Kategorie: Bitcoin News

• Bitcoin has fallen back to $19,000 after strong job numbers.

• Economist Alex Krüger says Bitcoin is flashing a key volatility index that precedes major moves.

• Bitcoin trades at a support, and price action will depend on price data.

Bitcoin BTC/USD has flashed a key indicator that, historically, can predict explosive market moves. The views are according to renowned economist Alex Krüger. He has 146,200 followers on Twitter, making him one of the most followed economists. It is for this reason that his recent sentiments around Bitcoin draw attention.

Krüger has been monitoring the Bitcoin volatility index or BVOL. The index uses a weighted average price to measure Bitcoin’s volatility on a 30-day annualised basis. The economist says that a huge Bitcoin move happens each time BVOL closes below 25. With the key indicator flashing, Krüger expects a huge Bitcoin move.

The comments come when Bitcoin has slid back to below $19,500. The decline follows a job report last, which showed robust payrolls. The job report calls for faster Fed action, which slowed markets. The next in sight will be the inflation data on Thursday. Krüger says the consumer price index will spark the next wave of BTC’s volatility in either direction.

Bitcoin trades below the midpoint amid weak sentiment

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Source – TradingView

On the technical side, Bitcoin trades at its psychological support of around $19,000. The bulls have defended the level for quite a while. However, an RSI reading below the midpoint shows there are more sellers.

Concluding thoughts

While the street sentiment is that Bitcoin is in a compelling buy zone, sentiment remains weak. Investors are also cautious ahead of the inflation data on Thursday. Bitcoin could oscillate around the support zone ahead of the CPI data. However, $19,000 remains an attractive zone, and a potential reversal is a possibility.

The post Bitcoin slides to $19K amid a key bullish indicator, according to a renowned economist appeared first on CoinJournal.

Bitcoin has performed well over the last few days but has failed to surge past the resistance level above $21k.

Bitcoin, the world’s leading cryptocurrency, has been performing well over the last few days. The coin has added more than 4% to its value in the last 24 hours and is now trading above $20k for the first time this month.

The positive performance coincides with that of the broader cryptocurrency market. The crypto market has been in a bullish trend since the start of the week, with the total crypto market cap now closing in on the $975 billion mark.

Bitcoin has been trading above the $20k level for the last 48 hours and has failed to mount a rally towards the $21,368 resistance level. 

BTC is down by less than 1% in the last 24 hours and could dip below the $20k support level in the coming hours if the bulls don’t take control of the market.

Key levels to watch 

The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the last few hours. However, the technical indicators show that Bitcoin could become bearish if the current momentum is maintained.

BTC/USD Chart By TradingView

The MACD line remains above the neutral zone, indicating bullish momentum for Bitcoin. The 14-day RSI of 62 also shows that Bitcoin could enter the overbought region if a sustainable rally can be achieved.

At press time, BTC is trading at $20,205 per coin. If the bulls don’t take control of the market, Bitcoin could slip below the first major support level at $19,581 before the end of the day.

However, the second major support level at $19,026 should cap further downward movement in the near term. 

The bulls could regain control of the market and push BTC towards the $20,819 resistance level. In the event of an extended rally, BTC could surge past the $21,368 resistance level in the short term. 

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The post Bitcoin fails to move towards the $21,368 resistance level: Will it dip soon? appeared first on CoinJournal.

• MicroStrategy wants to hire a Bitcoin software engineer to build a software-as-a-service (SaaS) platform on the Lightning Network.

MicroStrategy, a top business intelligence firm that’s the largest corporate holder of Bitcoin (BTC), is looking to hire a software engineer to help build a Lightning Network-based enterprise platform.

Bitcoin software engineer to build SaaS platform 

On Friday, the US-based technology company announced it was on the hunt for an individual who will be tasked with developing a software-as-a-service (SaaS) platform. 

According to the firm, the new platform will offer innovative solutions around cyber-security challenges to enterprises as well as enable new e-commerce use-cases.

“The engineers at MicroStrategy are working on some exciting new Lightning apps to help our enterprise customers secure networks, monetize websites, and deploy wallets en masse using Bitcoin,” MicroStrategy Executive Chairman Michael Saylor tweeted, urging those interested in joining the team to apply for the position.

