Bitcoin Extends Losses With 12% Slide, Targets $8,000

Bitcoin Price

Bitcoin Extends Losses With 12% Slide, Targets $8,000

Bitcoin continues to trade at four figures today as a new wave of bearish momentum sends the asset plummeting below $9,600. A couple of big red candles dumped bitcoin over a thousand bucks in a matter of hours and has left the asset scrambling to find support.

Bitcoin Drops Over $1,000 in a Day

This is not the first time BTC has shed over a thousand dollars in a day, and it probably wont be the last. From a Monday high of $11k bitcoin dropped to settle at the mid $10k level before plunging into four figures during late trading yesterday.


BTC price one hour chart.

According to charts from Tradingview, BTC bottomed out at $9,250 before climbing back slightly. The recovery has not been strong and further losses are expected. At the time of writing bitcoin was trading at 00. Daily volume has returned to $25 billion but it is largely bearish at the moment, as traders take profits from the recent rally and newbies who bought at the top panic sell.

The move has dropped bitcoin’s market capitalization back to $170 billion and resulted in a loss of $30 billion from the global crypto market cap in just 24 hours.

As per usual, chartists and traders are looking for the next levels of support which appear to be back in the $8,000s as predicted earlier this week. Josh Rager is sticking by his $8k call but adds that altcoins are likely to dump even further.

My current Bitcoin view for max correction is near $8k (give or take 5%) which would be a near 40%+ pullback. This also means that altcoins would retrace at a much deeper %

At the moment bitcoin has corrected 33% from its 2019 high so it stands to reason that there could be further to fall. Crypto analyst and trader Alex Krüger correctly pointed out that the harder they pump, the harder they dump.

Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.

Altcoins Still Melting

There has been no respite for the altcoins in the market as of yet, with many still in free-fall during the Asian trading session today. Ethereum has matched bitcoin’s dump with a 12% slide back to $200, EOS has been smashed even further sliding back to almost crypto winter lows of $3.70.

Also dumping double digits at the moment is Litecoin, BSV, Tron, Cardano, Monero, Dash, Chainlink, IOTA and NEO. It seems like the widespread rumors of the threat of an outright bitcoin ban in the US has put everyone into panic mode this week.

Will bitcoin dump back to $8,000 again? Add your thoughts below.

Images courtesy of Tradingview, Twitter @Josh_Rager,  Shutterstock

New Call Options Allow Joe Schmoe to Bet on $100,000 Bitcoin

bet on $100000 bitcoin price Bitcoin

New Call Options Allow Joe Schmoe to Bet on $100,000 Bitcoin

LedgerX recently revealed a new call option that could help push Bitcoin price to $100k by 2020.

 Hey Bitcoin, When Moon?

Regular Joe Schmoe investors can now place bets on Bitcoin rising to $100,000 thanks to regulated derivatives offered by LedgerX exchange. LedgerX recently revealed the call option and participants are betting that Bitcoin price will top $100k by December 2020. This means Bitcoin would need to pull-off a 10x move from today’s price and this would also bring the digital asset’s market capitalization to $2 trillion. 

For the past two years, LedgerX has offered derivatives to its institutional clients and now that the company has gained approval from Commodity Futures Trading Commission (CFTC) it will make the unique call option available to retail investors. 

Who’s Gonna Take the Plunge?

Currently, it’s not known how many investors are seriously interested in the product, especially after the serious 25%+ beating Bitcoin has taken over the past two weeks. LedgerX Chief Executive Officer Paul Chou told Bloomberg, “Often what happens is the first trade is the most important, and everybody else watches it.”  Chou also mentioned that many of LedgerX institutional customers with accounts ranging from $10 million to $1 billion have inquired about the call option. According to Chou:

“Dozens and dozens of these institutions got back to us saying we’d be interested in trading a contract like this” and Chou explained that while $100,000 is a large sum, “a lot of us who’ve been in this space remember Bitcoin at $1 and then it hit $10 and $100 and $10,000. A $100,000 contract doesn’t even make us blink.”

Institutions Go With the Flow

Interestingly, as more and more institutional and derivatives based products debut, Bitcoin has correctly sharply from a double top at $13,200. A number of analysts are saying today’s correction was driven purely by technical while others believe that yesterday’s Senate Banking Committee’s hearing over Facebook’s Libra project has injected an unwarranted amount of fear into the crypto market. 

