Connect with us

Blockchain

Bitcoin’s Tight Range Indicates On a Huge Upcoming Move As The New Week Starts (BTC Price Analysis)

Avatar

Published

on

Quick recap: Last Thursday saw another failed attempt to break the $10,000 mark. Shortly after, followed by the fatal drops of the global markets, Bitcoin found its value recording a daily low near $9K, almost $1000 intraday price move.

This is not what the Bitcoin bulls prayed for: Together with the drop, was the idea of the positive correlation between Bitcoin and the markets.

That correlation faded away over the past months, but as we could see, when heavy investors are selling off (Wall Street ended Thursday with 6-7% drops), it’s also coming to the cryptocurrencies. Gold, unlike Bitcoin, stayed stable during that period.

What’s Next?

After the sell-off to $9K, we saw a correction of 1-2% in Wall Street’s Friday trading session. This correction was also reflected in Bitcoin’s value.

The price of BTC corrected 30-40% of the drop, and over the past 48 hours, Bitcoin is trading steadily around the $9400 mark, which is also the 38.2% Fibonacci retracement level.

Support and Resistance Levels To Watch

As can be seen on the following 4-hour chart, Bitcoin’s trading range is marked by a rectangle. The upper boundary lies around $9500, while the bottom lies at $9350.

A breakout to any direction is likely to point out the next short-term direction for Bitcoin.

From above, the first level of resistance above $9500 lies at $9650, followed by $9800, along with the marked descending trend-line on the following 4-hour chart.

From below, beyond $9350 lies $9260, which is the 50-days moving average line (marked pink on the following daily chart), followed by the $9K area, which is the low-level from Thursday.

Sadly to say, it seems like Bitcoin will be waiting for the Wall Street futures, which are expected to start trading early afternoon on Sunday (U.S. time zone) and should point out if the Thursday storm was just a one-time event or it will continue to this week as well.

Judging by the extremely low levels of trading volume over Friday and Saturday, together with the indecisive stage of the RSI indicator (stuck around 50), we can conclude that Bitcoin is also waiting for its next big move.

Total Market Cap: $267 billion

Bitcoin Market Cap: $173 billion

BTC Dominance Index: 64.9%

*Data by CoinGecko

BTC/USD BitStamp 4-Hour Chart

btc_jun14_4h-min

BTC/USD BitStamp 1-Day Chart

btc_jun14_d-min

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoins-tight-range-indicates-on-a-huge-upcoming-move-as-the-new-week-starts-btc-price-analysis/

Blockchain

A senior BOJ official says the digital yen needs public support for it to become a reality.

According to the Bloomberg report, a senior Bank of Japan’s official said that there is no final decision has been made yet even after the announcement of testing to start next year. The official revealed that a lot depends on the public support for it to go ahead with its central bank-backed digital currency. Kazushige […]

Avatar

Published

on


A senior BOJ official says the digital yen needs public support for it to become a reality. – Coinnounce




























The central bank of Japan’s move to launch a digital currency would be conditional on public support, according to a senior BOJ official.


Enable Notifications
  

Ok


No thanks


Source: https://coinnounce.com/bank-of-japan-official-says-cbdc-needs-public-support/

Continue Reading

Blockchain

Japanese soccer star Keisuke Honda launches his own crypto

Crypto and blockchain matter for the global soccer community.

Avatar

Published

on

A Japanese professional soccer player is launching his own cryptocurrency to boost fan engagement.

Keisuke Honda, former Japan midfielder and currently a captain of the Brazilian professional league team Botafogo, has launched his own token to build new connections with his fans, Cointelegraph Japan reported on Oct. 22.

The so-called “KSK Honda Coin” was launched on Thursday via Rally.io, a blockchain platform for creating video streaming and gaming applications. The new coin is intended to enable fans to interact with Honda.

Holders of KSK Honda token will be able to get exclusive content from Honda as well as interact with the player via private channels on Discord. “We decided to create a social token to build new connections with our most loyal fans,” Honda said.

