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Bitcoin Price | BTC is Bullish, are Altcoins the Reason?

Bitcoin price is on a bull-run right now. In fact, the entire crypto market seems to be making a bullish turn as sharp gains can also be seen across a number of altcoins.

At the time of writing, Bitcoin is up 4.6% on the 24-hour basis and is currently trading at $6,733 according to coinmarketcap.com

Earlier in the day, Bitcoin price hit its 16-day high of $6,745, but it could easily hit that high again by the looks of things.

Bitcoin Price Recovery

Bitcoin is recovering from a five-week low of $6,100 that it hit on Wednesday. This is interesting because news surrounding the coin hasn’t been great this week; 6,000 bitcoins from Zaif exchange were stolen, and a pretty big flaw in Bitcoin’s code was discovered. (It has since been fixed.)

Usually, negative news creates negative sentiment, and this is reflected in the price. You’d have been forgiven for thinking Bitcoin would be dwindling in the red.

Are Altcoins Carrying Bitcoin?

But what’s more than likely happening is that Bitcoin price is being fueled by investors demand for altcoins.

>> Crypto Daily News: Crypto Market Rebound and Coinbase Issues a Statement about Proprietary Trading

Specifically, Ripple (XRP) has been on a massive gaining streak this week and currently is up a further 46.08% in the last 24 hours.

18% of this trading volume is coming from Bitcoin trades with Ripple.

Other notable gains today include Aurora Coin (AOA), which is sporting gains of 53.51%, and MONACoin, which has gained 37.97%. Both these coins draw the majority of their trades through pairs with BTC.

Further Gains Ahead?

It may be that investors are buying Bitcoin in order to buy other altcoins and thus BTC price is increasing. Or maybe there is a case of FOMO occurring across the market, as the majority of coins are in the green across the board.

If Bitcoin price is being spurred on by altcoins, then BTC could be in for further gains. Altcoins don’t look like they’re ready to stop their rally.

What do you think?

Featured Image: Depositphotos/© mdkhalil1

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Bitcoin Price Watch | A Month of Major Highs Followed By Many Lows

Bitcoin Price Watch: Yesterday saw Bitcoin (BTC) price fall to almost below $6,000. But what about today?

First, let’s recap the last month.

Bitcoin Price Watch: The Past Month

Mid-July was looking promising for the coin as it began a sudden bull-run which saw Bitcoin climb to a peak of around $8,450.

But typically reflective of this volatile marketplace, the highs did not last long and BTC has been on a steady downward climb since hitting the peak. Once August kicked in, it seemed any progress made in those impressive two weeks in July, was lost.

This meant that investors only saw monthly gains of 3%. It was looking as if it was going to be much higher than that.

Bitcoin Price Watch: Today’s Market

As it stands, today — Tuesday — looks pretty gloomy across the entire market as all the major coins are in the red. Bitcoin itself is down almost 5% in the past 24-hours but some major coins such as Ethereum, are suffering almost a 20% loss; currently, ETH is down a whopping 19.03% at the time of writing.

In fact, in the past 30 days, ETH has slipped almost 40%.

Comparatively, though, Bitcoin is holding on in there. Traditionally speaking, the Bitcoin price tends to dictate market trends; if it is climbing other coins follow suit and likewise the other way.

bitcoin price watch
Source: CryptoCurrencyNews.com

>>Crypto Movement: Ethereum (ETH) Drops Below $300 and Stellar (XLM) Passes EOS

 

But it seems that altcoins are suffering on a larger scale than Bitcoin right now which some consider a possible sign of an “extinction-level event”. Those are the words of Xapo president Ted Rogers, and he further warned on Monday:

“90%+ of CoinMarketCap list will disappear eventually – might as well happen now,”

Is Rogers correct? Other major assets have dropped anywhere between 10-15 percent of their value including Ripple (XRP)Litecoin (LTC),  EOS (EOS), and Cardano (ADA)

We’ve seen these trends before though? and if Bitcoin’s most recent bull run could start as suddenly as it did 2 weeks ago, who’s to say it won’t do it again?

Featured Image: Deposit Photos/AntonMatyukha

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Bitcoin Price Analysis | Bitcoin Makes Massive 10% Gain in 24 Hours

What’s going on with Bitcoin? Yowza.

