Bitcoin has failed to stabilize above $3,600, which is leading the crypto markets to now face new levels of support. Today’s downwards move has led many altcoins to plunge 6% or more, and they are showing few signs of major buying support near their current price levels.

Analysts have mixed opinions regarding exactly where the markets will find support, but there is a general consensus that Bitcoin will find some buying pressure in the low-$3,000 region, which, if this level is to be touched, could result in a bounce.

Bitcoin Drops to Bottom of Trading Range

Currently, Bitcoin is trading down approximately 3% at its current price of $3,560, which is at the bottom of the trading range that Bitcoin formed earlier this week when it failed to stabilize above $4,000 for an extended period of time.

Mati Greenspan, the senior market analyst at eToro, discussed this range in a market update from last week, saying:

“It seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200.”

Bitcoin does appear to be respecting the bottom of this range as support so far, but the current lack of trading volume likely signals that further losses are imminent.

Crypto Markets Likely to Drop Further Before Finding Strong Support

In a recent tweet, Trading Room noted that Bitcoin’s next key support level exists between $3,292 and $3,396, which is approximately 5-7% lower than its current prices. If it does touch these prices, it will mark a nearly 10% drop from where Bitcoin began 2019.

They further noted that multiple altcoins are still above their support levels, meaning that they will likely drop further before stabilizing or possibly bouncing.

“ALTs market back to free fall. Waiting for majors to stabilize. Let’s see their reaction against major support before entering ALTs,” Trading Room cautioned, hinting that altcoins will face further losses in the near-future.

Josh Rager, a popular cryptocurrency analyst on Twitter, echoed a similar sentiment, noting that Bitcoin will likely find significant buying pressure at, or slightly below, $3,000. He further noted that the markets will likely range sideways for a while before dropping further.

“As the volume continues to slowly descend Bitcoin could see more sideways ranging… This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels… Nice support below $3,000 with lots of buyers waiting there,” Rager explained.

It is plausible that the crypto markets will find greater direction as their trading volume increases when the new week begins.

This post credited to News BTC. Image source: News BTC

Bitcoin, which many investors and traders are hoping is going to begin 2019 with a bang, has leaped sharply over the last 24 hours, adding some 6% and climbing above the psychological $4,000 mark for the first time this year.

The bitcoin price, which has been languishing at around $3,750 for the last couple of weeks, moved sharply higher after a surge in bitcoin trading volume that sent the original cryptocurrency’s market capitalization up over $70 billion, according to CoinMarketCap data.

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to so-called market whales moving large volumes of bitcoin at above or below the current market value.

Just ahead of the bitcoin market spike last night a bitcoin whale moved some 2,500 bitcoin (worth just under $10 million) on the Luxembourg-based Bitstamp exchange, according to the Twitter price tracking bot Whale Alert. The move pushed the daily bitcoin volume up to over $5 billion, a 2019 high.

The jump in the bitcoin price sent the wider cryptocurrency market higher, with ethereum gaining just over 2% over the last 24 hours, while ripple (XRP) added almost 5%.

“A surge of 6.5% in 30 minutes is not entirely uncommon for bitcoin and could very well be caused by a single large order on an exchange or even by a lack of liquidity in the market,” said Mati Greenspan, senior market analyst at brokerage firm eToro. “What’s interesting about this move is that it did bring us above the $4,000 level and so far is holding onto the gains.”

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Bitcoin isn’t the only major cryptocurrency to see large holders make big moves lately. Since Friday, more than $273 million in ethereum has been transferred in 21 separate transactions, with 10 of the largest transactions from the crypto exchange Bitfinex to unknown wallets, it was reported today by trade news site the Daily Hodl.

The largest ethereum move was worth almost $19 million.

Bitcoin, bitcoin price, chart

The bitcoin price jumped following a so-called bitcoin whale moving a large volume of the cryptocurrency.COINDESK

Meanwhile, the bitcoin price is being supported by news that CoinFlex, originally a part of the U.K. bitcoin exchange Coinfloor, has announced plans to offer physical bitcoin futures to Asian investors next month.