The LedgerX product reveal comes right as other Bitcoin derivatives exchanges like BitMEX and CME are witnessing all-time high volumes as driven by institutional traders. Adding to the excitement, the Intercontinental Exchange’s Bakkt Bitcoin exchange is scheduled to begin testing Bitcoin futures on July 22

Do you think the LedgerX call option will help Bitcoin price reach $100,000 by 2020? Share your thoughts in the comments below! 

Images via Shutterstock,

Number of IBM Blockchain Patents Surge 300% In One Year

IBM blockchain News

Number of IBM Blockchain Patents Surge 300% In One Year

The number of blockchain patents that IBM owns has surged by as much as 300% in a little less than a year. With other major corporations getting seriously involved in the industry, this goes on to show that the interest in the field is steadily increasing. 

IBM Dominates Blockchain Patent Ownership

Multinational information technology company International Business Machines (IBM), is leading the blockchain patent ownership across the US, data shows.

Apparently, the company owns around 108 blockchain-related patents, which marks an increase of more than 300% compared to last year. Other recognizable names include Bank of America with 53 patents, MasterCard with 43 patents, Intel with 35 patents, and so forth.

The multinational computing giant recently added to its stack a new application on March 5th. According to the documents published with the United States Patent and Trademark Office, IBM now aims to target network security using blockchain-based technology.

Per the application:

Low security may allow open access to the event logs while high security may significantly restrict access to the event logs. Protecting the monitored system from hackers gaining access to alter the event logs may require a new type of security configuration.

IBM’s Foray Into Blockchain Technology

To say that IBM is stepping into the field of blockchain-based technology is an understatement. The company has been spending substantial resources for quite some time now.

Last August, Bitcoinist reported that the company is spending an estimated $160M on blockchain projects every year. In 2018, IBM was chosen by the Government of Australia as a central technology partner for the upcoming 5 years. The deal was worth $740 million and it covers technology services which include IBM’s blockchain technologies and automation solutions.

In March this year, the company announced the launch of its Blockchain World Wire in a large selection of different markets.

IBM Blockchain World Wire represents a real-time global payments network designated for regulated financial institutions. It launched in 72 countries and it includes 44 banking endpoints and 47 currencies.

It’s Not Just IBM

As outlined above, MasterCard is also high up the race for securing blockchain-oriented patents.

One of the more interesting applications that it had filed is for increasing the speed of cryptocurrency transactions based on the growing demand for them.

But it’s not just financial and technology companies that seek protection over intellectual property rights associated with the blockchain industry.

Earlier in April, Nike Inc., one of the world’s leading and most popular shoe manufacturers filed a trademark and service application which seeks protection over the “Cryptokicks” brand. Given that the document’s basis for filing falls within section 1B, this means that it’s based on the company’s bona fide intention to use the trademark with commercial applications.

What do you think of the growing demand for blockchain-oriented patents? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

Tor Project Bitcoin Donation Fund Raises 65% on First Day

tor bitcoin donation Bitcoin

Tor Project Bitcoin Donation Fund Raises 65% on First Day

The group behind internet privacy project, Tor, has launched a bitcoin donation fund as part of their fight against web censorship and surveillance.

Tor Teams Up With Bitpay

The web privacy advocates aim to raise $10,000 in a two-week crowdfunding campaign which will go towards the fight against internet censorship. The Tor project enables users to access the internet privately and anonymously while circumventing government censors and firewalls. This is facilitated through the Tor Browser which is a modified version of Firefox that can bypass ISP filters and access an unfettered internet.

Crypto twitter personality ‘hodlonaut’ tweeted about the project;

I will always remember how @BtcpayServer facilitated the #weareallhodlonaut fundraiser.
Now they are powering a super important fundraiser for @torproject
If you value privacy and online freedom, please consider donating!

The official website states that funds received from the campaign, go directly to The Tor Project Ledger Nano S wallet, with no fees or intermediaries. There is also a video on the campaign page which explains how Tor works and why it should be used to safeguard users on the internet.

The advantage of donating in BTC is that there are no rounded up figures and a few satoshis may be all that one can afford. Additionally, there are no banks or PayPal like intermediaries taking a cut along the way.

Over Halfway There On Day One

At the time of writing the team was well on the way to their target with $6,500 from just 215 contributors already raised. Two of those had donated over a thousand dollars in bitcoin each. The increased awareness through media exposure should also help the campaign along. There is clear compassion for this project as raising 65% of the target in the first day has demonstrated.

A few hours ago BitPay tweeted that over a third of the donations already received have arrived over the Lightning Network.

