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Bitcoin Recovers Quickly on Technical Bounce

Bitcoin may have had a superb year up until June, but the month of July, and especially the past week, has proven to be troublesome as the price of the cryptocurrency continued to crash down. The issues with relation to Facebook’s Libra and United States President Donald Trump’s comments about cryptocurrencies like Bitcoin caused a massive drop. The token fell below $10,000 after having climbed above $13,000 earlier.

Sudden Spike

However, it seems that Bitcoin is making a comeback yet again, and today, the cryptocurrency experienced a massive spike that saw it gaining as much as $1,000 in a matter of a few minutes on most exchanges. At the time of writing, Bitcoin is up over 8% at $10,535. In fact, BTC has recovered 16% from yesterday’s low of $9,050.

Due to that incredible spike in price, Bitcoin managed to cross the important hurdle of $10,000, and eventually, the price reached $10,300. Considering the sort of trying week it’s been, this tearing spike has caused a stir in the crypto sphere.

However, it is perhaps more important to consider what it all means going forward. One Bitcoin analysts took to Twitter and stated that a pattern of this nature started back in April this year when Bitcoin was still trading at $4,000. It was also at that point when the massive bull run started that eventually took the cryptocurrency to more than $13,000 earlier this month.

>> Huobi Moves to New ERC-20 Token: Partnership with Stable Universal & Paxos

That being said, it is perhaps more interesting to look at the possible reasons why the spike might have taken place, and in this regard, it is important to note that the reasons behind a spike of this nature if hard to figure out.

It should be noted that Representative Patric McHenry said yesterday that Bitcoin can never be wished away and it is here to stay. In addition to that, the head of the Federal Reserve, who had earlier been critical of Libra, stated that Bitcoin is a “store of value.” Such an encouraging statement could have been behind this incredible spike.

Featured image: DepositPhotos © sdecoret

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Bitcoin

Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

The crypto market had an excellent first half of the year with an impressively strong run, led by Bitcoin (BTC) and some altcoins. However, the month of July has brought with it its fair share of chaos and prices have fluctuated wildly.

Today, the crypto market lost a significant portion of its value, falling below $300 billion, as both Bitcoin and many altcoins plunged on the various exchanges across the world. The total loss of valuation was $22 billion at one point, and experts believe it could continue.

Bitcoin Breaks Below $10K

In the same way that it leads the rallies, the sharp decline today was also led by Bitcoin as it dropped below a critical level to $10,000. However, the drop in the BTC price also instigated a bloodbath among altcoins, many of which also lost a significant amount of value.

However, once the updates about the accidental Tether creation came through, the price of Bitcoin recovered significantly and touched $11,500. It remains to be seen how the crypto sphere fares over the next few hours. Based on the technical chart, the next support levels for Bitcoin are $10,100 and $9,800.

In other areas of the crypto world, Ethereum (ETH) slumped to $223, XRP to $0.306, and Bitcoin Cash (BCH) crashed to $302.

>> Bitpoint Hacked for $32 Million, Another Example of Crypto’s Volatility

At the time of writing, Bitcoin is trading at $10,129, down by 3.20%. The world’s largest cryptocurrency has lost 25% from its 52-week high since early July.

However, amidst all the doom and gloom that has currently pervaded the cryptocurrency community, it is interesting to note that crypto fund manager Timothy Peterson has made a highly bullish prediction. He stated that according to his model, the price of Bitcoin could be as much as $40,000 each by the end of 2019 and if that actually comes to pass, then one of the biggest rallies in crypto history is probably coming up.

What do you think?

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Bitcoin

Altcoins Join the Bitcoin Rally

Bitcoin (BTC) has been on an astonishing run this year that has almost mirrored the astonishing rally back in 2017 when the cryptocurrency touched almost $20,000 per token. However, earlier on in July, the cryptocurrency experienced declines and went below the $10,000 level.

Altcoins Moving Up

However, that seems to be a thing of the past now as the coin has regained its gains and is soaring again on the back of excellent momentum. In addition to that, due to the surge experienced by Bitcoin, other cryptocurrencies like Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) have also experienced gains.

The previous 48 hours or so have been quite dramatic with Bitcoin gaining as much as 10% and reaching a price of $13,120 each, which is now within touching distance of $13,880, BTC’s highest level in 2019 so far. All the other cryptocurrencies mentioned above have also gained, and due to the colossal bump in total value, the entire crypto market has managed to reach a total valuation of $350 billion.

