Bitcoin’s price recovery from the Aug. 29 low of $9,320 is backed by an uptick in the dominance rate to 30-month highs.
Weak trading volumes, however, indicate the recovery could be short-lived and a fall back to $9,750 could be in the offing in the next day or two. Weekly chart indicators continue to call a bearish move.
A high-volume UTC close above the bearish lower high of $10,956 (Aug. 20 high) is needed to revive the short-term bullish outlook.
A weekly close (Sunday, UTC) above $12,000 is needed for full bull revival.
Criminals are still drawn to Bitcoin. The world’s leading cryptocurrency lacks anonymity and privacy. Even so, it is often used as a tool to hide monetary transactions. The first six months of 2019 have been rather telling in this regard. Over $4bn worth of Bitcoin has been stolen from investors during this period alone.
Criminals Want Your Bitcoin
It is a well-known fact that Bitcoin is often associated with criminal activity.
A year after China banned local fiat on-ramps for crypto exchanges, Chinese traders continue to drive the market forward by using the dollar-pegged stablecoin tether (USDT).
“Crypto trading businesses are restricted from accessing banking services in China, but they are thriving nonetheless,” Dragonfly Capital Partners co-founder Alexander Pack told CoinDesk.
Bitcoin is on track to test $9,000, having dived out of a narrowing price range earlier this week. The cryptocurrency is likely to end August on a negative note, having suffered losses in July and January.
BTC may suffer a deeper price drop over the next few months, possibly to the 200-day moving average near $7,400, if prices print a UTC close below $9,049 on Saturday, confirming a bearish reversal on the monthly chart.
Bitcoin now stands alone in the top 10 cryptocurrencies by market value at CoinMarketCap, with the rest having fallen below a key long-term moving average.
The top 10 cryptocurrencies by market value, ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), EOS, bitcoin SV (BSV) and stellar (XLM), have now all closed firmly beneath their 200-period moving average (MA) on the daily chart.
The event marks a period of greater selling momentum, confirming the majority of the bearish mood currently prevailing among investors.
Many Bitcoin enthusiasts have high hopes for the Lightning Network. For a technology which has been accessible for some time now, it seems there isn’t much growth to take note of. In fact, it appears things are slowly growing worse as more time progresses. This is good news by any means, yet the ship hasn’t sunk completely just yet.
Lightning Network Adoption
Embracing new technology is always difficult.
A group of bitcoin enthusiasts just ran, biked and swam across Europe, all to promote the cryptocurrency they believe is leaving a powerful, positive mark on the world.
The first “Satoshi Freeathlon” officially finished this weekend, in which a group of seven bitcoin enthusiasts flexing their athletic abilities by journeying from Switzerland’s “Crypto Valley” in the tiny city of Zug, Switzerland, to Munich, Germany – a 221-mile adventure in total.
Bitcoin risks falling to $9,000 in the next 24 hours, having dived out of a narrowing price range on Wednesday. A violation there would expose the next support lined up at $8,500.
The breakdown looks legitimate as it is backed by a surge in selling volumes. The daily chart indicators are also reporting bearish conditions.
A weekly close (Sunday, UTC) below $9,533 would confirm a double top breakdown on the weekly chart.
The bearish case would be invalidated above Wednesday’s high of $10,280, although that looks unlikely.
Bitcoin’s recent market movements have thrown into contention consensus about its short-term price direction, with traders asking openly if demand is strong enough to fend off another bear market.
Such a question has emerged in the wake of the world’s largest cryptocurrency’s inability to set new highs above those seen in June and July, when optimism about a Facebook cryptocurrency launch pushed the price of bitcoin to $13,880 and $13,200 on June 26 and July 10, respectively.
Bitcoin’s price slid more than $600 in 30 minutes, falling back below $10,000 on Wednesday.
Beginning at 17:50 UTC and lasting until 18:20 UTC, BTC witnessed a large pullback from $10,200 to $9,600, followed by a small bounce near $9,740, providing temporary support.
Bitcoin opened the day at just under $10,200.
A corroborating order has been filed in Craig Wright’s sanctions and contempt hearing.
In a court document published Tuesday, Magistrate Judge Bruce E. Reinhart confirmed that Wright, the self-declared inventor of bitcoin, must forfeit half his crypto mined prior to 2014 to Ira Kleiman as well as half his intellectual property.
