And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,300 where it stands right now.
With this, the bullish cries of traders all across the industry have returned, despite the fact that they were calling for a massive pullback just weeks earlier. But, what exactly are they commentators saying? And more importantly, where does Bitcoin and the asset’s ilk head next?
Bitcoin Rips Past $9,000
Earlier this week, Fundstrat Global Advisors’ Rob Sluymer remarked that Bitcoin could find resistance in the $8,800 to $9,000 range. Indeed, during the rally in late-May, BTC stumbled to surmount that range, perpetually scaling back after temporarily tapping prices above $9,000.
But, on Sunday morning, this trend was denied. Hard.
Almost as if $9,000 was nothing but a sheet of soggy parchment paper, Bitcoin broke past it, leaving no shorts unliquidated. Let’s take a closer look at what exactly traders are saying on the Twitterverse.
Analyst Credible Crypto remarked that while last week’s candle was very bearish, the rapid bullish retracement is a sign that buyers are ones in control of the market rather than sellers. Credible adds that while the candle has yet to close, it seems as though BTC’s next stop would be in the high-$9,000s and low-$10,000s, which is where the next line of heavy resistance lies.
$10,000 is where BTC topped in last years’ bear market rallies, and where the asset found heavy resistance on its way up during the legendary 2017 boom.
Although last week's candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTCpic.twitter.com/kHcX1ZRwPM
Others are sure that BTC may continue higher. They look to the speed of the recent retracement, coupled with the fact that the impending closure of Binance.com for United States traders will likely cause a further capital flight from altcoins to Bitcoin.
Anyhow, regardless of what happens in the coming days, most are coming to the conclusion that a retracement is now not on the table, in spite of what was said just days and weeks prior. For those who missed the memo, many were expecting for a massive 30% retracement to the $6,000 range after a number of technical signals flashed bearish last week.
Now, however, the bulls are on parade. Trader Nunya Bizniz, known for his accurate noticings about historical market patterns, recently noted that if the weekly Bitcoin candle closes above $8,800 or so, BTC’s weekly chart would have printed a pattern that preceded massive multi-week upswings.
But few know exactly how that will play out at the moment.
BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
There were sharp gains in bitcoin price above the $8,000 resistance area against the US Dollar.
The price rallied above the $8,500 and $8,800 resistance levels to move into a positive zone.
There is a major bullish trend line forming with support near $8,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is currently trading above the $9,000 level and it could continue higher towards the $10,000 level.
Bitcoin price is gaining bullish momentum above $9,000 against the US Dollar. BTC is likely to accelerate higher and it could even break the $10,000 level in the near term.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price found a strong support near the $7,500 level against the US Dollar. As a result, the BTC/USD pair started a strong upward move above the $8,000 and $8,500 resistance levels. The price even settled above the $8,500 resistance and the 100 simple moving average (4-hours). Moreover, there was a clear break above the $8,800 resistance area.
Finally, the price spiked above the $9,000 level and it is currently trading with a strong bullish bias. On the downside, an initial support is near the $9,000 level. The next support is near the $8,800 and $8,780 levels. It represents the 23.6% Fib retracement level of the last wave from the $8,020 low to $9,027 high. Moreover, there is a major bullish trend line forming with support near $8,650 on the 4-hours chart of the BTC/USD pair.
If there is a downside break below the trend line, the price could test $8,500. The 50% Fib retracement level of the last wave from the $8,020 low to $9,027 high is also near the $8,520 level. On the upside, an immediate resistance is near the $9,080 and $9,100 levels. If there is an upside break above $9,100, the price could surge further higher in the coming sessions.
The next target for the bulls could be near the $9,500 level. However, there are high chances of more gains and the price might even rally towards the $10,000 level in the near term.
Looking at the chart, bitcoin price seems to be trading with a strong bullish momentum above $8,500 and $8,800. Therefore, there are high chances of more upsides above the $9,100 and $9,500 levels. On the downside, the $8,800 and $8,500 levels are likely to act as major supports for the bulls.
