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Bitcoin [BTC] Price Analysis: Coin awaits fall as bulls leave market

Namrata Shukla



Bitcoin [BTC] Price Analysis: Coin awaits a fall as the bulls withdraw from the market
Source: Pixabay

Bitcoin [BTC] was stagnating for the past few days, but avoided a major decline in its price. On 12 March, the coin managed to report minimal growth, after falling over the past day.

At press time, BTC was valued at $3,879.28 with a market cap of $68 billion. BTC registered a 24-hour trading volume of $9.77 billion, while noting a fall of 1.59% over the past day. The token recovered from the fall as it noted a rise of 0.14% over the past hour. In the past seven days, the token noted a rise in price by 2.94%.


Source: Trading view

Source: TradingView

The one-hour chart for BTC noted an uptrend from $3,849.01 to $3,928.91, which was immediately followed by a downtrend from $3,928.92 to $3,854.10. The token noted resistance at $3,909.75, and support at $3,808.34.

Bollinger Bands marked a bearish market as the moving average line was over the candlesticks. The bands appeared diverged, suggesting increasing volatility in the market.

Awesome Oscillator indicated strong bullish momentum.

Chaikin Money Flow indicated a bearish market, as the marker was under the zero-line.


Source: Trading view

Source: TradingView

The one-day chart for the largest token traced a massive downtrend from $7,359.99 to $4110. However, a minimal uptrend was noted as well, with the coin’s price moving up from $3,184.28 to $3,692.36. The token noted resistance at $4,110, and support at $3,344.

Parabolic SAR marked a bearish reign for the coin as the markers were aligned above the candlesticks.

MACD line was under the signal line and pointed towards an imminent vermilion market.

Relative Strength Index indicated that the buying and selling pressures had evened each other out.


According to indicators on the one-day and one-hour charts, a bearish market was forecasted for the king coin.

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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum




Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Source: Unsplash

Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”

A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.

The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].

Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.

Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”

Source: LongHash

Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”

Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.

The report added,

“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”

Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.

The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.

Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.

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