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Bitcoin Price Prediction: Bitcoin (BTC) Holds at $9,500, as Price Remains Stable in the Upside Range

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Bitcoin (BTC) Price Prediction – June 1, 2020
BTC/USD pair is consolidating above $9,400 for the past three days. Bitcoin bulls are sustaining hold above $9,500 since May 31. The bottom line is that if price remains above $9,300, the possibility of retesting the $10,000 overhead resistance is certain.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Since on May 30, Bitcoin has been trading in the upside range. Before now, BTC has earlier rebounded at the low of $9,400, as the market reached the $9,800 resistance zone. The bulls were repelled in the upside range as price dropped to $9,400 low and resumed consolidation above the current support. However, if the bears have taken price below $9,400, the upside range would have been invalidated. In the upside range, BTC fluctuates between $9,300 and $9,800 to retest the overhead resistance.

Meanwhile, in the uptrend zone, the bulls have held on Bitcoin above $9,500. The market has been relatively stable in the upside range as there was no significant price movement. BTC at present is fluctuating above the 12-day EMA. As long as price is above the EMAs, the upward move is likely. The reverse will be the case, if the price is below the EMAs, the market will embark on a downward movement. Meanwhile, the king coin is still in the uptrend zone at level 58 of the daily Relative Strength Index.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, buyers have their last retest at the overhead resistance on May 30. There was an immediate bearish reaction as the market fell to a low of $9,400. The $9,400 support was well defended by the bulls as price made an upward correction. The upward correction was restricted at the resistance of $9,500. The bulls have not been able to penetrate the current resistance. Bitcoin is above 60% range of the daily stochastic. The market is in a bullish momentum.

 

 Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

 

Source: https://insidebitcoins.com/news/bitcoin-price-prediction-bitcoin-btc-holds-at-9500-as-price-remains-stable-in-the-upside-range

Blockchain

Cardano Price Hits 2020 Top Following Network Upgrade – Will the Rally Sustain?

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  • ADA, the native token of Cardano, established a new 2020 top on Wednesday.
  • The eighth-largest cryptocurrency surged to $0.097 for the first time in 13 months.
  • The latest gains came as a part of a broader uptrend that began in March 2020 but received an additional boost from Cardano’s network upgrade news.

Cardano is going to the moon before its top crypto competitor Bitcoin.

The blockchain platform’s native asset ADA reached its year-to-date high on Wednesday. As of 2300 UTC, the ADA/USD exchange rate topped at $0.097, its highest since June 2019. The latest gains further extended Cardano’s yearly growth to near 178 percent, according to data provided by Messari.

cardano, ada, adausd, adabtc, cryptocurrency, crypto

Cardano price chart showing its explosive upside move from the Wednesday trading session. Source: TradingView.com

The token also performed exceptionally well against Bitcoin, the top cryptocurrency whose uptrend has paused in the last three weeks. The ADA/BTC exchange rate was up 7.49 percent on a 24-hour adjusted timeframe.

Fundamentals

The gains in ADA price came on the day Cardano kicked off its much-anticipated network upgrade. The project will transform from “Byron,” a federated blockchain to a much more decentralized and dynamic “Shelley.”

The Cardano team aims to become a key player in the emerging supply chain and decentralized finance sectors. Shelley expects to pave the way for the project to become a truly decentralized and scalable blockchain solution for the two industries.

Founder David Hoskinson updated that they have launched the first Shelley node on Cardano’s mainnet. He added that a full hard fork would take place at the end of July, followed by a full-staking launch on the new blockchain on August 18.

The anticipation of a better product seems to be the driver of ADA’s incredible price surge on Wednesday. Traders visibly increased their upside positions in the cryptocurrency market, which may later lead to a short-term price correction on profit-taking sentiment.

Cardano Technical Setup

On Thursday, the Cardano price corrected lower by 2.5 percent. That may have been the beginning of a bearish correction that typically follows a wild upside move. Traders who went Long on ADA yesterday may want to liquidate their positions for short-term gains.

cardano, ada, adausd, adabtc, cryptocurrency, crypto

Cardano is showing signs of an interim downside correction. Source: TradingView.com

It is impossible to predict how far the bearish correction would go. Nevertheless, there is an Ascending Trendline below that have capped Cardano’s downside attempts lately. It may act as a support level should the cryptocurrency’s pump result in an equally massive dump.

Conversely, bulls may want to target its YTD top to break towards the next upside target near $0.103. Meanwhile, a move beyond the said level would further set traders’ eyes on $0.116 as their primary long target.

Source: https://www.newsbtc.com/2020/07/02/cardano-price-hits-2020-top-ada-token/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-price-hits-2020-top-ada-token

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The Tide is Turning, No-Coiner Bill Burr Convinced Over Merits of Bitcoin

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Bitcoin bull Anthony Pompliano recently took part in the Bill Bert Podcast, hosted by comedians Bill Burr and Bert Kreischer.