4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone, with no bearish sign.
ETH price rallied recently and broke the $260 and $265 resistance levels against the US Dollar.
The price is currently trading near the key $275 resistance, above which it could rally further.
There is a major bullish trend line forming with support at $265 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to break the $275 resistance and it could even test the $300 resistance area.
Ethereum price is gaining bullish momentum against the US Dollar, similar to bitcoin. ETH is likely to accelerate higher towards the $290 and $300 resistance levels in the near term.
Ethereum Price Weekly Analysis
This past week, Ethereum price started a steady rise from the $230 support area against the US Dollar. The ETH/USD pair broke many resistances, including $245 and $250. There was also a close above the $250 resistance and the 100 simple moving average (4-hours). Moreover, the price rallied above the $260 resistance and recently tested the key $275 resistance area.
A swing high was formed at $274.25 and the price is currently trading with a positive bias. An initial support is near the 23.6% Fib retracement level of the last wave from the $252 low to $274 swing high. Moreover, there is a major bullish trend line forming with support at $265 on the 4-hours chart of ETH/USD. If there is a downside break below the trend line, the price could even break the $262 support area. An intermediate support is near the 50% Fib retracement level of the last wave from the $252 low to $274 swing high.
The main support on the downside is near the $260 level. It represents the 61.8% Fib retracement level of the last wave from the $252 low to $274 swing high. On the upside, the $275 level is a crucial resistance. If there is an upside break above $275, the price could rally further above the $280 level.
The above chart indicates that Ethereum price is clearly trading in a strong uptrend above $265 and $260. As long as the price is above $260, there are chances of more upsides in the near term. The next key resistance above $275 is near the $288 level. If the price continues to rise, it could even break the $300 handle in the coming sessions. The next major hurdles for the bulls is near the $310 level.
4 hours MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 60 level and it could rise further above 70.
Bitcoin (BTC) and the general crypto markets have been on the up-and-up over the past several months, incurring significant buying pressure that has allowed them to surge significantly from their 2018 lows that were mostly established in December of last year.
Now, analysts are noting that Bitcoin may soon surge higher based on a historical analysis, which means that BTC could be trading around $12,000 by the end of July.
Bitcoin Surges to $8,800 as Bulls Flex Their Strength
At the time of writing, Bitcoin is trading up nearly 5% at its current price of just below $8,800, up significantly from its daily lows of $8,380.
Over the past week, BTC has incurred massive buying pressure that has led its price to climb from lows of $7,600 to its current price levels.
This movement is a sign of strength for the cryptocurrency’s bulls, which may ultimately help lead the cryptocurrency into the next parabolic run that allows it to surge towards, or even past, its previously established all-time-highs.
Flood, a popular cryptocurrency analyst on Twitter, recently told his nearly 70k followers that a decisive break above $8,000 will signal a massive breakout.
“No more rug pulls on bitcoin, only magic carpet rides… We are close to leaving the range (8450-6800). Anything above 8800 will signal a massive breakout and liquidation of anyone short over 20x leverage most likely causing a cascading wick,” he explained in a recent tweet.
No more rug pulls on bitcoin, only magic carpet rides.$BTC
We are close to leaving the range (8450-6800). Anything above 8800 will signal a massive breakout and liquidation of anyone short over 20x leverage most likely causing a cascading wick. pic.twitter.com/BRLw5FOf1O
Analyst: If History Repeats, BTC May Soon Be Trading at $12,000
Flood is not alone in his bullish assessment of the cryptocurrency, as other prominent analysts are quick to note that strengthening fundamentals and technicals may allow Bitcoin to significantly extend its current upwards momentum.
Red, another popular analyst, recent noted that there is a striking similarity between BTC’s April of 2018 price action and its current price action, which may signal that it will continue surging until it reaches around $12,000 in the coming weeks.
