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…

The Case for a 2020 Bitcoin Bull Run

Christopher Brookins is the founder of Pugilist Ventures, a quantitative crypto fund founded out of Carnegie Mellon. ———————————————————————————————— Since the end of 2018, price action has been demonstrably negative, which surprised many expecting the end of Q4 historical “pump” in prices. The price plummet appears largely driven by negative sentiment and swathes of selling pressure after the 2018 support level of $6,000 finally broke (dashed black line). This selling pressure kept prices well into the oversold range (using RSI and SWTO) for several weeks. Only recently, has price begun to…

Looking North? Bitcoin Price Dip Forms Bull Flag Pattern

Bitcoin’s (BTC) minor pullback from two-week highs could end up fueling a breakout above the key hurdle of $4,140. The world’s largest cryptocurrency by market value jumped to $4,090 at 17:15 UTC on Sunday – the highest level since Dec. 24 – validating the short-term bullish reversal confirmed on Dec. 20. Even so, the positive momentum weakened slightly in the last 36 hours. As of writing, BTC is changing hands at $3,995 on Bitstamp, having clocked a low of $3,934 earlier today. The 3 percent correction from two-week highs, however, has…

Ether Markets Are Mimicking Bitcoin’s 2015 Price Bottom

Past performance is no guarantee of future results, but when history repeats it can be difficult to ignore the potential implications. Such is the case with price chart of ether, the ethereum network’s native cryptocurrency. Since Sept. 2018, the price chart of the world’s second largest cryptocurrency has mimicked the market structure of bitcoin’s bear market bottom in 2015.  In the world of technical analysis and trading, similar and repeating market structures are known as fractals, similar to the recurring patterns found in art, nature and mathematics. The two emotions…

Breakout Ahead? Bitcoin Closes on Key Price Hurdle

Bitcoin’s (BTC) bears would be put on the back foot if prices climb past key resistance lined up at $4,140. The leading cryptocurrency jumped to a two-week high of $4,090 earlier today, as expected, ending a weeklong period of low volume consolidation near $3,800. Notably, the break above $4,000 has added further credence to the short-term bearish-to-bullish trend change signaled by the three-day chart on Dec. 20. The job, however, is only half done for bulls, as prices are yet to take out the resistance at $4,140 – the neckline…

The Coming Bifurcation of Bitcoin

Angus Champion de Crespigny is an advisor to blockchain projects and a former EY blockchain lead. The following is an exclusive contribution to CoinDesk’s 2018 Year in Review.  Amongst many others, the bitcoin community for the past few years has been working with two particularly important ideas related to the asset’s future. One is the narrative of institutional adoption: the idea that institutions will begin buying (or facilitating the buying) of bitcoin as an investment. The other is decentralization: emphasizing control of one’s own monetary sovereignty and the ease with which…

$4K Ahead? Bitcoin’s Low-Volume Price Pullback Could Be a Bear Trap

Bitcoin’s (BTC) recent pullback from highs above $4,200 could trap the bears on the wrong side of the market, the price-volume analysis indicates. The leading cryptocurrency by market value is currently trading near $3,848, having clocked a low of $3,642 on Dec. 28. At that level, BTC was down 14.7 percent from the Dec. 24 high of $4,272, according to CoinMarketCap. Notably, daily trading volumes across all cryptocurrency exchanges have also dropped in the last few days. At press time, 24-hour trading volume stands at $4.57 billion – down 36…