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Bitcoin Price Prediction: Bitcoin (BTC) Recovers From $8.9k Low, Approaches Another Key Resistance at $9.5k High

Bitcoin (BTC) Price Prediction – June 16, 2020Yesterday, Bitcoin slumped to $8,914 low and corrected upward to $9,500 high. BTC/USD pair is now facing resistance […]

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Bitcoin (BTC) Price Prediction – June 16, 2020
Yesterday, Bitcoin slumped to $8,914 low and corrected upward to $9,500 high. BTC/USD pair is now facing resistance at $9,500. The ability of the bulls to clear the $9,500 resistance will determine a fresh uptrend.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily CHart

The king coin made positive moves yesterday as bulls pushed price through the $9,000 region. Today, the uptrend is contested by the bears as BTC faces the resistance at $9,500. The bottom line is that the bulls must clear the $9,500 resistance zone for the upside range trading to commence; otherwise, a decline below $9,300 will ensue. On the upside, if the bulls cleared the $9,500 resistance zone, the next resistance will be $9,640. A retest of the $10,000 overhead resistance becomes possible once the $9,800 resistance is overcome.

Conversely, if the bulls fail to clear the $9,500 resistance, there will be a bearish reaction. BTC will resume a downward move and decline below $9,300.The king coin will continue to the $9,200 and $9,100 price levels. However, when the bears break below $9,000, a new downtrend will resume. In the meantime, Bitcoin is trading at $9,503 at the time of writing. The Relative Strength Index period 14 is at level 51. This indicates that price is in the uptrend zone. The bulls are attempting to initiate a fresh uptrend.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, Bitcoin was on a downward move after the resistance at $10,000. After the breakdown at the low of $8,914, a Doji candlestick is formed.

BTC/USD – 4 Hour Chart

This Doji candlestick indicates that the current downtrend has ended. The current trend is likely to reverse. From the price action, the market has already moved up to resume the upside range trading. Secondly, Bitcoin is above 80 % range of the daily stochastic. It indicates that the coin has reached the overbought region of the market. And that those sellers are likely to emerge to push prices down. However, in a trending market, the overbought condition may not hold.

 Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Source: https://insidebitcoins.com/news/bitcoin-price-prediction-bitcoin-btc-recovers-from-8-9k-low-approaches-another-key-resistance-at-9-5k-high

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Market Watch: Bitcoin Rejected From ATH Once Again, ETH Above $600

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Although Bitcoin was unsuccessful in breaching above $19,600, the cryptocurrency has remained above the coveted $19,000 level. Most altcoins have continued displaying an unusual lack of volatility for a second consecutive day.

Bitcoin Fails At $19,600

The primary cryptocurrency has recovered all losses since the Thanksgiving massacre when it plummeted to below $16,500. The past week has been significantly more bullish for the asset as it painted two consecutive all-time highs on some exchanges.

However, BTC failed to break above $20,000, and the rejection drove further decreases – this time, bitcoin bottomed at $18,100 on Tuesday.

The past few days have been calmer for the asset. BTC firstly reclaimed the $19,000 price tag before initiating another leg up north hours ago. The cryptocurrency tested the previous all-time high zone at $19,660 but it failed to break through and is currently trading at around $19,300.

Despite retracing with a few hundred dollars since then, bitcoin still sits above $19,000.

The technical indicators suggest that the cryptocurrency needs to overcome the first resistance at $19,700 before potentially heading towards $20,000. In case BTC is successful in breaking above it, the next resistance lines would be at $20,350, $20,970, and $21,750.

In contrast, $18,800, $18,600, $18,270, and $17,800 would serve as support if bitcoin heads south.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Relaxing Altcoins

The alternative coins, similarly to bitcoin, experienced a highly volatile week, which saw double-digit price developments in both directions.

In the past few days, though, most altcoins have calmed and displayed an unusual lack of substantial fluctuations.

On a 24 hour scale, Ethereum has gained 1% and trades upwards of $600. Cardano has also added less than 1%, and ADA is north of $0.16.

