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.
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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.
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Why BlocPal Is the Easiest Way to Accept Cryptocurrency
The face of the retail industry is always changing.
E-commerce is one of the fastest growing trends worldwide, and for good reasons.
It’s convenient, secure, and is effective at connecting merchants with interested shoppers from across the world.
For this reason, it’s no surprise that online shipping is expected to overtake brick-and-mortar stores globally by 2021, making it the world’s largest medium for retail. As the industry changes, it’s important for retailers to keep up with the latest technology so they’re able to accommodate more customers at once. This is where BlocPal comes in.
BlocPal offers business owners an easier way to process payments
BlocPal understands that not every business owner adapts to technology at the same rate. As such, BlocPal has been designed to optimize transactions for both online and brick-and-mortar companies so that every retailer can enjoy the benefits that come with the world’s first true multi-currency payment solution.
With BlocPal, business owners can enjoy the following benefits:
- The ability to process payments in fiat (USD and CAD) currency as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, and Ethereum. Expect more currencies to be added as BlocPal…
Bitcoin Grows Beyond $4,000
Bitcoin (BTC) is starting to make waves again, and while they are still small, investors around the world are welcoming the positive development. The number one cryptocurrency has just breached the $4,000 mark, and while this is still five times lower price than it was in early January 2018, it is over $800 higher than in early December 2018.
At the time of writing, Bitcoin price is at $4,048.60, after the coin experienced a 5.53% growth in the last 24 hours. Meanwhile, its market cap sits just above $70.5 billion, while the coin’s daily trading volume is at $5.7 billion.
Bitcoin has had a rough 2018, just like the rest of the crypto market. In fact, the coin is so influential that it usually dictates the market behavior, whether positive or negative. Right now, the rest of the market follows the positive trend, with all of the top 10 cryptocurrencies currently trading in the green, while only a few among the top 100 coins are experiencing minor losses.
The largest gainers among the top 10 cryptos by market cap are Litecoin (LTC) with a 7.64% growth, and Stellar (XLM), which is growing by 7.27%.
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2018 has ended, and while there was no enormous surge that investors were hoping for, it still ended with a bit of hope for those wishing to see Bitcoin BTC rise.
Only two weeks before the end of 2018, BTC was in a desperate position, with the value of its coin being at $3,200, threating to drop even lower. However, a sudden surge occurred on December 17th, which returned $1,000 to its value. And, since it lost approximately $400 since then, the final days of 2018 have still seen BTC well-above its lowest point of that year.
Now, 2019 has arrived, with traders and investors wondering what will happen next? Is BTC going to drop to $2,000? Will it rise back to $5,000? Will the bear market expand to this year as well, or is the market ready for a proper bull run this time?
The answer, once again, remains uncertain. The problems with scalability may be reduced significantly soon, but high volatility remains an issue. Even the slightest shift can have enormous consequences for the entire market, and any news can impact the BTC price, no matter how big or small, or if positive or negative. To stop its further drop, BTC had to find a balance. However, this balance is more fragile than ever, and the price is expected to move very soon.
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