At press time, the father of cryptocurrency is trading for roughly $5,128. This is roughly where it stood during our previous price piece.
The news is something of a two-sided coin. While it’s not great to see bitcoin remain perfectly still over a weeklong period, it’s nice to see that there have been no new price drops added to the books.
Chart by TradingShot
Bitcoin has proven very sensitive over the past year-and-a-half.
Bitcoin’s rally from April 2 lows below $4,200 has stalled near the three-day chart’s 100-candle moving average (MA), currently at $5,238.
A three-day close (UTC) above that MA level could invite buying pressure, leading to a sustained move higher toward $5,500 and more.
That bullish close, however, looks unlikely in the short-term, as the cryptocurrency has created a bearish candle on the daily chart, validating signs of bull exhaustion (doji candle) on the weekly chart.
Everything else in the cryptocurrency industry stands or falls depending on how Bitcoin’s price evolves. As has been the case today, the uneasy momentum triggered some losses for several alternative markets. Even so, the Bitcoin price itself is still holding up quite well. A push to $5,200 seems plausible, but it might not happen anytime soon.
Bitcoin Price Stays in the Green
Any cryptocurrency enthusiasts will be happy to see Bitcoin in the green on any given day.
Bitcoin’s out-of-the-blue bounce over the $5,000 mark this month has prompted some predictable pontificating from price-obsessed people within and outside the cryptocurrency community.
Investors who are long-cryptocurrencies have gleefully pronounced that the Crypto Winter, which began when bitcoin’s bubble burst at the end of 2017, is now mercifully over. The most optimistic are forecasting a rerun of bitcoin’s fall 2015 bounce from its prior post-bubble collapse, which sent it not only back above its 2013 high of $1,150 but all the way to a December 2017 peak of $19,500.
A new alternate reality game called Satoshi’s Treasure has hidden the keys to $1 million worth of bitcoin across the globe, forcing players to collaborate and improvise.
“A lot of people have joked we’re doing the bitcoin version of Ready Player One,” Primitive Ventures co-founder Eric Meltzer, the game’s co-creator, told CoinDesk. “The game is going to have a leaderboard to show which teams have the most keys.
Noelle Acheson is a veteran of company analysis and member of CoinDesk’s product team.
The following article originally appeared in Institutional Crypto by CoinDesk, a newsletter for the institutional market, with news and views on crypto infrastructure delivered every Tuesday. Sign up here.
Extremely overbought conditions and other factors seem to have stalled bitcoin’s promising price rally.
Acceptance below $4,912 would validate signs of indecision on the weekly chart (doji candle) and open the doors for a deeper drop to $4,527 (200-day moving average).
As the weekend is within traders’ grasp, the question becomes how all of the cryptocurrency markets will evolve exactly. In most cases, it is a futile effort to make any accurate predictions in this regard. Everything stands or falls based on the Bitcoin price, which is still subjected to rather uncertain momentum right now. This doesn’t bode all that well for the world’s leading cryptocurrency.
Bitcoin Price Doesn’t Appear Stable
While the altcoins are trying to recover some of their lost value as of right now, it is evident the effort will not be without its own hurdles.
Bitcoin dropped to a low of $4,900 on Coinbase after a continued sell-off was seen from its April 11 breakdown. BTC has since moved back above $5,000 and is tentatively holding that line.
Prices remain bullishly above the 200-daily moving average at $4,548, but would flip to short-term bearish with a strong close below $5,000.
The 6-hour candle has closed below a key resistance line at $5,050 and will need to be scaled before the end of today’s trading session.
The Lightning Torch, a Lightning Network payment that has been forwarded to bitcoiners around the world via Twitter, has run its course and reached its end in the charitable hands of Bitcoin Venezuela.
It’s grown a lot since we last covered it in February.
Bitcoin has cemented a higher low and retained its bullish market structure on the daily chart after a hotly contested close on April 9.
The hourly chart shows bitcoin is trending inside an ascending triangle (typically bullish by nature) with a potential measured move to $5,885.
An exaggerated bullish divergence has formed on the hourly chart, providing additional weight to the likelihood of an imminent bullish breakout.
Bitcoin has managed to fend off any further attacks from the bears during April 9’s tug-of-war trading session.
Virtually all of the cryptocurrency markets derive value from Bitcoin first and foremost. While some altcoin maximalists will gladly claim otherwise, it is evident that is not the case. As such, a positive Bitcoin price trend is of the utmost importance. So far, the world’s leading cryptocurrency appears to be on the right track, although the road ahead could be bumpy.
Bitcoin Price Momentum is Crucial
With a positive Bitcoin trend, the rest of the cryptocurrency markets will usually see some form of promising momentum.
Bitcoin users have often been a target for law enforcement agencies and governments. In the United States, that scrutiny is even bigger compared to most other countries around the world. One 22-year-old Bitcoin trader has now been sentenced to two years in prison and forfeiting financial assets for trading and selling Bitcoin in an unlicensed manner.
