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$8,350 is the mark Bitcoin (BTC) needs to assure to reattain bullish runs

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Price recovery for Bitcoin (BTC) and other coins is a thing that we as crypto enthusiasts were anxiously expecting for an extended period of time. Nevertheless, the wait paused for a while not so long ago as the market started to show some bullish moves and prices started to take a positive path one more time. In this sense, as it was to be expected amongst the coins that started the uptrend, it was, of course, the king of the sector Bitcoin (BTC), a crypto that managed to surpass the $8,500 mark in just a couple of days.

The results that the leader of the sector happened to achieved were actually astounding, a fact that immediately had a reaction by part of the community.

However, in the last couple of days, this bullish run has started to decrease slowly (yet again), and many are just wondering how will be the future days for the coin regarding price and performance. Are we looking at a situation where the uptrend is being reversed? This post responds to this question and others related to it.

The mark of the 8,350 dollars

According to technical indicators, Bitcoin (BTC) may actually regain its momentum with prices above the mark of the $8,350. Let’s recall that as this month started, the crypto leader lost impetuosity and got back below the level of 8,000 US dollars, a fact that created a cloud of doubts regarding the chances of the coin to be reversing the uptrend. Right now, during the last 60 hours the coin is yet to start its climb and trading in red, so how can we read this information?

Well, it results clear that the price of the token has not found a consolidation point yet. Still, this has resulted in the annulment of the bullish trend as per many crypto pundits, but regarding price analysis, this even doesn’t mean a reversal is on the way. In addition to this, there are reasons to believe that the $250 trading range may break and enter an upside turn, which in case of affirmative, would result into a generalized intention to buy by part of investors and enthusiasts.

At the moment of writing, Coinmarketcap indicates a price of $7,553 for the crypto, a trading volume of $4,509,240,818 in the last 24 hours and a decrease of -0.34 percent considering the same time yesterday.

Indicators

Just before this month started, most of the moving averages were oriented towards an upside trend for Bitcoin. In fact, the 50-candle, 100-candle, and the 200-candle MA were located parallel to the other in a north direction. The same way, the Relative Strength Index (RSI) stopped showing an overbought setting, which means there are substantial chances to see peaks above the recent highs of $8,500.

To conclude, a break above the $8,350 mark would represent the possibility of entering to a re-test phase between the Bitcoin price of $8,468 and the peak of July 24 of 8,507 dollars. Consequently, a bullish run would be confirmed with a daily close above the mark of the 200-day MA.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

Blogs

Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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