Latest Bitcoin price and analysis (BTC to USD)
Bitcoin goes into the weekend after an extraordinary week of price action that has seen it defy all odds by testing the $9,600 level of resistance.
The world’s largest cryptocurrency seems to be rallying going into the halving event, which is now just 10 days away.
If Bitcoin can manage to float back above the $9,600 level and close the weekly candle at around $10,000 it would confirm a bullish breakout above a two-year level of resistance, indicating strength and momentum leading into the rest of the month.
The diagonal trendline dating back to December 2017 suppressed price action during the $14,000 high in 2019 as well as the $10,600 high earlier this year.
This means that it will need a significant injection of volume and open interest in order for a break out to come into fruition while it also presents a notable opportunity to open a short position.
Historically Bitcoin has needed to undergo corrections in order for rallies to be sustained, so what we might see over the coming week leading up to the halving is a period of consolidation before it decides its next direction.
Levels of support that should bolster Bitcoin’s bullish posture remain at both $8,650 and $8,400, although it wouldn’t be unimaginable to see it retest the daily 200MA at $8,000.
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Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Author: Oliver Knight
May 1, 2020
Trader Who Called Huge Bitcoin (BTC) Crash Warns This Crypto Is Far Too Dangerous to Hold
Veteran analyst Peter Brandt, whose accurate prediction that Bitcoin was at the start of a massive correction in January of 2018 made him a closely watched figure in the world of crypto, is now warning traders against holding the leading stablecoin.
In a series of tweets, Brandt says traders shouldn’t trust that Tether (USDT) – which is designed to be pegged to the price of the dollar – is safe, due to a lack of consistent regulation and oversight. Despite the warning, Tether is the most widely traded cryptocurrency with a 24-hour volume of $81.8 billion compared to Bitcoin at $61.8 billion.
“Tether holders — sleep well. Your wealth will sit overnight with a patch-work of exchanges not subject to regulatory authorities and for whose financial strength you know little about. LOL with that one…
I think people are fools for holding wealth — even overnight — in tether. It is a joke when ppl condemn USD as fiat, yet hold tether.”
Many crypto traders exit their speculative positions in exchange for USDT to sidestep market volatility.
In March of 2019, Tether Limited, the company behind USDT, switched from describing the cryptocurrency as being fully backed by the US dollar to saying its reserves may at times be comprised of assets other than the US dollar.
A research paper by University of Texas finance professor John Griffin from June of 2018 suggested USDT was used to manipulate the crypto market during BTC’s bull run in December of 2017. Tether Limited denies such accusations and says it simply prints USDT whenever there is heightened demand for the stablecoin.
Don’t look now—much-maligned bitcoin is outperforming gold and bullish investors are eyeing $10,000 and beyond
Bitcoin is on the rise lately amid the coronavirus pandemic that has rocked financial markets world-wide.
So far this year, bitcoin is up 23%, while gold futures, based on the most-active contract are up 12.3% at $1,709 an ounce. Over the course of the past 12 months, however, the divergence between the venerable yellow metal, which is widely viewed as a haven asset in times of crisis, is even starker compared against bitcoin’s rise of 67%, versus 33% for bullion over the same period.
“Bitcoin may have a couple more attempts at breaking back towards the psychological $10,000 level, but right now it seems the fundamentals could easily support that,” wrote Edward Moya, senior market analyst at Oanda, in a Thursday note.
However, some optimistic investors are wagering that it could hit a five-digit value in the near future.
Some are pointing to the so-called halving, as a catalyst for bitcoin’s recent rally. The halving refers to bitcoin’s software underpinnings. Those who support the digital-ledger technology, or blockchain, are rewarded with bitcoins every 10 minutes for expending massive amounts of computing power, that reward will be cut from 12.5 to 6.25 coins. A halving occurs every four years and this event would mark only the third time since the cryptoasset was engineered 11 years ago.
No more than 21 million bitcoins will ever be in circulation and currently there are about 18.355 million bitcoins in existence, according to digital site CoinMarketCap.com.
“We’re bullish over the next 12 months and expect prices may continue moving up into the [halving] and possibly after,” wrote David Grider lead digital strategist at Fundstrat in a Thursday report. Fundstrat’s 12-month outlook for bitcoin is $14,350. Meanwhile, bullish analysts at Bank of America raised their price target for gold to $3,000 from $2,000.
Read:Gold $3,000? This pattern suggests a 70% surge from here makes sense
Bitcoin has had its time in the sun before, surging to a price near $20,000 in late 2017 before notoriously flaming out.
Champions of bitcoin have regularly pit the virtual asset against gold, which touts thousands of years of history as a haven asset.
Nicholas Colas, co-founder of DataTrek Research in a Friday note says that beyond the halving, which can attract bullish investments, bitcoin may be benefiting from shutdown protocols that are in place to slow down the spread of COVID-19.
“The other explanation: as with stocks, which have seen a lot of retail interest lately, bitcoin trading may just be a temporary substitute for gaming and sports betting,” he wrote.
It isn’t clear if that is a good reason to be a buyer of bitcoin over gold but the novel asset’s staying power during this crisis has been notable.
Author: Mark DeCambre
WOOW!!!! BITCOIN EXPLOSION TO $11,800 TARGET?? | BTC HALVING IN 11 DAYS!
Опубликовано: 1 мая 2020 г.
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