The move by CoinFlex, first reported by the Bloomberg newswire, will put it in direct competition with the New York Stock Exchange and Eris Exchange, both expected to be offering similar contracts soon.

The move to physical bitcoin futures is seen as important to help combat manipulation in the market, with some claiming cash-settled contracts leave unregulated bitcoin and cryptocurrency markets open to abuse.

The chief executive of CoinFlex and co-founder of CoinFloor, Mark Lamb, told Bloomberg CoinFlex will offer futures contracts for bitcoin, bitcoin cash and ethereum that can be leveraged up to 20 times.

“Crypto derivatives could become an order of magnitude larger than spot markets and the main thing that’s holding back that growth is the lack of physical delivery,” Lamb said. “Volumes are reduced because of a problem of trust when it comes to cash-settled trades.”

bitcoin, bitcoin price, chart

The bitcoin price jumped pulled up the wider cryptocurrency market.COINDESK

Elsewhere, bitcoin SV, a fork of the bitcoin cash cryptocurrency, looks close to be falling out of the cryptocurrency top 10 by market capitalization as the likes of tron, cardano, stellar, and litecoin make rapid gains.

Litecoin is up by some 10% over the last 24 hour trading period, leading the field.

Bitcoin SV has struggled with waning volumes and lackluster adoption since its battle with bitcoin ABC for control of the bitcoin cash network last year.

This post credited to forbes Image source: Forbes

In the past 24 hours, the crypto market added $3 billion to its valuation as Bitcoin (BTC) and Ethereum (ETH) performed relatively well against the U.S. dollar.

Several crypto assets in the likes of Litecoin, TRON, and Cardano recorded the largest gains on the day in the range of 6 to 12 percent.

Bitcoin Has Needs to Break Above $4,500

As the cryptocurrency market avoided a further drop below the $130 billion mark, Bitcoin defended the $3,800 level and stabilized at around $3,850.

According to a technical analyst with an online alias “DonAlt,” for the Bitcoin price to establish a foundation for a strong short-term rally, it will have to break out of major resistance levels above $4,500.

The analyst said:

Monthly: Still bearish, needs to break above $4,500 to even attempt a bullish recovery. Weekly: Rejected by weekly resistance but finally showing some bull momentum. I’d like to see us start closing above $4,300 before turning bullish.

Currently, despite the relatively stable past few weeks demonstrated by the majority of crypto assets, the market still remains down by around 43 percent from November levels.

To initiate a strong short-term rally, the cryptocurrency market would have to add more than $80 billion to its valuation, which is certainly possible if the Bitcoin price is able to sustain its momentum throughout the first two quarters of 2019.

Analysts generally expect cryptocurrencies to undergo the final phase of the year-long bear market prior to the end of the first quarter of this year as the asset class eyes a gradual recovery in the second quarter.

Crypto Still in Early Phase

Chris Burniske, a partner at Placeholder VC, said that the cryptocurrency sector is in the installation phase wherein builders are dominating the asset class and the mainstream is not heavily involved.

Until the asset class becomes more resilient and robust, it will continue to see a high level of volatility and wild price cycles.

He said:

But the mainstream? For most, crypto is still not relevant to their life. If they didn’t invest in 2017, they’ve forgotten. If they did, chances are they have a bad taste in their mouth and want to forget. I don’t say this to dishearten us. Quite the opposite. We remain in the installation phase of crypto where the primary users are developers & investors. There is so much left to build and promise to be realized, which is massively exciting.

With the emergence of custodial solutions and strictly regulated liquidity providers, the cryptocurrency market may see an inflow of institutional and high profile investors in 2019.

However, given the historical tendency of the asset class to initiate rallies based on cycles, some analysts expect cryptocurrencies to undergo a long-lasting consolidation period and demonstrate a high level of stability throughout 2019, as the bear market comes to an end.

Featured Image from Shutterstock. Price Charts from TradingView.

Following a several day period of relative stability in the cryptocurrency markets, Bitcoin has now risen nearly 4%, which is leading the overall crypto markets to surge. Today’s positive price move is being led by Ethereum, which is currently trading up well over 10%.