“Comparison of April 2018 price action and present day June 2019 price action. Second image shows how price is currently being developed around 2.5x in % terms, and taking 3x as long to do so. This would put $BTC around $12,000 by the end of July,” he explained while referencing the below charts.
Comparison of April 2018 price action and present day June 2019 price action.
Second image shows how price is currently being developed around 2.5x in % terms, and taking 3x as long to do so.
As the month of June continues on and Bitcoin’s bulls continue to showcase their strength, it is not unreasonable to assume that the crypto will soon break into the five figure price region, which may spark the next massive bull run.
Over recent years, eSports — and gaming, in general — have blown up. You may think crypto may have seen growth, but so too has this fledgling sector. Estimates state that eSports have a global audience of hundreds of millions, most of which are presumably teen-aged or millennial-aged men, and industry value in the billions.
While these two industries have almost nothing to do with each other, the growth of gaming may result in a correlated growth in cryptocurrency and blockchain. Here’s why.
Despite what some say, a majority of institutions are not in the crypto sector. At best, the majority are eyeing the space, ensuring that they’re keeping track of any notable developments.
However, this could soon change. David Nage, a principal at Arca (a cryptocurrency investment firm), recently laid out the reason why. In a seven-part Twitter thread, the investor remarked that over recent years, massive family offices have been siphoning capital into gaming.
David Rubinstein, the founder of Carlyle Group ($200+ billion asset manager), American billionaire Ted Leonsis, and others have invested in eSports-focused and developer companies like aXiomatic Gaming. In fact, 17% of the $4.5 billion allocated (per Nage’s data) to eSports in 2018 were sourced from family offices.
THREAD: New Method of Discussing Crypto with Family Offices
1/1 Over the last 3-4 years FO’s have been investing in eSports; David Rubinstein’s FO (founder of Carlyle), Ted Leonsis and others have invested in co’s like aXiomatic Gaming.
So what does this have to do with crypto? Well, most popular games today — be it Playerunknown Battlegrounds (PUBG), Fortnite, Apex Legends, League of Legends, Counter-Strike — involve digital monies. They aren’t cryptographically-secured, nor are they scarce or decentralized, but they do act as digital money. PUBG has Battle Points; Fortnite has V-Bucks. You get the point. As Nage further explains:
“V-Bucks and BP are digital native, in many cases non-fungible currencies; hundreds of millions of teenagers and young adults now buy and/or acquire them.”
So, in many senses, family offices are getting acclimated to the idea of cryptocurrency by investing in eSports and similar industries. Thus, if crypto startups do the right job in pitching to family offices, they may be able to secure billions worth of funding.
Blockchain Gaming, the Next Big Thing
And in a similar string of news, we may see a growing intersection of these two sectors in the coming months. While eSports and gaming can be used as an onramp to crypto-backed digital economies, the two can actually interoperate. Or in other words, blockchain gaming.
Case in point, according to a recent report French business outlet Les Echos, Ubisoft, a video game developer behind Rainbow Six, Far Cry, Just Dance, and other classics, has had a “dedicated team” for blockchain applications in gaming for a number of months.
The team’s primary idea is purportedly looking to make items, like digital cosmetics or weapons, accessible through a blockchain system. No specific titles were mentioned, but it’s presumed that the Ubisoft team intends to facilitate cross-game item transfers.
Ubisoft purportedly has plans to use the Ethereum blockchain for this program. It is unclear if the network could handle Ubisoft’s user base, however, potentially implying that the company is looking to build a second-layer solution to make its integration work.
The aggregated crypto markets have been facing an influx of bullish momentum over the past several months that is showing few signs of slowing down anytime soon. This momentum is allowing altcoins, like Ethereum (ETH), to incur strengthening technical formations that will likely allow it to surge higher in the near-future.
Now, analysts expect Ethereum to mimic the incredibly bullish price movements that Litecoin has made over the past several weeks, which means that ETH may soon set fresh year-to-date highs.
