On June 19, Chaincode developer John Newbery gathered a group of developers to examine a proposed change to bitcoin’s code.
Taking place via Internet Relay Chat (IRC), the topic was whether the change, which would help prevent a group of rogue miners from speeding up the rate at which bitcoin’s blocks are produced, is a positive one with limited security risks or adverse impacts.
Bitcoin’s short-term outlook will remain bearish as long as prices remain below $11,080 resistance. A break above that level would invalidate bearish lower-highs setup.
The bulls may have a tough time forcing a break above $11,080 amid news of BitMEX exchange facing a regulatory probe and talks of harsher crypto regulation.
Prices could drop below $10,000 in the next 24 hours with daily chart indicators continuing to report bearish bias.
A weekly close (Sunday, UTC) above $12,000 is needed to revive the bullish view.
Bitcoin surged $1,000 in just 30 minutes during U.S. trading hours Thursday, a move that found the leading cryptocurrency rising from $9,335 to a high of $10,400, based on Bitstamp data.
The sudden rally could be associated with the massive unwinding of short BTC/USD positions (profit taking) seen in 30 minutes to 15:00 UTC, as reported by bot powered twitter handle @WhaleCalls.
After a sideways market all through June, Bitcoin is not doing too hot this month. The past 48 hours have been brutal for the cryptocurrency as it dropped over 10% dipping below the $10,000 level. Why is the price falling? Will we see recovery anytime soon? Let’s dive deeper and take a look…
Why is Bitcoin’s price falling?
As Coindesk reports, a key indicator for Bitcoin has turned bearish.
Bitcoin’s recovery from $9,049 to $10,000 lacks substance and may be short lived.
Signs of bullish exhaustion near $10,000 have emerged on the 4-hour chart. A break below $9,580 would confirm the corrective bounce has ended and allow a drop to $9,000.
Moving average (MA) studies and key indicators like the relative strength and the Chaikin money flow indices on the daily chart continue to call a bearish move.
A high-volume break above $10,000 could yield a move to $10,400, but a 4-hour close above $11,080 is needed to invalidate the short-term bearish setup.
LibertyX, the company that launched the first U.S. bitcoin ATM, will expand into 90 retail locations in Arizona and Nevada, according to a statement made Wednesday.
With this move LibertyX now operates more than 1,000 so-called bitcoin ATMs across the country.
Former Bitcoin Core developer Peter Todd filed a defamation suit in April demanding the deletion of a tweet that accused him of sexual misconduct. In response, three people submitted statements to the court this week accusing Todd of such misconduct.
One alleged victim, “Jane Doe,” stated she stopped contributing to bitcoin projects in order to avoid Todd.
The incident is shaping up to be a first-of-its-kind in the bitcoin community, a public incident that could force conference providers and projects to be more active in responding to allegations of misconduct.
Bitcoin closed below $9,614 on Tuesday, confirming a bearish reversal on the daily chart. The invalidation of bullish higher-lows pattern is backed by bearish developments on the short-term charts.
Prices risk falling to $9,097 (May 30 high) in the next 24 hours. A close below that would expose the 100-day moving average line, currently located near $8,100.
A key indicator is reporting oversold conditions as per the 4-hour chart, so a minor bounce before any drop below $9,097 cannot be ruled out.
Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts.
Bitcoin has faced selling pressure over the last few days, despite an impending golden crossover on the three-day chart – a bullish crossover of the 50- and 200-candle moving averages, as discussed last week.
At press time, bitcoin is trading for just shy of $10,900. While this is significantly lower than where it stood during our previous price article (almost $1,000 lower), its current price reflects something very important about the coin we’ll grown to respect and love.
Bitcoin Takes a Hit from President Trump
Over the weekend, the currency’s reputation came under fire when U.S. President Donald Trump issued a series of tweets explaining that he didn’t care for cryptocurrencies.
As this Sunday trucks along, it has become rather apparent the cryptocurrency markets are getting battered once again. Despite a rising Bitcoin Dominance Index, it is fairly obvious to see the prices are being pushed down in violent fashion all across the board. Not the trend traders are looking for, but it is not entirely too surprising either.
Another bad day for Altcoins
This past week has been very interesting for all cryptocurrency markets, albeit not necessarily in a positive manner.