36% of donation amount via lightning network. Quake sounds played in the crowdfunding is making 10 donations of 5 USD via lightning way more satisfying than making 1 donation of 50 USD. Only possible via lightning!

The group relies completely on donations and is completely non-profit. On its Twitter feed is a pinned tweet stating the project ethos:

Freedom is a human right. We realized we needed to up our game to outpace the censors blocking people from enjoying freedom of expression and access to information on the internet.

Clearly, the bitcoin community shares that sentiment.

Would you contribute towards a free and uncensored internet? Add your comments below.

Images courtesy of Twitter @Hodlonaut, @BtcpayServer, Shutterstock 

Overview: Facebook Libra Project US Senate Hearing

Facebook Libra Project US Senate Hearing News

Overview: Facebook Libra Project US Senate Hearing

Earlier today Facebook Libra met with US Senators from the Senate Banking Committee. Here are a few highlights of note from the hearing.

Facebook Libra Meets with Lawmakers Again

Today Facebook answered questions from concerned US lawmakers on the Senate Banking Committee. As previously covered by Bitconist, lawmakers are worried that Facebook’s Libra cryptocurrency could operate outside the regulatory oversight of authorities and also function as a safe haven for illicit criminal activity. 

When questioned about the intricacies of the cryptocurrency, Calibra head David Marcus said that Facebook will only integrate its Calibra cryptocurrency wallet into Whatsapp and Facebook Messenger. According to Marcus, Libra will not embed wallets from competitors but the Libra wallet will be interoperable amongst users desiring to send money between other cryptocurrency wallets. 

facebook libra wallet

Ultimately, this means that at the moment, Facebook’s wallet will be the only one integrated into its ecosystem of apps and this could possible lend a huge competitive advantage over other companies like Coinbase, Paypal, and future digital-asset wallet developers. 

Examining Facebook Libra’s Plans

The meeting, titled, “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations” also saw Marcus explain why Facebook choose to headquarter the Libra Association in Switzerland and whether or not Libra will comply with US regulations. Marcus agreed that the US should be the leader in developing regulatory frameworks for cryptocurrencies and he said the Libra Association is headquartered in Switzerland because it’s where international financial groups like the Bank for International Settlements is situated. 

Marcus said that Facebook has no intentions to “evade any responsibilities of oversight” and agreed that the currency will be regulated by the US Department of Treasury’s Financial Crimes Enforcement Network. 

facebook libra regulation

In response to lawmakers who said Facebook could not be trusted, Marcus said, “You will not have to trust Facebook” as it is only one of the current 28 members of the Libra Association. The Libra Association is expected to grow to 100 members and there are no special privileges allotted to any member.

Some lawmakers had questions about user’s data privacy and Marcus claimed that Calibra has no plans for monetizing user data directly but he added that the organization would seek user consent for accessing data if Calibra offered financial services through partnerships with other financial organizations. While Facebook has claimed that the Libra project is not driven by profit, Marcus mentioned that Facebook believes that Libra will drive additional online commerce as businesses will increase the amount they spend on Facebook ads. 

Marcus added that he personally believes that global blockchain adoption is inevitable and if the U.S. fails to lead in its development and regulation, the technology will be developed in places “out of reach of our national security apparatus.” 

A Step Forward on Crypto Clarity

As one would expect, not all the lawmakers were satisfied by what they heard and some important questions went unanswered. Marcus inadequately answered Chairman Crapo’s inquiry about whether Calibra would collect data from user transactions made on Facebook, and he failed to sufficiently explain if Facebook was invested in Libra Investment Token. 

Marcus simply replied that Facebook and Calibra hadn’t determined how much would be invested in the project. Other noteworthy answers from Marcus were that if the Libra Association discovered that funds were being used to support terrorist organizations Calibra and other digital wallet operators could hold user funds. Furthermore, regulated off-ramps could prevent users from converting to fiat but Marcus did not specifically detail whether the Libra Association could stop fund transfers between non-custodial wallets used by terrorists. 

unlawful libra transactions

Generally, the Senate hearing went smoothly and a number of lawmakers asked questions which showed they had done their homework on developing a broad understanding of the Libra project. Many lawmakers appeared to have genuine concerns about investor protection from scams, unvetted third-party developers, and the exact role Facebook or the Calibra Association would play in preventing illegal transactions. Ultimately, though discourse comes understanding and this will probably not be the last hearing the Senate Banking Committee has with Facebook. 

Do you think the Libra will be regulated by the U.S. government? Share your thoughts in the comments below! 