The world-known soccer player said that the new token will allow him to connect with fans in a more open manner, providing a 100% transparency in knowing who holds coins in the fan community.

The global soccer community is moving deeper into the crypto and blockchain industry in search of new ways of connecting stars with their fans.

On Oct. 15, a top soccer club in Russia’s Premier League — Zenit St. Petersburg — signed on to the blockchain-based gaming platform Sorare to issue collectible and tradeable digital cards. In September 2020, Italian professional sports club SS Lazio signed a multiyear deal with crypto trading platform StormGain, enabling new fan engagement options through crypto.

Source: https://cointelegraph.com/news/japanese-soccer-star-keisuke-honda-launches-his-own-crypto

Continue Reading

Blockchain

Grayscale invests $300m in a day to grow its crypto portfolio

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets…

The post Grayscale invests $300m in a day to grow its crypto portfolio appeared first on Coin Journal.

Avatar

Published

on

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets under management (AUM) in a day

Grayscale Investments revealed that it had added $300 million worth of cryptocurrencies to its digital assets portfolio over the past 24 hours and over $1 billion in the last week. This information was relayed by Grayscale CEO Barry Silbert via a tweet yesterday.

The crypto fund manager noted that it had $6.3 billion in AUM as of October 15. However, it has added $1 billion in cryptocurrencies over the past week, and the company now controls $7.3 billion worth of digital assets.

Silbert stated that the company “Added a cool $300 million in assets under management in one day. The additional sum brings the total assets held under management to $7.3 billion”.

The funds are held in the company’s trust for Bitcoin (BTC) and Ethereum (ETH), in addition to Grayscale’s digital large-cap fund. This latest development comes less than 48 hours after PayPal announced its entry into the cryptocurrency market, with Bitcoin surpassing the $13,000 mark afterwards.

Each Grayscale report is delayed by 24 hours, which means that this data refers to the previous day’s figure.

The cryptocurrency funds manager reported that its Litecoin (LTC) Trust recorded the highest growth since the last report. Grayscale reported that its LTC Trust increased by 7.5%, while their Zcash (ZEC) Trust increased by more than 6% over the past 24 hours. Grayscale also has extensive holdings in other cryptocurrencies such as Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), Horizen (ZEN) and Stellar Lumens (XLM).

Grayscale might be increasing its cryptocurrency holdings after raising massive funds in the third quarter of the year. Grayscale’s financial report for Q3 2020 revealed that it had bought over $1 billion in investment across all its cryptocurrency trusts. This year, Grayscale has raised $2.4 billion, which is more than twice the total amount they obtained for the years 2013 – 2019.

The investment firm revealed that 81% of investment in the third quarter came from institutional investors, while another 57% came from people investing in multiple products.

With the crypto fund manager now holding over $6 billion in AUM, it means that Grayscale controls around 2.5% of the total Bitcoin supply, currently above 18,000 BTC. The Bitcoin supply is capped at 21 million, which means that roughly 2.5 million bitcoins are left to be mined.

Grayscale isn’t the only company that is increasing its stakes in cryptocurrencies at the moment. MicroStrategy recently bought $425 million worth of Bitcoin, and Jack Dorsey’s Square Inc. invested $50 million in Bitcoin.

Source: https://coinjournal.net/news/grayscale-invests-300m-in-a-day-to-grow-its-crypto-portfolio/

Continue Reading
Energy1 hour ago

$172 Million Worldwide Friction Stir Welding Equipment Industry to 2027 – Impact of COVID-19 on the Market

Energy1 hour ago

Three Verdant Power Tidal Turbines Deployed in New York City’s East River

Energy1 hour ago

Kennametal to Attend Baird 2020 Global Industrial Virtual Conference

Energy2 hours ago

Worldwide Thermal Energy Storage Industry to 2025 – Featuring Abengoa, Baltimore Aircoil & Brightsource Energy Among Others

