Current Bitcoin Price Action: Sellers Exhausted at $4,000, “Cautiously Bullish”
Finally, Bitcoin (BTC) jumped $4,000 mark yesterday and the market turned green. Since then, the market has turned slightly red with XRP, EOS, Binance Coin, Stellar, and Trondown less than 1 percent in the past 24-hours.
While Ethereum is in the red by 1.24 percent and Bitcoin Cash by 2.14 percent, Litecoin is in the green by 0.42 percent while Cardano is up by more than 1 percent. This has a total market cap at about $139 billion.
Big BTC Action Incoming In A Week
The leading cryptocurrency is currently trading around $4,026 with 24-hours loss of 0.47 percent as per the data provided by Coinmarketcap, though Bitcoin has slipped from yesterday’s $4.074
Bitcoin price chart, Source: TradingView
While the price saw the daily trading volume hitting well above $10.4 billion, today it has taken a serious drop to $8.4 billion. However, 2019 has been a good year for bitcoin, especially March which as it goes, comes in like a Lion, however, it is to be seen if will go out like a lamb or keep on roaring further higher.
Bitcoin's daily exchange volume is booming 🚀
Volume has increased by ~150% in the last 5 months 📈
Average daily volume hasn't been this high since Jan 2018 👀
Only 9 days in the last 12 months had $10B+ in volume 💰
5 of those days have been in March 2019 🍀 pic.twitter.com/0VE9bX9iGQ
— Kevin Rooke (@kerooke) March 16, 2019
Crypto analyst with pseudonym Income Sharks see a good potential in Bitcoin as the charts paint a “bullish” picture that has him predicting “big BTC action” incoming.
“BTC with some nice momentum but still needs to close above $4,000 today to hold that momentum. All lines on the chart have been drawn for a while now so it’s great to see resistances/supports being respected. Think we are about a week away from some big BTC action.”
$BTC OBV paints a great bullish picture. @Binance and @bitfinex already showing bullish breaks. @Coinbase and @Bitstamp showing things just about to break out. This is why $4k looks different to me than $6k. Buyers were exhausted at $6k, now it's sellers exhausted at $4k. pic.twitter.com/JthyesDqph
— Income Sharks (@IncomeSharks) March 16, 2019
This has the market analyst and trader Benjamin Blunts sharing his bullish sentiments as well as he said,
“Cautiously bullish. All signs are pointing to up. Whether bottom is in yet I’m not sure however we need to trade what we see, and right now all I’m seeing is bullish.”
Meanwhile, Cryptocurrency Market is Maturing
Cryptocurrency prices are yet to see a definite direction as some analysts expect Bitcoin to take a downward shift while some are expecting a bullish momentum ahead. However, when it comes to the overall crypto space, the market is actually maturing.
Bitcoin enthusiast and Crypto-economist, Yaniv Feldman, in the latest Medium post shared three signs that indicate that the crypto market has hit
Tether’s latest announcement that it is not one hundred percent backed by USD but may also include “other assets and receivables from loans,” is one such sign. The author focuses on the positive side of the story that is Tether becoming more transparent and pursuing new revenue stream which is
Now, the delisting of Bitcoin futures by Cboe that has been apparently due to lack of trading volume that might “appears as a negative sign for lack of institutional interest,” but if we take a look at the record volume registered by CME, it paints a completely different picture. The fact that “law of competition” is working indicates, the market is maturing.
Lastly, Bittrex has scraped its IEO while owing the fact that their due-diligence process wasn’t as good as they thought, a move unlikely to be seen
“in the good old days of the ICO fever.”
Brendan Blumber Says Bitcoin Will be Replacing Gold as a Store of Value
There are many experts and individuals that believe that Bitcoin (BTC) is going to be replacing gold in the future. Indeed, Bitcoin shares many characteristics as gold, including its limited supply, among other things. This time, EOS co-founder and CEO, Brendan Blumer, said on the popular social network Twitter, that he thinks that Bitcoin will be the world’s number one commodity to store value.
EOS Founder: Bold Bitcoin Prediction to Dethrone Gold Within the Next Two Decades for Storing Value
Bitcoin is the most valuable digital asset in the market. It has been growing over the last ten years and it has reached a large part of the population. However, there is still a lot of room for it to keep growing.