Today’s move marks the first market surge of 2019, although Bitcoin faces historical resistance around $4,000 which may prove to be a difficult level to break through.

Crypto Markets Add $7 Billion From Daily Lows 

Today’s price surge has led the crypto markets to add over $7 billion to their aggregated market capitalization, which has risen from daily lows of $125 million to its current levels of nearly $133 billion.

Bitcoin is naturally leading the direction of the market and is currently trading up 4.4% at its current price of $3,900. This has been a relatively volatile week for Bitcoin’s price, which fell to lows of $3,600 before rising to highs of nearly $4,000.

During its last price rise, Bitcoin appeared to treat $4,000 as a level of resistance, as its price was swiftly pushed downwards after touching this level. More time is required to see if Bitcoin will be able to maintain its current upwards momentum and break above $4,000 during its current price surge.

Altcoins Surge, Ethereum Leads the Way 

Bitcoin’s price rise has allowed the altcoin markets to see some decent gains, with Ethereum and EOS being today’s best performing cryptocurrencies so far.

At the time of writing, Ethereum is trading up 13% at its current price of $152. Ethereum is nearing its one-month highs of $156, which may act as a level of resistance. Ethereum is trading up 83% from its monthly lows of $83.

Ethereum’s massive price rise over the past month is the likely result of two primary factors, consisting of being in oversold territory earlier this month, and its upcoming Constantinople fork, which will reduce its block rewards and in turn decrease the new Ethereum supply.

Alex Krüger, an economist who focuses primarily on cryptocurrencies, linked Ethereum’s performance directly to this event, saying in a recent tweet that the supply reduction will be a bullish event.

“Notable outperformance of $ETH over $BTC in the last few weeks. There’s a reason for it: the upcoming fork / supply reduction. Another BAKKT delay adds to it,” he said.

In the past, Krüger has spoken bullishly about the Constantinople fork, which is set to occur around January 16th of this year, saying:

“Ethereum’s Constantinople fork is coming on block 7080000, around January 16, 2019. Constantinople will reduce the block rewards from 3 to 2, decreasing new $ETH supply accordingly… On the long run, this is decidedly bullish.”

Ethereum has now retaken the number two spot by market capitalization from XRP.

XRP is slightly outperforming Bitcoin and is trading up nearly 6% at its current price of $0.374.

EOS is also having a good day and is trading up over 10% at its current price of $2.84.

This post credited to News BTC Image source: Shutterstock

A quick recovery from one-week lows seen today may have helped bitcoin (BTC) avert a bigger sell-off, but the bulls are not out of the woods yet.

The leading cryptocurrency by market capitalization established a bearish lower-high pattern at $4,400 last week and closed (UTC time) well below $4,000 yesterday, confirming an end of the corrective bounce.

As a result, BTC was on the defensive earlier today, with prices hitting a one-week low of $3,730 on Bitstamp, before quickly rising back to near $4,000.

The sudden recovery from one-week lows likely indicates that sellers are reluctant to step in at current levels and may be exhausted, having pushed the cryptocurrency down by more than 30 percent through November.

That said, a short-term bullish reversal would be confirmed only above the recent high of $4,410. At press time, BTC is changing hands at $3,955, representing marginal losses on the day.

Daily chart

As seen above, BTC struggled to close above the 10-day exponential moving average (EMA) for four days straight before falling below $3,861 (Nov. 30 low) yesterday.

BTC’s break below that key support confirmed an end of the oversold bounce. Further, the 5- and 10-day exponential moving averages (EMAs) continue to trend south in favor of the bears.

So, the indicators appear to be pointing to the downside. That, however, would change if prices establish a higher-lows and higher-highs pattern with a convincing move above $4,410 (Nov. 29 high).

Hourly chart

Over on the hourly chart, BTC’s recovery from seven-day lows has established a bullish divergence of the relative strength index (RSI). As a result, BTC may witness a falling channel breakout in the next few hours.

The breakout, if confirmed, would open the doors to $4,410.