AR/VR2 hours ago

Competition: Win Either Angry Birds VR or Acron: Attack of the Squirrels! for Oculus Quest

Cyber Security2 hours ago

How Comodo’s Auto-Containment Technology Is Helping an IT Company Provide Ransomware Protection to Clients

AR/VR3 hours ago

Beat Saber Multiplayer for PlayStation VR Arrives Early 2021

AR/VR4 hours ago

The VR Game Launch Roundup: A Horrifyingly Tasty Selection

Blockchain News4 hours ago

Microstrategy CEO Reveals BTC Purchase is Corporate Strategy to Adopt Bitcoin Standard

Brazil
Esports4 hours ago

BOOBIE joins Yeah

Energy5 hours ago

EPRI Joins International Consortium to Overcome Barriers to Renewable Energy Integration

Energy5 hours ago

Global Boring Tools Industry (2020 to 2027) – Market Trajectory & Analytics

Esports5 hours ago

Betway Nine to Five 5 Swiss Stage Fantasy live with prizes

Energy6 hours ago

Antimicrobial Coatings Market Size is Anticipated To Reach USD 11.6 Billion By 2027 – Valuates Reports

Energy6 hours ago

Modular Uninterruptible Power Supply (UPS) Market worth $6.0 billion by 2025 – Exclusive Report by MarketsandMarkets™

AR/VR6 hours ago

HTC’s Cher Wang Given ‘Accenture VR Lifetime Achievement Award’ by AIXR

Energy6 hours ago

Global $3.4 Billion Aerosol Valves Market to 2027: Rise in Demand for Innovative Product Dispensing Technology & Product Differentiation

Crowdfunding6 hours ago

Taking LSD Could Help Your Career

Russia
Esports7 hours ago

Natus Vincere defeat Gambit to set up IEM New York CIS semi-final bout against Virtus.pro

Energy8 hours ago

Global $6.7 Billion Automated Storage & Retrieval Systems Market to 2025

Energy8 hours ago

Duke Energy announces dividend payments to shareholders

Energy8 hours ago

Lighting Control System Market Size is Projected to Reach USD 29990 Million by 2026 – Valuates Reports

Energy8 hours ago

Surge Energy America Recognized on Houston Business Journal’s Best Place to Work List

Energy8 hours ago

WAAREE spreads its wings globally, opens franchisee in Africa

Ecommerce8 hours ago

Revuze, the first SaaS Consumer Insights eCommerce Platform

AR/VR8 hours ago

Create Games With Your Voice Inside the Anything World Beta

Blockchain News9 hours ago

Bitcoin Price Bull Run Sees Grayscale Investments add $300M AUM in One Day

Blockchain News10 hours ago

Blockchain Industry Leaders R3 and FORMS HK join Cyberport to Launch “Block AdVenture” Program

Blockchain10 hours ago

A senior BOJ official says the digital yen needs public support for it to become a reality.

Blockchain News10 hours ago

PayPal May Buy Digital Asset Custodian BitGo Following Crypto Market Entry

Blockchain11 hours ago

Japanese soccer star Keisuke Honda launches his own crypto

Blockchain News11 hours ago

Blockchain Allowed 17 Million People to Travel Between Macau and China During Coronavirus

Blockchain11 hours ago

Grayscale invests $300m in a day to grow its crypto portfolio

Blockchain11 hours ago

VeChain candlestick pattern suggests VET ready to explode above $0.015

Blockchain11 hours ago

Russia doesn’t need to be first with a digital currency, says state expert

Blockchain12 hours ago

Russian public officials are now required to declare their crypto holdings as income.

Blockchain13 hours ago

A ransomware attack targets the government systems of Georgia’s Hall County.

Blockchain14 hours ago

Michael Saylor claims the company will hold Bitcoin for ‘100 years’

Blockchain15 hours ago

Traders on Paxful sell $16.2M of Bitcoin for discounted gift cards each week

Blockchain15 hours ago

Payment giant PayPal plans to acquire bitcoin custody platform BitGo.

Trending