Ethereum Climbs to Weekly Highs as Buying Pressure Grows
At the time of writing, Ethereum is trading up over 3% at its current price of $266, up from daily lows of $254.
Over a one week period, ETH has climbed significantly from lows of roughly $230, which were set late last week.
While zooming out and looking at Ethereum’s year-to-date price action, it becomes apparent that the cryptocurrency is currently in the throes of a bull market, as it has been able to climb to highs of nearly $290 from lows of under $100.
Although ETH is currently trading slightly below its year-to-date highs, the cryptocurrency may be incurring a significantly bullish technical formation that may allow it to surge higher and surpass its previously established 2019 highs.
Crypto Rand, a popular cryptocurrency analyst on Twitter, spoke about ETH in a recent tweet, explaining that it is currently in the process of forming a bull pennant.
“$ETH loading the next leg. Bull pennant on the making,” he concisely noted while referencing the below chart.
Will ETH Soon Mirror the Price Action Incurred by Litecoin?
Over the past month, Litecoin has surged significantly, running from lows of $60 in late-March to highs of over $140 this past week.
Now, some analysts believe that Ethereum will be the next cryptocurrency that makes a notable price movement like this.
Credible Crypto, another popular crypto analyst on Twitter, spoke about this in a recent tweet, telling his over 40k followers that although Ethereum may soon mirror LTC’s bullish price action, it may first incur some selling pressure around $270.
“There is a good chance we reject at $270 and come down for last buy the dip op. HODL’ers need not worry about their holdings, traders may want to consider taking some off the table soon if they need to free up some ammo to buy this potential dip,” he noted in a recent tweet.
There is a good chance we reject at $270 and come down for last buy the dip op. HODL'ers need not worry about their holdings, traders may want to consider taking some off the table soon if they need to free up some ammo to buy this potential dip. https://t.co/TVEx8idgVe
As the weekend continues on and Bitcoin continues climbing higher, it is likely that it will become increasingly apparent as to which cryptos will be the next ones to face massive buying pressure that sends them surging higher.
Another week, another round of Crypto Tidbits. It would be fair to say that the past seven days for Bitcoin (BTC) and its ilk have been rather spectacular. Aside from mostly bullish price action, which brought the cryptocurrency to $8,650 for the first time in weeks, instrumental industry developments were numerous.
Twitter’s chief executive Jack Dorsey doubled-down on his support for Bitcoin, again lauding it for its potential to become the world’s digital currency. Uber, Lyft, and Spotify were revealed to be backing Facebook’s impending cryptocurrency. And Bakkt finally announced that it will soon begin testing of its Bitcoin futures vehicle, which is believed to improve institutional adoption across the board.
Ethereum-based Chainlink (LINK) Rallies by 50% as Google Launches ‘Partnership’: On Thursday, Google Cloud, the firm’s cloud computing services platform, released a tidbit of news titled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”. While this was big news in and of itself, the crypto community focused on the article’s mention of Chainlink, a project that facilitates data from the Internet to be translated to and verified for blockchain. Chainlink’s claim to fame is its so-called “oracle” system, which is a recently-launched product meant to improve processes on something like Ethereum. This recent integration will allow for Chainlink, and thus Ethereum smart contracts, to interact with BigQuery, Google’s data analyzer and portal. Due to this news, LINK has rallied hard, sitting at $1.73 from ~$1.2.
Bakkt Finally Ready to Launch Bitcoin Futures Contract: According to a recent blog post, Bakkt, the cryptocurrency exchange/infrastructure initiative mainly backed by the New York Stock Exchange’s parent (Intercontinental Exchange), is expecting to accept beta testers to its platform in July. It expects to allow investors to use its Bitcoin (BTC)-backed futures contract, which has been in the works with American regulators for months now. Many believe that the full launch of the exchange’s cryptocurrency investment vehicle will entice institutions to dive into this space, resulting in a price appreciation for BTC and its ilk.
