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Bitcoin [BTC] creates High Low of $7,100 following recent breakout; foundation for $9,000 surge?

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Bitcoin [BTC] creates High Low of $7,100 following recent breakout; foundation for $9,000 surge?
Source: Pixabay

Bitcoin [BTC] and the recent $8,000 break-out is massive for the cryptocurrency market going forward. On the back of no major announcement in the past few days, and the pull-back of the previous week, the king coin won its second battle against the price ceiling curating a major high, in the form of an exhibited low.

As the May 19 bulls rampaged the market, buoying the top cryptocurrency to rise by 7 percent in the hour earlier today, a new High-Low [HL] was seen at just below $7,100 which sparked signs for the foundation of a $9,000 break-out. With Bitcoin trading above $8,000 and showing marginal gains off-late, a continued run is foreseen by many in the community.

Given that the king coin edged below the aforementioned price point last week, and dropped quickly to a low of $7,100 during the anticipated “pull-back,” although with compounded reasons pertaining to the post-Consensus bears and the Bitstamp sell order, the recent incline over $8,000 is a positive sign.

CryptoMonk, a Bitcoin and altcoin trader and host of the crypto-monsoon podcast, ironically, attested to Bitcoin’s continued ascent into crypto-spring. He tweeted:

“$BTC has just successfully printed another HL.
It’s a matter of time before we see + $9k.”

The trader supported his statement with a chart depicting the various HLs exhibited by the coin in the past few months. Prior to the HL of $7,100, the previous one was seen just below $7,000 and the one before that was around $5,500 during early May when the FOMO had not set in yet.

Source: Twitter

What is even more surprising, is the fact that there is no real source of Bitcoin’s current 10.16 percent daily gain. Unlike the earlier $8,000 ascendance, which was on the back of several announcements involving Bakkt, Gemini, Microsoft, and Amazon.

Interestingly, the recent price surge mirrored the April incline, as there was no real indicator for the pump. Yes, several signs in the form of an April fool’s joke, China-BTC-mining ban FOMO, and a large automatic buy order were touted as the source, none could be confirmed as the primary push. This April 2 push was the foundation for the successive BTC pumps over $6,000, $7,000 and now $8,000 with $9,000 on the cards.

CryptoMonk did issue a cautionary tone prior to a likely confirmation of a $9,000 breakout. The High High [HH] which stands at $8,260, formed on the back of last week’s pump before the “pull-back,” will act as a resistance of some sort, and if the same is broken, a constant push will, more or less, be a high possibility.





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Binance Chain testnet undergoes ‘Galileo’ update via hardfork; mainnet to follow suit

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Binance Chain testnet to receive 'Galileo' update via a hardfork; mainnet to follow soon
Source: Unsplash

Binance Chain’s testnet underwent a hardfork today at block height 24,020,000, at around 2019/06/26 7:00 AM (UTC). The new update will have various bug fixes, improvements to the existing chain, and is expected to improve on-chain performance.

The new announcement details all the features the new update will include for DEX users, or any exchanges that list BNB, or run a client. The BNB blockchain will provide validators access to create a “delist protocol” and vote on delisting trading pairs that have very little volume for a long time via governance.

The Galileo update will also provide a “Time Locking” feature for token assets, while also improving the Match Engine in Binance DEX, which according to the blog is “not optimized in some cases.” The complete list of changes is available for users to read in the changelog.

The testnet changes will be followed by changes on the mainnet. The blog added,

“Binance Chain Mainnet will also be undergoing an upgrade a few weeks later (please stay tuned with the later announcement).”

Additionally, Binance also announced the launch of Binance 2.0 for everyone, which also includes the margin trading feature on Binance. The Binance 2.0 has the website revamped, with the old one being decommissioned soon.

While some users complained that there were problems depositing USDT, others complained that margin trading feature was still not available.

A Twitter user, @rallyqt, commented,

“- Galileo upgrade
– Margin
– Binance stable coin
– Binance DEX
Keep building & piecing the Binance ecosystem together! 🧩
@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha 😉😊”

CZ replied,

“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens. 😂
Registrations are definitely picking up speed.”





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