In June, Bitcoin (BTC) saw itself go through a spectacular blow-off top. In a few weeks, the cryptocurrency had shot up by 50%, leading to a number of predictions that this market would surpass its all-time high in months.Related Reading: Why Bitcoin Needs to Flip $9,700 Into Support to Support Bull CaseTrue to the unpredictable nature of the crypto market, however, this didn’t happen. After tapping $14,000 — a quite important historical level, as this is a key Fibonacci Retracement level of the $20,000 bubble — BTC plunged as volumes spiked. Within a day, the asset had plunged some 20%. And it’s been a vast amount of pain since then.The blow-off top that was seen in June, though, might be a sign that a long-term Bitcoin bull run is on the horizon. Here’s why.Bitcoin Preparing for Bull RunThis June, the cryptocurrency market set a new volume record. Although some dispute this fact — the volume records were largely set on exchanges deemed “uncredible” by some — at least the futures side of Bitcoin (the CME and BitMEX) saw monumental trading days, as Bitcoin incurred its largest rally in over a year. Heck, BitMEX alone processed $16 billion worth of leveraged trades in one day alone.When Bitcoin tumbled after this historical volume spike, analysts thought the nail was in the coffin of bulls. Though, digital asset manager Charles Edwards has proposed that the consolidation after the volume record is actually a positive signal.In an extensive Twitter thread published on Monday, the analyst noted that in previous bull markets, fresh all-time highs in volumes were always followed by consolidation.Massive volume in BitcoinGuess what?Things are not as they may seem.Shrinking Spot market volume has been more than compensated for.Futures have swallowed the Spot market. BTC 90 day Volume was recently 40% more than the 2017/18 peak.This has powerful implications. pic.twitter.com/LXRoF9NXoG— Charles Edwards (@caprioleio) November 11, 2019What’s interesting is what came after those consolidation phases. No, in the cases that Edwards pointed out, Bitcoin didn’t tumble. Instead, “huge rallies followed,” with the growth in volume leading to long-term exponential bull markets that brought Bitcoin to orders of magnitudes higher than it was before the surge.This was the case in at least three scenarios Edwards singled out. So if historical precedent is of any current relevance, Bitcoin might be about to explode higher yet again.It isn’t only volumes that are signaling that a long-term bull trend is (back) on the table. As reported by NewsBTC previously, popular cryptocurrency trader FilbFilb noted that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses. As Filb’s chart below depicts, the last time the 50-week crossed above the 100-week, Bitcoin rallied for months straight, surging to fresh highs month in, month out.Sure the 50/200 DMA $btc death cross is getting everyone super bearish but End of Nov/ Start of Dec the 50/100 WMA is due to cross which is far more significant. pic.twitter.com/ifGWguAtd5— fil₿fil₿ (@filbfilb) October 30, 2019To add to that confluence, cryptocurrency markets research firm Delphi Digital found that Bitcoin’s volume profile has shown that a medium-term bottom is likely in. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase.Featured Image from ShutterstockSource
Last Updated on November 11, 2019
Bitcoin (BTC) Price Prediction – November 11
As of now, Bitcoin (BTC) is aiming to fall again, but the key support is becoming a threat to the bears.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $9,600, $9,800, $10,000
Support Levels: $8,000, $7, 800, $7,600
BTC/USD is moving inside a channel pattern on the daily chart. After falling from $9,354 to $8,761 support a few days ago, the coin saw a quick price jump above the 21-day MA and push the market to $9,036. More so, as the market opens today, the bear resume pressure as the price is now facing the $8,500 important support. Once this support breaks, the $8,000, $7,800 and $7,600 support may come into play.
In the opposite direction, if the critical support can continue to provide support for the market, we can expect the price to climb back to $9,200 and $9,400 resistance before we can see a rise above the channel formation to meet $9,600, $9,800 and $10,000 respectively. But as it stands now, BTC/USD is on a downward movement and there’s a high chance for a break than a bounce.
Furthermore, the $8,700 support has continued to bolster well against bearish pressure, but it seems the support is getting weak by the day with two break attempts for the past few weeks. If the price breaks on a third attempt, BTC may leave the critical support level after a significant drop. Meanwhile, the RSI (14) has dropped beneath the 50-level. A further drop may cause the Bitcoin price to fall seriously to the oversold zone.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The Bitcoin price is currently moving around the $8,735 from where the price started falling today at $9,030. Looking at the chart, we can see that the bearish supply has been turning heavy in the market, but the bulls are trying to defend the $8,700 support as well. Meanwhile, the $8,500, $8,300 and $8,100 support levels may come into play if the coin breaks the mentioned support.
