Bitcoin Price Sees High-Volume Recovery From Five-Week Lows

Bitcoin’s (BTC) high volume recovery from five-week lows may have left the bears disappointed, although a bullish reversal is still not confirmed, technical studies indicate. The leading cryptocurrency fell to $6,100 on Bitfinex at 18:00 UTC yesterday – the lowest level since Aug. 14 – signaling a downside break of the trendline connecting the June low and Aug. 11 low (lower end of the pennant). However, the moment of triumph for the bears was short-lived, as the cryptocurrency picked up a strong bid the very next hour and jumped to…

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Bitcoin’s Price Swings to Nearly $6,500 in Volatile Trading Hour

Bitcoin’s volatility was on full display on Wednesday when its price fell from $6,300 to $6,100 before shooting up to $6,500 – all within an hour’s time. As of press time, the world’s largest cryptocurrency by market capitalization was trading at $6,422, up 5 percent from the day’s low of $6,117. The market did not waste time making its bullish move, scaling over 6 percent in less than 20 minutes to ultimately hit a high of $6,494, according to CoinDesk’s Bitcoin Price Index (BPI). Coincidentally, the move occurred within just minutes…

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Bitcoin Price Lacks Direction After Defense of $6,200

Bitcoin (BTC) is trapped in a no man’s land between $6,200 and $6,600, technical charts indicate. The bear flag breakdown witnessed on Monday was supposed to yield a drop to $6,000 (February low). However, the trendline connecting the June low and Aug. 11 low spoiled the bear party. The leading cryptocurrency bounced off the trendline support of $6,202 on Monday and rose back above $6,350 in the last 24 hours, neutralizing the immediate bearish outlook. At press time, BTC is changing hands at $6,320 on Bitfinex – up 1.23 percent…

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Trading Legend Don Wilson: Asian Demand High for Bitcoin Futures

Don Wilson, founder of high-speed trading firm DRW, said bitcoin derivatives trading in Asia hours is almost equal to the volume he’s seen in the U.S., something he says is an anomaly when compared to other financial instruments. In a fireside chat at the CoinDesk Consensus Singapore 2018 conference with Quartz’s John Detrixhe, Wilson discussed his observations on cryptocurrency trading trends and his view on the future for the technology. Referencing bitcoin futures trading data on U.S. exchanges provided by CME and CBOE, Wilson went so far as to suggest…

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Bitcoin Price Outlook Worsens After Drop to Five-Day Lows

Bitcoin’s (BTC) drop to five-day lows on Monday has likely emboldened the bears, technical studies indicate. The leading cryptocurrency traded in a sideways manner over the weekend, neutralizing the immediate bullish outlook. However, the consolidation was expected to end with an upside break, as the short-term moving averages (MAs) turned bullish on Saturday, adding credence to positive relative strength index divergence. Instead, BTC dived out of the trading range in the US session yesterday and fell to a low of $6,203 – the lowest level since Sept. 12 – indicating…

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Palestinians Are Using Bitcoin to Transact Across Borders Amid Conflict

For a small but growing community of users in the occupied Palestinian territories of the Gaza Strip and the West Bank, bitcoin has become a lifeline. Ahmed Ismail, a financial analyst in Gaza, estimated there are at least 20 unofficial “exchange” offices there dealing cryptocurrency to local users. Ismail himself helps 30 clients use bitcoin to purchase investments abroad, such as stocks, since there aren’t any local alternatives for putting money to work. One such currency dealer in Gaza, Mohammed, told CoinDesk over the past four years he helped up…

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Ether Just Erased Half of Last Week’s 35% Rally

The price of ether (ETH), the world’s second-largest cryptocurrency by market capitalization, sank nearly $30 today, effectively erasing half of the 35 percent rally recorded last week. At press time, ETH is trading across exchanges at an average price of $196 – down $28 and 11 percent on a 24-hour basis, according to CoinDesk’s Ether Price Index (EPI). The development came after what was a record-setting week for the cryptocurrency when it recorded its highest daily trading volume in over 12 months, most of which came from buyers. The surge…

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$6,550: Bitcoin Charts Suggest New Target for Price Rally

The corrective rally in Bitcoin (BTC) could gather momentum if key resistance above $6,500 is crossed on the back of high volumes, according to technical charts. The leading cryptocurrency witnessed a symmetrical triangle breakout last week, opening doors for a stronger corrective rally towards $6,800–$7,000. However, despite the bullish setup, BTC faced rejection near $6,660 on Friday and spent the weekend trading in a sideways manner in the range of $6,350–$6,550. As a result, the immediate bullish outlook has been neutralized. Further, trading volumes fell to a two-month low of…

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Bitcoin Price Takes a $200 Tumble After Eight-Day Highs

Having eased from eight-day highs, bitcoin (BTC) price could be in for a minor bout of consolidation, before further upside unfolds. The cryptocurrency rose to $6,596 earlier today on Bitfinex – the highest level since Sep. 6 – adding credence to the short-term bullish reversal signaled by the symmetrical triangle breakout earlier this week. However, despite the strengthening bullish case, the corrective rally has stalled. At press time, BTC is changing hands at $6,450, having printed an intraday low of $6,355 a few minutes ago. While the sudden price pullback…

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Back Over $200 Billion: 3 Reasons Crypto Prices Are Heading Higher

The cryptocurrency market has been making history for all the wrong reasons as of late, most notably by recently surpassing the plunge of the infamous Dot-Com bubble in the early 2000’s. With that said, cryptocurrencies tend to make recoveries when all hope is seemingly lost, and today’s price action of the world’s second largest cryptocurrency, ether and many others is no exception. At press time, several of the top 10 cryptocurrencies by market capitalization are reporting 24-hour gains above 10 percent, including monero (XMR), litecoin (LTC), and EOS. Ether (ETH)…

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