>> BrewDog Extends Its Crypto Investment Opportunity “Equity for Punks”

According to experts, Bitcoin is now approaching a critical point in the charts, where it can either soar to new highs or tumble down significantly. However, it is important to point out that most of the time when it reached such levels, the token has managed to go on impressive bull runs. Experts believe that this is a critical level and there is a possibility of the coin reaching new heights on the back of some positive news with regards to the crypto market or Bitcoin.

It is believed that news of institutional investment in Bitcoin could be the trigger that finally manages to push the token into new heights, from which it will be difficult to dislodge it. It is important to note that earlier this year Fidelity opened up a fund by way of which its institutional investors could invest in Bitcoin.

At the time of writing, Ethereum is trading at $312, up by 7%, while Litecoin jumps 4% to $125, and Ripple gains 3% at $0.398.

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Bitcoin

Does Bitcoin Breakout Signal More Rallies to Come Later this Year?

When Bitcoin (BTC) went through a disappointing year in 2018, following the astonishing bull run at the end of 2017, many experts all over the world had written off the cryptocurrency. However, in 2019, the coin has come roaring back and went on another incredible bull run that has raised visions of a rally that could be similar, if not better, than the one that took place in 2017.

In 2019 alone, Bitcoin has gained as much as 240%, and there is a belief among crypto experts that it could climb further for the rest of the year.

Wild Moves

Last weekend Bitcoin slumped a bit but was fast to recover. Over the past couple of days, BTC has surged yet again and easily shrugged off the declines that it had experienced prior thanks to issues related to Facebook’s Libra. Technical analysts have stated that the Bitcoin curve is now is at a critical point, from where the coin could either go high or low.

>> Ripple Receives Boost with ECB Change in Leadership

There is a belief among many analysts that a significant piece of news (positive news of any kind) could be all it takes to push the price of Bitcoin up and give it the momentum for its next major breakout. The same action has been seen in many of the instances when Bitcoin really broke out and reached new levels.

The Chief Strategist at Onada Corp in New York, Edward Moya, stated that he believes that because there is now significant interest in Bitcoin from institutional investors, it won’t take much to push BTC over the edge. For example, the establishment of Fidelity’s Bitcoin fund for its institutional investors some months back was looked upon as a major development for the cryptocurrency, and it is believed that more such updates might push the token to new highs.

At the time of writing, Bitcoin is up over 5% and now trading at $12,540, just 9% away from its 52-week high.

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Bitcoin Price

Bitcoin Price | Short Sellers Surprised as Bitcoin Surges Another 4.5%

Those who betted that Bitcoin’s bull run was over were hit with a surprise today. According to Reddit, over $44 million USD was lost on BitMEX due to short sellers betting on a Bitcoin price decline.

The largest digital asset by market cap surprised investors with another climb up the charts. At 10 am UTC, Bitcoin surged 4.4% and almost breached the $12k mark on CoinMarketCap.

Bitcoin Price Surges 4%

Bitcoin is currently selling for $11,862 USD on CoinMarketCap; however, Cointelegraph reports:

“On major exchanges, USD spreads meant bitcoin was yet to reach $12,000 universally, with Bitfinex the first to record the higher price point, topping out at $12,040. Bitstamp, traditionally one of the more conservative price trackers, recorded $11,940.”

On Thursday, June 27, Bitcoin’s winning streak came to an abrupt stop when the coin suddenly crashed below $11k per coin from its year-to-date high of $13.8k approximately. Several days later, it had fallen further to below $10k per coin.

Skeptics believed that Bitcoin price would subsequently continue to fall; however, it has paired some losses since. While there is no exact reason for the coin’s recent resurgence, investors are relieved, despite short sellers losing huge amounts of money from betting on its decline.

Such volatility in recent weeks has cast doubts on Bitcoin’s future performance. Analysts remain unsure, but there’s a general consensus that a bear trend is on the way.

Altcoin’s Performance

Everyone’s attention remains on Bitcoin price, especially considering elsewhere in the cryptocurrency market, altcoins have performed rather poorly. However, there have been some exceptions.

For example, Ethereum is the most exciting altcoin today, climbing over 6% on the news that its own futures could soon launch. ETH is currently trading at $308.19 USD per coin.

>> Chainlink (LINK) Continues to Get Attention, What Next?

Last week, Litecoin continued to outperform the broader market with an average 5% return for investors. This is likely due to an upcoming “halving” in its blockchain. On August 6, Litecoin will “half,” with miners receiving half the amount of coins they get now with each new block mined. Litecoin is currently selling for $120 per coin, up 1.29% on the day.

Dogecoin was another sudden climber last week after Binance announced it would list the coin on its exchange. The news caused the coin to surge 37%, and now the coin trades at $0.0035 USD per coin.

What way do you think Bitcoin price will go? Will it continue to surge, or is there a bear trend on the way?

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