Brendan Blumer, the co-founder of EOS (EOS), said that over the next two decades, Bitcoin will be replacing gold as the leading commodity to store value.
— BrendanBlumer (@BrendanBlumer) March 17, 2019
It is worth mentioning that Bitcoin has a market capitalization of $7 trillion. Meanwhile, Bitcoin has a market capitalization of $71 billion at the time of writing. Thus, Bitcoin would have to grow 9759% if it wants to reach that valuation. That means that each Bitcoin would be worth over $333,333, which is massive.
Most of the activity will flow to scalable layer-two solutions, but Bitcoin’s awareness and liquidity will continue to compound
— BrendanBlumer (@BrendanBlumer) March 17, 2019
Until now, Bitcoin reached its all-time high in December 2017, when each BTC was worth $20,000. There will never be more than 21 million BTC issued in the market, which means that if there is a growing demand for the asset, its price should definitely grow. Blumer has also explained that most of the activity in the Bitcoin network will pass through layer-two scaling solutions, such as the Lightning Network (LN).
The Lightning Network has just reached a new record with a capacity of 1060 BTC after a year of being released, according to 1ml.
There are other things that are worth mentioning about different digital assets. For example, the cryptocurrency exchange Bitstamp has released an overview of Ripple gateways and IOUs. This would allow business to create and send tokens that are redeemable for fungible assets, including fiat currencies, precious metals or commodities such as oil.
— Bitstamp (@Bitstamp) March 15, 2019
Lightning Network Hits New All-Time High, Over 1,000 BTC Network Capacity
Lightning Network has hit yet another milestone when it comes to network capacity. In a matter of a few hours, the capacity has crossed 1000 BTC, going well above $4 million.
According to the data provided by 1ML, 1,053.06 Bitcoin which at the current BTC price amounts to $4.24 million is the latest network capacity of Lightning Network. The network capacity has been up 54 percent in the last 30 days. Meanwhile, the number of channels is also surging 47 percent to 39,144 while the number of nodes has reached 7,380 with the monthly increase of nearly 18 percent.
LightningPowerUsers, ln1.satoshilabs.com, 1ML.com node ALPHA, BitMEXResearch, tippin.me, LNOneYear, aphito.com, rompert.com≡ƒö, and ACINQ are some of the most connected nodes.
The Lightning Network hit a new all-time high of over 1,000 BTC in network capacity today.
Don’t listen to the noise. Bitcoin is going to scale just fine 🔥
— Pomp 🌪 (@APompliano) March 16, 2019
While on one side, Lightning Network capacity is increasing, the Bitfury Group is taking it to the merchants in the US, Canada, and the EU. Bitfury partnered up with HadePay where it will integrate its web-based lightning network Peach Merchant API with HadePay’s platform allowing business to accept payments and “improving the efficiency and lowering the costs” of Bitcoin transactions.
Once the payment is made, merchants can immediately convert their bitcoin into another currency via HadePay’s platform.
“By bringing the Lightning Network to HadePay’s payment processing platform,” Pavel Prikhodko, head of Lightning Peach, Bitfury’s team of lightning network developers, says they “are making it easier for businesses across the United States to accept bitcoin payments.”
Bitcoin payments through HadePay, a platform that can be used by merchants all over the world to accept payments through Apple Pay, Paypal, and Square, are made available in all 50 US states.
Though Bitcoin is already a low-cost alternative to the fiat payments, the integration with the Lightning Network makes it more convenient that according to Brian Nichols, the founder and CEO of HadePay will pave Bitcoin’s way for mass adoption in commerce.
“Our customers are excited to leverage much faster, cheaper, and more convenient Bitcoin payments made possible by Peach. Bitfury and the Lightning Peach team are perfect partners due to our shared goal of providing businesses with the most cutting-edge financial technology possible,” said Nichols.
Crypto Savant Dan Hedl’s Lightning-Rod Bitcoin Insights:
These were simply too powerful, #woke and all around beautiful statements to ignore and not include in today’s Bitcoin price analysis and social commentary overview. Just take a minute to read these four poetic tweets just to get an idea on why anyone should be considering entering the blockchain-based financial space.