Images via Shutterstock, 

Bitcoin Has Found A New Admirer In House Rep. Kevin McCarthy

House GOP Leader Kevin McCarthy Loves Bitcoin Bitcoin News

Bitcoin Has Found A New Admirer In House Rep. Kevin McCarthy

House GOP Leader Kevin McCarthy says he “likes Bitcoin” and suggested that the government should “start using blockchain”. 

 Is Facebook Building a Shadow Bank?

Since revealing the concept for it’s new Libra cryptocurrency, Facebook has again become a topic of deep discussion and contention. Various governments around the world have expressed concern over the company operating what some have labeled a shadow bank and many are resorting to using the age-old trope that cryptocurrency facilitates illegal activity as a defense. 

There are hardly any lawmakers issuing commentary supportive of Libra and at the time of writing, the US Senate Bank Committee is meeting with Facebook executives to discuss the intricacies of the payments oriented cryptocurrency. 

Republicans Like Bitcoin’s Decentralization

Earlier today, during an interview with CNBC, Republican House Minority Leader Kevin McCarthy admitted that he likes Bitcoin and the decentralized aspect of cryptocurrency but also had strong concerns about Facebook’s Libra token. McCarthy told CNBC, “I like bitcoin and the security of the blockchain ledger technology behind cryptocurrencies.” 

While Bitcoin and Libra are both cryptocurrencies that utilize blockchain technology, Bitcoin as a whole is not owned by anyone, nor backed by a sovereign currency. According to Facebook, Libra will be pegged to an assortment of government-backed currencies and McCarthy is concerned that Libra’s lack of decentralization could lead to anti-competitive behavior and other regulatory violations. McCarthy elaborated by saying: 

When I’m on Facebook, I’m not the customer, I’m the product. Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not Bitcoin, in this Libra. They’re not decentralized. 

During today’s Senate Banking Committee hearing, McCarthy said he will seek to determine whether Facebook has considered its ‘potential anti-competitive behavior’ and he said that “I want to see decentralization because Libra concerns me that they’re going to control the market.” 

Senator says Give Facebook a Chance

Facebook appears to have anticipated this sort of government pushback and for this reason, the social media giant designed Libra to be run by a nonprofit consortium which includes Visa, Paypal, Uber, eBay, Spotify, and Lyft. McCarthy is not the only pseudo-crypto supporter with questions about Libra.

Republican Senator Pat Toomey also told CNBC that lawmakers should hear Facebook out before drawing any conclusions. Toomey said, “I don’t want to presume in advance that we’ve got to prevent the development of some new innovation”, but he also said he will seek to find Facebook’s motivation for launching Libra as the company has said that they are not purely motivated by profits. 

Do you think the Libra will be regulated by the U.S. government? Share your thoughts in the comments below! 

Images via Shutterstock, Twitter: @SquawkCNBC

India May Ban Bitcoin And Cryptocurrencies Except ‘Digital Rupee’

bitcoin crypto ban india Bitcoin Politics

India May Ban Bitcoin And Cryptocurrencies Except ‘Digital Rupee’

India is preparing to do the impossible by banning cryptocurrencies such as Bitcoin in any form, a newly leaked document revealed this week.

Alleged Draft Law ‘Prohibits’ Bitcoin & Crypto

Uploaded to sharing site Scribd by local blockchain and tech lawyer, Varun Sethi, the document allegedly shows the preliminary text of a new law designed to “prohibit the use of cryptocurrency.”

The event adds fuel to existing speculation that India’s government and central bank wish to outlaw the use of cryptocurrencies beyond their control.

If the document is genuine, it would confirm that any kind of activity involving bitcoin and altcoins will be illegal.

“No person shall mine, generate, hold, sell, deal in, issue, transfer dispose of or use cryptocurrency in the territory of India,” one of the statutes reads.

Sethi described the document as “the proposed Banning of Cryptocurrency and Regulation of Official digital currency bill 2019.” 

He noted,

The bill is yet to be drafted completely and tabled in the parliament to become an Act with or without modifications

Suggested punishments for those who go against the government’s orders include prison sentences of up to ten years.

Banning ‘Un-Bannable’ Bitcoin

As Bitcoinist reported, India currently sits in a grey area regarding crypto regulation. Since July last year, banks have been prohibited from serving industry businesses such as exchanges, leading to a mass exodus, while others have simply closed down. 

In the absence of hard-and-fast laws, some remained hopeful of a positive outcome in the long term, as opponents of the banking ban took the Reserve Bank of India (RBI) to court over its decision. 

