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Bitcoinreadies his legal defense; prepares to battle Craig Wright, Calvin Ayre

Peter McCormack, host of What Bitcoin Did podcast, has announced that he is preparing for his legal battle with Craig Wright and Calvin Ayre. He also requested help from the crypto-community to build “the most vigorous defense possible.”

McCormack tweeted,

McCormack commented that he would need a “trusted group of Bitcoiners” to keep the whole process transparent and agree on fundraising methods, types of currencies accepted, and management/audit/use of funds.

In addition, he said,“We will build the most vigorous defence possible and use the full weight of evidence that supports us in this case. I will likely require the support of expert developers, cryptographers and OGs to give evidence in support. Thank you to the many offers already received.”

Further standing his ground, McCormack stated that he still “does not believe that Craig Wright is Satoshi” Nakamoto, and that Craig Wright and Calvin Ayre’s recent statements were “coordinated and a sustained attack on Bitcoin.”

McCormack said,“While I can cover some of the cost, a solid defence will require a fund, and I am therefore accepting the advice and support of everyone.”

The harassment and libel suits filed by Craig Wright started with Hodlonaut, and then continued after many others like Peter McCormack received similar legal notices. McCormack also tweeted,

Source/ambcrypto

 

Bitcoin

Bears Continue To Gain Momentum In Bitcoin – Are We About To Collapse?

  • Bitcoin saw a 6% price fall over the past week, bringing the price of the coin down to $9,613.
  • It is finding support at the short term .382 Fibonacci Retracement level, however, it certainly looks like the momentum is on the side of the bears at this moment in time.

Bitcoin has been falling ever since meeting resistance at the $10,400 level this past week. During the week, tt found support at around $9,600, however, it was unable to overcome the resistance at $10,190, causing it to drop and fall once again.

Things are now looking troublesome for Bitcoin after not being able to make any movement higher over the past few days. Despite all the latest price falls, Bitcoin remains up by a total of 11% over the past 30-days of trading.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

cg-btcusd-feb22
BTC/USD – DAILY – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that Bitcoin has found support at the .382 Fib Retracement, priced at $9,569. During the week, it made a rebound and broke above the $10,000 level again, however, it was unable to break above $10,190 (previous 1.414 Fib Extension) which caused it to reverse and rollover.

Short term prediction: BULLISH

The cryptocurrency remains bullish, however, it is very close to becoming neutral. If it drops beneath the $9,000 level, we can consider the market as neutral. It would need to drop beneath $8,200 before we could consider it to be in danger of turning bearish.

Toward the downside, if the sellers break beneath $9,569 the next level of support lies at $9,311 (.5 Fib Retracement). Beneath this, support lies at $9,159 (downside 1.272 Fib Extension), $9,053 (.618 Fib Retracement), and $9,000.

On the other hand, if the buyers rebound here and push higher, resistance lies at $9,815 and $10,000. Above this, additional resistance lies at $10,190 (1.414 Fib Extension), $10,474 (1.618 Fib Extension) and $10,500.

The RSI dipped beneath the 50 level and remained there for the longest period during 2020. If the RSI is unable to climb back above 50 pretty soon, we can expect the moment to shift and for the bears to regain control.

Key Levels

Support: $9,569, $9,311, $9,280, $9,200, $9,169, $9,053, $9,000.

Resistance: $9,637, $9,615, $9,815, $10,000, $10,190, $10,360, $10,474.

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Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

Cryptocurrency Bitcoin (BTC/USD) is trading at 9746. 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 stripes.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

As part of the Bitcoin exchange rate forecast, a test of the level of 9910 is expected. Where can 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 9180. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at the level of 10300.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​10320. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020 implies a test level of 9910. Further, it is expected to continue falling to the area below the level of 9180. The conservative sales area is near the area of ​​10300. The breakdown of the cryptocurrency fall option will be the breakdown of the level of 10320. In this case, we should expect further growth.

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Analyst Claims Whales Are Driving BTC Price Swings

Bitcoin has been experiencing heightened volatility over the past few weeks, and it’s likely due to the reemergence of whales according to one source.

The Whales Are Back in the Picture

Bitcoin whales are individuals who house several million dollars-worth of cryptocurrencies in their digital wallets. Often, they possess so much in a single account that the slightest maneuver of money could potentially cause the entire industry to suffer a shift of some kind. Usually, the cryptocurrency industry experiences heavy dips or meteoric rises. It all depends greatly on what gets moved and where.

Bitcoin, for the most part, has been relatively volatile since early January. The currency initially started out below the $7,000 mark, but ultimately spiked thanks to rising geopolitical tension between the United States and Iran, CME Group’s introduction of bitcoin futures options, and rising fears of the coronavirus in China.

However, bitcoin’s primary moments of volatility for 2020 have been mostly noticeable during the past week. The currency rose beyond the $10,000 mark, eventually hitting the $10,400 figure. It has since fallen by more than $900, with a few heavy spikes and drops interspersed in the middle (i.e. it was trading at $10,100 again roughly two days ago).

Some analysts are blaming whales yet again, and say they’ve increased their activity over the last seven days to ultimately cause bitcoin to move about like a vast ship during stormy weather.

Right now, we’ve witnessed a repeat of what allegedly occurred during the final four months of last year. Between September and December of 2019, the number of active whales in the crypto space rose from approximately 2,000 to about 2,030.

This was during what Ashish Singhal – co-founder and CEO of CRUX Pay and CoinSwitch.co – calls an accumulation phase, in which whales are no longer sitting around watching the crypto space with eagle eyes, but rather taking an active part in the industry and getting their hands on digital funds.

Singhal explains:

During the accumulation phase, whales eat into market liquidity. That affects the supply-demand ratio and causes volatility to re-enter the market.

The accumulation phase isn’t necessarily a problem all by itself. Analysts like Connor Abendschein – a crypto researcher at Digital Assets Data – claim the main issue is that it’s very hard to predict how long such a period will last, which tends to lead to heavy uncertainty within the industry.

How Long Is This Going to Last?

He explains:Th

e problem is that it is difficult to predict how long these periods of accumulation for HODLers will last… If the whales shift to accumulating bitcoin while HODLers are still within their current phase, it suggests an additional increase in demand for BTC at near the same as the mining supply is scheduled to be cut in half in early May.

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