Connect with us

Bitcoin

Bitcoin SV Price Surges by 10% as Bitcoin Continues to Stumble

Published

on

There is still a lot of uneasy momentum across the cryptocurrency markets as of right now. Most of the top markets remain down, even though some of them have shown some signs of recovery along the way. Bitcoin SV, for example, is effectively gaining some value whereas the rest of the markets remain in a sort of deadlock. That initself is rather interesting to take note of, although this may be a sign of how other markets will evolve.

Bitcoin SV Price Run is Interesting

Although a lot of cryptocurrency users expected the Bitcoin SVexcitement to quiet down now that Bitcoin Cash has clearly proven to be superior in terms of market cap, the reality is often very different. Although there is a clear price gap between BSV and BCH right now, it would appear the community supporting this latest forked currency is still in place as of today. As such, one has to wonder what the future will hold for this particular currency moving forward.

Over the past 24 hours, it would appear the Bitcoin SV price has risen by 10% in USD value and 9.4% in BTC value. As such, one BSV is vlaued at $81.38 again. This latter part is what most people will be excited about at this stage, as a lot of altcoin traders are interested in increasing their Bitcoin holdings first and foremost. The USD value gains for Bitcoin SV are also quite interesting to keep an eye on, especially now that Bitcoin remains in the dirt.

On social media, there has never been a lack of excitement when it comes to Bitcoin SV, either for better or worse. Bittrex is collecting feedback from its users to effectively enable additional USD trading markets. Benja Baba would like to see Bitcoin SV added to this list, although it remains to be seen if and when the exchange will comply with that particular request. More fiat currency gateways are always good for any currency, though.It would also appear some exchanges are still labeling Bitcoin SV and BCHSV at this point. Considering how the hash war was decided upon quite some time ago, it is evident Bitcoin Cash and Bitcoin SV will live on as two separate entities in the future. As such, there is no reason for Poloniex not to able it as BSV like virtually all other exchanges on the market today. Ensuring this ticker is displayed correctly is rather critical in this industry.When it comes to comparing Bitcoin SV to other cryptocurrencies, one has to wonder if there is any point in even doing so. Most currencies tend to do their own thing regardless. Timmy Trombone is convinced BSV has become superior to Ethereum bad Bitcoin in many different ways. While that may be an interesting sentiment to some, it seems far more likely all of these currencies will continue to exist moving forward. How their “power rankings” hold up, is a different matter altogether.Even though it would appear as if the interest in Bitcoin SV has risen once again, it remains to be determined if there is any life to this particular trend. There is a lot of trading volume for BSV, although it seems to be a matter of time until some of these recent gains are wiped out by traders taking quick profits in the process. It is all about increasing BTC holdings first and foremost, regardless of which other currency may be rising in value.

Source:nulltx.

Bitcoin

Bitcoin Correction to $9,500 Could Be Followed by 20% Drop: Analyst

Published

on

Bitcoin (BTC) has been absolutely slammed over the past week. Since passing above $13,000 for the second time this year last Wednesday, the crypto has been on a clearly downward-sloping trend.

In fact, as of the time of writing this article, Bitcoin has lost 25% in the past week, falling to as low as $9,300.

Despite the fact that optimists are expecting for bulls to experience some form of short-term reprieve, historical trends and other key indicators predict a further unwinding of the cryptocurrency bull market.

Bitcoin Poised to Hit $7,500

Conceptualized by Trace Mayer, an early Bitcoin investor and funder of Kraken, the Mayer Multiple is a way of determining if BTC is either overbought, fairly valued, or oversold. It is calculated by putting the asset’s current price over its 200-day moving average.

Per an analysis of this indicator (currently sits at 1.6) by CryptoKea, a little-known analyst that accurately called the recent drop to at least $9,700 earlier this month, if you consider the Multiple, the ongoing correction looks much like the first “major correction” of 2017’s bull run.

He notes that if history repeats itself and Bitcoin reverses out of its current short-term bearish trend like it did in 2012 and 2017, it could find support anywhere from $7,148 to $8,700. This corresponds to 1.20 times to 1.46 times of the 200-day moving average, which currently sits at $5,957.

Most likely, however, Kea notes that the “most probable target” as per the use of the Mayer Multiple will be $7,505 — another 20% drop from the current Bitcoin price of $9,600.

This somewhat lines up with the target of $8,000 that other analysts hold. Per previous reports from NewsBTC, Timothy Peterson, a prominent American crypto fund manager, notes that Bitcoin’s current active account figure suggests that BTC is overvalued.