Now, however, India appears set to go even further than China in its anti-crypto stance, while it still remains unclear how authorities would enforce a ban on an entity beyond their control.

The issue comes at a poignant time, as the US government itself gets to grips with the realities of decentralized networks. 

At a press conference Monday, Treasury Secretary Steven Mnuchin stressed a desire to combat cryptocurrencies’ role in illicit activities, while upholding the words of President Donald Trump, who last week described them as “based on thin air.”

Unlike the US but similar to China, however, India plans the release of a digital rupee, something the latest document describes as an “official digital currency.”

“…The term Cryptocurrency shall not refer to Digital Rupee, or any foreign digital currency recognized as foreign currency in India,” it states. 

No specific date has emerged for when any law regulations will become law. As Bitcoinist previously reported, rumors about a crackdown saw predictable reactions from crypto proponents, including the CEO of major exchange Binance. 

“The more it is ‘banned,’ the more people want it,” Changpeng Zhao said late last month.

What do you think about India’s reported attempt to ban cryptocurrency? Let us know in the comments below!

Images courtesy of Shutterstock

96% of Bitcoin SV Transactions Come from a Weather App, Report

Bitcoin SV Featured

96% of Bitcoin SV Transactions Come from a Weather App, Report

A weather app is generating 96 percent of total transactions on the Bitcoin SV blockchain, according to CoinMetrics.

The Massachusetts-based data analytics firm said in a report published today that “Weather SV” wrote a majority of transactions on the Bitcoin SV blockchain. It arrived at the conclusion after studying OP_RETURNS, a script that allows users to write arbitrary data onto a public ledger. CoinMeterics noted that Weather SV was using the maximum OP_RETURNs to record information on the BSV ledger.

“On July 14th, over 96% of BSV transactions included an OP_RETURN,” found CoinMetrics.

bitcoin sv

Bitcoin SV Transactions with OP_RETURN | Source: CoinMetrics

Bitcoin SV Transactions ‘Growing’

The data typically represents an app’s contribution to the Bitcoin SV network. A perfect example is bitcoin, the original cryptocurrency itself. In its core avatar, bitcoin is an app that runs on a public ledger of the same name. Similarly, apps like Golem, BAT, Augur, etc. run on the Ethereum blockchain.

The core function of Weather SV is to record and retrieve climate data on the Bitcoin SV public ledger. According to its website, users can activate the services for $5 AUD, which includes around 142 days of hourly broadcasts. From the look of it, the income earned by the app gets distributed among the validators in the Bitcoin SV blockchain, which explains its higher transaction output.

bitcoin sv

Bitcoin SV OP_RETURN by Apps | Source: CoinStats

CoinMetrics further noted that BSV’s total transactional count is growing faster than its competitors Bitcoin and Bitcoin Cash. The firm provided data that showed Bitcoin transactions trending sideways and Bitcoin Cash rising steadily. On the other hand, operations on the Bitcoin SV blockchains were, at best, choppy. They showed volatile swings in both directions.

Data Sparks Maximalism

The CoinMetrics’ report attracted a string of both anti and pro-BSV comments. Bitcoin and Bitcoin Cash maximalists criticized the ledger for hosting only one major app. In response, Bitcoin SV maximalists said the data showed the growing acceptance of the Bitcoin SV as an alternative to other public blockchains.

“The app is completely meaningless,” said an anti-BSV Twitterati. “It just copies data from a centralized weather service and writes it on the SV blockchain.”

“Yes. Weather data that lives forever” responded a pro-BSV one. “If you don’t see value in that I’m gonna have to come back down to google and explain.”

Many also argued that Bitcoin SV blockchain is new compared to its competition and a rise in the transaction volume on its ledger is a positive sign for the future.

“That’s actually pretty amazing if you think about it. All of those TXs from only ONE app. Think when there are dozens, hundreds, thousands of apps. I guess people really do want to use bitcoin and not just HODL it,” said one Twitterati.

How surprised are you by these latest findings? Let us know your thoughts in the comment section below!

Images courtesy of Coinmetrics.substack, Shutterstock

Bitpoint Plans to Refund $30 Million to Hack Victims

bitpoint News

Bitpoint Plans to Refund $30 Million to Hack Victims

Japanese crypto exchange operator Bitpoint pledged to compensate the victims of the recent hack. The company plans to refund about $30 million worth of cryptocurrency.

