This Price Resistance Level May Hold Key to Bitcoin Bull Market

That bitcoin (BTC) may be closing on a long-term bottom is generally accepted by now. After all, the leading cryptocurrency by market value has dropped by close to 70 percent over the last 13 months. The challenge now is to pick up early signs of a long-term bearish-to-bullish trend change, which may be possible with the help of the 10-week simple moving average (SMA). Acting as resistance, that moving average proved a tough nut to crack in the eight weeks to Nov. 14 – the day BTC reentered the bear…

Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment

According to a Russian economist with ties to the Kremlin, the superpower is preparing a massive $10 billion USD investment in Bitcoin to replace its US dollar reserves. Russia’s Bitcoin investment is a step to minimize US sanctions on the country. Russia’s Bitcoin Investment Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, said the Bitcoin investment was a step taken to avoid US sanctions on Russia. Ginko believes that Russia’s decision to hold Bitcoin as a reserve currency instead of the US dollar is…

Bitcoin Risks Return to December Lows After Price Drop to $3.5K

After breaching key support on Sunday, emboldened bears could soon push bitcoin (BTC) prices back towards $3,100. Following a drop to a 3.5-week low of $3,476 at 16:00 UTC yesterday, the cryptocurrency closed at $3,516, effectively invalidating the bullish view put forward by the higher low of $3,566 carved out on Dec. 27. That move also added credence to the bearish reversal signaled by the 9 percent price drop witnessed last Thursday. Put simply, the bears have strengthened their control of the market, after the bulls failed to penetrate the…

Bitcoin Price Looks South After Worst Daily Loss Since November

Bitcoin’s (BTC) price saw its biggest drop for seven weeks on Thursday, weakening the prospects of a bullish breakout above $4,100. The world’s largest cryptocurrency by market value hit a 3.5-week low of $3,503 yesterday, before closing (as per UTC) at $3,627 – down 9.4 percent on the day. That was the biggest single-day drop since Nov. 24 and the fourth biggest daily loss of the last two months, according to CoinDesk’s Bitcoin Price Index (BPI). Essentially, the hard-fought gains of the last two weeks have been erased in the…

Bitwise Files Bitcoin ETF With SEC

According to a US Government SEC registration form, cryptocurrency index fund provider Bitwise Asset Management has applied to launch a new Bitcoin Exchange Traded Fund (ETF) with the government body. An ETF is a platform that tracks and trades an asset in the same way as stocks are traded on an exchange. Will Bitwise manage to succeed where so many others are failing? Bitwise Files Bitcoin ETF Bitwise’s proposal is for an ETF that tracks the value of Bitcoin via the Bitwise Bitcoin Total Return Index. This value is “calculated based…

Bitcoin Price Tumbles 10% as Crypto Markets Flash Red

The price of bitcoin fell more than 10 percent during Thursday’s trading session as the cryptocurrency erased a large portion of its recent gains. At 6:00 UTC, bitcoin opened the trading hour at a price of $4,018, but fell to $3,748 before the hour was complete. After trading sideways until 16:00 UTC, the sell-off accelerated to a low of $3,570, according to CoinDesk pricing data. Bitcoin’s current price of $3,610 reflects a $367 difference and more than 9 percent drop from its 24-hour opening price of $3,995, CoinDesk data further…

Bitcoin Price Slips Below $3.8K as Bullish Bets Tank

Bitcoin is losing altitude as an unwinding of bullish bets is creating downward pressure on prices. As of writing, BTC is changing hands at $3,780 on Bitstamp – down 5 percent on a 24-hour basis – having found offers above $4,000 at 06:00 UTC. Notably, the price drop is accompanied by a decline in the bullish bets. For instance, the BTC/USD long positions on the Bitfinex exchange fell to an eight-day low of 31,237 earlier today and are currently down 8 percent at 31,255 – the biggest single-day drop since Dec.…

Bullish Sentiment for Bitcoin Is at a 5-Month High

The ratio of long-to-short positions placed on bitcoin (BTC) has reached its highest level in over five months on cryptocurrency exchange Bitfinex. At press time, the BTC long positions placed on the exchange total 33,750 units, worth $137.3 million at current market prices, whereas the number of short positions is roughly 11,000 units less at just 22,787 – now worth just under $93 million. This creates the long-to-short ratio of nearly 1.5:1 – its highest since August 6th of last year. Bitcoin longs and shorts (Bitfinex) The drop in short…

Bitcoin Price Faces Minor Pullback as Indecision Creeps into Market

With the bitcoin (BTC) market showing signs of indecision, prices could soon retreat back below $4,000. The world’s largest cryptocurrency by market capitalization witnessed two-way business yesterday before ending largely unchanged on the day (as per UTC) at $3,995 on Bitstamp. Worryingly for the bulls, BTC created a doji candle on Tuesday – widely considered a sign of indecision in the market – even though a bull flag breakout, witnessed yesterday, had seemingly set the stage for a move above $4,300. Notably, the candlestick pattern appeared at the top of…

Litecoin’s Charlie Lee Sparks Twitter Battle Over “Bitcoin Extremists”

Charlie Lee is at it again. The Litecoin founder isn’t shy when it comes to voicing his opinion on crypto via Twitter and yesterday was no different. It seems this time, he’s targeting Bitcoin maximalists. Charlie Lee vs. Bitcoin Maximalists It all started with a poll. Some self-proclaimed Bitcoin Maximalists are actually Bitcoin Extremists. They think all other coins are scams and will go to zero. Maximalists think Bitcoin is and will remain the dominant cryptocurrency but there is room for altcoins to exist and even do well. What are…