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Bitcoin (BTC) takes fresh increase above $10,000; Strong Support Seen at $9988

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  • Bitcoin has just rebounded from $9988, recovers the drop below $10,000
  • BTC’s decline since today morning recently saw a break, bearish trendline breached too

Bitcoin has been dropping since today morning and this is the second dip below $10,000 against U.S.dollar, which is shown in the chart. BTC manifests a rebound from the mentioned price plunge and has reclaimed the price range above $10,000 recently.

BTC was above $10,040 at 07:30 UT, from where it has traced a bearish trendline. The coin kept slipping down till it saw bottom at $9988.65. as it found support there, Bitcoin started to recover

its price and managed to reach above $10,000.

With an increase of 1.21%, the coin cleared the resistance near $10,000 and even crossed above $10,100. At 11:19:45 UTC, Bitcoin has seen a bit downward correction at $,10,093.15 and may see the same further.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

SMA lines are proceeding for a bullish crossover as the short term SMA line is below the long term SMA line at present. The coin is well below both the SMA values where, 200-day SMA stands at $10374.01, and 50-day SMA is at $10430.50.

Bitcoin Technical Indicators:

RSI is near 70 pointing out to the overbought state of the coin. While MACD is heading for a bearish crossover. Bitcoin may face resistance at $10,333.36, $10,550.75 and $10,707.14, while it may see support at $9,959.58, $9,803.19, and $9,585.8.

Source.cryptonewsz.

Bitcoin

Visa continues to dwarf Bitcoin in this important metric

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Despite optimistic predictions, Bitcoin still has a long way to go before it can compete with companies such as Visa. The fiat currency giant reported transaction volume of over $11.2 trillion in 2018, while Bitcoin network only managed to transact around $2.2 trillion until 2019.

Visa dominates all payment processors with $11 trillion transaction volume

While the crypto industry as a whole seems confident that digital assets will ultimately replace traditional fiat currencies, the reality is that there’s a long way to go before the two can even compete in the same category.

The growing transaction volume of most high-market cap cryptocurrencies definitely shows that major improvements are made. However, most of that growth fades away when compared to the big players in the payment processing industry.

According to its annual performance report, Visa saw a total transaction volume of just over $11.2 trillion. The volume is the sum of both the payment volume and cash volume, with the payment volume being the total monetary value of transactions on Visa-branded cards and payment products, the company explained in the report.

This is a huge increase from the $10.3 trillion the company reported in 2017 and an even bigger increase from the $8.1 trillion in total volume

reported in 2016.

Image showing total volume recorded by Visa in 2016, 2017, and 2018
Image showing total volume recorded by Visa in 2016, 2017, and 2018. (SourceVisa)

Bitcoin still has a long way to go to catch up with Visa

Bitcoin‘s numbers aren’t nearly as impressive as these. However, it’s worth noting that digital asset data can often be misleading and can never be taken at face value. As a Fidelity Digital Assets research put it, one of the most commonly overstated measures is Bitcoin’s transaction volume.

Most data providers use an unspent transaction output (UTXO) system, which doesn’t distinguish between economic and non-economic transactions. Because of that, the difference between the adjusted and unadjusted transaction value figures are often very significant.

According to the report, Bitcoin’s total adjusted transaction value from inception to Dec. 11, 2019, was approximately $2.2 trillion. It’s unadjusted transaction volume, however, stands at approximately $7.5 trillion.

Chart showing the difference between cumulative raw transaction value and the adjusted value
Chart showing the difference between cumulative raw transaction value and the adjusted value. (SourceCoinMetrics)

While the $2.2 trillion is a significant achievement for a system as young and as novel as Bitcoin is, it’s still a long way behind Visa. Bitcoin’s transaction volume was amassed over a period of more than 10 years, while Visa recorded its $11.2 trillion from September 2017 to September 2018.

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Bitcoin (BTC) Cannot Be Used for Payments, Your Coffee Will Be Cold, says Ripple CEO

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Ripple CEO: Bitcoin (BTC) Cannot Be Used for Payments, Your Coffee Will Be Cold

Ripple CEO Brad Garlinghouse sat down for an interview in Davos, Switzerland, to talk about the rapidly changing financial industry. Among many other things, Garinghouse discussed Bitcoin’s use cases and his company’s IPO plans. 

A failed means of payment 

Garlinghouse reiterated that Bitcoin is not suitable for micropayments. He took a jab at the coin’s scalability problem, claiming that your coffee will be cold if you order it with BTC at Starbucks.

“You don’t want to use BTC at Starbucks b/c by the time you get your coffee, it’ll be cold.”

Bitcoin is only capable of processing about seven transactions per second, which prevented it from becoming a widely accepted means of payment. For comparison, XRP is able to process up to 1,500 transactions per second.   MUST READRipple CEO Brad Garlinghouse: 99 Percent of All Crypto Goes to Zero – 

Still bullish on Bitcoin  

Nevertheless, Garlinghouse is still bullish on Bitcoin as a store of value, which means that he sees

the orange coin in the same category as gold. However, numerous skeptics in the likes of Bridgewater Associates co-founder Ray Dalio believe that Bitcoin cannot retain its value because of its immense volatility. 

The price of the leading cryptocurrency has recently plunged by nearly 10 percent in just four days.   MUST READRipple CEO Buys Bitcoin (BTC) with XRP Dumped on Retail: Adam Back – 

Is Ripple going public?

Garlinghouse also predicted that 2020 will be the year when many cryptocurrency companies will follow the lead of Canaan Mining and go public. He considers an IPO to be “a natural evolution” for Ripple but didn’t specify the exact time when the blockchain giant is going to hear the sound of bell ringing. 

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”  

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Bitcoin Price Analysis: BTC/USD is at risk of an extended sell-off towards $8,000

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  • The number of Bitcoin addresses with unrealized gains decreased significantly.
  • BTC/USD needs to regain $8,6500 as soon as possible.

Bitcoin (BTC) is under selling pressure on Thursday. The first digital coin has lost over 3.5% since the beginning of the day amid growing bearish sentiments and expanding volatility. At the time of writing, BT/USD is changing hands at $8,350. Bitcoin’s market share has settled at 65.8%.

Notably, the share of Bitcoin addresses “in the money” dropped from 74% on Wednesday to a mere 63% by press time, according to the statistics provided by Intotheblock. The breakeven point for the vast majority of Bitcoins is located around $12,000, which means that an even moderate push towards that area might improve the sentiments significantly. However, considering the recent developments, it seems that we will have to live through another bearish wave

before things turn for the better.

BT/USD: technical picture

BTC/USD bears try to take the price below critical support area created by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. If they are successful enough to engineer a sustainable sell-off below this level, a psychological $8,000 will come into focus. This zone is reinforced by SMA100 daily, and it has the potential to slow down the bears.

On the upside, we will need to see a strong move above $8,650 to mitigate the initial downside pressure and create a pre-condition for a recovery. This area served as a support zone in recent days, which means it may take some time to take it out as resistance. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,000. This is an ultimate short-term target for Bitcoin bulls protected by SMA200 daily.

BT/USD daily chart

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