– Been called a fraud, scam, Ponzi scheme, rat poison
– Blamed for supporting terrorism, child porn, and drugs
– Trashed by nearly every mainstream economist
– “Died 288 times” in the mainstream press
Bitcoin absorbed all of this negativity and is STILL thriving!
— Dan Hedl (@danheld) March 16, 2019
Let's be real.
In a few years, it won't matter if you bought $BTC at $4k, $3k or lower.
You will look like a genius no matter what.
— Dan Hedl (@danheld) March 17, 2019
– Drug wars haven't made a dent.
– The Pirate Bay is still up.
– Bittorrent is still up.
How on Earth do people think someone can stop bitcoin?
— Dan Hedl (@danheld) March 17, 2019
Pretty enlightening and exciting feedback from one of bitcoin’s finest contributors. But wait, there’s more, coming from none other than Fundstrat’s Tom Lee.
Tom Lee: Bitcoin in Strong Correlation with Emerging Markets, Real BTC Price Implications?
Emerging Markets are seeing an active and rising interest in Bitcoin. With the world currently undergoing a major shift in the evolution of money, people are looking for alternative options in terms of currency, investment and a store of value.
Thomas Lee’s Crypto Macro Factors: Bitcoin Succumbed to EM
When it comes to the connection between emerging markets and Bitcoin growth chart, both shared many similarities but in 2019, EM outperformed Bitcoin. According to Fundstrat’s Tom Lee in 2018, EM pulled down Bitcoin but as per the chart shared by him, Bitcoin can soon go to moon by tailing EM.
— Thomas Lee (@fundstrat) March 17, 2019
“Earlier this year, we noted the “macro” factors such as rally in risk assets plus USD no longer surging are tailwinds 4 BTC bitcoin. Chart shows EM in 2018 pulled down BTC. Notice especially how bitcoin tried to diverge in late 2018 but ultimately succumbed.”
It is not the first time, he has made a connection between both the markets. Back in August, last year, citing a correlation between both the markets, Lee had shared that Bitcoin could end the year “explosively higher.”
“Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin,” said Lee that time.
However, Tom Lee is not the only one that has been seeing this correlation as in late 2018, global macro analyst, Peter Tchir had also shared that during the time of emerging market stress, cryptos like Bitcoin as a store of value can rise.
“I would have expected bitcoin and cryptocurrencies to do well in times of emerging market stress. If you live in an emerging market country, where the political situation is tenuous and your currency is devaluing rapidly, it would make sense to want to store it, or hide it, or invest it in cryptocurrency. In theory Bitcoin is the ideal ‘hedge’ for a person of wealth in such a situation,” said Tchir.
If we take a look at the future prospect of the emerging market, according to Morgan Stanley, it is expected to rise about 8 percent in 2019.
Meanwhile, Bitcoin bull, Tom Lee further highlighted the maro tailwind, “Natural question is how much implied upside #bitcoin to “catch up” to macro. S&P 500+small-cap rally since 12/24 is >2 std dev. 1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k. NOT OUR BASE CASE. Just highlighting macro tailwind.”
CRYTPO (2/2): natural question is how much implied upside #bitcoin to “catch up” to macro.
S&P 500+small-cap rally since 12/24 is >2 std dev.
1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k.
NOT OUR BASE CASE. Just highlighting macro tailwind. pic.twitter.com/p67FDNGmI3
— Thomas Lee (@fundstrat) March 17, 2019
Today’s Bitcoin Price Action News Watch Conclusion:
Wow, what a recap that was! We hope you enjoy our most recent bitcoin price watch where we did our best to round up all of the daily activity regarding BTC’s value and the community insights.
Yesterday, we talked about the bold BTC price prediction from Binance CEO of $300,000 and how just four years ago the BTC/USD exchange rate was only $285 and has been hovering around $4,000 in today’s charts. Today, we are sharing with you all of the latest bright spots regarding the Tom Lee’s emerging market crypto macro factors, Lightning Network growth stats, current bitcoin price analysis and EOS’s ‘bitcoin will replace gold’ in two decades forecast.
