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Bitcoin Recovers Sharply Above 100 SMA But $9,500 Holds The Key

Bitcoin recovered sharply after trading to a new monthly low at $8,910 against the US Dollar. BTC is now trading above the 100 hourly SMA, but it is facing a major resistance at $9,500. Bitcoin is up more than 4% and recovered most losses to trade above $9,400. The price is now facing a major […]

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Bitcoin recovered sharply after trading to a new monthly low at $8,910 against the US Dollar. BTC is now trading above the 100 hourly SMA, but it is facing a major resistance at $9,500.

  • Bitcoin is up more than 4% and recovered most losses to trade above $9,400.
  • The price is now facing a major hurdle near the $9,500 resistance zone.
  • There was a break above a major bearish trend line with resistance near $9,330 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally further above the $9,500 resistance or it might resume its decline below $9,300.

Bitcoin Price Showing Positive Signs

Yesterday, we discussed the chances of more losses in bitcoin price below the $9,100 and $9,000 levels against the US Dollar. BTC did extend its decline below the $9,000 handle and traded to a new monthly low at $8,910.

However, the price started a strong upward move and broke many hurdles near $9,100 and $9,200. The bulls gained pace and even pushed the price above the $9,300 level and the 100 hourly simple moving average.

There was also a break above a major bearish trend line with resistance near $9,330 on the hourly chart of the BTC/USD pair. It opened the doors for more gains above the $9,400 level and the price tested the $9,500 resistance zone.

Bitcoin Price
Bitcoin Price Reclaims $9,400. Source: TradingView.com

A high is formed near $9,494 and the price is currently consolidating gains. There is a short-term bullish flag formed with resistance near the $9,440 level. If there is a clear break above $9,440 and $9,450, there are chances of a fresh increase.

On the upside, bitcoin price must clear the $9,500 resistance zone to move further into a positive zone. The next major resistance is seen near the $9,640 level, above which the price could revisit $9,800.

Bearish Reaction From $9,500 in BTC?

If bitcoin fails to continue higher above the $9,500 resistance, it could react to the downside. An initial support is seen near the $9,400 level and the 100 hourly SMA.

A bearish break below the 100 hourly SMA could start a fresh downward move. In the mentioned case, there is a risk of more losses towards the $9,200 and $9,100 levels.

Technical indicators:

Hourly MACD – The MACD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $9,400 followed by $9,100.

Major Resistance Levels – $9,500, $9,640 and $9,800.

Source: https://www.newsbtc.com/2020/06/16/bitcoin-recovers-sharply-above-100-sma/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-recovers-sharply-above-100-sma

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Rollercoaster: After Daily $1000 Plunge, Bitcoin Maintains $19K As ETH Below $600 (Market Watch)

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The primary cryptocurrency had a rather positive week, which saw a new all-time high on some exchanges. However, BTC’s inability to break above the coveted $20,000 price tag drove the asset down to $18,100 just minutes after the second attempt to break $20K.

The cryptocurrency recovered most losses and jumped to $19,500 in the following days. In the past 24 hours, BTC stalled around that level. The bears took control and drove the asset towards the intraday low of about $18,500, where lies a critical support area. Nevertheless, bitcoin has bounced off and current hovers above $19,000.

From a technical viewpoint, BTC needs to overcome the first resistance at $19,700 (the previous 2017 ATH zone) to head for new highs. If successful, the cryptocurrency’s next obstacles will be at $19,920, $20,350, and $20,970.

Alternatively, the support levels at $18,800, $18,600, and $18,270 could assist if there’s another retracement.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Covered In Red

Most alternative coins have followed Bitcoin’s price developments in the past 24 hours. Ethereum went from a daily high of $620 to a low of $560. Despite recovering over $590, the second-largest cryptocurrency is down by more than 3% on a 24-hour scale.

Ripple has lost 6% of value since yesterday and struggles beneath $0.60. Bitcoin Cash (-5%), Binance Coin (-3.5%), Chainlink (-4.5%), Polkadot (-4%), Cardano (-3%), and Litecoin (-5.5%) are also in the red from the top ten coins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Stellar has lost the most value in the past 24 hours with an 8% decrease. Thus, XLM has erased the gains marked last week after the project announced two major network upgrades.