Last week was an impressive week for the coin but today saw it exceed itself by packing on a massive 10% in gains. Other cryptos are experiencing astronomical growth too; EOS is also seeing a 10% hike this week.

But Bitcoin, in particular, is out front in a league of its own with its massive 10% gain adding $9 billion to its market cap in under thirty minutes. 

The coin currently stands at the $7,360 mark. But elsewhere coins across the board have added between 5% and 10% in the past 24 hours. Bitcoin Cash has made nearly a 5% gain and Ethereum is shining also, with a 5.5% gain.

Analysis

The sudden explosion of Bitcoin means the coin has smashed through its 50-day moving average. It is back above $7,000 for the first time since early June.

There is no catalyst for this price hike that stands out today. However, in other markets, it is notable that gold and tech stocks have performed poorly.

Source: CoinMarketCap. Bitcoin Price Today

Today’s rally may have been supported by positive events such as the recent appointment of a new CEO for Goldman Sachs. David Solomon who has secured the coveted position has discussed Bitcoin from a bullish point of view on multiple occasions. He has also admitted that Goldman Sachs is preparing to launch a “proper” cryptocurrency trading platform stating:

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too. Goldman Sachs must evolve its business and adapt to the environment.”

The last time we saw Bitcoin surge like this was in April when it jumped up from between the $6k mark to over the $8k mark. It then had set a new resistance of $10k. Today’s surge now will see the coin aim for $10k resistance again.

The entire crypto market has packed on an extra $20 Billion today alone. An interesting week lies ahead.

Update: It appears that Coinbase is now down because of the bull-run across the market:

Featured Image: Deposit Photos/Olivier26

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Understanding Bitcoin Price | The Psychology Behind Bitcoin (BTC) Price

The cryptocurrency market trades globally 24 hours a day. Anyone who has been watching the price of Bitcoin understands the price moves very fast. Realize that people are always driving the price changes, and people are not always rational, not always emotional, but are rarely random. Since people are driving the price, the price patterns are not random and as with all markets, the psychology of the Bitcoin market matters.

Does the Brain Influence Bitcoin Price?

People prefer round numbers. Although Bitcoin can be traded in fractions, many new people buying cryptocurrency for the first time still seek to own at least one Bitcoin. Why is that? It is because the human mind, although highly skilled at math, stores information in definitive chunks. For example, we have separate memory systems for people’s faces because that information is important enough to get its own mental database. When we think about time, we think about it in hours or days, even though time is continuous and never stops. When we think about weather, we think about it as rainy, or cloudy, or hot or cold, even though rainfall and temperature are both measured in decimals. Bitcoin price is no different and because this market is highly influenced by speculation and speculation is based on perceptions, the psychology of price influences the Bitcoin market. That hypothesis is aligned with some recent analysis I conducted. As a quick reminder, my professional training is in understanding people, not markets, but in this case, I have blended the two.

Bitcoin is not Random

Although the price moves often, Bitcoin prices also tend to sit in some locations and rest. The question is, where does the price rest most often? To answer this, I first conducted complex statistical normality testing including the Kolmogorov-Smirnov and the Shapiro-Wilk tests, and Bitcoin failed those tests. That told me that price data is not normally distributed. What does that mean? It means the price patterns are not random. Theoretically, all large randomly distributed data is normally distributed. So when a set of data is large enough to justify a normality test, and the data fails those tests, it tells the researcher the data is not random. To make my analysis more user-friendly, I turned that analysis into probability statements for you, the reader, which I discuss below.