Facebook Teams Up With Massive Backers in Uber, Spotify, Visa, and Coinbase to Launch Crypto: Reported by The Block on Friday, Facebook’s upcoming stablecoin cryptocurrency, dubbed “Libra” or “Globalcoin”, has secured investments from massive corporations. These include but aren’t limited to Visa, PayPal, Mastercard, Coinbase, Uber, Lyft, Spotify, a16z, eBay, Union Square Ventures, and Stripe. As reported by NewsBTC previously, Caitlin Long, a former executive at Morgan Stanley turned blockchain proponent, believes that the project will drive adoption. She explains that education efforts about Venezuela’s Petro (an ‘oil-backed’ digital asset meant to save the nation’s hyperinflating economy) seemingly resulted in a “spike in Bitcoin use in Venezuela”. The same could easily occur this time around, but with billions instead of millions.
Binance to Restrict U.S. Traders Amid Regulatory Turmoil: This week, crypto exchange Binance’s chief executive, the venerable Changpeng “CZ” Zhao, revealed that his platform had changed its terms of service. While the announcement didn’t make any specific noticings, users that scoured the updated document found out that United States-based traders would soon be disallowed from using the flagship Binance.com platform, the most popular Bitcoin exchange site by traffic and “real volume”. To fill the gap, the big-name cryptocurrency startup has teamed up with a so-called “BAM Trading” to create a local exchange. The new platform, fittingly named Binance America, is partners with a company registered with financial regulator FinCEN and is expected to launch in the coming months.
Ubisoft Looking to Harness Ethereum for Blockchain Application for Gaming: According to a recent report French business outlet Les Echos, Ubisoft, a video game developer behind Rainbow Six, Far Cry, Just Dance, and other classics, has had a “dedicated team” for blockchain applications in gaming for a number of months. Citing sources familiar, Les Echos states that the Ubisoft-backed consortium is on the verge of launching its first blockchain use case. In fact, an insider source said that the venture is at an “advanced stage”. Ubisoft purportedly has plans to use the Ethereum blockchain, not Bitcoin or anything else, for this program. It is unclear if the network could handle Ubisoft’s user base, however, potentially implying that the company is looking to build a second-layer solution to make its integration work.
Coinbase and Circle Look to Boost Adoption of USDC Stablecoin: Circle and Coinbase are looking to improve the viability of their Ethereum-based stablecoin, the US Dollar Coin (USDC), via a “membership-based framework and governance scheme for the development and growth of money on the internet.” This will allow other companies in the fintech industry to join hands with the two aforementioned firms to push the creation of digital economies that are instant, global, open, and free to use.
Nasdaq Teams Up With Crypto Site to Entice Institutions: Announced Tuesday morning via a press release, CryptoCompare, a leading industry data provider, has joined hands with Nasdaq. The unexpected duo will be launching a new product to price and index cryptocurrency, the so-called “Nasdaq/CryptoCompare Aggregate Crypto Reference Prices.” The venture will be launched through Quandi, a Nasdaq-owned, well-regarded finance data outlet that services hundreds of thousands of professionals on Wall Street to its Asian counterpart. To do this, CryptoCompare and Nasdaq have created a system that will provide institutions with”minute-by-minute pricing data for the most liquid cryptocurrency markets (Bitcoin, for instance).”
Crypto News Outfit CCN Shuts Down, Resurrects Two Days Later: Early this week, CCN — also known as CryptoCoinsNews — revealed that it would be shutting its doors. The site’s founder, Jonas Borchgrevink, explained that when Google rolled out its “June 2019 Core Update” for its search engine, CCN’s traffic plummeted. In fact, according to SEO sites like Sistrix, the domain’s visibility had plummeted by 53% overall, and 72% on mobile. This meant that the outlet’s articles are not being shown as much when you search “Bitcoin” or “crypto”, for instance. Just two days after closure, however, CCN returned, revealing that it had worked with experts in the SEO and Google News arena to figure out a plan moving forward, thus ensuring it didn’t have to lay off 60 staffers. Industry publications across the board, including the big names, are still suffering traffic losses.
