Bitcoin Price Watch – BTC/USD Holds Steady Above $10,000

Bitcoin Price Watch

Following yesterday’s rally back to $10,000, BTC/USD remained steady above that level today, trading between $9,900 and $10,200 throughout most of the morning.

Bitcoin Shows Strength Above $10,000

After bouncing back to $10,000, Bitcoin is now showing strength and gearing up for possibly a run toward $10,500. For the past few hours, BTC has been testing a resistance point of $10,175, and once that breaks, $10,500 would be next.

A major bullish trend line has been formed after holding down support at $9,750. A new support level of $10,000 was established later, and the ...

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The Pump and Dump Schemes Are Threatening Bitcoin Price

Bitcoin Price Manipulation

Inflating prices through Pump and Dump schemes isn’t new to the stock markets; the unregulated and anonymous nature of cryptocurrencies makes it easier for scammers to manipulate stock prices.

NEM (XEM) President Lon Wong believes price manipulation is unavoidable in cryptocurrency markets saying:

“Price manipulation is not something new. You see it in mainstream markets as well. We are in a very nascent, growing phase of our industry and these things are unavoidable,”

Cyber attackers had recently stolen $530 million of NEM coins from the Japanese exchange.

It Isn’t Difficult To ...

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Want to Win Bitcoin (BTC)? MonteCrypto Game Launches Feb 20th

MonteCrypto

Yes, you read that right – it is possible to win a single Bitcoin if you can defeat a new video game that launches very soon. MonteCrypto: The Bitcoin Enigma is set to launch on Steam on February 20th.

Steem is a cryptocurrency used to power the Steemit platform; a blockchain-based social media platform aimed at incentivizing users to create and curate content on Steemit. Each creator gets rewarded for their work.

Currently, there is a 40% discount if you buy the game on its release date, costing only $1.19.

The game ...

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Bitcoin Price Watch – BTC/USD Keeps Momentum, Back Above $10,000

February 15, 2018 – Bitcoin Price Watch. Bitcoin kept its momentum up today, charging through the $9,500 barrier and now breaking through the $10,000 mark once again.

Bitcoin Returns To $10,000

Yesterday, the price actions for BTC showed a major resistance level of $9,320. This was broken through earlier today, and now the coin has sizzled past the $10,000 mark once again across all major exchanges on its road to recovery. This is all in spite of negative comments earlier today from billionaire Charles Munger, vice-chairman of Berkshire Hathaway, who described Bitcoin as “noxious poison”.

...

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Bitcoin Price Tests $10,000 as Market Cracks $475 Billion

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The cryptocurrency market recovery continued on Thursday, with nearly every top 100-cryptocurrency rising in value against the US dollar. The Bitcoin price headlined the advance, testing the $10,000 for the first time since Feb. 1. Ripple, meanwhile, surged on the surprising news that money transfer behemoth Western Union is trialing XRP integration in a pilot … Continued

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Bitcoin Price Moves Back to $10,000 – Is it Really Heading towards $50,000?

Bitcoin Hits $10k

Bitcoin (BTC) has almost hit the résistance level of $10,000 in today’s trading. The market trends are steadily moving in favor of bulls following a horrible crash in the last couple of weeks.

The main reason for this is said to be South Korea’s retraction from it’s earlier stance; authorities had previously threatened to forbid cryptocurrency trading by imposing harder regulations. It’s newly adopted more lenient approach to crypto trading has sparked a broader market rally in prices as trader sentiments are now positive again.

Dan Morehead, who bought his first bitcoin ...

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Bitcoin Price Watch – BTC/USD Recovery Continues, Rises Above $9,300

Bitcoin Price Watch

Bitcoin is back — the digital coin continued to recover and rose above $9,300 earlier today.

BTC Now Up 12% Over Past Week

Following yesterday’s run to $8,900, BTC recovered further today, surging past the $9,300 mark for the first time in two weeks. At the moment, BTC is priced at around $9,250, which is an approximate 12% gain over the span of one week.

For the short term, BTC is holding down a major support at $9,120 (as shown in chart). It went on a big run earlier today that took the coin’s ...