View

  • The odds of an immediate drop toward $3,500 have dropped somewhat with BTC’s quick recovery from the one-week low of $3,730.
  • A falling channel breakout on the hourly chart would open up upside toward $4,410 (Nov. 29 high). A UTC close above that level would signal a continuation of the recovery rally from the 14-month low of $3,474 hit on Nov. 25.
  • A drop below $3,730 (today’s low) would put the focus back on the overall bearish technical setup and could yield a re-test of $3,474.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

 This post credited to coindesk Image via Shutterstock; price charts by Trading View

Throughout the past 24 hours, the price of Bitcoin (BTC) dropped from $4,065 to $3,600, reversing a short-term corrective rally.

The dominant cryptocurrency has been on a steep downtrend for several weeks but on November 26, for a brief of time, Bitcoin seemed to be initiating a corrective rally after reaching a new yearly low at around $3,400.

Temporarily, Bitcoin spiked to $4,000, engaging in a 17 percent increase in price within a 24-hour period. However, the price of the asset began to fell back to the lower region of $3,000.

What is Bitcoin up to?

The cryptocurrency market is struggling to sustain any sort of momentum in an attempt to create a trend reversal. Sell pressure on major digital assets is increasing and buy pressure is declining, which has led both Bitcoin and Ethereum to drop by more than 40 percent in the past two weeks.

“Bitcoin failing to complete the bull flag and to hold the neckline of the IH&S. Lack of buy pressure and $3,800 range looking weak. Expecting more downside: $3,400 as first target,” cryptocurrency trader Crypto Rand said on November 26.

Since Monday, the price of BTC has moved closer to the $3,400 support level and based on the movement of BTC in the past 12 hours, it is likely that BTC will drop below the level in the days to come, especially if it fails to maintain stability above the $4,000 mark.

Ripple (XRP)EOSStellar (XLM) and other major cryptocurrencies are in a worse position than BTC and ETH because of their low daily volumes. Currently, the volume of ETH remains larger than that of XRP, XLM, and BCH combined.

When the price of an asset falls substantially without a huge spike in volume, it represents a free fall without much sell pressure. Which means as big sell volumes begin to the hit the market, the price of the asset could be vulnerable to additional sell-offs in the near future.

The volume of BTC is decent at $6.5 billion and the volume of ETH is also relatively high. But, the volume of other major cryptocurrencies are lower than where they were from August to November, a period in which BTC demonstrated its lowest level of volatility in recent history.

Alex Krüger, a cryptocurrency trader and economist, said:

“Before the crash BTC had been growing exponentially. Will BTC ever resume exponential growth? Maybe not. Maybe only temporarily. Many assets don’t grow exponentially. What if bitcoin has matured and starts behaving as a currency or most commodities?”

One Positive: Swiss ETP

The newly introduced crypto exchange-traded product (ETP) in Switzerland offered by Amun and the Swiss Stock Exchange, has began to appeal to a large group of traders in the region.

It has become the biggest ETP in Switzerland with the highest trading volume, portraying an immense interest from local investors towards crypto.

This post credited to ccn Image from Shutterstock. Charts from TradingView.

Bitcoin sank to its lowest price in over a year on Wednesday, with the prices of other major cryptocurrencies falling alongside it.

As of press time, bitcoin is trading at $5,525.92 – a more than 12 percent decline on the day – in the latest sign that volatility around the world’s largest cryptocurrency by market capitalization has returned with a vengeance.

Indeed, bitcoin’s collective market cap dropped below the $100 billion level for the first time since November 12 of last year, according to CoinDesk’s Crypto-Economics Explorer (CEX).

In the past 12-hours alone, the total capitalization of the cryptocurrency market fell from roughly $210 billion to where it stands now, $180 billion. Today’s 15 percent depreciation has led the market to its lowest value since Oct. 31 of last year, CoinMarketCap data reveals.

Other major cryptocurrencies are reporting declines in excess of 10 percent on the day, including ETH, XRP and bitcoin cash – the latter of which is gearing up for a contentious hard fork on Nov. 15.

Notably, market data indicates that in light of today’s market drop, XRP (as of the time of this writing) has the second-largest market capitalization for cryptocurrencies, surpassing ETH.

