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Bitcoin Price Prediction: BTC/USD May Encounter a Breakout or Breakdown as Price Consolidates Between $11,200 and $11,440

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Bitcoin (BTC) Price Prediction – October 17, 2020
BTC/USD is currently in consolidation in the current tight range between $11,200 and $11,440. In the lower time frame, the price action is characterized by small body candlesticks called Doji and Spinning tops. These candlesticks describe the indecision between the bulls and the bears about the direction of the market.

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

BTC/USD – Daily Chart

On October 16, Bitcoin fell to a narrow price range between levels of $11,200 and $11,440. This consolidation becomes necessary because of the previous price action. On October 12 uptrend, the Bitcoin price reached a high of $11,740. Soon after the peak price, BTC resumed a downward move to the present range-bound zone. In the range-bound zone, the price will rise or fall through a breakout or breakdown. Analysts believe that the market will decline as bulls the bulls will buy the dips. Eventually, if a breakdown occurs, the market will reach a low of $11,000. On the upside, if a breakout occurs, the momentum will rally above the $11,800 high.

Bitcoin (BTC) Indicator Analysis

BTC price will rise as long as the price bars are sustained above the 21-day and 50-day SMAs. The moving averages have made a bullish crossover as the 21-day SMA crosses above the 50-day SMA. This gives a buy signal. Bitcoin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

BTC/USD – 4 Hour Chart

Nevertheless, Bitcoin is still confined in the narrow price range. A price breakdown or breakout is imminent. A breakdown will only confirm the Fibonacci tool analysis. That is, the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will further decline to level 1.272 Fibonacci extension. This is the equivalent of an $11,065 low. The market will resume an upward move after falling to the previous low.

Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-october-17-2020-2

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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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