Among other qualifications, one is required to have experience in developing software solutions that leverage the Bitcoin blockchain and Lightning Network, or decentralised finance (DeFi) technologies.

Saylor left his role as MicroStrategy CEO early last month to become the Executive Chairman, stating at the time that he was taking the step to focus more on the company’s Bitcoin strategy. 

Just this month, the company purchased an additional 301 bitcoins to bring its total holdings to 130,000.

The post MicroStrategy looks to hire a Bitcoin software engineer appeared first on CoinJournal.

Bitcoin price rose sharply again on Friday as a dose of volatility helped BTC add nearly $1,000 within hours to top the $20,000 mark. Indeed, the BTC/USD pair rose as high as $20,182 on crypto exchange Coinbase – up from an intraday low of around $19,154 reached earlier in the day.

The price update below shows one instance where price had increased by over $800 in 24 hours.

The $BTC price is at $20,126.22 right now.
🟢 Compared to the last tweet, the price has increased by $102.69 (0.51%).
🟢 In the last 24 hours the price has increased by $877.21 (4.56%).#Bitcoin #BTC pic.twitter.com/8l6osOlq4d

— Bitcoin updates (@Bitcoin8News) September 30, 2022

The upside for the flagship crypto asset cascaded across the altcoin market, with Ethereum also seeing a swift jump to above $1,370 and Ripple’s XRP holding to most gains after ripping higher earlier on another score for the company is its case with the US Securities and Exchange Commission (SEC).

Elsewhere, the US stock market also opened slightly higher, although the muted move is not helped by the prevailing negative sentiment. The S&P 500 trades at levels not seen since 2020 and as is likely, it could slip lower to end the brutal Q3 in the red.

Can bulls see a higher BTC monthly close?

September has been a brutal month across the risk assets market, with Bitcoin oscillating around the $20k level with some painful dips towards the $18,000 support area.

Now with the normal market session just hours away from the monthly close, the attention could be on whether bulls can avoid a second consecutive red month. As seen on the chart below, BTC is about 1.8% in the red, with August seeing the cryptocurrency dump more than 13%. 

Bitcoin has had a red month in four out of the last five, with the last one ending with BTC/USD just above the critical $20k. 

A higher monthly candle close Friday could set up fresh bids for the weekend and push BTC/USD higher. It’s an outlook that’s likely if $19,600 holds and a push for $20,300 opens up the $22,000 resistance line.

The post Bitcoin retests key $20K level- can bulls get a higher close? appeared first on CoinJournal.

Bitcoin continues to hold above the $19,000 mark even as currency woes wreaked havoc across stocks and other legacy markets this week.

After dipping to lows beneath $18,600, Bitcoin bounced as high as $20,300 before paring the gains amid a highly volatile market that also saw the S&P 500 Index notch losses that puts it on course for three consecutive quarterly losses. It’d be the first time the index has registered this kind of performance since 2009.

BTC/S&P 500

If stocks face another sell-off and the tumbling continues in the face of a Fed tightening and concerns of a recession, Dylan Leclair, a senior crypto analyst, says the market could see a BTC outperformance against equities.

According to the analyst, Bitcoin’s “relative strength” against legacy indices has been encouraging, pointing to a BTC/S&P 500 chart.

Encouraging relative strength from the orange coin against legacy indices.

Still think a long lasting „decoupling“ is highly unlikely in this stage, but relative outperformance is a decent start.

All eyes on FX, global bonds, and equities for the direction of the next move. pic.twitter.com/Enfbl0vn2R

— Dylan LeClair 🟠 (@DylanLeClair_) September 29, 2022

While he doesn’t expect the “decoupling” to be long lasting given broader market conditions, he still thinks the benchmark cryptocurrency could master a decent run against the index. What investors might have to watch out for, he tweeted, is what happens next within the legacy financial markets – equities, FX and global bonds.

The analyst however warns of a potential sell-off for Bitcoin should there be a “huge illiquidity event.” He said:

“Still convicted in my view of a legacy system vol event coming – it’s clear that liquidity tide is drawing out. BTC/USD exchange rate won’t be insulated from a huge illiquidity event, because nothing except USD & vol will.”

Bitcoin was trading around $19,260 on Friday morning (09:45 am ET), just in the green on the day but down 1.2% this past week. The S&P 500 opened higher lower and was at 3,634, more than 1.4% down in the past five days. 

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