According to Peterson’s model, which takes a 30-day median (as of July 13th) of the number of active accounts on the Bitcoin blockchain, BTC currently has a fair valuation of just above $8,000.

In a tweet issued on Saturday, Josh Rager, a prominent technical analyst and cryptocurrency commentator, looked to this same level. View image on Twitter

Rager notes that a “confluence” of chart data and on-chain data suggests that a pullback “would likely bottom out at $8,000”. As he explained in the chart above, $8,000 acted as a key horizontal support and resistance level in the recent rally and 2018’s crash.

What’s more, there is also a CME Bitcoin futures gap around $8,500, which is one of the last gaps waiting to be filled.

And as Alfonso Esparza, senior market analyst at Oanda Corp, recently told Bloomberg: “[Bitcoin] continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency. It could fall further to $8,000, giving back all the gains made in June.”

Drop Might be Over?

Despite this, one analyst believes that the drop is most likely over. In fact, he drew attention to almost five signs why this may very well be the case, even if it sounds crazy.

Firstly, the one-day Relative Strength Index (RSI) and the Stochastic iteration of this indicator are at their lowest levels since at least February, entering the “oversold” range. The one-day Moving Average Convergence Divergence (MACD) has tapped the zero level, despite the fact that Bitcoin is in a raging bull market according to most analysis.

Also, the Elder’s Forse Index, an indicator meant to exhibit the strength of moves, is at its lowest since November 2018; and historical volatility is almost at 100%, implying a move to the upside to return volatility to levels deemed normal.

News Source

Continue Reading

Bitcoin

Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April

Published

on

Bitcoin’s average transaction volume is topping $3 billion per day, data from crypto analytics site Coinmetrics.io reveals as of July 16.

Bitcoin’s Uptrend in Daily Transaction Value Eclipsing Altcoins’

The data — which has been adjusted to remove noise and certain artifacts, per Coinmetrics — shows an impressive uptrend in the USD value for the volume of the coin’s transactions and transfers over the past 90 days.

On April 17, the average daily value was at $1.04 billion as compared with $3.22 billion on July 16, an almost 210% increase.

The top coin has seen a significantly higher spike in volume as compared with ether (ETH), which saw a 77% increase over the same time period — from a daily average of $370 million to $657 million. XRP has seen a still milder uptrend, at 61% — with the value of daily transactions climbing from $152.5 million in mid-April to $245.6 in mid-July.

Chart

3-month chart for BTC  transactions, transfers, value, adjusted, in USD. Source: Coinmetrics.io

(Non-) Correlations

Bitcoin broke the $3 billion daily average mark on July 11, Coinmetrics’ data shows, when the coin was circling the $11,500 price point. Despite trading roughly $2,000 lower as of today — having taken a steep 11.4% hit on the day and over 24% on the week — average daily transaction value has continued to climb.

Commentators have today argued that the coin’s short-term downtrend was triggered by an antagonistic response from the United States government to Facebook’s Libra coin, which has extended to the cryptocurrency space more broadly.

Veteran trader Peter Brandt anticipates that total market cap could now correct by as much as 80% — yet argues that most of the damage will be shouldered by altcoins, not Bitcoin.

On July 7, Cointelegraph reported that Bitcoin’s hash rate had hit a new all-time high of 65.87 EH/s. Nevertheless, despite the week’s price fluctuations, this figure has continued to soar north, reaching almost 73 EH/s to press time.

source:.fxstreet.

Continue Reading

Bitcoin

Bitcoin (BTC/USD) forecast and analysis on July 17, 2019

Published

on

Cryptocurrency Bitcoin (BTC/USD) is trading at 10835. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Bitcoin (BTC/USD) forecast and analysis on July 17, 2019

As part of the Bitcoin exchange rate forecast, the test is expected to be at the level of 11250. Where should we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 9450. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator at the level of 11950.

Bitcoin (BTC/USD) forecast and analysis on July 17, 2019

Cancellation of the option to continue the decline in Bitcoin will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​12100. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on July 17, 2019 implies a test level of 11250. Further, it is expected to continue falling to the area below the level of 9450. The conservative area for selling Bitcoin is located area of ​​11950. Canceling the option of falling cryptocurrency will be a breakdown of the level of 12100. In this case, we can expect continuation growth.

News Source

Continue Reading
Open

Close