USDT, the stablecoin known more commonly as tether, saw a notable drop in its price to a low of $0.95 on crypto exchange Kraken, which offers one of the few trading pairs of the token against the U.S. dollar.

Tether, among other stablecoins, is intended to hold parity against the U.S. dollar, and data from CoinMarketCap shows that the token is trading in the $0.96-$0.97 range.

Because of the dip in USDT, the BTC premium on exchanges like Bitfinex, which trades against USDT, has risen to over $300. In other words, a single unit of bitcoin can now be purchased for $5,557 on Coinbase (a regulated exchange trading against USD) while the same unit costs $5,870 USDT on Bitfinex.

This post credited to coindesk  Image source: Coindesk 

Over the last 24 hours, Bitcoin has slightly recovered from $6,230 to $6,260, unable to breakout of the $6,300 mark.

Throughout the upcoming days, if Bitcoin fails to stabilize in the $6,300 to $6,400 range, the price of BTC is at risk of dropping to the lower region of $6,000 and possibly below the $6,000 mark.

Major cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have prevented extended losses below their low price range. But, ETH still remains below $200 and BCH is still at $416, struggling to recover from their 5 percent losses on October 30.

Bitcoin Needs to Close Over $6,380

According to respected cryptocurrency trader DonAlt, Bitcoin will need to close above the $6,380 mark in the next 12 to 24 hours to reverse the trend and initiate a rally on the upside. The failure to do so could result in another minor movement to the $6,000 to $6,200 range, moving dangerously close to the $6,000 support level which BTC has defended relatively well since August.

“Today is the day, the bulls need to close the monthly in the 6380 region. If they don’t manage that that’d be pretty bad news. If we do, an excellent long opportunity. The safe play is waiting it out. Quick spike down into big move up would be my favorite move,” he said.

Currently, the issue with BTC is that its daily trading volume has started to drop back down to the lower region of $3 billion. On October 30, the volume of BTC across major cryptocurrency exchanges increased to $4.2 billion but most of it was composed of sell volume.

While it is possible for BTC to experience a sudden increase in volume as it has done in mid-September, the low trading activity in the cryptocurrency exchange market has made a short-term rally highly unlikely.

Hsaka, a technical analyst, said that the low volume of the dominant cryptocurrency could result in BTC remaining in the tight range of $6,300 to $6,400 throughout the next month, reflecting its trend throughout August to October.

“To be honest, with volume and volatility petering out, I wouldn’t be surprised to see BTC hold this range for another month (and maybe till the EOY too). Would be the path of maximum pain, bears don’t get their rapid selloff to 4.8k, bulls distraught over not being able to break 6.8k.”

What Happens to the Market

In the short-term, it is not likely for BTC to recover back to the $6,400 to $6,500 range, due to its low volume. Based on the current trend of the market, it is more likely for Bitcoin to maintain its tight price range for the next several weeks until it builds up momentum and volume to initiate a strong rally.

If Bitcoin continues its tight range throughout November, it would be the longest period in the history of the cryptocurrency during which Bitcoin maintained its price range in a 3 percent gap for more than 4 months.

This post credited to ccn Featured Image from Shutterstock. Charts from TradingView.

From a new prediction on how long the Bitcoin bear market will last to a wild moonshot on Ethereum, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

The CEO of crypto exchange BitMEX says the current Bitcoin and crypto bear market could last another 18 months.

In a new interview, Arthur Hayes told Yahoo Finance UK,

“My view is the volatility environment that exists right now could persist for another 12 to 18 months – the flatness.

I’m just basing it off my previous experience. I started in Bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed – very, very difficult to make money…

We think trading volumes could fall further from where they are now.”

On the other end of the spectrum, the head of research at Fundstrat Tom Lee recently said he believes Bitcoin could still breakout this year.

Meanwhile, Galaxy Digital’s Mike Novogratz predicts institutional investors will trigger a Bitcoin turnaround in the first quarter of next year.

Ripple

A new interview from the Money20/20 conference in Las Vegas features Ripple co-founder Chris Larsen.

Larsen talks about the regulation of digital assets and blockchain’s role in transforming how people and businesses move value.