About 50,000 Clients Affected by the Hack

On Tuesday, Bitpoint published an update on its website, revealing the amounts of stolen crypto. Also, President Genki Oda held a press conference on the same day, apologizing for the situation. He unveiled that about 50,000 Bitpoint users saw their crypto funds stolen.

On Friday, we reported that Bitpoint announced that it had lost 3.5 billion yen worth of cryptocurrency, which is the equivalent of $32 million based on the Friday currency rates. Yesterday, the company said that another $2.3 million worth of crypto missing. The recently discovered missing funds were stolen from exchanges outside Japan, which use Bitpoint’s trading platform.

At the press conference, Bitpoint representatives voiced the company’s intention to reimburse affected clients with $30 million worth of crypto. Interestingly, the exchange plans to return the funds specifically in cryptocurrency rather than in fiat equivalents.

The exchange confirmed that the breach hit its hot wallets only, while the cold wallets stayed untouched. The platform still maintains its services suspended.

Currently, Bitpoint, which is operated by Remixpoint, is collaborating with the Japan Virtual Currency Exchange Association (JVCEA). The latter is a self-regulatory cryptocurrency exchange body launched last year. The JVCEA will help Bitpoint implement customer protection standards.

Bitpoint Reveals More Details of Stolen Funds

In the latest report, Bitpoint presented the crypto losses by cryptocurrency. According to the exchange, it had lost the following amounts:

  • 1,225 Bitcoin priced at 15.3 billion yen, out of which 1.28 billion yen were owned by customers;
  • 1,985 Bitcoin Cash worth 70 million yen, out of which 40 million yen belonged to clients;
  • 11,169 Ether valued at 330 million yen, out of which 240 million yen belonged to clients;
  • 5,108 Litecoin worth 0.5 billion yen, out of which 40 million yen belonged to customers.
  • 28,106,343 XRP priced at 10.02 billion yen, out of which 2.6 billion yen belonged to clients.

Thus, Ripple’s XRP accounts for a third of the total loss of 3.02 billion yen. The crypto exchange is reportedly collaborating with the Ripple Foundation as well.

What are your thoughts on the Bitpoint hack? Should crypto exchanges ease their dependence on hot wallets?

Images courtesy of Shutterstock

Bitcoin Price Analysis: Bullish Falling Wedge Remerges

Bitcoin Trading

Bitcoin Price Analysis: Bullish Falling Wedge Remerges

Over the last 6 Days Bitcoin has seen a 25% pull-back to visible range support around $9,800 from the recent high of $13,200. During this pull-back, another falling wedge has formed visible on all timeframes and could propel price levels back up towards visible range highs over the coming weeks. 

Bitcoin 4 Hour Analysis
BTC USD 4hour

On the 4 Hour chart, we can see the two falling wedges that have formed within the same price range as each other. Maxx Momentum indicator also shows similarities as momentum turns red throughout the later stages of the falling wedge towards the breakout. Both the 50MA and 200EMA have been gradually moving closer to each other over the last few weeks showing that the current trading range for BTC is very strong could very well be a period of consolidation before another big move to the upside.

Within the last few hours, price action has broken out of the most recent falling wedge as price levels look to retest the breakout point at $10,700.  Both moving averages have also cut through and have broken out of the falling wedge. Volume has remained quite high and also appears to be descending which is an indication of strength around current price levels, as typically descending volume causes price levels to break down out of the trading range. I touched on the current trading range in more depth in my previous analysis here.

Bitcoin 1 Hour AnalysisXBTUSD 1H

On the 1 Hour chart, we can now see a close-up image of the recent breakout around $10,700. There’s been no real increase of volume during the breakout, leading me to believe bearish momentum that resulted in the falling wedge being formed has run out of fuel. POC (Point of Control) currently sits around $11,630 which appears to be the next main resistance point for BTC and would be a likely stop if bullish momentum builds up as a result of the breakout.

Given two falling wedges which are a notoriously reliable bullish trading pattern have formed during a very strong bullish uptrend on BTC within the same range as each other this is a very strong sign that further upside is the most likely outcome. Many traders are calling for lower lows and for the current trading range to be broken but there’s little to no technical aspects to back this up.

BTC dominance is currently a whopping 66% as altcoins continue to dive to lower lows week in, and week out. Providing BTC dominance stays well above that 63% threshold alts will continue to drop further and BTC will likely continue trading at high volume.

Do you think the repeating falling wedge patterns on BTC will result in higher highs in the coming weeks? Please leave your thoughts in the comments below!

Images courtesy of Tradingview, Shutterstock