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Bitcoin Price Watch – BTC/USD Rebounds to $8,900

Bitcoin Price Watch

On Tuesday morning, BTC managed to bounce back to $8,900 and reached its daily high of $8,952.90. The coin is trading at $8,545.10 as of 12 PM EST, which means it rebounded by approximately 20% over the past week.

Further Upside For BTC/USD

With the price movements observed recently, further upside is expected for BTC. Two major bullish trend lines (as shown in chart) were formed today, with the latter line continuing and moving toward a resistance level of $8,600. If this resistance holds, then the next move up could finally end up at the $9,000 ...

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Cryptocurrencies Bottomed Out But The Mining Malware Could Hinder The Rally

Mining Malware

After wiping billions of dollars off the market in the last couple of weeks, cryptocurrencies extended the bull run regardless of the stiff resistance from bears. Bulls are firmly holding the market today; predicting that the price has hit the bottom of the selloff and will increase again. Last weekend was especially volatile; Bitcoin and other prominent cryptocurrencies had made substantial sideways movement before extending the rally again on Monday morning. 

source Image: coinmarketcap.com

Bitcoin moved to the six days high of $9,000 on Saturday, but it fell back below $8,500 on Sunday. The ...

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Bitcoin Price Struggles to Break Through Resistance at $9,000

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The cryptocurrency market recovery hit a wall on Tuesday, forcing the Bitcoin price back down to $8,500 and all major coins and tokens into decline as well. There was no clear trigger for the pullback, which brought an end to the market’s longest rally since December. Altogether, the cryptocurrency market cap declined by $18 billion,

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Bitcoin Price Finds a Base at $8,000

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The Bitcoin price appears to have found a base at $8,000 as it seeks to recover to its mid-December high. Bitcoin Price Finds a Base at $8,000 At this time last week, the Bitcoin price was neck-deep in the most precipitous market correction that the majority of cryptocurrency investors had ever experienced. By the end … Continued

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Bitcoin Market Cap Could Hit $4 Trillion: Winklevoss Twins

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The Bitcoin price has the potential to rise 4,000 percent over the coming decades, enabling the flagship cryptocurrency to one day achieve a $4 trillion market cap. Bitcoin Market Cap Could Hit $4 Trillion: Winklevoss Twins That’s according to longtime Bitcoin bulls Cameron and Tyler Winklevoss, who first invested in Bitcoin when it was valued … Continued

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Bitcoin Price Eyes $9,000 as Markets Recover from Sunday Dip

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The cryptocurrency markets entered the week on a high note, as every top 100-cryptocurrency rose against the value of the dollar on Monday. The rally placed the Bitcoin price in position to surmount the $9,000 barrier, while the Ethereum price began to test $900. Altogether, the cryptocurrency market cap made a nearly $40 billion advance, … Continued

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UK Entrepreneurs Sell 50 Apartments in Dubai for Bitcoin

Dubai

At this point, it’s fair to say the cryptocurrency industry is constantly evolving. Over the course of the past couple of months, we have seen a number of countries roll out new uses for virtual currencies. In Canada, for instance, individuals can now use Bitcoin to purchase meals from KFC. In Australia, travelers will soon be able to purchase items using Bitcoin in the Brisbane Airport. Now, we’ve been informed that luxury flats in Dubai can be purchased with the virtual currency. In fact, there have already been 50 flats sold in Dubai for Bitcoin.

Dubai’s New ...

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Trading Tip `the Wall´ – Disappearing Premiums Signal Bearish Mid-Term Outlook

Trading Tip `The Wall´ - Bitcoin's Beta and the Bear Market

Up until now, bitcoin has largely been behaving as an uncorrelated asset. This got a lot of people excited, categorizing bitcoin as a future digital gold or a safe haven asset. The worst thing about this recent dip in price ($5,873, GDAX) was not the decrease in the price itself. Much more daunting for bitcoin, was that the price dip coincided with the dip of the US stock market.