XRP, Bitcoin Cash, Litecoin

One of the biggest financial derivatives dealers in the UK has listed XRP, Bitcoin Cash and Litecoin.

According to a press release,

“CMC Markets, a leading global provider of online trading, has today expanded its cryptocurrency spread betting and contracts for difference (CFDs) offering to include three additional coins: Bitcoin Cash, Litecoin and Ripple. Clients can now take a position on the three altcoins paired against the US dollar.”

Ethereum

The Ethereum development studio ConsenSys just bought the asteroid mining company Planetary Resources.

One of the company’s primary missions is to “identify and unlock the critical water resources necessary for human expansion in space.”

The company’s general counsel Brian Israel says, “Ethereum smart contract functionality is a natural solution for private-ordering and commerce in space – the only domain of human activity not ordered around territorial sovereignty – in which a diverse range of actors from a growing number of countries must coordinate and transact.”

EOS

State of the DApps just released a progress report on the latest decentralized apps on the EOS network.

From gaming to social media to exchanges, there are now more than 100 DApps live on EOS.

IOTA

IOTA says it’s collaborating with the car API development company High Mobility.

The company creates software tools that connect cars to the outside world, and will explore ways it can integrate IOTA’s distributed ledger technology into its platform.

Tron

Tron is partnering with JOYSO to create a decentralized exchange on the Tron network.

According to a new post on Medium, in a “recent collaboration with TRON, JOYSO will be building the exchange with off-chain matching, on-chain settlement where users can trade any token directly via their digital wallets.”

VeChain

The blockchain gambling platform Decent.bet just launched on the VeChain network.

DecentBet@Decent_Bet

And we are now officially live on our Closed Beta Mainnet- the very first dApp on the @vechainofficial blockchain!

Huge, huge thanks to all of our supporters, wider community and the participants themselves. https://medium.com/@decentbet2017/private-mainnet-launch-a-go-15acf46e04d9 

Private Mainnet Launch A Go! – Decent.Bet – Medium

DBET Family —

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Decent.bet is designed to be a transparent, smart contract-based sports betting platform and online casino.

 

This post credited to Daily HODL  Image source: Daily HODL

The volatility of the bitcoin price is now nearly as low as shares of tech giant Apple, the world’s biggest company by market capitalization, according to new data released by the Chicago Board Options Exchange(CBOE).

As most traders are aware, the stock market has generally been considered far less volatile, and less risky, than the crypto market. However, this belief is now being put into question as a result of unusually stable prices for the number one cryptocurrency.

The CBOE data showed that bitcoin’s 20-day historical volatility has fallen to 31.5%, lower than that of well-established publicly traded companies like Amazon, an e-commerce giant, and Netflix.

20-day Historical Volatility

Now Bitcoin Price is as Stable as Apple Stock 102
Source: Marketwatch, CBOE, Cryptonews.com

“A one standard deviation move for bitcoin is about USD 475. That works out to +/- 7.3% […],” Kevin Davitt, a senior instructor for the Options Institute at CBOE, was quoted as saying by Marketwatch. According to him, in mid-January, “the standard deviation measured $4,640 or +/- 42%.”

A standard deviation in a market is a measure of how often a certain move in prices can be expected to occur on average. Following a normal distribution, 68% of all moves are within +/- 1 standard deviation.

Although low volatility represents a challenge for active traders, long-term holders and bitcoin enthusiasts see it as a positive development for the digital asset, bringing it closer to the vision of it becoming “digital gold.”

“Perhaps we are witnessing the maturation of a market. It’s far too early to declare this the ‘new normal’ but the persistent range over the last few weeks may be hinting at a structural shift,” CBOE’s Davitt concluded.

Other experts have also suggested that the recently low volatility of the bitcoin market could be a sign that the market is maturing. Earlier this month, Gil Luria, research director at wealth management firm D.A. Davidson & Co., hinted that there is less speculation in the bitcoin economy today.

“When speculators are involved, they drive unusually high volumes as well as volatility by trading the asset with high frequency. As speculator involvement is diminished, volumes go down and volatility goes down as well,” Luria said at the time.

 

This post credited to cryptonews Image source: Cryptonews