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Bitcoin’s Price Is Up 43% in 7 Days as Bull Frenzy Grips Market
With bitcoin’s rise to 17-month highs, the Mayer multiple (a ratio of price to the 200-day moving average) is teasing a break above 2.40 – a level that has marked the beginning of speculative bubbles in the past.
BTC may see a short-lived spike to resistances at $17,230 (January 2018 high) and possibly to $20,000 (record high) if the Mayer multiple finds acceptance above 2.40.
The hourly chart is flashing signs of buyer exhaustion, however, so a correction to $11,000 cannot be ruled out.
A UTC close below the May 31 high of $9,097 would abort the bullish view.
Wait for October: New Bitcoin Miner Demand Is Again Outstripping Supply
Bitcoin’s ongoing bull run has juiced demand for new mining equipment, putting pressure on manufacturers to produce enough machines to satiate buyers.
The world’s largest cryptocurrency by market cap is currently trading at above $11,000 after it surpassed the $10,000 level over the weekend – a nearly 200 percent jump since February.
“The surge in bitcoin resulted in increased demand and supplies were already short,” said Steven Mosher, head of global sales and marketing at Canaan Creative, maker of the Avalon miner.
While he declined to disclose ...
A Monumental Fight Over Facebook’s Cryptocurrency Is Coming
Given how slowly Washington lawmakers have taken to devise a coherent, informed view of cryptocurrency, the Chair of the House Financial Services Committee’s rapid leap to action last week over Facebook’s ambitious Libra project was remarkably fast.
But let’s reflect not on the details of Rep. Maxine Waters’ (D-Calif.) urgent requests that Facebook to cease work on Libra until after hearings are held or on how European lawmakers made similar appeals. The important takeaway from these legislators’ actions is that they are able to make such demands at all....
Bitcoin Tests $11.3K With Fresh 2019 Highs
Bitcoin has broken yet another 2019 record, reaching as high as $11,304, before conceding a short-term period of profit taking.
At 21:00 UTC on June 23, the world’s largest cryptocurrency by market capitalization shot upwards on the daily chart, cementing a new high beyond June 22’s peak of $11,215.
The move to another 2019 high comes after bitcoin’s price dropped to as low as $10,416 on June 23 before another surge of buying pressure pushed prices back above $10,750 within the same day.
From then BTC bolstered 6 percent, rising above $11,000 at around 19:00 UTC on...
Bitcoin Price Eyes $10K After Erasing 40% of Bear Market Drop
Bitcoin’s price has recovered 40 percent of the bear market drop. The breakout has bolstered the bullish setup on the weekly chart, which is currently reporting the strongest buying pressure in six months. As a result, BTC looks set to break above the psychological resistance of $10,000.
The price has already rallied nearly 130 percent so far this quarter. Hence, a temporary correction due to bull exhaustion cannot be ruled out.
The outlook, however, will remain bullish as long the price is held above recent lows near $7,500.
Bitcoin’s (BTC) price has erased 40 per...