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Bitcoin Bullish Momentum is Building, But Popular Analyst Says Technicals Point to $10,800

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  • Bitcoin Didn’t React to the SEC Postponing 3 ETF
  • Bullish Momentum: No Looking Back, weekly Guppy indicator says $18k
  • But Bears are as much present in the market, $10.8 or $8?

Since going above $12,300 on August 6th, Bitcoin is not showing any bullish movement. On the weekend, we flash crashed to $11,200 from $11,800 and now trading in a tight range of $11,558 and $11,160.

At the time of writing, BTC/USD has been trading at $11,255 with 24 hours loss of 1.02%. Daily trading volume meanwhile recorded by Bitcoin in the past few days is extremely low that keeps on dropping further. From yesterday’s $600 million, it has today fallen to $480 million, as per Messari.

Bitcoin Didn’t React to the SEC Postponing 3 ETF

Interestingly, the SEC delayed its decision on all three of the Bitcoin ETF proposal until Autumn that didn’t have any effect whatsoever on the market.

As per the new deadlines, the Bitwise and VanEck proposal have its final decision coming on October 13 and October 18, that can’t be delayed any further. The Wilshire proposal still has 150 more days that can be delayed, with its next deadline falling on September 29.

Despite the growth of the market is seeing, regulators don’t seem to be ready to approve the ETF yet. However, analyst and trader, Jacob Canfield points out how Bitcoin pumped 300% without an ETF and this time didn’t even react to this news at all.

“Just goes to show you how irrelevant narratives really are. Focus on price action as most everything else is priced in,” Canfield said.

Bullish Momentum: No Looking Back

Most recently, we reported Goldman Sachs’ bullish short-term Bitcoin price target at nearly $14,000. Now, another bullish scenario is shared by analyst that goes by Pladizow on twitter.

As per the Bitcoin weekly Guppy indicator shared by him, Bitcoin might be getting ready for a big rally.

The chart follows the movement of two groups, with blue, the 6 faster-moving EMA’s representative of quick-moving traders while red, the slower 6 of the 12 EMA’s being investors.

As can be seen, once the two groups crossed in 2016, establishing a gap between them, “there was no looking back.”

Could this mean a repeat performance for Bitcoin?

Past performance is no guarantee of future results but if history does repeat, we might take over $18k.

In another bullish scenario, we are seeing gold climbing to new highs, fueled by intensifying trade war, rising Hong Kong protest tension, and now the Argentina stock market rout.

Bitcoin, which has been rising together with stock market past months started to decouple, from the end of July. The digital gold has also started gaining recognition as a safe haven asset, that could mean, a similar spike in BTC price can be seen, just like we did earlier this month.

But Bears are as much present in the market

The calls for $8.5k took a backseat after Bitcoin surged in the first week of August. However, they are back.

“200MA/EMA/RSIbands+Weekly support all point to 10.8 but you may get a wick at most given the orderbook support across exchanges,” said popular analyst Murad Mahmudov.

Another analyst who shares similar sentiments but a bigger fall to $8,000, The Crytpomist said,

“Unpopular opinion; With the change of market structure, I expect us to put in new lows before we put in a new high.”

On zooming out, the bigger picture, however, is still intact, with Mahmudov predicting, “BTC is going to $100K per orangecoin.”

Bitcoin’s price is $10,833.38 BTC/USD exchange rate today. The real-time BTC market cap of $193.64 Billioncurrently ranks #1 with a chart dominance at 67.77%, daily trading volume of $4.99 Billion and live coin value change of BTC -4.49% in the last 24 hours.

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BITCOIN THIEVES ARRESTED IN JAPAN FOR PILFERING $700K IN BTC

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The Rundown

  • Internal Information Helped Order Bitcoin Withdrawals for Personal Enrichment
  • Former Employee Possibly Precipitated the Bankruptcy and Closing of CoinExchange

The Japanese police arrested two suspects for the theft of Bitcoin (BTC) from the coffers of the relatively small market operator CoinExchange.

INTERNAL INFORMATION HELPED ORDER BITCOIN WITHDRAWALS FOR PERSONAL ENRICHMENT

Yuto Onitsuka, 25, and Takuma Sasaki, 28, reportedly stole 78 million yen in Bitcoins, equivalent to about $710,000, reported Japan Times. The theft was possible for former employee Onitsuka, who knew the access credentials to the wallets of CoinExchange. The small market operator closed in late 2019, after accruing losses due to the bear market.

The theft happened in October 2018, about a year before the exchange closed when Bitcoin had stabilized around $6,400. The BTC stolen was tracked to foreign and domestic exchanges, thus identifying the culprits.

