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Kyle Samani: Crypto Custodianship Will Release “Big Wave of Capital”

Kyle Samani, hedge fund manager at Multicoin Capital, says the final barrier stopping institutional investment was proper cryptocurrency custodianship, and over the next year investors will recognize that this barrier has finally been broken down, leading to a huge release of capital into the cryptocurrency markets. Properly licensed and regulated cryptocurrency custodianship is essential for …

The post Kyle Samani: Crypto Custodianship Will Release “Big Wave of Capital” appeared first on BitcoinNews.com.

Kyle Samani, hedge fund manager at Multicoin Capital, says the final barrier stopping institutional investment was proper cryptocurrency custodianship, and over the next year investors will recognize that this barrier has finally been broken down, leading to a huge release of capital into the cryptocurrency markets.

Properly licensed and regulated cryptocurrency custodianship is essential for institutional investors like hedge funds and banks to feel safe enough to make big investments in cryptocurrency. Custodians ensure that all government regulations are followed, which is quite a complex and difficult task since regulations are constantly evolving and vary from country to country and even from city to city. Also, custodians are insured, so institutional investors that use a proper custodian don’t have to worry about hacking, theft, or sending cryptocurrency to a wrong address.

Additionally, hedge funds often give large amounts of money to their traders, and by mandating that traders use custodians, it guarantees that the traders won’t spend the money on vacations or expensive personal items. Therefore, using a custodian will give hedge funds peace of mind to expand their operations since they will be able to give their traders more freedom, since the custodian guarantees money given to cryptocurrency traders can’t be misplaced.

Multicoin Capital is using the relatively new Coinbase custody services, which only accepts deposits of USD 10 million or more and charges a fee of USD 100,000 just to set up an account, in addition to 0.1% monthly fees on deposited assets which would be USD 10,000 for the minimum deposit. Clearly, Coinbase custody services isn’t geared towards typical investors, but towards the over 100 cryptocurrency hedge funds that have been created in the last year. Coinbase CEO Brian Armstrong says that over USD 10 billion of institutional money is waiting on the sidelines of the market.

Major Bitcoin wallet BitGo acquired Kingdom Trust, a licensed qualified custodian regulated by the South Dakota Division of Banking that controls USD 20 billion of assets. BitGo is planning on merging with Kingdom Trust in order to roll out cryptocurrency custodian services. Nomura and reputable Bitcoin wallet Xapo have also launched institutional grade cryptocurrency custodian services.

Now, there are several reputable firms offering cryptocurrency custodian services for institutional investors, and if Kyle Samani is right it is only a matter of time until large amounts of institutional capital start flowing into markets to spark what could be the biggest cryptocurrency rally in history.

 

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The post Kyle Samani: Crypto Custodianship Will Release “Big Wave of Capital” appeared first on BitcoinNews.com.

PR: Bankera’s BNK Token to be Listed on HitBTC

Bitcoin Press Release: Blockchain-based digital bank project Bankera has announced that BNK tokens will be listed on the popular cryptocurrency exchange, HitBTC, starting on Monday, June 4th. The trading itself is expected to commence near 5 p.m. UTC. 6th of June 2018, Tortola – This event was long-awaited after Bankera, has completed a record-breaking token …

The post PR: Bankera’s BNK Token to be Listed on HitBTC appeared first on BitcoinNews.com.

Bitcoin Press Release: Blockchain-based digital bank project Bankera has announced that BNK tokens will be listed on the popular cryptocurrency exchange, HitBTC, starting on Monday, June 4th. The trading itself is expected to commence near 5 p.m. UTC.

6th of June 2018, Tortola – This event was long-awaited after Bankera, has completed a record-breaking token sale that attracted over 100,000 contributors from across the world. People who missed their chance to purchase BNKs during the token sale will have a second opportunity to acquire BNK tokens on Monday, when they will be tradable on HitBTC.

Getting listed on leading exchanges in the market is crucial to ensure the liquidity and advancing the growth of the BNK token in the blockchain ecosystem. On HitBTC exchange BNKs will be paired with major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Tether USD (USDT) to give Bankera’s contributors a wider choice when trading and to make BNK tokens readily available to cryptocurrency traders across the world.