The Probability of Stability

Using daily average Bitcoin price for the timeframe of July 2017 to July 2018, I was able to calculate how often Bitcoin’s price sits within plus or minus 10% of the $1,000 spot. If psychology was not a factor, and Bitcoin’s price was random (which you now know it is not random) the amount of time Bitcoin spends in that location would have been 20% (2 out 10). But Bitcoin does not sit within the $900 to $1,100 zone 20% of the time as random chance would predict. In fact, the amount of time Bitcoin spends in that location is actually 17.6% of the time (and random chance would have predicted 20%). So what does that mean? That means, the price movements are not random but have a pattern. So the question you should be asking yourself now is where does the price sit most often? The answer is, the price is most likely to sit in the $300 to $400 spot (e.g., $7320 is more likely than $7420 for more days of the year). How much more likely is it that the Bitcoin price will be between the $300 and $400 spot on any given day? It is about 50% more likely to be found in that range than any of the other ten spots (e.g., $7370 is more likely than $7170 or $7800). To be clear, that does not mean Bitcoin sits between the $300 and $400 lines 50% of the time (it’s actually only there 14.6% of the time). Rather, out of the ten possible spots, Bitcoin is most likely to be found between $300 and $400 than any other range. To make this a little more concrete, during the past year, Bitcoin sat in the $300 to $400 spot 53 days. The next highest spot was held 46 days, then 41 days, with the average, of course, being 36 days (365/10 = 36.5 days). Thus, in context, anything above 36 days is considered ‘above average,’ and the $300 to $400 spot is way above average!

The next question you should be asking yourself is where is the price least likely to sit? That is a really interesting finding. As it turns out, Bitcoin is about 40% less likely to sit in the $400 to $500 range than any of the other spots (e.g., $8415 is much less likely than $8710). Bitcoin held the $400 to $500 spot for just 23 days out of the past year (again, anything below 36 is below average). Bitcoin held the $400 to $500 spot just 6.3% of the past year, and that is way below average!

If you are following along, the $300 to $400 price range happens most often, and the $400 to $500 range happens least often. I am not a typical analyst. In my profession, I take hard numbers and turn them into meaningful patterns that help my clients understand the people around them. Turning these hard numbers into meaningful patterns for you, here is what I see:

In general, Bitcoin’s price seems to sit most often between $100 to $400 and $600 to $800 (the price is 45% more likely to sit in these spots on any given day).

How People Influence Bitcoin’s Price

So what does all this mean? What these patterns tell me is that when the price gets near the $500 and $1,000 spots, people probably pay closer attention because Bitcoin’s perceived value is closing in on a new milestone. As more people pay attention, they place more buy and sell orders and the price movements likely accelerate. Both the numerical price data and the way the mind works seem to agree when it comes to understanding Bitcoin price. If there is one lesson here, it is that people drive prices and psychology matters!

Continue the discussion on Twitter @BitcoinCensus

Featured image: TheDigitalArtist via Pixabay

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Bitcoin Price Watch – BTC/USD On Bullish Run, Testing Resistance At $6,800 – Crypto Currency News

Bitcoin price watch: Bitcoin continued its bullish run on Wednesday morning, moving firmly past the $6,700 level and testing a major resistance at $6,800. Bitcoin has been on an upward trajectory recently, having recovered by more than 5% since the beginning of last week.

Yesterday, the cryptocurrency received a further boost as Goldman Sachs CEO Lloyd Blankfein commented on the future of Bitcoin with an optimistic tone. During a talk at The Economic Club of New York, Blankfein, who has been relatively more upbeat about Bitcoin than some of his peers on Wall Street, explained how the world moved from gold to fiat currencies that are now backed by the government. Using that example, he said he could see a world where a cryptocurrency could exist.

“If you could go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?” Blankfein said.

“And so it’s not for me, I don’t do it, I own no bitcoin. Goldman Sachs as far as I know… has no Bitcoin, but if it does work out, I could give you the historical path why that could have happened,” he continued.

Bitcoin Price Watch: Bitcoin On Bullish Run, Testing Major Resistance

Bitcoin is currently on another bullish run after establishing a support at $6,600. The current bull run is testing a major resistance at $6,800. Bitcoin’s short-term moving averages indicate that buyers could be shaking off the recent selling pressure, and more upside action should materialize. A break above the resistance could send BTC/USD back to the $7,000 level. On the downside, it would take a dramatic decline for Bitcoin price to sink below $6,500 to a retracement level around $6,300.

Bitcoin price watch
Source: Tradingview

The technicals chart confirms the current bull run. The MACD crossover is sending a bullish signal, while the RSI places Bitcoin in overbought territory.

Looking at the Technical Indicators:

  • Hourly MACD — Bullish signal

  • Hourly RSI — Bitcoin is in overbought territory

  • Major Resistance Level — $6,800

  • Major Support Level — $6,600

>> XRP and MIOTA on FCoin’s Listing Plans – Opening This Week!

Featured Image: Depositphotos/© leolintang

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