Crypto Ratings Agency Downgrades EOS For “Serious Centralization Problems”: In a recent tweet, Weiss Ratings, an investment advisory/research group that has taken a liking to crypto assets, slammed EOS. As seen below, the agency stated that it believes EOS has “serious problems with centralization”, and thus it has been mandated to “severely degrade its technology score.” As seen on the company’s website, EOS’s technology score is now an A-minus. This is seemingly in reference to the fact that at last week’s Block.one event, which was held to be the one-year anniversary of the launch of EOS, nothing was announced to increase decentralization. The blockchain developer also announced a new protocol, which they state will make the chain eight times faster than it currently is.
The total crypto market cap gained momentum and broke the key $252.0B resistance area.
Bitcoin price surged above the $8,500 and $8,650 resistance levels.
Litecoin (LTC) price remains in a strong uptrend and is trading nicely above $134.
Bitcoin cash price is grinding higher towards the $420 and $425 resistance levels.
EOS price is back above the $6.50 level and it may even break the key $6.75 resistance area.
Stellar (XLM) price is about to gain momentum above the $0.1250 level.
The crypto market cap gained sharply, with positive moves in bitcoin (BTC) and Ethereum (ETH). Altcoins such as LTC, ripple, bitcoin cash, EOS, TRX, and stellar are also moving higher.
Bitcoin Cash Price Analysis
Bitcoin cash price finally broke the $400 resistance against the US Dollar to move into a positive zone. The BCH/USD pair even cleared the $405 resistance and it is currently trading above the $410 level. An immediate resistance on the upside is near $420, above which there are chances of more gains above $425.
On the downside, the $410 level might act as a decent support, below which there is a risk of a drop back towards the $400 or $395 support.
Litecoin (LTC), EOS and Stellar (XLM) Price Analysis
Litecoin price settled above the $130 level and it is currently moving higher. LTC price is currently up more than 3% and it is likely to climb above the $135 and $138 levels. The main resistance for the bulls is near the $140 level. On the downside, the recent resistance at $130 could provide support.
EOS price managed to gain traction above the $6.45 and $6.50 resistance levels. The price is now trading nicely above the $6.60 level and it might continue to rise in the near term. The next key resistances are near $6.70 and $6.75.
Stellar price is trading well above the $0.1200 support level and it is slowly moving higher. XLM price is about to break the $0.1250 resistance and it could continue to rise towards the $0.1280 and $0.1300 levels.
Looking at the total cryptocurrency market cap 4-hours chart, there was a decent upward move from the $246.0B swing low. The market cap broke the main $250.0B and $252.0B resistance levels. It added more than $10B and grinded above the $260.0B level. A swing high was formed near $263.1B and it is currently correcting lower. An immediate support is near the $257.0B level, followed by a connecting bullish trend line with support near the $255.0B level. As long as the market cap is above the $250.0B pivot level, there could be more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the coming sessions.
Bitcoin is becoming a hedging instrument even against the rest of the cryptocurrency market.
The largest cryptocurrency profited as much as 6 percent on Friday to close above $8,700. At the same time, other leading cryptocurrencies, such as Ethereum, Litecoin, and EOS, trended in negative territory. The massive contrast between the bitcoin and the rest of the cryptocurrency market indicated a capital flight. Traders suggestively exchanged a bulk of altcoins for bitcoin as a safety measure against the latest Binance announcement.
The Malta-based cryptocurrency exchange, which accounted for the highest global cryptocurrency volume, announced on Friday that it is barring US customers from accessing its services. The announcement indicated that Binance would lose about 15 percent of its net monthly traffic, amounting to over 40 million customers. The firm’s sudden shutting down reportedly prompted the US customers to withdraw a large number of altcoins, which included Binance’s very own native token BNB coin.