Cubans are quietly exploring cryptocurrency use-cases on the politically isolated island, even watching Facebook’s Libra project with cautious optimism.
Cuban expat Claudia Rodriguez of the Brazilian startup Fusyona, the sole bitcoin exchange proactively serving Cubans, told CoinDesk the exchange has nearly 700 accounts since launching in 2018. She said up to 60 users purchase a total of one or two bitcoins every week.
Bitcoin could fall to the July 2 low of $9,614 and may break lower in the short-term, as the widely tracked MACD (moving average convergence divergence) histogram on the three-day chart has turned bearish for the first time since December.
Buyer exhaustion above $12,000, as seen on the weekly chart, also supports the case for a stronger correction.
Dips below $9,000 could be short-lived, courtesy of an impending golden crossover on the three-day chart.
A loose group of developers are testing out the idea that the combination of bitcoin and orbital communication might provide a means for stopping governments or other powerful entities from suppressing news they don’t like.
Censorship is a worldwide problem, with one of the more recent examples include a new law strengthening the Russian government’s control over the internet, which pundits worry will be used to censor information that reflects poorly on it.
The cryptocurrency markets fell sharply on July 14 after bitcoin (BTC) endured another $1,400 sell-off, denying the bulls a chance to revisit 2019 highs.
At 09:00 UTC on July 14, BTC began to shed $1400 from its price tag, dropping below $11,000 and then $10,500 for the first time since July 2.
Prices had initially attempted to rally above $10,800 but were stopped short as a quick reversal to momentum brought prices reeling back below $10,000.
BTC’s price has since fallen victim to the continual bearish sell-off and is currently changing hands at $9,974 at time of writing.
At press time, bitcoin is trading for about $11,872. While this is not quite as high as where bitcoin has traded over the past few weeks, it’s still in a stronger position when compared with our previous price analysis.
Bitcoin Could Be Headed for Bigger Things
Bitcoin has been relatively well for the past three months. It first struck the $5,000 mark back in April, and has been on a roll ever since, but the currency has had a few struggles here and there.
Federal Reserve Chairman Jerome Powell said he can envision a return to an era where multiple currencies are in use in the United States.
During Powell’s testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency, he said: “The size of Facebook’s network means it could be, essentially, immediately systemically important.”
Though the initiative raised “a lot of serious concerns,” including privacy, money laundering, consumer protection, and financial stability, he began to speak favorably about other cryptocurrencies.
A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.
The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.
That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.
Seasoned traders often refer to that long-term bull market signal as a lagging indicator.
The cryptocurrency markets fell sharply on July 10 after bitcoin (BTC) suffered another $1000 sell-off, denying a bullish breakout that looked primed to test its recent 2019 highs.
At 14:00 UTC On July 10, BTC shed $962 from its price tag in a little over an hour, landing just above the $12,000 psychological support before another wave of sellers dragged it to a peak low of $11,550.
Prices had initially attempted to rally above $13,200 but were stopped short as a quick reversal to momentum brought prices reeling back below $12,000.
Bitcoin’s violation of recent bearish lower highs with a move above $12,061 has opened the doors for a retest of $13,880.
Prices reinforced the bull breakout with a successful defense of the former resistance-turned-support of $12,061 soon before press time.
Bitcoin’s dominance rate has spiked to 27-month highs, backing the uptrend in prices.
A high-volume UTC close below $12,000 would abort the bullish view.
Creditors of Mt Gox waiting to get their bitcoin back from the long-defunct exchange can now get pennies on the dollar by selling their claims to Fortress Investment Group.
In a letter sent to creditors, Michael Hourigan, a managing director at the New York-based private equity firm, said he is purchasing these claims for a bitcoin investment vehicle the firm operates.
Mt Gox collapsed in 2014 after some 850,000 bitcoins disappeared from the exchange’s servers.
BTC could rise to key resistance at $12,061 in the next few hours, as the hourly chart is reporting a symmetrical triangle breakout.
A high-volume break above $12,061 would invalidate the bearish lower-highs pattern and open the doors to the recent high of $13,880.
However, a break with low volumes could turn out to be a bull trap, especially as the weekly chart indicators continue to report overbought conditions.
On the downside, a move below $10,769 (July 5 low) would expose last week’s low of $9,615.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...