Bitcoin’s interaction with the 100-period moving average on the daily and weekly charts have provided strong regions of support in the past and may do so again.
Exhaustion caused by low levels of total daily volume and market activity raises doubts about the direction for the mid-term.
Should the bulls lose the on-going stalemate in buying and selling pressure, bitcoin risks falling to weekly supports located near $7,560 in the coming weeks.
Bitcoin’s weekly moving average convergence divergence histogram has turned bearish for the first time in seven months. Even so, sellers need to observe caution as that indicator had trapped bears on the wrong side of the market during the 2015-2017 bull run.
A bull revival, however, would be confirmed if and when prices find sustained acceptance, preferably a weekly close (Sunday, UTC), above $12,000.
Short duration charts continue to call a move lower to $9,500.
Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.
The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.
It is a truth universally acknowledged that crypto aficionados love Burning Man.
Both the long-running festival in the Nevada desert and the bitcoin ethos revolve around openness to exploring new governance models with fewer rules.
Take me, for instance. I still have the colorful Burning Man ticket from 2010, when, like so many future bitcoiners, I went to camp in Black Rock City for a week in late August. Back then, I showed up with little more than a tent, a bikini and a Costco-sized bag of marshmallows to barter for supplies.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On the weekly timeframe, the Bitcoin remains in the correction phase, which may extend and bring the quotations to the psychologically important level of $7000.
Bitcoin’s recovery from $9,755 to $10,255 seen in the last 24 hours lacks volume support and could be short-lived.
Supporting the case for a drop back to $9,755 are the rising-wedge breakdown on the hourly chart and a bearish candlestick pattern on the 3-day chart.
Wednesday’s rising-wedge breakdown on the 4-hour chart is still valid and favors a drop to $9,467 (Aug. 15 low).
Bearish pressures would weaken if prices print a UTC close above the bearish lower high of $10,956.
Most cryptocurrency enthusiasts are not aware of Bitcoin supporting smart contracts. Despite what most may claim, Bitcoin has supported this technology for many years now. It has never been a popular option to explore, but it was still worth taking note of. Miniscript, a new smart contract language for Bitcoin, was introduced only recently. How this will affect the ecosystem as a whole, remains somewhat unclear.
The Miniscript Reveal
It has been an interesting week for Bitcoin enthusiasts.
Bitcoin’s defense of the 100-day moving average and a bullish divergence of an hourly chart indicator suggest scope for a minor price bounce to $10,300
Bitcoin will remain in the hunt for a drop to $9,467 (Aug. 13 low), as long as the rising wedge breakdown seen on the 4-hour chart remains valid.
A UTC close above $10,956 would shift risk in favor of a rally to $11,850-$12,000. A weekly close above $12,000 is needed to confirm bullish revival.
Bitcoin (BTC) sellers are again struggling to force a sustained break below a widely-followed support level, but the outlook would turn bullish only above $10,956.
Experts say Hamas is now using bitcoin for cross-border fundraising at an unprecedented rate. Still, even the largest estimates of terror financing in the region are apparently dwarfed by civilian bitcoin usage in the Gaza Strip, local experts tell CoinDesk.
General awareness in Palestine of bitcoin and ethereum has increased since 2018.
Freelance payments and remittances are reportedly the leading use-cases for bitcoin transactions in the Palestinian territories.
Bitcoin quickly fell from $10,842 to $10,082 earlier today, confirming a rising wedge breakdown on the hourly chart. The bearish reversal pattern has opened the doors for a retest of $9,467 (Aug. 15 low).
On the way lower, prices may find support at the 100-day moving average, currently at $9,882. The average served as strong support earlier this month.
The bearish case would be invalidated if prices rise above $11,000 with high volumes in the next 24 hours.
Many officials claim only criminals use Bitcoin. All of those people are in the wrong. Many people use cryptocurrencies for a wide variety of purposes. It is certainly true criminals favor Bitcoin due to its pseudonymity. One Norwich-based individual was sentenced for hacking and accepting cryptocurrency as a payment.
Teens Love Bitcoin Riches
One has to keep in mind cryptocurrencies have a certain allure.
Square Crypto, the division of the Cash App company focused exclusively on bitcoin, just hired one of the world’s most prolific bitcoin developers.
Chaincode Labs alum and Blockstream co-founder Matt Corallo previously authored notable efficiency improvements such as the rust-lightning implementation, which makes it easier for users to build and interact with layers of the bitcoin network.
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...