MaidSafeCoin is next with a 7% decline, threatening MAID’s position in the top 100 coins. Kyber Network (-6%), Dash (-5%), Verge (-5%), and Cosmos (-5%) follow.

In contrast, NEM is the most impressive gainer, with an 8% increase since yesterday. On a weekly scale, XEM has added over 40% to its value. Bitcoin SV has also jumped by about 8% and trades north of $180.

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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/rollercoaster-after-daily-1000-plunge-bitcoin-maintains-19k-as-eth-below-600-market-watch/

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Introducing SINOVATE: The Future of Decentralized Cloud Storage

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Decentralized cloud data storage platform SINOVATE is developing its own in-house blockchain technology known as Deterministic Infinity Nodes (DIN). The potentially groundbreaking new tech works in unison with Incorruptible Data Storage (IDS) to create a new consensus system with security levels never seen before.

Market Growth & Unsustainable Solutions

The data storage industry is projected to exceed $80 Billion USD in the next 4 years as a result of the rise of mobile devices, the app market, and growth across Blockchain IoT, AI, and e-commerce. The market is split between Mainstream providers (Amazon, Microsoft) and the new, more technically secure blockchain-backed (Storj, Filecoin) dCloud alternatives.

Mainstream cloud data providers are struggling with consistent data breaches, exposing a whole range of sensitive information (logins, passwords, IP addresses), while some blockchain alternatives face problems with token inflation.

What is SINOVATE?

SINOVATE is a (SIN) decentralized cloud data storage platform that offers a potential solution to these ongoing problems. Its unique decentralized data storage network is backed by Deterministic Infinity Nodes (DIN) which interact seamlessly with Incorruptible Data Storage (IDS), through a novel protocol called bFTP (blockchain-based File Transfer Protocol).

Masternodes v. Infinity Nodes

Masternode networks support many other dCloud projects, but most still suffer from issues with inflation. Although the (initial) high rate of return for masternodes projects is attractive to investors, this leads to inflation, reducing the incentive for a user to continue to maintain a node as the token falls over time, negatively affecting the network.

SINOVATE’S Deterministic Infinity Nodes reduce inflation and promote network growth through its Infinity Nodes. Infinity Nodes use a unique Proof of Burn (PoB) feature, burning a specific amount of SIN across the 12-month node lifespan. This counters inflation by reducing the amount of SIN in circulation and creates a new proof of transaction type called BurnTx.

Legacy masternode-based networks are susceptible to vulnerabilities and attacks which can result in reward stealing and node instability. Infinity nodes solve the new deterministic algorithm: lock/reward and PoB to bring provably fair deterministic rewards, with bulletproof stability, and network stability.

DIN 1.0 Hard Fork

On the 21st of November 2020, SINOVATE concluded a hard fork bringing online its innovative Deterministic Infinity Nodes (DIN) 1.0, at block 550,000. The network will consist of more than 1,800 DIN that will bring more data storage capacity to the network. There are already over 1,400 nodes running on the network with expectations of 5,000 nodes in 2021.

DIN uses a deterministic score system based on Schnorr Signatures to retrieve that data from IDS. bFTP, allowing the user to easily re-authenticate to any of the nodes that hold a copy of the stored data using the deterministic “score” algorithm.

Incorruptible Data Storage

IDS is being developed carefully to allow a fully secure and reliable network for a worldwide decentralized Cloud (Cloud 3.0). This demands the development of a variety of technical features. The first steps of IDS will be delivered in Q2 2021 which will give the possibility to use the functionality “DataStore” for saving your file in the DIN of the blockchain, send mails with an unprecedented blockchain-based mailing system, or write to your friends in a fully secure and anonymous way with SIN Mobile messenger.

