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Bulls Chorus, Bitcoin (BTC) Steady above $5,000 despite Liquidation Risks

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  • Bitcoin price close above $5,000
  • Analysts and Investors confident of market recovery

The Bitcoin moon-sling chorus is only getting louder as the market ooze confidence thanks to early April upswings and supporting candlestick arrangement. Even so, there should be a conclusive close above $6,000 before bulls lift prices higher.

Bitcoin Price Analysis

Fundamentals

Not only are ordinary investors and traders optimistic of Bitcoin’s long-term prospects–after prices rallied past $4,500 and bulls are actively rejecting anything below $5,000. Even so, analysts are on overdrive, dispensing their two cents on what the future possibly holds.

While this is positive, hinting of changing sentiments after 15 months of depression, we shouldn’t get ahead of ourselves. If anything, we can project, but no-one knows for sure what the future holds. For coin holders, the value will is from supporting regulations and increasing adoption.

Should adoption be the primary determinant, then we should see Bitcoin and indeed developers ought to be hard at work creating easy to use interfaces that make it easy for the ordinary users to incorporate the tech in their livelihood.

Before then, it’s all about education and seminars and everything that would see this change, cleansing Bitcoin’s name as the narrative changes from Bitcoin being a money laundering tool to this reliable new means of exchange that is global, secure and transparent.

Candlestick Arrangements

Bitcoin BTC

At the time of press, Bitcoin (BTC) is steady, under pressure but still trading above $5,000—a psychological round number. Because of this, our previous BTC/USD trade plan is valid. It’s easy to see why. From a top-down approach, sellers are technically in charge as long as prices are below $6,000.

Once there is a retest and an inevitable close above this resistance level which also doubles up as previous support now resistance, the next wave would likely take BTC to $8,000 and later $12,000. Candlestick arrangements point to undervaluation and even higher highs after buyers of the week ending Apr-6 did rally past an eight-month resistance trend line and simultaneously closing above a four-month resistance line at $4,500.

As it is, every dip will be another buying opportunity as per our iteration with first targets as mentioned above.

Technical Indicators

As prices consolidate in smaller time frames, BTC/USD buyers are firm and in control. However, for trend continuation, there must be a recovery of Apr-11 losses. A complete reversal means high-transaction volumes exceeding 19k with prices above $4,800 of Apr-2 close.

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Bitcoin

More Bitcoin ATMs are being introduced by LibertyX as interest grows

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  • The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
  • LibertyX have announced they will add another 90 ATMs to its network. 

LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.

The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.

DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.

source:.fxstreet

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Bitcoin

Bitcoin not yet banned in India, regulations around the corner

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  • The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
  • The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.

As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”

The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.

In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:

“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”

source:.fxstreet

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Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000

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  • BTC/USD is currently trading around $10,545.
  • The two resistance levels are at $10,575 and $10,700.

BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.

BTC/USD daily confluence detector

fxsoriginal

The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.

source:.fxstreet

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