Also read: Trading Tip `The Wall´ – I Was Wrong

Bitcoin and the Bear Market

Trading Tip `The Wall´ - Bitcoin's Beta and the Bear Market

This chart shows the Dow Jones Industrial Average overlaying the bitcoin price (red line). A large part of bitcoin’s value proposition to institutional investors is that bitcoin potentially carries low or negative beta. That’s finance speak for an asset having low or an inverse correlation with the market as a whole (e.g. the S&P 500).

Asset managers like assets with low or negative beta. Asset managers’ performance is constantly being measured against the stock market indices. If the assets they manage are correlated, it’s hard for them to outperform the market. That’s why it’s very important for bitcoin to not dip when the stock market does. But it did.

Why?

In December, I wrote the following:

“The perception of bitcoin as an uncorrelated asset may be the most important driver in why Wall Street wants to get in to bitcoin, but ironically, the very fact that Wall Street hasn’t gotten in yet may simultaneously be a key factor in why bitcoin still is an uncorrelated asset in the first place.”

Now let’s plot the beta (in purple) for the time period before and after bitcoin futures trading began on the CME & Cboe.

Trading Tip `The Wall´ - Bitcoin's Beta and the Bear Market

A beta of 1 means that the asset moves with the market. A beta between 0 and 1 means that the asset moves with the market, but dampened. A beta above 1 means that the asset moves with the market, but amplified. A beta of 0 means that the asset doesn’t move with the market. A negative beta means that the asset moves inversely to the market.

Looking at the graph, beta increased significantly in December, surpassing 2 in February. As a comparison, let’s look at the beta of gold, which rarely ever goes above +0.15.

Trading Tip `The Wall´ - Bitcoin's Beta and the Bear Market

Is it then safe to say that institutional investors are the reason why bitcoin dipped this week? As compelling as this theory sounds, analysis shows that this is most likely not true. The volumes of CME & Cboe are still too insignificant to move the price of bitcoin. Bitcoin is still an asset mostly held by retail investors.

I would argue that it is much too soon to make conclusions from the data at this point. Focusing on this previous week in particular, we can see that bitcoin had already been crashing for quite some time before the stock market correction occurred, and their dips coinciding could be entirely coincidental.

Trading Tip `The Wall´ - Bitcoin's Beta and the Bear Market

However, it is still a worrying development, and even if institutional investors probably are not responsible for this, there’s still been a change in demographics of the retail investors. Historically, bitcoin has been an asset mainly held by geeks interested in the technology, with little interest in the stock market. Currently, mainstream investors who speculate on the stock market might also speculate in crypto. When their stocks crash, they may sell the decentralized currency to offset their losses, or to buy the dip of the stocks they understand better and have a firmer belief in.

A second thing that gives a bearish outlook on bitcoin is that the premium of the Bitmex June futures XBTM18 disappeared completely this week. Ever since they were listed, they had been trading at a premium of several hundred dollars, indicating a bullish sentiment among traders. The futures contracts are a less liquid instruments on Bitmex primarily compelling for medium/long-term positions as they have no funding fees (as compared to their primary, perpetual instruments). The disappearance of that premium suggests that traders are no longer bullish on bitcoin in the medium term.

Trading Tip `The Wall´ - Bitcoin's Beta and the Bear Market

I am not bearish on the digital asset in the medium to long term, but I’d like to point out that while we are experiencing a bounce back to $9,000+, that doesn’t mean we’re out of the woods quite yet. Let’s look at a graph from the bear market of 2014:

Trading Tip `The Wall´ - Bitcoin's Beta and the Bear Market

In the weeks after the crash from $1,163, after which the longest bear market in bitcoin history would follow, we still experienced bounces. After dropping to $382, the price rebounded to a whopping $995 before continuing on downwards to $185. In today’s terms, that sort of intermittent bounce would translate into a $17k recovery. Naturally, you can’t compare 2014 and 2018, but this at least goes to show that you shouldn’t interpret post-crash volatility as anything more than just that; volatility.

What are your thoughts on market manipulation? Let us know in the comment section below!


Images via Shutterstock, Twitter.


Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

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