Bitcoin Price Blitzes the $8.5K Resistance as Bulls Target $8.8K

As the weekly close approached, Bitcoin (BTC) price gained above $8,500 after spending the previous day trading in the $8,200 to $8,300 range. At the time of writing, bulls are attempting to push through the $8,500 to $8,650 resistance zone in order to inch toward a daily lower high at $8,800. Bitcoin daily price chart. Source: Coin360 Earlier in the day Cointelegraph contributor Scott Melker spotted the bullish development on the hourly timeframe when he tweeted the following chart and said: “Local double bottom breakout. Bottom reversal pattern.” BTC USD…

Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why

Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670. Bitcoin price started a short term downside correction below $9,000 and $8,800. It is currently trading above $8,200 and there are many important supports on downside. There is a declining channel or a bullish flag forming with resistance near $8,500 on the daily chart of the BTC/USD pair (data feed from Kraken). The pair is likely to find…

A Stronger Foundation for Bitcoin ETF Applications

One of the recurring themes in the digital asset markets across 2018 and 2019 has been the failure of multiple Bitcoin (BTC) exchange-traded fund (ETF) applications to gain the approval of the United States Securities and Exchange Commission. Each new application was met with anticipation, only to be dismissed for the same reason: concern over how the ETF would derive its price, whether this price could be manipulated, and if the listing exchange could adequately meet section 6(b)(5) of the Exchange Act. This section states, in part, that: “The rules…

Bitcoin ‘Needs More’ PR from People Like Peter Schiff: Binance CEO

Bitcoin (BTC) skeptic and gold bug Peter Schiff is unwittingly advertising the cryptocurrency’s virtues over other investments, says the CEO of exchange Binance. In a tweet on Jan. 25, Changpeng Zhao (known as “CZ” in crypto circles) argued Schiff was failing in sewing distrust of Bitcoin among social media followers and beyond. CZ: We need more “negative voices” “I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote. CZ…

Bitcoin Risk-Return a ‘Different Beast’ Compared to Amazon: Analyst

Bitcoin’s (BTC) risk-return is a “different beast” compared to even the darling of the stock market of the 2000s, Amazon. That was the conclusion drawn by one of the cryptocurrency industry’s best-known analysts and the creator of a uniquely accurate Bitcoin price model. PlanB: Amazon “normal” compared to BTC Uploading a chart showing BTC risk-return versus Amazon stocks, U.S. bonds, gold and the S&P 500 on Jan. 24, PlanB showed Bitcoin behaved completely differently as an investment.  Amazon’s significant losses in the year 2000, combined with its revered recovery ever…

‘Nothing Special’ — Bitcoin Slumps 6% on Coronavirus, Chinese New Year

Bitcoin (BTC) has shed 6% in a week thanks mainly to Chinese New Year and uncertainty over coronavirus, commentators are suggesting. Analyzing Bitcoin price data along with Chinese stocks’ performance on Jan. 24, social media resource Light said a slump in performance had spread to cryptocurrency. Cryptocurrency market daily overview. Source: Coin360 Stocks correlation shows Bitcoin’s “global stage” Over the past several days, it notes, Bitcoin has in fact broadly correlated with stocks. Such behavior is reminiscent of what many perceived as a reaction to another global event — the…

Two Veteran Traders See Bullish Signs With Bitcoin Rebounding to $8.5K

Bitcoin (BTC) bulls are attempting to start the weekend on the good foot by pushing the price to $8,500 and above. Bitcoin daily price chart. Source: Coin360 In the past 24 hours, Bitcoin price bounced off the 200-day moving average (DMA) at $8,200 and, as suggested earlier, an oversold bounce on the shorter time frame provided traders with the opportunity to buy the dip and push the price to $8,500. Will Bulls flip the $8,500 resistance? At the time of writing, Bitcoin is still pinned beneath the 50-period exponential moving…

Davos, CBDCs, and the Rise of Bitcoin Art

That’s a wrap! The World Economic Forum is over, and the key ideas coming out of Davos for our industry are: 1) a continued “blockchain, not crypto” narrative; 2) a belief in the inevitability of cashless futures (without much concern about the negative implications) and 3) the rise of CBDCs.  On the CBDC front, the WEF put out a toolkit for governments that are considering their own currency, Japan announced a project to explore a digital currency as a counterweight to the influence a digital yuan might bring China and…

How Payswap Can Confuse Blockchain Analysts, Benefiting Bitcoin Privacy for All

Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often break users’ privacy. This is a problem. Bitcoin users might not necessarily want the world to know where they spend their money, what they earn or how much they own, while businesses may not want to leak transaction details to competitors — to name some examples. But there are solutions to regain privacy. A new solution was proposed on the bitcoin-dev mailing list this week, by the Bitcoin and Lightning…

Major Bitcoin Cash Pools Force 12.5% Mining Tax on Community

Leading Bitcoin Cash (BCH) personalities, including Bitmain CEO Jihan Wu and Bitcoin.com CEO Roger Ver, proposed on Jan. 22 an “infrastructure funding plan” that would see miners donate 12.5 percent of all block rewards to a Hong Kong entity. Many in the community turned harsh critics of the proposal. The fund would be used to promote Bitcoin Cash development, which the miners argue is a “far better solution” than having independent “corporate donors,” such as the Blockstream company for Bitcoin (BTC). The initial funding would be activated in May 2020…