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Bitcoin volume increases by 20%, can its price move up?

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In the last 24 hours, the crypto-market has shown a different pattern than it has shown in previous twelve days, with the price of Bitcoin going down by $200 after staggering at $6,400 for days.

Bitcoin, in particular, has seen an increment in its trading volume of about 20% from $3.5 billion – $4.1 billion, showing an increase in the trading trends of the crypto-exchange market on different trading platforms worldwide.

Bitcoin has formed several highs and lows in the past one-hour; hence, the recent increase on BTC, which has been stationary this month, could potentially increase its price on a short-term.

Bitcoin currently has two Fibonacci retracement levels: 50% and 61.8%. The 50% Fib level was its earlier support zone as this matches with 100 Small Moving Average. The 61.8% Fib level matches the 200 Small Moving Average, almost.

It is important to understand that BTC’s 100 SMA is quite lower than its 200 SMA, which shows that a down-trend might occur if it doesn’t sustain its current moment. BTC’s trading oscillator is showing a great selling pressure. Also, BTC’s RSI is gradually increasing at the moment, but it might move sidewards, forming a range-bound scenario.

Will Bitcoin Move up?

There have been lots of speculations that despite BTC’s price seems dormant for now, its price is garnering some momentum, and it’s poised for a breakout beyond the $6000 area.

Till yesterday, Bitcoin seemed to move up above the bull pennant on the 4-hour. Bitcoin closed-up and moved beyond 50 and 20-day EMA yesterday and the MACD is currently gathering some bull trends after some downfall earlier today.

The market saw a slight increase in the price of BTC on Saturday, despite the fact that crypto-exchange market was set to decrease over the weekend. The slight increase in the price of Bitcoin over the weekend shows a potential short-term increase in the coming days.

It is, however, more likely, that if Bitcoin can sustain its current momentum and see it go up in the next 7-days, it is possible that it will rise sharply, and so as other cryptos with a significant market capitalization (such as Ethereum and Ripple’s XRP).

It is also important to know that last week, we saw a sideward market trend, but that didn’t stop relatively little cryptocurrencies to record small profits – but other major coins like BTC, XRP, and ETH couldn’t show any sign of recovery.

The rise of Bitcoin’s trading volume comes as a good news and it has caused major BTC traders to wait for a considerable move in the market that can turn things around to the positive side.

There are certain upside actions that can cause a major breakout on the price of Bitcoin. We do know that SEC hasn’t approved the Bitcoin’s ETF, and an approval will definitely cause a big increase. Although, there are still prospects to look out for as institutional investments are coming up.

Subsequently, other factors such as the trade pressures and the Brexit discussions may cause BTC traders not to take up risk and invest.

Nonetheless, many crypto experts believe that the price of Bitcoin would increase for sure, but it will lie on the ability of Bitcoin to maintain its current trade volume and momentum in the next few days or so.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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.

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Bitcoin

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

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