Bitcoin Closes on $12K But a Wall of Sell Orders Awaits: Analyst

By Omkar Godbole

Bitcoin is on the rise toward $12,000, but may face a stiff challenge to cross the price hurdle.

  • The leading cryptocurrency by market value is currently trading near $11,900, a 1.2% gain on the day.
  • Prices broke out of a descending triangle on Monday, confirming a resumption of the rally from Oct. 8 lows near $10,500 and opening the doors for the psychological hurdle of $12,000.
  • “I expect bitcoin to reach $12,000,” Patrick Heusser, senior cryptocurrency trader at Zurich-based Crypto Broker AG, told CoinDesk, noted in his analysis early Tuesday.
  • Crypto analyst Lark Davis believes bitcoin is now positioned for a notable rally.

To read more:

All Eyes on Fed Reserve Rate Announcement, as Bitcoin Fights for $11K

By Omkar Godbole

While bitcoin’s dips have found buyers, the cryptocurrency is struggling to clear the important psychological hurdle of $11,000 ahead of the U.S. Federal Reserve’s rate decision due later Wednesday.

  • The cryptocurrency found bids near $10,675 during the early Asian trading hours, but faced rejection near $10,940 around 08:00 UTC, according to CoinDesk’s Bitcoin Price Index.
  • Bitcoin has failed twice in the past 24 hours to absorb selling pressure just below $11,000.
  • At press time, bitcoin is changing hands near $10,850, representing a 0.58% gain on the day.

To read more:

A Radical New Crypto Just Blew Past The Bitcoin Price All-Time High—Up A Shocking 3,500% In Just One Month

By Billy Bambrough

Bitcoin and cryptocurrency markets have been dominated by decentralized finance, often shortened to DiFi, over recent months.

The bitcoin price, up around 40% since the beginning of 2020, has been left in the dust by the gains made some DeFi project tokens—including yearn.finance (YFI) that’s up a staggering 3,500% in just a little over a month and has surged past bitcoin’s late-2017 $20,000 all-time high.

To read more:

Move Over Tesla, Bitcoin Is Having A Moment

By Billy Bambrough

Bitcoin has leaped higher this week, climbing to year-to-date highs and reaching levels not seen since June last year.

The bitcoin price jumped almost 4% on Monday to hit highs of $12,470 per bitcoin on the Luxembourg-based Bitstamp exchange before falling back slightly.

The latest bitcoin rally, adding to gains of around 30% over the last month, came after high-profile day trader Dave Portnoy called for a bitcoin “pump” and data showed that, after Tesla stock, bitcoin was the most viewed asset in the U.S. last month.

To read more:

One Of The Biggest Ever Bets On Bitcoin, Worth A Massive $250 Million, Is Already Paying Off

By Billy Bambrough

Bitcoin, after a long period in the wilderness, has begun to find its place both on Wall Street and with non-financial companies.

The bitcoin price, up 6% on this time last year, has recently surged after trading sideways since early May—topping $11,000 per bitcoin for the first time since last September as nervous investors brace for a bout of inflation due to huge government spending and cash creation designed to offset the economic damage wrought by the coronavirus pandemic.

To read more:

3 Bullish Signs That Overall Demand for Bitcoin Is Skyrocketing

By WILLIAM SUBERG

Bitcoin (BTC) is seeing a surge in interest this summer, as consumer awareness is reflected in unique network entities hitting more than two-year highs.

Unique entity growth mirrors 2017 bull run

More unique entities are joining the Bitcoin network as activity increasingly resembles the bull run to all-time highs in 2017. 

According to data from on-chain monitoring resource Glassnode, as of August 4, the average weekly new entity count has returned to 140,000, its highest since early 2018.

To read more:

Bitcoin Investors Unshaken by Sunday’s Flash Crash, Data Suggests

By Omkar Godbole

Bitcoin investors appear to have shrugged off Sunday’s violent price crash, according to one data metric. 

  • In just minutes, prices fell by around $1,400 from over $12,000 to sub-$10,700 levels Sunday.
  • The rapid fall crowded out over $1 billion in bullish leverage from the futures market.
  • Yet, as the cryptocurrency declined, users withdrew more coins from exchanges than they deposited, suggesting holders were not spooked by the big mover lower.

To read more:

Ethereum based DeFi tokens are skyrocketing up to 2,000%

 By REYNALDO

mStable, an Ethereum-based DeFi protocol (ETH), launched its token Meta (MTA) on 18 July this year. The hype surrounding the release was huge, and within just under half a day the token traded at 16 times its original value at $0.15. At the time of its launch, MTA investors received 1,000% of their original investment, with the token price climbing even higher.

At the time of publication, the META token is trading at $3.64, with gains of 9.64% in the last 24 hours and gains of over 2,0000% since its introduction. Messari researcher Ryan Watkins stated via his Twitter account that the token was launched with a new procedure known as “IDO” or initial decentralized exchange offering.

To read more: