Bitcoin News News

Bitcoin Finds $3.7k as Fresh Level of Support Following Latest BTC Price Plunge


Bitcoin’s price once again dipped after it was unable to hold $3,800 as a level of support. This drop led many cryptocurrencies to plunge nearly 5% and has further confirmed that BTC does not have enough buying pressure to allow it to decisively push above $4,000.

Now, Bitcoin has established a fresh support level at $3,700, which one analyst claims is an important price to hold above in order for further gains in the near-future to be possible.

Bitcoin Drops to $3,700 Before Finding Support

At the time of writing, Bitcoin is trading down over 2% at its current price of $3,760. Earlier today, BTC plunged to the low-$3,700 region before finding support and swiftly climbing back to its current price levels.

Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s recent price action in a tweet, noting that $3,700 is now an important support level to hold above in order for further gains to be in the cards.

“While this third dump in the last 7 days into 3700 is slightly worrying, I still prefer to be long from down here until we start seeing closes below 3700. 4hr closes would give a hint the level is going to give. Daily close below would confirm it,” he explained”.

He later noted that Bitcoin has still been able to hold above the aforementioned support level, despite the relatively large amount of selling pressure on this “bloody Monday.”

“$BTC still respecting support half way through Bloody Monday.”

Because this latest drop was significantly smaller than recent plunges that have led BTC to shed as much as $400 off of its price, it is possible that this drop will be quickly reversed by bulls looking to send Bitcoin back above $3,800.

Analyst: Traders Should Look Towards RSI For Insight into Where BTC is Heading Next

Although price action certainly gives traders and analysts significant insight into the strength and trends of a specific asset, one popular trader is now claiming that an analysis of Bitcoin’s RSI can give more insight into where BTC is heading next.

Wendy O, a popular cryptocurrency trader on Twitter, recently spoke about the importance of RSI, noting that she expects Bitcoin to continue trading sideways for the foreseeable future based on BTC’s monthly RSI.

“1M $BTC Monthly RSI is still in a downtrend – this is important because RSI measures change of price movements. Instead of analyzing the candles this tells me until we break the channel we can expect to see further sideways movement on a larger scale.”

She further added that Bitcoin’s weekly RSI is currently surging, which has historically been followed by a price drop.

“Stoch RSI is running mighty high on the weekly. Last time this happened we had a nasty fall incoming.”

Continue Reading

You may also like

Bitcoin News News

UK Financial Regulator FCA Won’t Regulate Bitcoin and Ether


Major British regulator, the Financial Conduct Authority (FCA), will not regulate Bitcoin (BTC) as a part of its recent guidance on crypto assets.

FCA finalizes its statement on crypto after a public consultation released in January

On July 31, the FCA issued its finalized policy statement on cryptocurrencies in a document titled “PS19/22: Guidance on Cryptoassets.” The document represents an updated version of a consultation paper on crypto assets that was first released for public comment in January 2019, and intends to bring more regulatory clarity to the existing types of digital assets.

In the document, the FCA considered major cryptocurrencies such as Bitcoin and Ether (ETH) as “exchange tokens,” describing them as types of crypto assets that are “usually decentralized and primarily used as a means of exchange.” The regulator emphasized that such digital currencies do not fall under the regulatory scope of the FCA and is outside its…

View More Article

Bitcoin’s 3 Day Price Charts Point to an Impending ‘Golden Cross’


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. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

3 day chart (2016-2017)

View More Article
Bitcoin News News

Garrick Hileman Explains Why Bitcoin (BTC) is on The Rise This Year!


Garrick Hileman, head of research at Blockchain, explains what’s behind the cryptocurrency’s near-200% year-to-date rally (watch the interview above)


Dr Garrick Hileman is head of research at Blockchain and research associate at the London School of Economics

Garrick is best known for his research on monetary and distributed systems innovation, particularly cryptocurrencies and blockchain technology.

Hileman Garrick was ranked as one of the 100 most influential economists in the UK & Ireland. He is regularly invited to speak and share his research and perspective with public sector institutions, including the CIA, US Army and Naval War Colleges, Federal Reserve, Bank of England, Bank of International Settlements, and the Financial Stability Board, as well as media, including the BBCCNBCFTWSJ, and NPR.

View More Article
Bitcoin News News

Bitcoin Price Passes $10,000 as Cryptocurrency’s Spectacular Recovery Continues


The price of bitcoin has broken above $10,000 (£7,855) for the first time since March 2018, as the cryptocurrency’s remarkable surge in value continues.

Bitcoin passed the milestone after experiencing gains of more than 10 per cent over the last 24 hours.

The price jump saw the world’s largest cryptocurrency reach as high as $10,831, according to the CoinMarketCap price index, taking its overall market capitalisation close to $200 billion.

Bitcoin’s most recent run of good form began in early February, when it was trading at well below $4,000.

It had reached this price after more than a year of steady declines saw its price withdraw dramatically from its late 2017 peak of close to $20,000.

Bitcoin’s recent run has drawn comparisons from some with bitcoin’s run in 2017, with some hoping it can go beyond its previous record high.

“This really is amazing,” one crypto enthusiast wrote on Twitter. “It has 2017 written…

View More Article
Blockchain News Press Releases

Satoshi Studio Launches First Ever Blockchain-Certified Sneakers


Paris, 30th of May 2019. French brand Satoshi Studio announces the launch of their first sneakers. The Satoshi_one is the first pair of shoes certified on the Ethereum blockchain. More high-end products will come from Satoshi Studio thanks to their innovative financing campaigns.

Satoshi Studio was founded in 2018. The Parisian brand is influenced by the Tech industry and Crypto culture. It aims to create a place for itself as a reasonably priced high-end brand. To reach that goal, it will not use traditional channels of communication, striving instead to connect directly with its young and tech-focused community.

To be able to regularly offer new products and avoid traditional seasonality, the brand will launch several crowdfunding campaigns per year. Satoshi Studio believes in responsible shopping habits: they will only produce the right amount, no more, no less. The sneakers will be offered at a reasonable price, without compromising on quality.

Authors Name
Lucas Goldlust
Company Name
Satoshi Studio
View More Article
Bitcoin News News

Why We Could See The Price of Bitcoin Quadruple Within Just a Few Months


Bitcoin is ballooning to new highs… but can it last?

Compound interest might be the most powerful force in the universe, but FOMO can’t be far behind, especially as it relates to bitcoin.

We’ve seen the “fear of missing out” contribute to a nosebleed rise in the price of bitcoin BTCUSD, before, and Fundstrat’s Thomas Lee believes we’re about to see it play out again — but even more pronounced.

The outspoken bitcoin backer told clients this week the world’s top cryptocurrency could ride a wave of FOMO all the way up to $40,000 “within a few months,” thanks to better transparency and a breach of the psychological $10,000 barrier.

He pointed to Grayscale Bitcoin Trust GBTC, as a great way to partake in a rally that would be most welcomed by the crypto bulls who had to suffer through a 74% drop in the price of bitcoin last year.

“Bottom line: Crypto winter looks over,” Lee said….

View More Article