The hour and a half long episode had Pompliano selling the merits of Bitcoin, while at the same time, dispelling myths that had previously held the pair back from investing.

As a result, both Burr and Kreischer became enthusiastic converts during the episode. So much so that, at one point, Burr responds in his trademark brash and unapologetic style by saying:

“I’m getting Bitcoin, f*ck this sh*t.”

Lebanon is a Prime Example of What Can Happen

During the episode, the trio discussed fragilities within the fiat system, which when considering the benefits of holding Bitcoin, was enough to paint the number one cryptocurrency in a new light.

Pompliano mentioned the on-going currency crisis in Lebanon, which has seen the Lebanese pound crash 50% in 10 days against the dollar.

Once an outlier in the Middle East due to its glamorous lifestyle and political stability, Lebanon today is a country in crisis. The collapse of the Lebanese pound, which started in October 2019, has seen inflationary spikes in the price of essential goods and services.

A shopkeeper in Beruit described the situation as frightening. Continual price rises have seen the value of money whittle away, few can now afford to feed themselves.

“If you go to the supermarket you will start crying. Everyone I know is depressed.”

The problems have been building for many years, but economists attribute the unfolding crisis to a number of factors including an overreliance on debt and money printing, political corruption, and the country being a net importer.

No-one Can Print More Bitcoin

In selling the benefits of Bitcoin, Pompliano described it as a peaceful protest in which people now have the option to step outside of the madness of fiat monetary policy.

“The United States can’t print more, China can’t print more, Russia can’t print more… if there’s a set amount, 21 million that will ever get created, basically, you’re protected from all of that inflation…”

But what really spooked Burr and Kreischer was the exponential growth of BTC’s value. When talking about the most expensive things ever purchased using BTC, the hosts were in disbelief that planes and houses have been bought using BTC.

Pompliano stated that as long as both parties in a transaction believe BTC has value, then it has value, and will trade hands for even the most lavish of items.

“Here’s the crazy part, Bitcoin used to be worth, one Bitcoin, 0.3 cents. Less than one penny, today it is worth $9k… the only way it grows is because demand increases…”

The rise in value of Bitcoin

Source: tradingview.com

Changing Tide of Sentiment

With that, the podcast marked a turning point in the sentiment of no-coiners.

Bitcoin, and cryptocurrency in general, suffer from being seen by the broader public as overly complicated. The resultant disinterest is a major stumbling block for adoption and acceptance.

In this respect, Pompliano deserves much credit for explaining concepts in a simple manner. What’s more, his ability to vibe with Burr and Kreischer made this podcast fun and entertaining to watch.

Source: https://www.newsbtc.com/2020/07/02/the-tide-is-turning-no-coiner-bill-burr-convinced-over-merits-of-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=the-tide-is-turning-no-coiner-bill-burr-convinced-over-merits-of-bitcoin

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Chinese e-commerce giant Alibaba leads in filing the most number of blockchain-related patents.

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According to a new report from the China Patent Protection Association, the Chinese multinational Alibaba leads the world in patents awarded for blockchain-related technology. The 2020 Blockchain Global Patent Au­tho­ri­sa­tion Re­port shows that there are 3924 awarded patents for blockchain tech to date. US firms account for the lion’s share of awarded patents, at 39%, Korea has 21%, while China comes in at 19%. The Chinese e-commerce giant Alibaba leads the field of individual firms with the most patents. 

Alibaba has 212 blockchain-related patents to its name. 

The Chinese e-commerce giant Alibaba leads the field of individual firms with the most patents on its name, with 212 awarded blockchain patents, while IBM has 136. South Korea’s Coinplug comes in third for patents granted with 107 in total. China’s other web giant, Tencent, has 42 blockchain-related patents to its name. This year is set to break records for the most number of blockchain patents granted on an annual basis. In 2019 there were 1799 patents awarded, while as of May 14, 2020, there were 1257 confirmed by patent offices around the world. 126 of Alibaba’s 212 China-awarded patents have also been confirmed in the United States. 80 of IBM’s US-granted patents have also been confirmed in China. Overall, 59% of all blockchain patents awarded in China also have a parallel award in an overseas jurisdiction. 

Regulators take a serious look at blockchain amid the pandemic. 

The blockchain technology that underpins most cryptocurrencies is currently being used in many fields around the world. The use of blockchain technology is being expanded to new fields. Blockchain technology reduces the need for paperwork as it provides distributed ledger technology that is secure and safe. Earlier, one of the world’s largest mining companies, BHP Group, announced that it had completed a $14 million iron ore trade using a blockchain platform developed by the Canada-based technology company MineHub Technologies. 

Source: https://coinnounce.com/alibaba-leads-in-filing-the-most-number-of-blockchain-patents/

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