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Bitcoin Cash Price Prediction: BCH/USD Rejected at $252; Price Tests $241 Support

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BCH Price Prediction – October 17

The Bitcoin Cash (BCH) retreats to test $241 support ahead of the breakout to $300.

BCH/USD Market

Key Levels:

Resistance levels: $260, $270, $280

Support levels: $225, $215, $205

BCHUSD – Daily Chart

Despite maintaining a bullish movement for the past few days, it looks like BCH/USD is looking to slow down and settle around the $230 level. The market continues to follow the downtrend today, touching its lowest daily level at $241.06. However, the current movement of the coin in the market is below the normal expectations of traders.

Where is BCH Price Going Next?

BCH/USD is currently trading at $243; the daily chart shows that the coin is trading below the 9-day moving average within the ascending channel but yet to reach the 21-day MA. At the time of writing, the market price nosedive and remains below the 9-day moving average as it continues to issue a sell signal as the RSI (14) moves below the 55-level.

However, a minimum swing may likely push the market to a $230 level of support. Exceeding this level could take the bears to $225, $215, and $205 levels by crossing the lower trend line of the channel. Meanwhile, a high swing may likely take the bulls to a key resistance level of $250. Above this, the coin can possibly trigger a bullish rally which may take the price to $260, $270, and $280 resistance levels.

When compares with Bitcoin, the daily chart reveals that the bears are focusing on the downtrend. However, the recent negative signs reveal that the trend may continue to go down if the sellers are given a chance to continue to pump more pressure into the market.

BCHBTC – Daily Chart

More so, as the RSI (14) signal line nosedives below 49-level, if the buyers can hold the support of 0.021 BTC, the market price may likely continue an upward movement, pushing further can take it to the resistance level of 0.023 BTC and 0.024 BTC but a retest could lower the price below the moving averages, which may likely push it towards the supports of 0.020 BTC and 0.019 BTC respectively.

Source: https://insidebitcoins.com/news/bch-usd-market-15

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Bitstamp appoints Gemini’s former managing director as new CEO

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One of the oldest crypto exchanges, Bitstamp today announced that it has appointed Julian Sawyer as the firm’s new CEO, who was Gemini crypto exchange’s Managing Director for Europe. Sawyer will be taking over from Bitstamp founder, Nejc Kodrič, who will now remain as a member of Bitstamp’s Board of Directors, in a non-executive role. Bitstamp said they chose Sawyer after a global search to find Nejc Kodrič’s “successor.” This idea took root after Kodrič himself decided to transition into a “less hands-on role” after being with Bitstamp for the past nine years.

Bitstamp’s new CEO, Sawyer, is also an advisor to the board of the leading Australian challenger bank. His previous roles began in traditional finance as the co-founder of Starling Bank, where he served as Chief Operating Officer until 2019. According to Bitstamp: 

Julian’s expertise in the complexities of global finance makes him uniquely suited to lead Bitstamp into its next chapter. He understands the possibilities that cryptocurrency holds for the world and how to integrate it with existing financial structures. 

Sawyer will be joining the Bitstamp team at a time of the firm’s rapid developments among which its implementation of a new matching engine built by Nasdaq had grabbed headlines. With this move, Bitstamp became the first major fiat to crypto exchange with a matching engine that would be on par with traditional exchanges.

The exchange had also been in news for the listing of GBP in May this year which followed the listing of other digital assets. According to data from CoinMarketCap, Bitstamp is the sixth largest crypto exchange in terms of trading volume while Sawyer’s ex-employer Gemini ranked 22nd on the list, at the time of writing.  

Source: https://eng.ambcrypto.com/bitstamp-appoints-geminis-former-managing-director-as-new-ceo

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Trail of Destruction: Bitcoin’s $13,000 Rally Liquidated $360m in Short Positions

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  • Bitcoin’s price has stabilized at just below $13,000 following its immense surge seen yesterday
  • The cryptocurrency has been flashing continued signs of strength as of late, and its ability to maintain its recent gains is decisively bullish
  • While looking back on the aftermath of yesterday’s move, its magnitude and influence over the market grows clear
  • According to one data platform, a total of $360 million in BTC short positions were liquidated throughout the course of the rally
  • Traders are now actively jumping into positions, with open interest for Bitcoin surging past $4 billion

Bitcoin and the entire crypto market have been caught in the throes of a strong bull trend throughout the past few days.

