Connect with us

Bitcoin

Newsflash: Battered Bitcoin Price Sets New Yearly Low at $3,310

Published

on

So much for that early week recovery. The bitcoin price touched a fresh yearly low on Friday morning, driving the crypto market even further into the red as financial markets across the board continued their recent downtrend.

Bitcoin had entered the day on shaky footing, with many fearing that the flagship cryptocurrency’s inability to defend the $4,000 level signaled an impending drop to the $3,000 region. BTC/USD has not broken that next crucial level yet, but the bitcoin price did take a major step toward that level on Friday morning at around 1:25 UTC, when BTC dove to a new yearly low at $3,311 after trading as high as $3,849 less than 24 hours prior. As of the time of writing, BTC/USD was hovering near $3,344 on Coinbase, representing a single-day decline of just under 10 percent.

bitcoin price
BTC/USD | Coinbase

The move to a fresh low-water mark in 2018 followed the Securities and Exchange Commission’s decision to delay ruling on VanEck’s latest bitcoin ETF proposal until February 2019. However, nearly everyone expected that the commission would kick the can down the road until the last minute, as it has done with other crypto ETF applications in the past. Consequently, it seems unlikely that the delay would have any real impact on bitcoin’s short-term movements.

In any case, the technicals continue to look poor for the crypto market, with some analysts – including Bloomberg’s Mike McGlone – predicting that a mark as low as $1,500 would not be out of the question for the already-battered bitcoin price.

Source. ccn

Advertisement
Click to comment

Bitcoin

Bitcoin Technical Analysis: BTC/USD danger remains at large, $3000 eyed

Published

on

  • Bitcoin price on Monday nursing minor losses of some 1.4% into the second half of the day. 
  • Vulnerabilities continue to lurk for BTC/USD, at danger of retesting the $3000 mark to the downside, where some call it the bottom. 
  • Bobby Lee, forecasts $333K for Bitcoin. Saying,  “If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019. And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.”

BTC/USD 15-minute chart

 

Spot rate:                  3474.38

Relative change:      -1.60%

High:                         3589.36

Low:                          3443.91

Trend:                        Bearish

Support 1:                  3466.00, near-term ascending trend line.

Support 2:                  3392.70, daily pivot point support.

Support 3:                  3252.53, psychological support.

Resistance 1:             3516.95, 15-minute resistance.

Resistance 2:             3655.36, daily pivot point resistance.

Resistance 3:             3777.85, daily pivot point resistance.

BTC/USD 4-hour chart

  • Price action is depressed, moving within a range-block, ahead of further potential moves to the deep south, $3K remains eyed. 

Source: fxstreet

Continue Reading

Bitcoin

Crypto market colored in red; Bitcoin languishes under $3,400

Published

on

  • Altcoins resumed the downside after a short-lived recovery.
  • Bitcoin returned to $3,300 after an attempt to break above $3,600.

The cryptocurrency market was short-lived. Once again. Bitcoin and other major altcoins resumed the downside movement on Monday with the total capitalization of digital assets in circulation dropped below $110B, killing hopes to witness good bullish trend into the year-end. Prices bumped into resistance levels unable to instigate buying interest amid pessimistic sentiments that gripped the market.

Stephen Innes from Oanda is among those who prefer to hold off on calling the bottom on the cryptocurrency market.  He believes that we still do not have a convincing use case for Bitcoin and the absence of good non-speculative reasons to buy it makes the situation worse.

“Bitcoins have gone well beyond the ridiculousness of tulip bulb mania, It’s has been a disastrous year for cryptos, and by all indication, the current bear market could go from bad to worse with no fundamental or underlying reasons to buy BTC even more so when the only support offered up is a squiggly line on an analyst chart,” he commented.

Bitcoin has lost nearly 4 % since this time on Monday to trade at $3,380 at the time of writing. The first digital coin smashed both $3,500 and $3,400 handles after a failed attempt to settle above $3,600. Lack of buying interest may increase the short-term pressure on BTC that has already lost about 84% from its all-time high of $19,000.

Ethereum, the third largest digital asset, stays under critical $100. ETH/USD is changing hands at $90.00, having lost 3.7% in the recent 24 hours. The coin’s market value is dropped at $9.4B, while the average trading volumes have settled at $1.7B, down from $2.5B at the end of the previous week. Ethereum network is getting ready for a pivotal Constantinopole update scheduled for January 2019, which puts the coin under additional pressure.

Ripple’s XRP is trading marginally above $0.30 within the strong bearish trend. The coin is 3% lower on a day-on-day basis and mostly unchanged since the beginning of Tuesday. The second largest coin with market value $12.3B is dominated by bearish sentiments of the cryptocurrency market. Irresponsive to fundamental news, the coin is likely to stay volatile.

All major altcoins out of top-20 are in red, losing from 1% to 10% as bears are back at the driving wheel.

Source: fxstreet

Continue Reading

Bitcoin

Nouriel Roubini and Anthony Pompliano’s “Buffet Bet 2.0” feud rages in the Twitter-verse

Published

on

Anthony Pompliano, a Bitcoin enthusiast and the founder of Morgan Creek digital asset recently set off a bet, now being called as the Buffet Bet 2.0, putting $1 million at stake. The bet by Pompliano is a competition between the performance of S&P 500 index and cryptocurrencies as a whole.

Roubini being himself had an opinion on this bet and bad-mouthed Pompliano and his bet, which led Pompliano to invite him to go against the bet. The feud continued as Roubini took to his Twitter saying that Pomp is “changing goal posts” and “talking books all day”.

To Roubini’s Tweet, Pompliano replied:“Talk is cheap. You taking the bet or going to Monday morning quarterback this one?

🙂
If you want to check out the index, you can see it here digitalassetindexfund.com”

On December 10, Roubini erupted the feud again when he Tweeted:“You take bets only when there is no counter-party risk, ie when the side losing the bet is still there to pay it. The loser pompous @APompliano who lost 80% for investors in his shitcoin fund is only seeking attention with his bet. His fund will be BUST/GONE well before 10 years”

Pompliano replied to him saying that Roubini was the candidate for the worst call of the decade.

Mark W. Yusko, the co-founder of Morgan Creek Digital also replied to Roubini’s above-mentioned thread saying that there was zero counter-party risk in the “Buffet Bet”.

A Twitter user Bitvillain replied to the same thread:“Sounds like an easy win for you Nouriel. I think there are plenty of good charities that you could donate your winnings to. Take the bet! Surely the odds of crypto beating the S&P 500 over 10 years is close to zero. What could possibly go wrong?”

Meanwhile, on the other side of Twitter-verse, an S&P believer, Jim O’Shaughnessy, Chairman & Chief Investment Officer, OSAM, bet against the cryptocurrencies in his tweet saying that he was up for the bet.

O’Shaughnessy in subsequent tweets said that the bet was not going to happen. He tweeted:“[email protected] won’t do it, @patrick_oshag (my son, the least-millennial millennial I have ever met) is tired of talking about crypto, so, no bet from us. Ah well…

Source.ambcrypto

Continue Reading
Advertisement
Advertisement
Open

Close