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Bitcoin’s Latest Pullback May Simply Be Part of its Current Uptrend, Here’s Why

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Bitcoin and the aggregated cryptocurrency markets have faced increasing selling pressure as of late that appears to have put their recently established upwards momentum in jeopardy. Despite this, BTC and other cryptos have yet to incur any massive influxes of selling pressure that lead to the formation of a quick downwards leg.

Although the recent influx of selling pressure does appear to be bearish, it may all be part of the current uptrend that the markets are in, according to one prominent crypto analyst.

Bitcoin (BTC) Continues Slow Downwards Grind

At the time of writing, Bitcoin is trading down over 2% at its current price of $7,770 and is currently trading just a hair above its 24-hour lows of $7,750.

Over a one-week period, Bitcoin has dropped significantly from its highs of nearly $8,800, which were set last weekend. It appears that the upper-$8,000 region remains a region of significant resistance for the cryptocurrency, as it has tried and failed on multiple occasions to break above this price level.

Although BTC is currently trading well below its recently established highs, it is important to note that it is still in a firm uptrend, as it has surged over the past 90 days from lows of $3,900 to its recently established highs around $9,000.

Even though the uptrend remains intact from a long-term perspective, over a shorter time frame it is possible that it continues to grind lower.

Big Cheds, a popular cryptocurrency analyst on Twitter, discussed this in a recent tweet, concisely noting that it may continue setting lower lows in the near-future.

“$BTC #Bitcoin 1 hour – Another lower high, on track for a lower low,” Cheds said while referencing the below chart.

Cryptotelegraph - Bitcoin Price Prediction 2019

Latest Pullback May Be Part of the Current BTC Uptrend

The latest drop has led many investors and analysts to turn bearish on BTC, but it may actually be part of a larger price movement that is bullish.

Josh Rager, another popular cryptocurrency analyst, explained in a tweet from late-May that traders should expect Bitcoin to incur pullbacks of potentially 30% or more while still remaining in a firm uptrend.

“$BTC: Still waiting on that 30%+ pullback? Bitcoin had eight 30%+ pullbacks last market uptrend but the average time between each pullback was 98 days. BTC had a serious 26.3% pullback on May 17th, which means the next major retrace could be a couple months away,” Rager noted.

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Bitcoin News News

UK Financial Regulator FCA Won’t Regulate Bitcoin and Ether

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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…

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

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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)

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Bitcoin News News

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

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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.

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Bitcoin News News

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

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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…

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Blockchain News Press Releases

Satoshi Studio Launches First Ever Blockchain-Certified Sneakers

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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
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Bitcoin News News

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

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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….

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