Binance Coin (BNB) Dropped Close to 18% on Friday | Image Credits: TradingView.com
The BNB price dropped by as much as 17 percent against the BTC on Friday.
Bitcoin against Altcoin Liquidity Crisis
Alex Krüger, a prominent market analyst, said today that Binance’s issues with its US customers are bullish for bitcoin. He cited Tether, the company behind the controversial stablecoin USDT, to explain the correlation of bitcoin with the rest of the altcoin market. In April 2019, the New York Attorney General’s office on April 25 announced that it had obtained a court order against Tether and its associate firm BitFinex for allegedly hiding $850 million loss from USDT investors.
“Upcoming Binance’s issues with US residents = Bullish for BTC,” wrote Krüger. “This was even clearer than with April’s Tether “FUD.” Speculators are supposed to act on meaningful news, not just theorize about it.”
Upcomimg Binance's issues with US residents = Bullish for $BTC. This was even clearer than with April's Tether "FUD". Speculators are supposed to act on meaningful news, not just theorize about it. https://t.co/7bAfEOiXTW
Also, in October 2018, USDT dropped its dollar-peg to fall to its 18-month low of $0.92. The slide in the stablecoin pushed bitcoin $600 higher on BitFinex.
What’s Now for Bitcoin
The bitcoin market’s intraday arrangements point to a small downside correction, according to its overbought Relative Strength Indicator on Coinbase daily chart. Nevertheless, market analyst Josh Rager suggest that the cryptocurrency has fuel to retest $8,750, given it manages to float above $8,000.
“Break and close above $8,948 is bullish,” he added.
Pseudonymous analyst BitBit believes bitcoin is due for a much larger upside move than what is suggested by Rager. He measured the cryptocurrency based on monthly performance, stating that it could continue its bull run to touch the five-figure status.
“I’m saying above 10k by the end of the month, might even touch 11k,” said BitBit.
The bitcoin price was trading at $8,645 at the time of this writing.
Crypto markets surge $10 billion on Saturday; Bitcoin leading, Litecoin, EOS, XMR and NEO following, BNB sliding. Market Wrap
Despite a lot of FUD emanating from the US and their flailing relationship with crypto exchanges, markets have actually gained over the past 24 hours. Over $10 billion has flowed back into crypto assets as Bitcoin broke through resistance and pulled the rest of the market back up with it. Total capitalization is back over $270 billion again as we enter the weekend.
Bitcoin has surged over 5 percent to reach an intraday high just north of $8,700 a few hours ago. Resistance at $8,200 was smashed and the last 24 hours has seen BTC climb back to its highest level for 12 days. It has currently leveled out at new resistance just below $8,700, further gains could see Bitcoin reach $9k again soon.
The top ten is largely in the green despite Binance and Bittrex shunning US customers for certain altcoin markets. Litecoin and EOS have gained over 4 percent each taking them to $136 and $6.72 respectively. BSV and BCH are around 3 percent up right now but Binance Coin is cooling off with a slide of 4 percent.
There is more green in the top twenty also as Monero and NEO make 5 percent each climbing to $94 and $13.70 respectively. The rest are relatively flat though with just minor gains on yesterday’s prices.
FOMO: KuCoin Shares Cranking
The top altcoin in the crypto top one hundred at the moment is KCS adding 16 percent to reach $1.50. The gain could be a result of US users moving from Binance and Bittrex into other exchanges as the fallout continues to affect lower cap altcoins. Nash Exchange has entered the top one hundred gaining 15 percent and Santiment Network Token is the only other double digit coin today.
There are no altcoins dumping hard this Saturday but those at the bottom of the pile are Waltonchain and Nano both dropping over 6 percent.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization has surged $10 billion, or 3.8 percent, to $273 billion today. Bitcoin has been largely responsible for the market movement and its dominance has increased to 56.4 percent as a result. Total trade volume is up to $67 billion and the US customer clampdown does not seem to have impacted markets on a wider scale just yet.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.