- Bitcoin awaits a strong price recovery since the last 3 days, Ethereum follows the suit
- BTC price has stepped down remarkably over the last 5 days, shifted from $11,886 to $11,272
- BTC has traced a bearish trendline while it appears on the way of mild price recovery
- ETH also is in hassle to rebound but is facing hurdles to trade above $210
Today, Bitcoin price has furthered its downward price momentum as the coin has recently entered into the price range around $11,200. Till 14:54 UTC, BTC was oscillating between $11,400 to $11,300. Meanwhile, Ethereum is still yet to make any price move above $210.
On 8th August, BTC had its opening price above $11,900 and was firmly above $11,800 till 13:25 UTC on the same day. The coin saw a plunge to $11,494 and then escalated above $12,000 again instigating a hope that the leading coin will persistently trade beyond. Though the coin pulled back around $11,700 and after surging above $11,886, it sharply dropped even below $11,300 with a decline of 4.99%.
After the major fall, Bitcoin has not been able to surge even above $11,600, though it had a mild upswing near $11,506 after which it has traced a bearish trendline. At 09:22:04 UTC, the coin is trading at $12272.52 and over the last 5 days, BTC has decreased by 5.70%.
Ethereum – Bitcoin Price Chart:
Ethereum, while carrying a selling pressure, was trading with its price at $224.70 and it reached to $217.37 with a drop. The coin corrected a bit to $220.70 and then again took a fall to $201.52. Notably, both the coin have traced an impulse pattern.
After a recent fall to $201.52, ETH has slowly corrected up. At 09:22:04 UTC, ETH was trading at $208.30.
Bitcoin Price Analysis: BTC is On Price Recovery Mode; Gains 4.55% Overnight
- Bitcoin gained 4.55% in the last 24 hours and breached the resistance at 10,800 USD.
- It may soon touch 12,000 USD and further, it is likely to get a price rally before the year ends.
Bitcoin has managed to reach its first resistance point at 10,800 USD with the help of a 4.55% hike. It is likely to rise more in the coming days and by the end of this year, the coin is likely to be near 15,000 USD. In the last three months, the journey of Bitcoin was full of shocks and volatility. The coin reached its peak towards the end of June and it has been trying to reach there since then. We will now analyze the current statistics of the coin before going into details of the price movement pattern.
Bitcoin Price Statistics-
Bitcoin’s highest hike of this year has been the 85.70% hike between 04th June and 26thJune. This hike pushed the coin near 14,000 USD. From there, Bitcoin has been showing huge volatility. It was followed by a fall of almost 30% in the value against USD which deducted 4039 USD from the coin over just 5 days. After a week of growth, Bitcoin again took a dip to 9208.95 USD by 17th July. From there it has been a satisfying journey for the coin and it has risen to 12,196 USD by 06th August with the help of a 32% increase in the value. The market cap on 20th July was 186,505,443,026 USD and the value of the coin was 10,991.43 USD. The current market cap and the value of each coin are respectively 4.30 % more and 1.10 % less than the figures for the last month.
Bitcoin Price Prediction-
Bitcoin is consistently raging against 11,000 USD and the next big target should be 12,000 USD with so many little halts. But the coin is likely to get a good growth by the mid of next month. With the help of a price rally, the target of 15,000 USD by 2019 seems reasonable. The details of the resistance and support levels are given below.
|1st Resistance||11117 USD|
|2nd Resistance||11317.95 USD|
|3rd Resistance||11719.85 USD|
|1st Support Level||10514.15 USD|
|2nd Support Level||10112.25 USD|
|3rd Support Level||9911.3 USD|
Winklevoss Twins Say They’re ‘In Talks’ About Joining Libra Association
Tyler and Cameron Winklevoss — Bitcoin (BTC) bulls and founders of the Gemini crypto exchange — say they are open to partnering with archrival Mark Zuckerberg on Libra.
CNN Business reported on Aug. 19 that the twins are not allowing their notorious and drawn-outsettlement with Zuckerberg stand in the way of a potential collaboration.
In talks to join the Libra Association
Whether or not a partnership will finally materialize, Cameron told CNN that Libra represents a step towards mass adoption of cryptocurrency, underscoring:
“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.”
As CNN notes, the twins’ proactive promotion of crypto-regulatory matters could make the duo an attractive partner for Facebook, given the widespread alarm the latter’s Libra project has already sparked among governments and regulators globally.
The twins revealed they have been in talks about joining the Libra Association — the newly-created, independent governance consortium for Facebook’s planned token — which currently counts 28 founding members and should expand to 100 by the time of Libra’s launch.
Tyler and Cameron noted, however, that they still need to learn more about the details of the project before deciding whether or not to join the Association, as well as whether to list Libra on the Gemini exchange.
The Libra Association has reportedly declined to comment on any ongoing negotiations with partners.
All the internet titans will embrace crypto
According to Cameron, Facebook may be the first tech titan to attempt a native cryptocurrency launch — but it won’t be the last:
“I think that internet companies have to have a crypto strategy, and I think a lot of them are thinking about their own coin projects. They’re probably watching Libra and Facebook to see how that fares as they develop it.”
He forecast that Amazon, Apple, Netflix and Google will follow suit, isolating Amazon in particular as a solid contender:
“Amazon can probably get packages to literally any place in the world, even if the last mile is on a dirt bike or something […] very ironic, that the physical stuff we can move all around the world and we can’t get money to a lot of places around the world.”
Earlier today, Cointelegraph reported that the design for the Chinese central bank’s planned state-backed cryptocurrency is reported to have been influenced by Libra’s unveiling.
Bitcoin Price Fails to Break Through $11K — Altcoin Bull Run Fizzles 1809
Bitcoin (BTC) price slid from levels near $11,000 Aug. 20 as momentum which sparked bullish sentiment at the start of the week fizzled.
Market visualization. Source: Coin360
Bitcoin lingers below $11K resistance
Data from Coin360 showed BTC/USD abandoning its shot at passing $11,000, having risen from levels near $10,700 on Monday.
The pair was trading back at those levels at press time, having dropped $350 over the past few hours.
24-hour gains for Bitcoin thus remained tapered at 2%, while weekly performance still revolved around an overall loss of nearly 6%.
Bitcoin 7-day price chart. Source: Coin360
Anticipation had run high as $11,000 approached, analysts rating chances for a definitive upward trend to recommence.
“I wanted to see it over $10,800 and it did close, short term bullish,” regular trader Josh Ragersummarized in his most recent update on Monday.
He added that BTC/USD remains under its weekly opening level from two weeks previously, an area which will now act as resistance.
Meanwhile, another fellow market analyst and trader, Filb Filb, was more buoyant, telling followers of his dedicated Telegram channel about the possibility of a break to $11,400.
Altcoins return to flat performance
Altcoins meanwhile failed once again to capitalize on previous gains. A look at the top twenty cryptocurrencies by market cap shows most reversing progress made on Monday, when some outperformed Bitcoin itself.
Ether (ETH), the largest altcoin, then dropped 1.6% to slide back below $200. Litecoin (LTC) dropped more at 2.3%, while XRP shed almost 5%.
Ether 7-day price chart. Source: Coin360
Only Monero (XMR) and Bitcoin SV (BSV) showed signs of life, gaining 1.2% and 0.8% respectively.
The overall cryptocurrency market cap was $276 billion on Tuesday, down $3 billion from the day before, while Bitcoin’s share remained over 69%.