SINOVATE will go beyond to provide security, decentralization, and efficiency by updating the blockchain to Bitcoin core 0.21 and by delivering a fourth generation of Proof-of-Stake (PoS4) built in-house that will allow the addition of passive incomes alongside DIN and the HCO program.

To Infinity And Beyond

Exponential growth in numerous data-centric markets and the rise of mobile devices has exposed a severe lack of a viable long-term solution for the world’s future data storage needs. Blockchain-based dCloud platforms do address some of the security failings of their mainstream counterparts, but many face questions of token inflation.

SINOVATE’s decentralized infinity node architecture and incorruptible data storage underlayer provide an incredibly secure foundation upon which new companies can be built, and its Proof of Burn feature offers both an answer to network sustainability and inflation, while offering everyone involved a chance to benefit from being apart of its future vision for decentralized data.

SINOVATE Blockchain Developers

SINOVATE’s rise in the dCloud Industry is largely thanks to its innovative blockchain developers Xuantan Nguyen (Xtdev) and Giacomo Milligan (Giaki3003/SINTOSHIS).

Xtdev is a highly experienced Big data and data mining specialist. He is also the innovator of Deterministic Infinity Nodes and one of the lead developers and Master SINOVATORS of SIN.

Giaki3003 is the second lead developer on SINOVATE team and fellow Master SINOVATOR. He is also a highly experienced blockchain core developer, as well as Innovator of the upcoming PoS4 custom proof-of-stake algorithm, and hybrid consensus.

Together they make a uniquely experienced and highly skilled duo and creators of the technical evolution that is SINOVATE.

Check out SINOVATE and start running a node today

Read about SINOVATE on the Official blog
Join the conversation on Discord
Official SINOVATE Telegram Channel
Meet the Team on LinkedIn
Official SINOVATE Medium page

Media Contact Details
Contact Name: Alex Thurston
Contact Email: alex.t@bitcoinprbuzz.com

Disclaimer: SINOVATE 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.

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

Disclaimer: This is a paid post and should not be considered as news/advice

Source: https://eng.ambcrypto.com/introducing-sinovate-the-future-of-decentralized-cloud-storage

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Grayscale Bought Almost $140 Million in BTC in 24 Hours

Betting Big on Bitcoin Grayscale made the purchase of 7,188 Bitcoins in just one day. This confirms continued institutional interest surrounding their Bitcoin offering. When you look at Grayscale Bitcoin holdings over the last week and month, a similar pattern appears. In the last week, Grayscale added over 14,000 BTC. In the last month the … Continued

The post Grayscale Bought Almost $140 Million in BTC in 24 Hours appeared first on BeInCrypto.

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Betting Big on Bitcoin

Grayscale, the Bitcoin Trust custodian and digital asset manager, has added another $140 million worth of Bitcoin to their Bitcoin Trust portfolio within the last 24 hours.

Grayscale made the purchase of 7,188 Bitcoins in just one day. This confirms continued institutional interest surrounding their Bitcoin offering. When you look at Grayscale Bitcoin holdings over the last week and month, a similar pattern appears. In the last week, Grayscale added over 14,000 BTC. In the last month the company added a whopping 64,832 BTC worth collectively over $1.2 billion. Miners created only 27,881 BTC in all of November, or only half the Bitcoin Grayscale purchased during the month. It is apparent just how massive and influential Grayscale is as a cryptocurrency focused entity.

Painting A Bigger Picture

As a digital asset custodian primarily focused around Bitcoin, Grayscale makes these massive BTC purchases. Their clients continue requesting additional exposure. The picture becomes clearer when you add this alongside other major announcements. Hundred million dollar BTC acquisitions from public companies are just the beginning. There are now Wall Street regulated crypto indices, and the integration of cryptocurrency usage in globally dominant financial services like PayPal. You can start to see a bigger picture of what mainstream and institutional organizations think about Bitcoin long term. It will be interesting to see how Grayscale’s Bitcoin purchases for December compare to November as Bitcoin continues approaching its all time high.

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Harrison is a reporter and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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Source: https://beincrypto.com/grayscale-bought-almost-140-million-btc-in-24-hours/

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