lower below the $19,500 and $19,000 levels.
  • The price is approaching a key support at $18,350 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200.

Bitcoin Price is Grinding Lower

There was an upside extension in bitcoin price above the $19,500 resistance. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no test of $20,000 and the price reacted to the downside.

There was a sharp decline of more than 5% and the price traded below the $19,000 level. Bitcoin found support near the $18,100 level and the 100 hourly simple moving average. A swing low was formed near $18,111 before the price corrected higher.

There was a recovery above $19,000, but the bears protected the $19,500 zone. A high is formed near $19,512 and the price is currently declining. It is trading below the 50% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

It seems like there is major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair. On the downside, the price is approaching a key support at $18,350 and the 100 hourly simple moving average.

The 76.4% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high is also near $18,400. A downside break below the $18,350 support and the 100 hourly SMA could spark a larger decline. The next major support could be $18,000 or $17,850.

Fresh Increase in BTC?

If bitcoin remains stable above the $18,350 support and the 100 hourly simple moving average, it could attempt a fresh increase. An initial hurdle for the bulls is near the trend line and $18,800.

The first major resistance is near the $19,000 level. A clear break above the $19,000 level could pump the price towards the $19,500 resistance level.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher towards the 50 level.

Major Support Levels – $18,350, followed by $18,000.

Major Resistance Levels – $18,800, $19,200 and $19,500.

TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline

Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA.

  • Bitcoin is currently correcting lower below the $19,500 and $19,000 levels.
  • The price is approaching a key support at $18,350 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200.

Bitcoin Price is Grinding Lower

There was an upside extension in bitcoin price above the $19,500 resistance. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no test of $20,000 and the price reacted to the downside.

There was a sharp decline of more than 5% and the price traded below the $19,000 level. Bitcoin found support near the $18,100 level and the 100 hourly simple moving average. A swing low was formed near $18,111 before the price corrected higher.

There was a recovery above $19,000, but the bears protected the $19,500 zone. A high is formed near $19,512 and the price is currently declining. It is trading below the 50% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

It seems like there is major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair. On the downside, the price is approaching a key support at $18,350 and the 100 hourly simple moving average.

The 76.4% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high is also near $18,400. A downside break below the $18,350 support and the 100 hourly SMA could spark a larger decline. The next major support could be $18,000 or $17,850.

Fresh Increase in BTC?

If bitcoin remains stable above the $18,350 support and the 100 hourly simple moving average, it could attempt a fresh increase. An initial hurdle for the bulls is near the trend line and $18,800.

The first major resistance is near the $19,000 level. A clear break above the $19,000 level could pump the price towards the $19,500 resistance level.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher towards the 50 level.

Major Support Levels – $18,350, followed by $18,000.

Major Resistance Levels – $18,800, $19,200 and $19,500.

TA: Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline

Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA.

  • Bitcoin is currently correcting lower below the $19,500 and $19,000 levels.
  • The price is approaching a key support at $18,350 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200.

Bitcoin Price is Grinding Lower

There was an upside extension in bitcoin price above the $19,500 resistance. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no test of $20,000 and the price reacted to the downside.

There was a sharp decline of more than 5% and the price traded below the $19,000 level. Bitcoin found support near the $18,100 level and the 100 hourly simple moving average. A swing low was formed near $18,111 before the price corrected higher.

There was a recovery above $19,000, but the bears protected the $19,500 zone. A high is formed near $19,512 and the price is currently declining. It is trading below the 50% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

It seems like there is major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair. On the downside, the price is approaching a key support at $18,350 and the 100 hourly simple moving average.

The 76.4% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high is also near $18,400. A downside break below the $18,350 support and the 100 hourly SMA could spark a larger decline. The next major support could be $18,000 or $17,850.

Fresh Increase in BTC?

If bitcoin remains stable above the $18,350 support and the 100 hourly simple moving average, it could attempt a fresh increase. An initial hurdle for the bulls is near the trend line and $18,800.

The first major resistance is near the $19,000 level. A clear break above the $19,000 level could pump the price towards the $19,500 resistance level.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher towards the 50 level.

Major Support Levels – $18,350, followed by $18,000.

Major Resistance Levels – $18,800, $19,200 and $19,500.