Ripple (-1%), Chainlink (-1%), Polkadot (-1.3%), and Litecoin have all retraced slightly.

heatmap
Cryptocurrency Market Heatmap. Source: QuantifyCrypto

Even the lower and mid-cap altcoins have remained relatively stagnant. The only exception is NEM, with a 20% surge to $0.25.

The other 24-hour gainers have all increased with single-digit percentages. Zilliqa leads with 8%. Ren (7.5%), THORChain (6.5%), Aave (6%), and Algorand (6%) follow.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/market-watch-bitcoin-rejected-from-ath-once-again-eth-above-600/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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Bitcoin Breaks 2017 ATH But Gets Rejected: The Crypto Weekly Market Update

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To say that this week was interesting would be an understatement. It had a little bit of everything.

Starting off, towards the beginning of the week, Bitcoin officially surged past its 2017 high and recorded a new all-time high, clocking at almost $20,000 but couldn’t really manage to surge past that point.

Naturally, as it always happens with the primary cryptocurrency, things took a turn for the exact opposite of what many were expecting. The price took a beating ad dropped to the low $18,000s in a matter of hours. This resulted in around $800 million worth of liquidations in less than 24 hours.

The bulls weren’t finished, however. They intercepted the move, and the price started recovering. At the time of this writing, Bitcoin is trading around $19,000, and it’s interesting to see where it would take from here.

Elsewhere, there was quite a bit of positive news throughout the entire week. Just yesterday, the audio streaming giant Spotify posted a job opening that revealed that it’s contemplating cryptocurrencies for payments. The acting Comptroller of the Currency in the US, Brian Brooks, said that banning crypto is not part of the country’s plans, reassuring that positive news will follow by the end of Trump’s term.

Unfortunately, the week also presented us with some bad news. As CryptoPotato reported, a large Australian exchange accidentally exposed over 270,000 customer emails in a serious privacy breach. This is not the first time an incident of this kind happens as in late 2019, BitMEX went through something similar.

In any case, the overall sentiment within the community remains overly positive. In fact, a cryptocurrency sentiment survey conducted by Kraken revealed that investors hold that Bitcoin will hit $36,000 in 2021. Will it happen? Only time will tell.

Market Data

Market Cap: $562B | 24H Vol: 139B | BTC Dominance: 62.7%

BTC: $18,915 (+13.03%) | ETH: $587.46 (+16.13%) | XRP: $0.56 (+5.61%)

Audio Streaming Mogul Spotify Considering Cryptocurrency Payments. The popular audio streaming mogul Spotify has posted a job opening that reveals its intention to potentially incorporate bitcoin and other cryptocurrencies as a means of payment. With this, Spotify follows a group of major corporations that are putting effort towards implementing digital assets in their ecosystems.

Bullish Indicator to Buy Bitcoin Has Flashed Yet Again After 5 Months. The majorly bullish indicator has flashed green once again after five months. The Hash Ribbons, as it’s referred to, preceded BTC’s rallies to $10,500 in April and the run-up to $12,500 in August. It’s interesting to see if it will be correct again and if BTC will produce yet another leg up, taking it above $20,000.

Bitcoin Arrives At Wall Street: Crypto Indexes To Be Launched in 2021 By S&P Dow Jones Indices. In another news of serious cryptocurrency adoption, the leading index provider S&P Dow Jones Indices has revealed a partnership with the crypto-based Lukka to launch cryptocurrency indexes that follow 550 of the leading coins.

Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey. According to a recent sentiment survey conducted by the popular cryptocurrency exchange Kraken, a majority of the respondents believe that Bitcoin will hit $36,000 in 2021. The same also think that Ether will clock in at a price of around $1450.

Visa Partners With Circle to Integrate USDC for Payments. The payment processing giant Visa has partnered up with Circle with the intention to integrate the USDC stablecoin within its network of merchants. The report also shared that 25 other companies involved in Visa’s Fast Track program would be included in the collaboration.

Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails. In what seems like another serious privacy breach, an Australian cryptocurrency exchange has accidentally exposed over 270,000 customer emails. This follows another mistake of the kind that happened with BitMEX in late 2019.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Source: https://cryptopotato.com/bitcoin-breaks-2017-ath-but-gets-rejected-the-crypto-weekly-market-update/

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