Let us know your comments and feedback how to keep improving being the most active cryptocurrency news media outlet in all the blockchain land!
BTC, ETH, and XRP Price Analysis: Top Cryptocurrencies Are Stuck Trading In A Horizontal Range
1 BTC/USD =$9.599,25 change ~ 1.01%
Coin Market Cap$171.5 Billion
24 Hour Volume$4.53 Billion
24 Hour VWAP$9.56 K
24 Hour Change$ 96.2000
Last week the price of Bitcoin was $10641.1 at its highest point on Monday. From there we’ve seen the price decreasing until Wednesday when the price started recovering and came to $10168 which was again retested on Saturday but since the price failed to exceed the prior high another shart downfall has been seen to $9367 on the same day.
Since then the price has been hovering in a horizontal range between the Saturday’s low and $9580 but the price spiked to the downside and retested the prior low on a quick spike after which a retest of the 0 Fib level has been made. This horizontal range could be interpreted as a consolidative range after the price fell below the 0 Fib level and is likely a sign of indecision.
On the hourly chart, you can see that the price of Bitcoin attempted to start moving to the upside after it fell below the 0 Fib level but failed to do so and instead formed a three-wave upward correction after which another downside move has been seen. This could mean that the price is headed for another downside move before the completion of the downtrend which started on the 20th of July when the price of Bitcoin was $10970 above the 0.236 Fib level.
If we see another downside move I wouldn’t believe that it’s going below the still unconfirmed descending trendline and the intersection with the horizontal level at $8506 but its equally possible that the price would be headed upward from here as this downtrend from the 20th of July could be the 2nd wave out of the next structure to the upside as the WXY correction ended.
The price of Bitcoin most likely ended its 5th wave to the upside of the Minor degree on the yearly high which is why we are seeing a corrective downside move as the first wave out of the same degree starting downtrend but this could also be a prolongation of the corrective decrease after the uptrend continues.
Considering that the price of Bitcoin has been in an upward trajectory since 15th of December we are most likely seeing the first formation in the entering bearish period so in either way even if the price is to increase from here I would be expecting further decrease below $8500 in the upcoming period.
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1 ETH/USD =$210,34 change ~ -0.24%
Coin Market Cap$22.6 Billion
24 Hour Volume$1.56 Billion
24 Hour VWAP$210
24 Hour Change$ -0.5000
From last week’s high at $226.84 the price of Ethereum has decreased by 8.92% as it came down to $206 level around which it is currently being traded.
On the hourly chart, you can see that the last week’s high was an interaction with the 0.382 Fib level at the intersection with the ascending trendline of a higher degree which served as a significant resistance point.
As a rejection occurred we have seen the price going to the prior low level which was retested on a quick spike to the downside yesterday but the price came up above $206 level at the 0.5 Fib level.
Prior to this horizontal range, we’ve seen the price of Ethereum decreasing impulsively which is why this range is most likely a corrective upward correction that is going to end on the 3rd wave. This is why I would be expecting another retest of the 0.382 FIb level before another downside move which would be the 5th wave out of the five-wave move from the yearly high at $362.
This five-wave move to the downside could be the first wave out of the starting downtrend as the 5th wave from the upward impulse wave ended on the yearly high and is why I would be expecting the price of Ethereum below $187 in the upcoming period.
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1 XRP/USD =$0,319 change ~ 2.81%
Coin Market Cap$13.75 Billion
24 Hour Volume$199.72 Million
24 Hour VWAP$0
24 Hour Change$ 0.0087
The price of Ripple has been following the chart pattern of Bitcoin as like in the case of Bitcoin we’ve seen a horizontal range after an attempt for a recovery ended as a failure with the price decreasing over the weekend. From last weeks high at $0.3303 we have seen a decrease to $0.305 at its lowest point after which recovery to the 0.236 Fib level occurred but the price got rejected by the resistance found there and again fell to the mentioned low level.
On the hourly chart, you can see that the price of Ripple is stuck in a horizontal range between the 0.236 Fib level and the $0.305 low which is most likely a consolidative range showing indecision as the price is stuck between significant horizontal support/resistance points. As we have seen an increase from the 0.29405 horizontal level to the 0.382 Fib level and a decrease after we are most likely seeing a higher degree three-wave correction to the upside after the prior downfall ended.
