Connect with us
[crypto-donation-box]

Blockchain

Bitcoin Price Prediction: BTC/USD Hovers above $10,000, a Further Decline Is Likely

Bitcoin (BTC) Price Prediction – September 5, 2020Bitcoin is fluctuating above the $10,000 as bulls fail to push above the $10,500 resistance. BTC/USD will tend […]

Republished by Plato

Published

on

Bitcoin (BTC) Price Prediction – September 5, 2020
Bitcoin is fluctuating above the $10,000 as bulls fail to push above the $10,500 resistance. BTC/USD will tend to fall if the $10,000 is breached.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

The king coin is likely to fall below $10,000 but currently trading at $10,400. Buyers’ inability to sustain BTC after breaking the overhead resistance as caused the coin to depreciate quickly on the downside. Although the selling pressure has subsided, Bitcoin is likely to fall again. It has come to battle with many other factors. One of such factors is the appreciating strength of the U.S dollar. The strength of the dollar will weaken the BTC price.

Nonetheless, on September 4, buyers attempted to push BTC above the $10,500 but fail. Nevertheless, for the upside momentum to resume, buyers will push BTC above the EMAs or $11,500. In the meantime, the bullish scenario has been invalidated. The crypto is likely to fall as price action indicates bearish signals. The major indicator is the breaking of the EMAs which suggests further downward move. The coin is at level 38 of the Relative Strength Index. Price may fall as it is below the centerline 50. It appears the market is approaching the oversold region of the market.

BTC Price, Gold, and Stocks Plunge in a Cycle– What’s Next for Bitcoin Price?
There are reasons for the recent fall of Bitcoin (BTC), the S&P 500 index, and Gold on September 3. Bitcoin’s recent fall was partly the selling of the usual large amounts of BTC in a short period by miners. Also, the U.S dollar is recovering from a key multiyear support area. It is believed that the Gold decline was the rising of the U.S dollar. The fall of the S&P 500 was accidental as the drop emanates from a strong sell-off from big tech companies. In the case of Bitcoin, the sentiment around the fall remains varied. There are reports of negative sentiment around the recent fall. Some believe that Bitcoin will stabilize around $10,500 before the resumption of upside momentum.

BTC/USD – Daily Chart

Bitcoin will further decline according to the Fibonacci tool. On the August 18 downtrend, the retraced candle body tested the 50% Fibonacci retracement level. This implies that if the bears break the $10,000 support, BTC will fall and reach the 2.0 Fibonacci extension level. That is a low of $9.800

Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-september-5-2020

Blockchain

Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

Republished by Plato

Published

on

In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


ADVERTISEMENT

The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

Continue Reading

Blockchain

North Dakota City to Accept Cryptocurrencies for Utility Bill Payments

Republished by Plato

Published

on

Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets.

According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto to fiat in real-time.

Paying Bills with Crypto

The city council would first monitor how citizens respond to crypto payments. Utility bill payments are the only bills available to be paid with crypto.

However, if volume and interest are significant, the city will expand the options by allowing landfills, permits, and licenses to be paid with crypto. 

Individuals willing to do so only have to visit the official website of the city of Williston, enter their account information to receive an emailed BitPay invoice, and choose their digital wallet and the crypto in which they want to pay.


ADVERTISEMENT

Citizens can benefit from cost savings when using crypto as well. Exchanges only charge 1% for every transaction, unlike other payment services, which can charge up to 3%.

North Dakota Embracing Technological Change

Cummings outlined that his city is only responding to a growing trend and technological changes. He added that cryptocurrencies represent innovation for the city’s finance department and a significant step to take the lead in the state and nationwide.

“We are pioneers in the state. This is just one of many, many things that’s going to be rolling out of the finance department. We’ve got a lot of exciting things to unveil later on to be the first of many. Our goal is to be industry leaders, not industry laggers.” Said Cummings.

Williston is the third government entity in the U.S. to embrace cryptocurrencies as adoption takes a fast pace in the country. Wyoming is one of those states, which registered Ripple as an entity and has several crypto-friendly laws.

Featured image courtesy of US News.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/north-dakota-city-to-accept-cryptocurrencies-for-utility-bill-payments/

Continue Reading

Blockchain

WOOFY, SHIB, ELON, Dogecoin: Memecoins are ideal for traders looking to make this move

Republished by Plato

Published

on

The Dogecoin narrative is gaining popularity and interest every day, even as the altcoin continued to trade at the $0.51 level. Though the price has dropped over 20% in the past week, DOGE’s concentration by large HODLers is nearly the same, at 65% based on on-chain data from intotheblock.

The increased demand for memecoins with high short-term ROI and volatility is met by an increase in the number of memecoins. WOOFY, SHIB, ELON among others clocked double-digit ROI before a price drop.

Currently, Ethereum’s rally alongside top altcoins is the key factor ushering in a new alt season with memecoins in the top 100 based on market capitalization. Bitcoin continues to remain rangebound at the $50000 level and DeFi tokens are rallying alongside altcoins.

Why the memecoin rally is taking an interesting turn

Top 5 MEMEcoins based on market capitalization || Source: Coinmarketcap.com

Among the top 25 altcoins based on market capitalization, barring a handful, altcoins have low volatility and are largely rangebound. Most of the top altcoins that offered high returns in the past 4 weeks are now consolidating. MATIC (+139%), ADA (+42%), DOT (14%), XLM (14%), these altcoins have offered double-digit returns in the past week.

This could be a factor driving traders towards memecoins, with a shorter turnaround time on ROI. Memecoins are ideal for traders looking to exit positions within hours, or days of buying. Currently, traders’ sentiment on DOGE is bearish; however, for other memecoins, it is neutral or bullish.

This is anticipated to be further bullish following the increase in trade volume and further exchange listings of memecoins. Current trade volume is a metric that signals a long-term bearish impact; however, despite a drop in this metric, memecoins are resisting a cascading sell-off.

Further, it is likely that accumulation is ongoing for memecoins, based on sentiment of crypto Twitter influencers and google search trends. Google search trend for DOGE is up every few days, just as it is for other memecoins.

Why the memecoin rally is taking an interesting turn

Search for Dogecoin || Source: Google Trends

The inflow of funds to memecoins hasn’t dropped, and the price is expected to recover based on on-chain metrics and demand. Since the concentration by large HODLers is directly linked to volatility for most altcoins, the current phase of consolidation is likely to be followed by accumulation and the rally. This is an interesting turn of events in the current alt season.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/woofy-shib-elon-dogecoin-memecoins-are-ideal-for-traders-looking-to-make-this-move

Continue Reading
Blockchain5 days ago

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Blockchain4 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain5 days ago

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

Blockchain5 days ago

XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?

Blockchain4 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain4 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain5 days ago

The challenges with designing a CBDC, explained

Blockchain4 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain5 days ago

Block.one and partners raise $10B to launch EOS-based crypto exchange: Bullish Global

Blockchain4 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain4 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain4 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain3 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain4 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Blockchain5 days ago

Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May

Blockchain4 days ago

DeFi lending platform Aave reveals “private pool” for institutions

Blockchain4 days ago

From cypherpunk to state contracts: the changing face of blockchain

Blockchain4 days ago

TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

Blockchain5 days ago

eBay Now Allows the Sale of NFTs on its Platform

Trending