Reselling Bitcoin Equals Money Transmitting
Ever since Bitcoin started making media headlines, people have been looking for ways to make money with the world’s leading cryptocurrency.
Bitcoin’s “super guppy” indicator has turned green for the first time since January 2018 in a signal confirmation of bull bias on the daily chart.
The long-term 26-period EMA on the monthly chart has been crossed from below, signalling that the move above $5,200 has placed bitcoin in an official bullish upswing.
The monthly RSI has climbed over 50 in another indication that momentum currently favors the bulls on long-term timeframes.
Bulls need to keep prices above the 26 EMA (currently at $5,064) and the recent dip low of $5,133 to maintain momentum.
At press time, the father of cryptocurrency is trading for just shy of $5,200. This is massive news for enthusiasts everywhere, who were likely concerned that the currency’s drop into $3,600 territory last November may have been permanent – or at least lasted an extremely long time.
Luckily, it appears the bulls are once again taking the financial reins, and experts are weighing in on where the daddy of all digital assets could go.
Chart by alanmasters
Bitcoin has been stuck in a rut for well over a year.
After last week, it has become more than apparent Bitcoin is capable of turning bullish when people least expect it. To start off this week, the world’s leading cryptocurrency is still going strong, as the Bitcoin price sits at $5,230. While there is some minor bearish pressure to contend with, it seems the $5,000 level will remain in place for at least another day.
Bitcoin Price Momentum Should Continue
It is always difficult to make any accurate predictions where Bitcoin is concerned Although this currency is the market trend setter first and foremost, it is also pretty fickle even under the best of circumstances.
Solid gains over the weekend saw bitcoin’s price rise $200/4.89 percent, defying overbought indicators on the daily chart with a strong candle close on April 7.
The hourly chart for bitcoin is printing an ascending triangle, signalling a continuation in price action.
The longer-term outlook remains bullish for bitcoin as long as prices stay above the prior daily candle close at $5,193.
Bitcoin’s breakout from $5,050 resistance has defied overbought indicators and set a new target of around $5,550 for the bulls.
The combined value of the cryptocurrency market rose to $185.89 billion earlier today, its highest level since Nov. 18.
While that number has dropped slightly to $184 billion as of press time, the five-month high marks the 10th consecutive week with a bullish open above the prior candle close, meaning there has been a steady increase in value for crypto since the new year began.
The majority of the crypto markets experienced positive growth toward the end of the previous close for the week April 1–7, thanks in part to bitcoin’s breakout last week.
Bitcoin’s lightning torch will soon burn out, putting an end to a global payments experiment that has seen participation from hundreds of recipients, from tech luminaries like Twitter CEO Jack Dorsey to users in countries cut off from parts of the world by economic sanctions.
Mainstream news coverage of cryptocurrency is often disingenuous or factually incorrect – that’s certainly no surprise given the nascent technology is widely misunderstood.
But if one would have thought that recent milestones – bitcoin’s 10th anniversary, the arrival of crypto projects from the likes of JP Morgan and Facebook – would have encouraged the media to get smarter, this week’s news shows attitudes at major publishers haven’t changed much.
Plenty of cryptocurrency enthusiasts and traders are looking at Bitcoin right now. After a minor wobble a few days ago, it seems the $5,000 level has been recaptured successfully. It is interesting to see a resilient Bitcoin price trend, as that is something people haven’t seen much of in the past 18 months.
Bitcoin Price Bulls are In Control
No cryptocurrency enthusiasts will be dismayed by how the markets are developing in the past few weeks.
The startup Radar, which raised $10 million in a series A funding round last year, has revealed a new suite of tools for developers working on the lightning network, bitcoin’s second layer for scaling payments.
To be released at the Boltathon hackathon, the developer tools include a configuration helper for setting up a lightning node and an invoice “playground,” where users can test if their lightning node can connect to other nodes.
Bitrefill has launched a new service that seeks to simplify the process of setting up payment channels on the lightning network, the experimental, layer-two initiative being built on top of bitcoin.
Demoed for the first time Friday at the Understanding Bitcoin conference in Malta, the new service – dubbed “Thor Turbo” – helps users to get around a wrinkle in how lightning works today. Currently, users need to wait an hour to initialize a lightning channel, but with a technology that Bitrefill is calling “turbo channels,” they’re looking to make that set-up process more smooth for would-be transactors.
As was somewhat to be expected, all of the cryptocurrency markets have turned incredibly bearish again. This is primarily because the Bitcoin price is plummeting all of a sudden with no real improvement in sight. The hourly charts look very bearish, thus it seems likely the $4,750 level will not remain in place for very long, assuming this trend continues.
Bitcoin Price Trend Sours Significantly
It was somewhat to be expected Bitcoin would not rally for very long until things got dire again.
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