This is why I would be expecting another increase from here to the 0.382 Fib level as another retest of the significant resistance point before another downside move to the lower horizontal support level. The likelihood of a breakout from both sides is equal at this point which is why I don’t believe that we are to see a decisive move soon, instead, more likely we are going to see further sideways movement in the upcoming period.
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The cryptocurrency market is hovering around the same levels from yesterday and is stuck in a horizontal range. This is most likely a short consolidation after another attempt for a starting recovery which would fail and cause another downfall.
This expected downfall would be the 5th wave from the first impulse wave of the starting downtrend as we’ve most likely seen the end of the bullish period.
Bitcoin (BTC), Litecoin (LTC), And Ripple (XRP) Analysis: Market Recovers After Overnight Drop
From last Tuesday when the price of Bitcoin came down to $9833 at its lowest point we have seen an increase of 30% measured to the highest point the price has been today which is at $12814. The price is currently being traded at $12348 and even spiked further down to $12119 at its lowest point today.
Looking at the hourly chart you can see that the price of Bitcoin came up above the ascending trendline zone which served as resistance on the way up and has retested it on today’s spike to the downside and found support there which indicates that the trendline zone is still serving as a significant pivot point. The price came down last Tuesday in a three-wave manner after which a five-wave increase has been seen forming a lower high with the price going below the ascending range and the 0.5 Fibonacci level.
As the price found support around the descending resistance level it started increasing again. I believed that the price is going to retest the upper ascending level before continuing to move to the downside again as the descending channel which started forming form 28th of June looked like it could be the 2nd wave out of the higher degree correction. But as the price increased with strong bullish momentum above the ascending range we could be seeing another ABC correction to the upside which would be the wave X out of the mentioned higher degree correction.
Another possibility would be that the ABC to the downside which ended last Tuesday was the end of the correction with the 30% increase seen after being the start of the next impulsive move to the upside, but I don’t believe that’s likely because according to my count the 5th wave of the Minor count ended on the yearly high at $13740.
As the price is in an upward trajectory in the upcoming period I would be expecting an interaction with the 0.618 Fib level or a retest of the yearly high before another downfall potentially below the 0.382 Fib or slightly above it, to around the vicinity of the last Tuesday’s low.
Bitcoin Price Could Hit $25,000 Before 2020, Says Bullish Crypto Analyst
The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions. Isaacs referred to the ongoing trade conflicts between the U.S. and China that last month sent the global equity market on a downward trend. The negative sentiment prompted investors to hedge in cryptocurrencies. He stated:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”
The statement followed bitcoin’s dramatic correction in the recent market cycle. The cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on San Francisco-based exchange, Coinbase. Nevertheless, bitcoin remains in a positive trendfrom a broader outlook, with its year-to-date performance showing as much as 146% gains.
Isaacs noted that the bitcoin adoption rate is heading in the direction of the cryptocurrency’s price. He cited significant organization like Amazon, Starbucks, Whole Foods, and Microsoft that recently started accepting BTC payments, indicating that the cryptocurrency ecosystem has turned more positive since crashing more than 85% in 2018.
THE BEARISH TAKE ON BITCOIN
Meanwhile, other notably analysts believe bitcoin is due for a considerable drop. Willy Woo, the founder of Woobull.com, said the cryptocurrency has become overvalued following the latest upside movements. The analyst put bitcoin against his popular NVT metric, which represents the ratio of bitcoin’s market capitalization to the volume transmitted by its blockchain. He noted a considerable divergence between the current bitcoin price and the NVT Ratio (explained here), which is bearish:
Josh Rager, another prominent analyst, provided a less harsh bitcoin price outlook, stating that a sharp downside correction would attract more investors to purchase it at cheaper rates. He noted that the BTC-to-dollar exchange rate dropped by at least 30% after every significant bullish move on a broader timeframe, as shown in the graph below.
If Rager is correct, BTC could go as low as $6,000 before attempting a sharp pullback to reclaim the session top of $9,090.