Bitcoin Hits New Yearly Low at $4,280, Market Urgently Needs Rebound

Twitter Facebook LinkedIn Over the past 24 hours, the price of Bitcoin fell from $4,900 to $4,280, by more than 12.5 percent amidst an unforeseen short-term price drop. On fiat-to-crypto exchanges like Coinbase and Kraken, which demonstrate a more accurate representation of the Bitcoin price given the premium on the Tether-to-BTC pair, the price of BTC dropped below the $4,300 mark for the first time in 2018. $4,280: Where is the Bottom? On November 19, a cryptocurrency trader and analyst known as The Crypto Dog stated that $4,800, despite being…

Bitcoin Price Hits a New Yearly Low at $5,170; is $4,000 Inevitable?

Twitter Facebook LinkedIn Within a period of 12 hours, the price of Bitcoin (BTC) has dropped from $5,560 to $5,170, to a new yearly low. After dropping to $5,750 on June 11, BTC has defended the $6,000 support level relatively well with sufficient volume and trading activity in the exchange market. $6,000 has since become a major resistance level for the dominant cryptocurrencies. Is Bitcoin Headed to $4,000? Last week, Crypto Rand, a well-recognized cryptocurrency trader and analyst, stated that the next likely range for BTC is between $4,800 to…

Bitcoin Price Hits 13-Month Low as Crypto Market Slumps

Bitcoin (BTC) dropped to its lowest level since October 2017 on Monday, as losses are seen across the broader crypto market. The leading cryptocurrency fell to $5,165 earlier today – the lowest level since Oct. 18, 2017 – having breached the crucial support of $6,000 last week. As of writing, BTC is changing hands at $5,283 – down 5 percent on a 24-hour basis and 16 percent week-on-week – according to CoinDesk’s Bitcoin Price Index (BPI). Further, the year-on-year loss now stands at 32 percent, as prices were trading well above…

Bitcoin Price Sell-Off Slows As RSI Hits Four-Year Low

Bitcoin is looking oversold after a drop to 13-month lows Wednesday and could defend immediate support at $5,000 in the next few days. The world’s top cryptocurrency by market value fell to $5,324 (price via Bitstamp) in a matter of hours yesterday, reaching its lowest level since Oct. 18. The average price across major exchanges, as calculated by CoinDesk’s Bitcoin Price Index fell 10 percent – the biggest single-day drop since March 30. While BTC had supposedly carved out a long-term bottom around $6,000, the convincing break below that level…

Bitcoin Back on the Defensive After Price Hits Two-Week Low

Bitcoin (BTC) price dropped to two-week lows earlier today and could extend the decline to key support near $6,100, technical charts indicate. The leading cryptocurrency was teasing a bullish move 24-hours ago, having carved out a lower high of $6,270 along the support of the trendline connecting the Oct. 11 low and Oct. 31 low. The defense of the key trendline support was also backed by a bullish divergence of the MACD (moving average convergence divergence) histogram. Even so, BTC failed to pick up a bid, possibly due to sharp…

Just a Ripple? XRP Price Hits One-Month High But Eyes Correction

Twitter Facebook LinkedIn Ripple (XRP) on Tuesday established a bullish setup after rising more than 10 percent against the US dollar. The pair broke above the October peak to set a new one-month high at 0.569-fiat. It was previously stuck in a narrow trading range for multiple weeks amidst lower volatility. While the lack of bias-defining price action is itself not significant, the absence of solid bullish momentum, coupled with failed rally attempts of the recent weeks, confirms XRP’s overall downtrend. The latest rally marks the asset’s latest attempt to break…

The Number of Bitcoin Short Positions Hits 3-Month Low

The bearish sentiment around bitcoin sank to three-month lows earlier today as short positions placed on crypto exchange Bitfinex fell to their lowest level since August 5th. At approximately 11:00 UTC, the number of short positions dropped to 21,434, which represents a 33 percent drop in the past eight days alone. During the same time, longs – or positions that are betting on an increase in bitcoin’s price – also witnessed a notable increase of 10 percent, the current number of which (24,410) marks a three-week high. Indeed, the sentiment here seems…

Bitcoin Hits Yearly Low Volume, Only Way to Reverse Trend is a Big Spike

Over the past 24 hours, Bitcoin has achieved a new yearly low volume, demonstrating a lack of momentum and strength to recover to the higher region of $6,000. On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap. The low volume of Bitcoin, possibly affected by a decline in trading activity on a Sunday, could have a negative impact on the short-term trend…

Bitcoin Price Volatility Hits Lowest Level In Nearly 2 Years

A three-month long bitcoin price squeeze (BTC) could be nearing an end, with a key volatility indicator reaching its lowest level for 21 months. The leading cryptocurrency has charted lower price highs and lower price lows (pennant) since the end of June and the lack of strong direction bias has both bulls and the bears waiting on the sidelines. As a result, volatility as represented by Bollinger bands width – a technical analysis tool derived from +2, -2 standard deviations of a price’s moving average – has hit the lowest…

Sydney Uni’s Red Belly Blockchain Hits 30,000 Txs/Sec on Amazon Cloud Trial

The latest trial from the University of Sydney’s Red Belly Blockchain running on Amazon Web Services (AWS) has clocked 30,000 transactions per second with an average transaction delay of 3 secs. Researchers at the University of Sydney in Australia have concluded new trials of a hybrid blockchain that sits between public blockchains like that of bitcoin and ethereal and consortium blockchains like R3. Developed exclusively by the university’s School of Information Technology, the academic researchers claim the fork-free Red Belly Blockchain can rapidly scale transactions compared to the likes of…