Tag: Bitcoin

Bitcoin Price Watch: BTC/USD Breaks $8,000, Next Target $8,500

Key Points Bitcoin price gained momentum and broke a key resistance at $8,000 against the US Dollar. There is a key connecting bullish trend line in place with support at $7,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might correct a few points, but it remains in an uptrend towards $8,500. Bitcoin price is climbing higher above $7,800 against the US Dollar. BTC/USD broke the $8,000 resistance and it looks set for more upsides in the near term. Bitcoin Price Analysis Yesterday, we…

Bitcoin Price Hits Two-Month High as Dominance Rate Spikes

Bitcoin’s (BTC) price clocked a two-month high of $7,820 today and looks set to extend gains further, a key cryptomarket gauge indicates. CoinMarketCap’s bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency, rose to 46 percent today — the highest level since December 20 — adding credence to BTC’s 20 percent rally seen in the last seven days. To start with, a rise in the BTC dominance rate essentially means the number one cryptocurrency is more in demand compared to the…

China’s Crypto Millionaires Are Using Bitcoin to Buy Real Estate Abroad

The chives growing in one crypto tycoon’s California mansion carry a hidden message. Guo Hongcai, a beef salesman turned early bitcoin adopter from China’s Shanxi province, is one of many freshly minted millionaires funneling parts of their wealth out of the country by purchasing real estate abroad. In April, Hongcai sold 500 bitcoin in the U.S. then used that money to buy a 100,000-square-foot mansion in Los Gatos, a 90-minute drive from San Francisco, California. His Rolls-Royce, also purchased with the fruits of bitcoin arbitrage, sits in the driveway close…

$8K In Reach? 4 Barriers Await Emboldened Bitcoin Bulls

$8,000? It’s not out of the question. With no price pullback happening in the wake of Tuesday’s sudden surge, the technical charts indicate bitcoin could soon close in on this key psychological benchmark. First, an expected pullback was not without merit (the charts were looking overextended on Tuesday when the 4-hour RSI reached its highest level since 2016), but since Wednesday, the world’s largest cryptocurrency has largely consolidated gains in a narrow range between $7,246 and $7,588. As the trading range tightens and the technical indicators regain composure, the probability of…

EOS Leads China’s Blockchain Rankings Again, Bitcoin Still Out of Top 15

The Chinese government has released its third round of public blockchain rankings, and EOS — the fifth-largest cryptocurrency by total market cap — once again reigned supreme. EOS Tops China’s Blockchain Rankings for Second-Straight Month Those rankings, published by the state-backed China Electronic Information Industry Development (CCID) and released this week, evaluated public blockchain networks according to three metrics, roughly translated as technology, applicability, and innovation, which were then compiled into an overall index score. Though scoring below its peers on applicability (middle column), EOS led the rankings with an…

Bitcoin Price Prepares to Test $8K After Bull Breather

Bitcoin’s (BTC) minor price pullback yesterday has likely recharged the bulls for a rally towards $8,000, technical charts indicate. The leading cryptocurrency has spent a better part of the last 15 hours trading in the $7,240–$7,440 range, having clocked a 40-day high of $7,588 at 18:00 UTC yesterday. Moreover, BTC was looking overbought at multi-week highs, hence a minor correction was expected. More importantly, the price pullback and the subsequent consolidation, when viewed against the backdrop of the high volume inverse head-and-shoulders breakout, indicate that BTC has likely gathered steam…

Bitcoin Trading Volume Is Up 100% From Its Recent Low

With Tuesday’s dramatic $600 bitcoin rally came a sharp rise in trading volume, more specifically a 100 percent increase from its 7-month volume low set just four days ago. As of Monday, bitcoin’s 24-hour trading volume had fallen to $2.92 billion, a level last seen on November 7. However, as price volatility tends to follow dramatic volume lows, bitcoin’s breakout yesterday was no exception to the rule: 24-hour trading volume reached $5.9 billion. All in all, this marked a 103.7 percent increase from the 36-week low set this past Saturday.…

Bitcoin Exchange Paxful Reveals Plan to Reach Venezuela’s Unbanked

Peer-to-peer bitcoin exchange Paxful is doubling down on developing markets. Revealed exclusively to CoinDesk, the startup plans to open an office in hyperinflation-ridden Venezuela in September and release an Android app, its first for mobile devices, in October. According to Paxful co-founder Ray Youssef, the reason for both moves is that exchange use is surging in developing nations, where mobile phones are abundant and cheap but access to crypto remains scarce. Youssef told CoinDesk: “Underbanked, unbanked or people in a desperate situation, such as with market inflation. Those are the…

Bitcoin Price Risks Pullback Before Testing $8K Again

Bitcoin (BTC) could be in for a minor price pullback, having clocked a 39-day high above $7,500 earlier today. The leading cryptocurrency rose to $7,562 on Bitfinex at 03:00 UTC and was last seen changing hands at $7,400 – up nearly 10 percent on a 24-hour basis. Further, the price rally has pushed the week-on-week gains higher to 15 percent. On Tuesday, BTC crossed the inverse head-and-shoulders neckline resistance of $6,838 with strength, confirming a short-term bearish-to-bullish trend change. So, a rally to $7,900 (inverse head-and-shoulders breakout target) could be…

Bitcoin Price Retakes 50-Day Moving Average in First Since May

Bitcoin (BTC) scaled the crucial 50-day moving average (MA) on Monday for the first time in nearly two months, taking its price above $6,700. The corrective rally picked up the pace 24 hours ago, possibly due to reports stating that BlackRock, INC – the world’s largest asset manager and exchange-traded fund (ETF) provider – is considering venturing into cryptocurrency markets. Later in the day, BlackRock CEO Larry Fink clarified rumors by stating that he doesn’t see a huge demand for cryptocurrencies from clients, Still, BTC remained bid and closed (as per…