Onitsuka and Sasaki reportedly never met each other, and only communicated through crypto-related bulletin boards. Sasaki used the login credentials to order BTC withdrawals from one of the exchange’s hot wallets.

FORMER EMPLOYEE POSSIBLY PRECIPITATED THE BANKRUPTCY AND CLOSING OF COINEXCHANGE

Statements by Onitsuka also suggest the actions may have precipitated the bankruptcy of CoinExchange. The Bitcoin withdrawals harmed the already failing exchange operator, and Onitsuka wanted to additionally protest against the company’s management. Sources have suggested Onitsuka wanted to bankrupt the company for internal struggle and disagreements.10 BTC

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The theft of roughly 100 BTC at 2018 prices was relatively small in comparison to other exchange heists. But the involvement of an employee suggests that heists are sometimes more easily explained with the human factor, and having access to hot or cold wallets.

The exchange, which was one of the smaller altcoin markets, did not have a process of internal controls to stop abuses. Hence, only one set of credentials was enough to order a withdrawal, and there were no internal controls on where the Bitcins went. The theft also left plenty of traces, as the funds were liquidated and sent to Sasaki’s bank account. The funds stolen were used for travel and personal expenses, with no attempts to conceal the transfers.

Japan has been the scene of relatively large coin heists, which affected the CoinCheck exchange. Other markets affected include Bitpoint, Remixpoint, and Zaif. The trend accelerated in 2019 when more exchange thefts were noted worldwide.

Japanese exchanges have slowed down their activity, winding down from the peak of the bull market where Japanese investors made up to 60% of Bitcoin trading volumes. Altcoins also slowed down their turnover, even ones highly active on the Japanese market. Japanese Bitcoin exchanges are highly regulated, requiring KYC and local bank accounts, but have been heavily affected by heists, which are still under investigation.

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Greyscale Could Get The First Foot In The Door With A Bitcoin ETF

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  • Bitcoin exchange-traded funds (ETF) can be a long drawn out process and has seen the hopes of many of crypto commentators crushed over the past two years.
  • Multiple of these traded funds have already been shut down and rejected but even though they have attempted to be re-applied.

Bitcoin exchange-traded funds (ETF) can be a long drawn out process and has seen the hopes of many of crypto commentators crushed over the past two years.

Multiple of these traded funds have already been shut down and rejected but even though they have attempted to be re-applied, the securities and exchange commission in the United States keeps on turning them down. The Bitwise Asset Management’s revised submission is the latest ETF to reach such a denial.

Despite this, Ryan Selkis of Messari believes that a recent announcement with the securities commission and Greyscale could play a big role in seeing a Bitcoin ETF getting approved later this year.

Greyscale investments had a submitted registration statement on Form 10 with the securities commission a few months ago in November last year. Earlier this week though, the submission statement was actually given the green light and greyscales bitcoin trust became the first digital asset investment spearhead to become a reporting company for the US’s security commission.

The bitcoin trust is a crypto index fund

with the securities and exchange commission giving the organisation the chance to reach a wider audience and especially those of established investors.

Selkis has indicated that the SEC is in compliance with the Form 10 approval which will, in the future, be able to see a bitcoin ETF given the thumbs up. He went on to say:

“I’m at the point where I do believe we’ll finally see the much awaited bitcoin ETF within the next 12-18 months.“

For those that don’t know, Greyscales bitcoin trust is one of the biggest crypto asset managers in the world with two and a half billion dollars assets under management and the trust has got the longest existence in the market. 

This current approval as a reporting company is essentially the securities commission noticing the legitimacy in Greyscales trust. 

Selkis adds:

“All that’s left really is for the SEC to finally recognize that this quasi-public vehicle is already available, liquid, and widely coveted by retail investors, while at the same time, the Commission’s own foot-dragging on an “official” ETF approval is quantifiably hurting those same investors by perpetuating the premium that exists on the publicly floated shares.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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Bitcoin’s soft fork: Final proposal for integrating Schnorr, Taproot published

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Pieter Wuille, a Bitcoin Core contributor, announced on January 24, 2020, that the Schnorr/Taproot proposal was published as BIPs 340, 341, and 342. The proposal is said to have significant implicati

ons on scaling, fungibility, privacy and script innovation

Wuille, further commented on the proposal and added that barring significant issues found in the review, the authors did not intend to make any more semantical changes.

He stated,

“That means that these documents are our final proposal for integrating Schnorr and Taproot into Bitcoin. Whether it gets accepted by the ecosystem, and how, is up to you.”

Commenting on the same, Jake Chervinsky, general counsel at Compound and an adjunct professor at Georgetown University Law Center, tweeted that Schnorr/Taproot was not only a significant upgrade for Bitcoin but was also an important data point for the ongoing study of Bitcoin’s governance model.

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