However, if the buyers can reinforce and power the market, we can expect a retest at the $9,000 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $9,200 and $9,400 on the upside. In other words, Bitcoin is currently consolidating and moving sideways on the medium-term outlook. We can expect a surge in volatility to occur as the stochastic RSI faces downtrend.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Bakkt launched its institutional custody services.
- The Bakkt Warehouse launched with a robust insurance policy and a range of clients.
- Bakkt’s daily trading volume is picking up.
Bakkt, a bitcoin futures exchange backed by the Intercontinental Exchange (ICE), announced that it is launching custodial services for institutional enterprises. This is not the first organization to provide bitcoin custody, but the firm believes that it would set the stage for the mass adoption of the technology.
The Bakkt Warehouse
In a blog post, Bakkt announced that it received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions. Now, the Bakkt Warehouse is open to all clients around the world who are looking to secure their bitcoins. According to the firm, this was the missing link in the institutional adoption of bitcoin.
A critical link — perhaps the critical link — in the institutional adoption of bitcoin is custody. When investors have ready access to regulated custodians whose security and processes they trust, the full potential of this emerging asset class and technology can flourish.
With a $125 million insurance policy, the Bakkt Warehouse will begin offering its services to a range of clients. These clients include Pantera Capital, Galaxy Digital, and Tagomi. More clients are set to be onboarding in the coming weeks.
Custody Services Market
Despite entering the custodial services market with big names behind it, the Bakkt Warehouse is not the only one with such clients.
Fidelity Investments, one of the world’s largest financial services providers with more than $7.2 trillion in client assets under administration, launched Fidelity Digital Assets in October. This is an enterprise-quality custody and trade execution services for family offices, financial advisers, and hedge funds.
Additionally, Coinbase, which has been one of the leading exchanges in the industry for over seven years, launched its custodial services in 2018. Now, Coinbase Custody manages over $7 billion worth of 30 of the top cryptocurrencies by market cap.
Bakkt Picking Up Steam
The fierce competition in the market continues increasing as more companies join the space. But Bakkt is starting to gain traction.
Even though the firm’s physically settled bitcoin futures contracts had a low start with only 71 positions staked, they have managed to recover. On Nov. 9, Bakkt saw its monthly futures volume set a new daily record of 1,756 contracts, worth over $15 million. The last time the company’s monthly futures volume spiked was on Oct. 25, with 1,179 contracts traded that day alone.
Bakkt’s daily volume sets a new record. | Source: Twitter
As the ICE-backed company begins to see its efforts pay off, some analysts in the industry are questioning their products. According to Twitter user Ugly Old Goat, who has more than 10,000 followers, Bakk’ts physically settled bitcoin futures contracts are not what they appear to be.
Ugly Old Goat stated:
You deliver Bitcoin on Bakkt, get their receipt, sell it, and get dollars. You buy Bitcoin on Bakkt, and you get Bakkt warehouse receipt. They do not deliver Bitcoin to your private address. It is an off-ramp without an on-ramp.
Although the trader has been trying to contact the Bakkt team, he has yet to receive an answer. A Twitter user under the pseudonym moorsc0de said that users never get their bitcoins back since it just goes back and forth inside trading accounts.
Bakkt’s bitcoin delivery cycle. | Source: Twitter
It remains to be seen whether Bakkt will let its customers withdraw their bitcoins into the wallet of their choice.
This article was edited by Gerelyn Terzo.
Last modified: November 11, 2019 22:55 UTC
While Bitcoin (BTC) is around 17% lower than its local top of $10,500 established late in October, many analysts have concluded that the bull case for the cryptocurrency market is brewing once again. In fact, an analyst recently floated a prediction that the BTC price could reach as high as $11,500 in a few weeks’ time, citing a bullish chart pattern that Bitcoin was exhibiting.It may be too soon for such optimism, though. Teddy, a popular crypto analyst on Twitter, recently noted that Bitcoin needs to clear and reclaim two key resistance levels before he can “get stupid bullish” on the prospects of digital assets.Related Reading: Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: AnalysisBitcoin Bulls Needs to Reclaim $9,700According to a chart posted by Teddy, while the 42% President Xi Jinping-induced surge was undoubtedly bullish, Bitcoin remains between two key levels: a horizontal resistance at $9,700, which BTC has interacted with for the past few months, and a diagonal resistance that originates from the year-to-date BTC price peak of $14,000.#BITCOIN | $BTCLooking at the greater picture👁️Price still didn’t break– Horizontal KEY support now resistance
