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Bullish Bitcoin Price Trend Intact Even After BTC Retests $11.4K Support

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  •  Bitcoin (BTC) price swiftly fell to $11,322 after reaching a daily high at $11,909

  • The drop came as U.S. jobless claims fell to $1.2 million but lawmakers inability to reach a deal on the next coronavirus stimulus package has worried some investors

  • Despite the pullback to the $11.4K support, Bitcoin price remains in an uptrend 

Crypto market daily price chart

Crypto market daily price chart. Source: Coin360

Earlier today Bitcoin (BTC) price abruptly dropped to $11,322 after topping out at $11,909.

The mild correction came as U.S. jobless claims fell to 1.2 million and U.S. markets opened slightly in the red but by the end of the day Dow and S&P 500 closed with a 0.7% and 0.17% gain. 

Meanwhile NASDAQ continued to trek higher, closing the day with a 1.66% gain.

While stocks continue to move higher each week, today’s collapse of talks between U.S. lawmakers attempting to negotiate the next phase of coronavirus economic stimulus could weigh on investor confidence and cause markets to open in the red next week.  

BTC/USD 4-hour chart

BTC/USD 4-hour chart. Source: TradingView

Traders will note that BTC price had begun losing momentum around $11,800 and once the price dropped below the high volume VPVR node at $11,583, the price quickly fell to retest the support at $11,400. 

While inconvenient for some, today’s pullback shouldn’t surprise as its routine for Bitcoin price lower levels to confirm that a former level of resistance now functions as support. 

At the time of writing BTC is holding above $11,650 but a drop below $11,500 and the $11,400 support could result in another drop to $11,200. 

As long as the price holds above $11,100 the pattern of higher lows remains, meaning the bullish uptrend remains intact. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Surprisingly, as Bitcoin price dropped 4.89%, altcoins held up relatively well, except Ether (ETH) which pulled back 8.76% to $362.35 before recovering to $379.80. 

At the time of writing, Cardano (ADA) is down 4.19%, XPR has dropped by 3.03% and Tezos (XTZ) shaved off 5.99% to trade at $3.05. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $350.7 billion. Bitcoin’s dominance index currently at 61.1%.

Keep track of top crypto markets in real time here

Source: https://cointelegraph.com/news/bullish-bitcoin-price-trend-intact-even-after-btc-retests-114k-support

Blockchain

Ripple Aims To Expand Its Financial Institutions Network

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Ripple, a huge crypto exchange, is now aiming to expand its Financial Institutions network by adding them as partners and customers. The firm is currently seeking to integrate two engineers as it has vacancy for them. One vacancy is for a Senior Integration Engineer in Dubai and another one is for Staff Integration Engineer in London. 

It is revealed that with the appointment of these two engineers, the financial institutions network of the company will be enlarged. Along with this, the partners of the firm will be having access to RippleNet using their own payment system. 

Ripple Staff Integration Engineer Will Create New Integration Solutions

According to the announcement, the Staff Integration Engineer of Ripple will be creating and trailing the new integration solutions. Not only this, he will also have to take part in troubleshooting sessions with companies across the world. 

Both the new recruitments will be working to design, build, test and deploy the integration solutions for the firm. They will also have to solve the challenges that clients and partners of Ripple might be facing while integration and deployment process. Both of the integration engineers will have to provide the training to the new customers of the firm.

XRP Might Grow Into a Better Payment Solution

Marcus Treacher, the senior Vice President of Customer Success at Ripple, has said that at the present moment, the transnational payments market is not working really well. He further mentioned that the way RippleNet has been working, it will be transforming the industry. According to him, XRP is having a huge potential to grow into a better payment solution than any other out there. The firm is regularly working to expand and better its services across the world by trying out different measures. This appointment of two engineers is going to play a major role in the development.

