BTCUSD Recovers on Weak Upside Promise

The Bitcoin market on Wednesday attempted a decent bullish recovery, extending the recent marginal gains to an impressive 10% upside from the previous lows. The Asian trading session witnessed an influx of buying orders in an attempt to pierce through $6,500-resistance. As we hiccuped through the European course, the bullish sentiment weakened and pulled the price almost $200 down. The US session, however, is attempting a bounce-back at the time of this writing, though with fragile bull support. We can notice a powerful selling sentiment around $6,500 – the price…

Bitcoin and Ethereum Rise 6% as Market Rebounds During Dark Skies

Over the past 12 hours, Bitcoin and Ethereum have risen by more than 6 percent in value, but some analysts are still not convinced about the short-term trend of the crypto market. Generally Positive Sentiment The quick recovery of Bitcoin and Ether, the native cryptocurrency of the Ethereum network, has led the general sentiment of the market to become more positive. Ether, which plunged by nearly 20 percent on August 14, showed strong movements today, increasing from $250 to $280. Ethereum Classic, Litecoin, Ripple, NEO, and other major cryptocurrencies also…

BTCUSD Falls to Lowest since June

Bitcoin continues to extend its downward momentum on Tuesday, lately falling to its lowest trading since June this year. The BTC/USD today opened at 6250-fiat and started recording losses thereafter – during the early Asian trading session. The pair formed a bear pole in pursuance of a breakout towards the south, as we had predicted in our previous analysis. It broke towards 5857-fiat, just shy of extending its bear run towards the June’s bottom at 5754-fiat. The European trading session brought some corrective action to the market. But the upside…

Despite its 70% Price Drop, Bitcoin Surpassed Gold in Settlement Volume

Nic Carter, a well respected cryptocurrency researcher, has said that Bitcoin has surpassed the OTC gold market in settlement volumes, even amidst a 70 percent drop in its price. Bitcoin as a Better Medium of Exchange According to the clearing statistics of the London bullion market (LBMA), five major clearing members of the LPMCL including HSBC, ICBC Standard Bank, JP Morgan, Scotiabank and UBS, the global gold over-the-counter (OTC) market is on track to settle $446 billion in 2018, having settled less than $30 billion on a monthly basis since…

Bitcoin and Ether Lack Momentum as Crypto Market Falls Below $200 Billion

In the past 24 hours, the crypto market has lost $23 billion, dropping from $217 billion to $194 billion, as major cryptocurrencies including Bitcoin showed a lack of momentum. Crypto market valuation chart, provided by CoinMarketCap.com What Has Happened to the Market? Without any exception, every major cryptocurrency in the market has plunged in value on August 14. Ether, the native cryptocurrency of Ethereum, reached its lowest point in 2018, breaching the $290 mark for the first time since early November, 2017. Bitcoin Cash, which has performed relatively well over…

BTCUSD Hinting Another Bear Flagpole

The short-term gains can never compensate for the long-term losses. So it seems from the latest Bitcoin price action which, during the weekend, jumped more than 7.5% and promised an extended breakout, but fell short of delivering it. This Monday started with minor pullbacks from the early 6550-fiat level during the Asian trading session. However, the growing selling sentiment around the psychological resistance area eventually erased the gains, bringing us back towards 6012-6138 area. BTCUSD Technical Analysis Technically, we are looking at BTC/USD forming a flagpole in pursuance of a…

Bitcoin Rises by 2% But Rest of the Crypto Market is Still Struggling

The Bitcoin price has risen by around 2 percent in the last 24 hours, increasing from $6,250 to $6,400. But, the rest of the crypto market is still struggling to gain momentum. Bitcoin is King in a Bear Market Since February, the cryptocurrency market has been in a bear market, the third worst in its history. While Bitcoin recorded three attempts to break a major resistance level at $10,000, it failed to gain momentum above the $10,000 mark and crashed to $6,000 after every mid-term rally. Hence, it is accurate…

Bitcoin Price Creeps Toward $6,500 as Tether Issues $50 Million in New USDT

The bitcoin price saw a slight bump on Monday, rising just under two percent to extend the market’s weekend recovery into the new week. After trading as low as $6,109 on Saturday, bitcoin is now priced at $6,458 on Bitfinex, which translates into a $111 billion market cap. BTC/USD | Bitfinex While there are many factors that impact bitcoin’s price movements, including unseen action on the over-the-counter (OTC) markets frequented by large-scale buyers and sellers, the weekend rally also correlated with a new issuance of USDT, the dollar-pegged “stablecoin” token…

$6,000 a ‘Crucial’ Level for Bitcoin Price: Canadian Crypto Fund

Bitcoin’s $6,000 price region has been described as a crucial support by Rivemont Crypto Fund, based in Canada. The details of this description is recorded in a post on the company’s facebook account where the factors leading to this conclusion were discussed. A Strong Support Region The next direction of Bitcoin price has been a lingering subject within the ecosystem for quite sometime now. For most part of Q2 2018, Bitcoin price has hovered around this region with multiple bounce off a major support. Bitcoin price action in the last…

Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction

The bitcoin price in the past 24 hours has undergone a much-needed bullish correction, rising about $500 since establishing an intraday low around $6,009. In our previous BTC/USD analysis, we were waiting for a bounce back from 6009-fiat to apply our intrarange strategy. As it did, our long position towards 6192-fiat made us a nominal profit. A near-term breakout followed later, upon which we placed another long position towards 6290-fiat and made another nominal return. Unfortunately, due to human constraints, we were unable to watch the rally towards 6494-fiat. Today,…