Bitcoin is celebrating its 10-year anniversary of the generation of its first block, called the Genesis Block today i.e., January 3, 2019, with prices trading at $3,888 and a 24-hour price change at 1.31%.
Proof-of-Keys is an event that is to take place today, and the community speculates that this could introduce liquidity into the market and propel prices upwards.
The 24-hour trading volume for Bitcoin shows $5 billion, of which, ~16% is contributed mainly by BitMex via the trading pair BTC/USD.
Prices for Bitcoin have started their sideways consolidation trend between the $3,200 to $4,000 range yet again. The one-hour chart shows an uptrend that extends from $3,238 to $3,846, while the downtrend ranges from $4,200 to $3,894.
Bitcoin is being supported at immediate support point, $3,578 and the first immediate resistance point is seen in the range, $3,919 to $3,944, while the subsequent resistance is seen in the range $4,203 to $4,239.
Bollinger Bands show that the prices for Bitcoin are undergoing a squeeze and the prices are falling down, below the simple moving average indicating a sell-off.
The MACD indicator is undergoing a massive bearish crossover to the bottom, while the histogram also shows the same but more accurate depiction.
The Awesome Oscillator shows a decrease in the height of red bars over the zero-line and a possible entry below the line, indicating a bearish crossover for Bitcoin.
The uptrend for Bitcoin in the one-day chart has finally extended enough to be seen in the longer time frames and it extends from $3,184 to $3,691. The downtrend extends from $9,800 to $3,890. The support in this time frame can be seen hanging at $3,183 while resistance points are seen at $7,359 and $8,385.
The Relative Strength Index has struck the 50-line, indicating that the prices are neither over-sold nor over-bought.
The Aroon indicator shows a steady decrease of the uptrend and also a failure of an increase in the strength of the downtrend.
The Chaikin Money Flow paints the same picture as the RSI as the CMF line is at the center indicating that the money influx into the Bitcoin market and the outflux are the same.
The one-hour chart for Bitcoin is showing a negative outlook in the first few days of the new year as indicated by Bollinger Bands, MACD, and AO indicators. The one-day chart shows a rather neutral stance for Bitcoin which is indicated by RSI, Aroon, and the CMF indicators.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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