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#Better Payment Solution #Create New Integration Solutions #Financial Institutions Network #ripple #ripplenet #Senior Integration Engineer #Staff Integration Engineer

Source: https://www.cryptoknowmics.com/news/ripple-aims-to-expand-its-financial-institutions-network

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These 4 Trends Show That Bitcoin’s Likely to Move Higher After 20% Drop

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  • Bitcoin is technically in no man’s land a number of analysts have said after the crypto’s recent drop.
  • The cryptocurrency, in fact, is below the $11,000 resistance, where BTC was rejected last week.
  • Bitcoin is also above the support of the low-$10,000s, where a number of bounces have taken place over recent weeks.
  • Four key market data points suggest that BTC will soon resume its ascent, though.
  • There are also on-chain trends observed by a number of analysts that suggest Bitcoin’s prevailing trend is a bullish one.

The 4 Reasons Why Bitcoin May Continue Its Upward Ascent Soon

Since peaking at $12,500 late last month, the leading cryptocurrency has traded in a steep downtrend. The coin remains down $2,000 below those highs despite already bouncing by around $700 from local lows.

There are crucial market data points, though, that suggest that Bitcoin will continue its ascent in the near future. A crypto technician recently outlined these reasons in a Twitter thread:

  • Bitcoin’s Fear and Greed Index has dropped to a level of “Fear” after reaching extremely high levels of greed in August. The index is calculated through a variety of data sets, including market sentiment, volume, social media trends, and more. Analysts think that this works as a sort-of counter-indicator, reaching levels of Extreme Greed when a top is near and vice-versa.
  • Bitcoin is currently trading in backwardation, meaning that the price of futures for this market is below the actual spot price. According to the chart below, periods of backwardation are often seen prior to the cryptocurrency rallying higher.
  • The funding rates of BTC futures markets are currently in the red or at neutral levels. This is similar to the last point in that whenever they are in the red or neutral, rallies are to be expected.
  • There is a cluster of Bitcoin short liquidation levels above BTC’s current price, which the market will likely gravitate towards in the near to medium term.

Image

Chart of BTC's price action since the start of July with a Contango Index analysis by crypto trader Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com

On-Chain Data Agrees With This

On-chain data agrees with the bullish sentiment shared  by the aforementioned trader.

Willy Woo, a prominent on-chain analyst, recently commented:

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Other on-chain trends such as the strength of Bitcoin miners, measured through the hash rate and network difficulty, also suggest a macro bullish backdrop to cryptocurrencies.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
These 4 Trends Show That Bitcoin's Likely to Move Higher After 20% Drop

Source: https://bitcoinist.com/these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop/?utm_source=rss&utm_medium=rss&utm_campaign=these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop

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RockX Launches $20M Investment Program to Support Polkadot

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RockX, a digital asset development company, has launched a $20 million investment program. This investment program is specifically launched to support the Polkadot (DOT) ecosystem for over the next few years. It is revealed that this funding has been capped at $500,000 worth of DOT tokens per project. Along with this, the developer team of the firm will also be providing the technical support. It was also mentioned that RockX will be receiving tokens from supported projects.

RockX Launched This Program With Financial Aid From Individual Investors

Alex Lam, CEO of RockX, has said that this program has been launched with the help of financial aid from many individual investors. All the investors who have contributed in this project have not revealed their identity as they chose to be anonymous. According to him, all these anonymous investors are some prominent DOT holders. All these investors are also long-term supporters of Ethereum as they have been in the ETH community since 2015. It has also been mentioned that despite their financial support, these investors are not at all involved in any kind of project and their functioning.

Polkadot Recently Established its Treasury

This is to be noticed that this announcement of an investment program by RockX is coming a few days after Polkadot had established the Polkadot Treasury. Despite being completely different from each other, both treasury and investment program share the same goal of building and promoting the projects. It is mentioned by the CEO Lam that the strong technical background of his firm will be contributing to Polkadot. One of the managing partners of the firm, John Ng Pangilinan has said that “RockX is taking a step further to help blockchains grow by leveraging its technical capabilities and investor networks. This will set up a new collaborative model for the industry.”

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#$20M Investment Program #Alex Lam #Financial Aid From Individual Investors #John Ng Pangilinan #Polkadot #RockX

Source: https://www.cryptoknowmics.com/news/rockx-launches-20m-investment-program-to-support-polkadot

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