– Diagonal resistanceAlready long, but I’ll get stupid bullish upon breaking those two lines👁️Stupid bulls like me will say this dump was just a retest pic.twitter.com/BtIazn79y4— TEDDY ⛓️📉 (@teddycleps) November 10, 2019Reclamation of these levels would mean that Bitcoin is cleared for takeoff, so to speak. But will it happen? According to some technical indicators, for sure.Byzantine General pointed out on Sunday morning that Bitcoin’s reclamation of the Bollinger Band basis line around $8,700 is “bullish,” as it seemingly confirms that the cryptocurrency is ready to leg higher. In fact, he noted that the last time BTC bulls managed to retake control of basis line was prior to the surge from the high-$3,000s to $14,000. History repeating would see Bitcoin leg higher in the coming weeks and months, potentially to close near the all-time high in time for the halving.Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?Not All Sunshine and RainbowsSure, the technicals are starting to lean in favor of bulls, but BTC was recently rejected from one key level: as pointed out by cryptocurrency trader Crypto Vulture, Bitcoin’s surge on Sunday was rejected by the 200-day moving average at around $9,200.The 200-day moving average, for some context, is an oft-cited level that analysts say is indicative of whether or not the asset/chart being analyzed is in a macro bull trend or a macro bear trend. With this in mind, the rejection implies that a long-term bear trend might ensue.$BTC $XBTBitcoin got rejected by the 200DMA (which is around 9200).It’s safer to wait for a daily close above the 200DMA if you’re looking for longs otherwise this could turn out to just be a bearish retest of the 200DMA before a further drop. pic.twitter.com/AVcXMDByIu— CRYPTO VULTURE (@year_alt) November 10, 2019Also, a fractal has suggested an impending move to the low-$7,000s. As reported by NewsBTC previously, Tyler Durden on Twitter posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.If the fractal plays out in its entirety, BTC could potentially fall as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.$XBT pic.twitter.com/8RHSsGHLQi— Tyler (@TylerDurden) November 9, 2019Related Reading: China’s State Outlet Xinhua Exposes Millions to BitcoinFeatured Image from ShutterstockSource
Last Updated on November 11, 2019
The crypto industry is growing by the day. While it’s easy to realize this for many people, others refuse to see it. China, in a “subtle” way, is currently at the forefront of the crypto industry while simultaneously rejecting involvement therein. Their American counterparts are still rolling around in a quagmire of regulatory uncertainty.
US Regulatory Mudpit
A large number of nations, predominantly Asian, have already gone to work in researching or developing their own form of cryptocurrency through their respective central banks. As these countries are furthering development, the US is going further and further away from it. Global innovation is being left behind as regulators flail about in their attempts to control it. If this trend goes on, the US will be left in the dust.
A Few Key Opinions
Michael Novogratz, hedge fund manager and founder of Galaxy Digital, gave his opinion about the matter yesterday. He warned that the USD would not stand up to the growing digital world. He warned that China was far more ahead in the fintech industry compared to the US, and their President publicly embraced blockchain just recently. He warns that the USD risks losing its reserve status should it not adapt and create a crypto USD as well.
And if we don’t transition to a digital world that will change. We are way behind on a crypto USD. China is coming. And coming fast. They are way ahead in fintech. Thier President just publicly claimed his support to all things blockchain. We risk losing our reserve status https://t.co/SNbBjdtvDD
— Michael Novogratz (@novogratz) November 10, 2019
Morgan Creek, Co-Founder of Anthony Pompliano, shared Novogratz’s opinion that the world was going digital. He stated that the future would lead to portfolios being completely digital. He stipulates that the investors will still hold the same asset allocations, but it will all be in digital format. Everything from bonds to stocks to commodities and currencies will be in a purely digital format. Creek reckons that such a move is simply a matter of time.
China At The Front
As part of the world throws itself into crypto and the other part pulls away from it, China is at the helm at the pro-crypto side. The country has had a rather strange relationship with how it operates concerning cryptocurrencies. For more than two years, the country has been trying to destroy cryptocurrencies within its borders. China has been head-first in the development of its own cryptocurrency as they were prosecuting it, however.
All of this is coming to a head with President Xi Jinping urging his people to embrace blockchain technology just a few weeks ago. The statement caused Bitcoin (BTC) prices to skyrocket and subsequently mandated that Chinese media explain that blockchain and crypto were two different things (but not by much).
A Matter of Time
China is making new moves, however. The Chinese Media recently pushed out an article that explained Bitcoin to the general public. Along with that, they’ve officially stopped persecuting crypto mining operations as well as putting out cryptography legislation.
China has been working on its crypto for a long time now, and it seems like the Dragon is getting ready to launch the Digital Renminbi properly. The country’s new cryptography laws will be put in effect starting next year. The Chinese cryptocurrency will probably come in that year, maybe as soon as three months after the legislation was put in effect.
Within less than three weeks, since July 9, the bitcoin price has fallen from over $ 13,000 to below $ 10,000, which many investors regard as a key psychological level for the crypto asset. While the dominant crypto asset initiated a strong recovery on July 17 from around $ 9,200 to $ 10,600, it has struggled to climb above […]
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