Although Bitcoin kicked off this bull trend in the absence of altcoins rallying, smaller digital assets are now catching up.

While speaking about the effects this latest push towards $13,000 had on the underlying market, one research firm noted that it was a bloodbath for bears.

In total, $360 million in short positions were liquidated.

Its price is now rapidly ascending back towards $13,000 despite a slight rejection here earlier, and it does appear that further upside could be imminent.

Bitcoin Maintains Recent Gains; Enters Consolidation Phase 

At the time of writing, Bitcoin is trading up marginally at its current price of $12,850. This is around where it has been consolidating in the time following its massive surge up to highs of $13,200 yesterday afternoon.

This movement’s intensity throughout the past couple of days suggests that Bitcoin truly is entering a full-fledged bull market and may indicate that further gains are right around the corner.

For it to rally higher, however, it is imperative that bulls firmly surmount $13,000.

Data Shows Over $300 million in BTC Shorts Were Liquidated Yesterday

While sharing insights into the impacts of the recent rally on the markets that underpin BTC, one data platform observed that over $300 million worth of Bitcoin short positions were liquidated.

They also note that open interest is once again surging, now sitting above $4 billion for the first time in quite a while.

“Bitcoin yesterday, a summary – Price hit $13,250 – Open interest above $4 billion – One of the most intensive trading day over the last 5 months. $30 BILLION traded on [the futures] markets! – Shorts worth $360 million got liquidated.”

Growing open interest following this surge indicates that further volatility could be imminent in the coming days and weeks ahead.

Featured image from Unsplash.
BTCUSD Pricing data from TradingView.

Source: https://bitcoinist.com/trail-of-destruction-bitcoins-13000-rally-liquidated-360m-in-short-positions/?utm_source=rss&utm_medium=rss&utm_campaign=trail-of-destruction-bitcoins-13000-rally-liquidated-360m-in-short-positions

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HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds

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As Bitcoin price recorded a new yearly high, most of the participants in a recent survey shared that they hold the majority of their holdings in Bitcoin rather than altcoins.

Bitcoin traders are basking in profit as October turns out to be a good month for BTC.

46% Of People Allocate More Than 50% To BTC

Crypto commentator and analyst Josh Rager took to Twitter to ask crypto users how much of their portfolio is allocated to Bitcoin. Voters had to choose from one of four options that best describe their portfolio.

The result of the poll was quite interesting. As much as 35% of traders revealed they dedicated less than 10% of their portfolio to the most valuable cryptocurrency. This category is bullish on altcoins and had the highest number of votes in the poll.josh_rager_poll

A total of 23.2% maintained that Bitcoin holds a significant percentage in their portfolio. According to the results, these people dedicate between 51% to 89% of their portfolio to Bitcoin.

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The third-highest category consists of Bitcoin maximalists who are very bullish on Bitcoin. These voters, which made up 22% of the poll result, said that 90 to 100% of their portfolio is allocated to the king coin.

Lastly, the fourth category, consisting of 18% of voters, said they allocate between 11 to 50% to BTC.

In other words, almost 46% of the respondents shared that they hold over half of their portfolio in Bitcoin rather than altcoins.

Bitcoins Hits $13,200, Altcoins Suffer

Elsewhere, altcoins have been experiencing terrible nightmares since last month. An earlier report suggested that Bitcoin’s fresh surge is crushing both altcoins’ prices and market dominance.

At the time of writing, Bitcoin has blasted through important resistance levels, reaching a fresh 2020 high of $13,217 on Binance. The cryptocurrency now holds a market dominance of about 61%.

Although the speculation around is the current surge is caused by money flowing from altcoins into Bitcoin, a fresh analysis debunked has debunked that. As CryptoPotato reported, Bitcoin’s rising value is likely caused by new money entering the crypto market.

Moreover, the latest surge seemed to be primed largely by the news that PayPal, the world’s largest online payment processor, will start allowing users to buy, sell, and hold Bitcoin and other cryptocurrencies.

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Source: https://cryptopotato.com/hodlers-most-crypto-investors-hold-majority-in-bitcoin-over-altcoins-survey-finds/

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