One of a Kind Token

In preparation for listing, the BNK tokens have been submitted to four layers of audit to ensure the ultimate security of the BNK smart contract and then released on the Ethereum blockchain. In the future, BNK tokens will be supported as Nem Mosaics as well, thus BNK token holders will be able to switch between blockchain technologies.

Additionally, each BNK token is entitled to a part of a commission constituted of 20% of Bankera’s and its MVP SpectroCoin’s net transactional revenue. For the commission to be distributed to the token holders, BNK smart contract, unlike any other, was designed to store commission funds in Ether. Contributors who hold their tokens in SpectroCoin blockchain wallet get their share of commission automatically settled to their accounts every week. Those who decide to keep their tokens on external wallets or HitBTC exchange, will have to claim the commission via smart contract.

What’s Next?

HitBTC is just the first of several exchanges that BNK tokens will be listed on. Once BNK price stabilizes on HitBTC, BNK tokens will be added to SpectroCoin exchange. However, Bankera’s main focus remains on the development of its own trading platform as the company aims to provide its community with a secure, and cost-effective alternative to existing exchanges. Bankera’s exchange will support most of the major cryptocurrencies such as Bitcoin, DASH, Ethereum, NEM, Litecoin and later ERC20 and NEM mosaic tokens. Additionally, to increase BNK token demand, Bankera exchange will offer holders the possibility to trade BNK token pairs without paying commission fees.

Bankera – A Digital Bank for the Blockchain Era

Bankera is building a digital bank for the blockchain era without costly brick and mortar branches. Launched in 2017, it is an operational fork of SpectroCoin – cryptocurrency exchange, wallet, prepaid card, and payment processor with over 5 years of experience in the market and over 860,000existing customers. While SpectroCoin has always been focused on payment solutions for cryptocurrencies and never intended to be a bank, it has developed an infrastructure comparable to the traditional banks and plans to leverage it to build Bankera. Bankera’s digital bank will offer traditional and investment banking services, including savings and loans accounts, low-cost investment products, such as exchange-traded funds (ETFs) and crypto funds, essentially merging banking and blockchain worlds together.

To learn more, visit the Website: https://bankera.com/
Chat with us: https://chat.bankera.com/channel/community
Follow us on Twitter: https://twitter.com/bankeracom

Media Contact
Contact Name: Ruta
Contact Email: [email protected]

Bankera is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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Central bankers claim bitcoin could break the internet — the crypto world thinks they’re missing the point – Business Insider


Business Insider

Central bankers claim bitcoin could break the internet — the crypto world thinks they’re missing the point
Business Insider
The BIS, which is often dubbed the central bank of central banks, released a chapter from its upcoming annual report on Sunday dismissing bitcoin as “a poor substitute for the solid institutional backing of money.” “Trust can evaporate at any time
Bitcoin could break the internet, warns the BISStuff.co.nz
Bitcoin could ‘bring the internet to a halt,’ banking group warnsWESTERNMASSNEWS.com

all 43 news articles »


Business Insider

Central bankers claim bitcoin could break the internet — the crypto world thinks they're missing the point
Business Insider
The BIS, which is often dubbed the central bank of central banks, released a chapter from its upcoming annual report on Sunday dismissing bitcoin as "a poor substitute for the solid institutional backing of money." "Trust can evaporate at any time ...
Bitcoin could break the internet, warns the BISStuff.co.nz
Bitcoin could 'bring the internet to a halt,' banking group warnsWESTERNMASSNEWS.com

all 43 news articles »

Exec Branch Employees Must Disclose Crypto Holdings, Says US Ethics Office

The United States Office of Government Ethics (OGE) released new guidelines on 18 June 2018 which requires Executive Branch employees to report their cryptocurrency holdings. These guidelines are being issued since cryptocurrency activity has experienced a major surge recently, and employees have been questioning ethics officials concerning their obligations to report cryptocurrency use. The OGE …

The post Exec Branch Employees Must Disclose Crypto Holdings, Says US Ethics Office appeared first on BitcoinNews.com.

The United States Office of Government Ethics (OGE) released new guidelines on 18 June 2018 which requires Executive Branch employees to report their cryptocurrency holdings. These guidelines are being issued since cryptocurrency activity has experienced a major surge recently, and employees have been questioning ethics officials concerning their obligations to report cryptocurrency use.

The OGE said in its guidelines that holding cryptocurrency may be a conflict of interest for Executive Branch employees who can possibly influence cryptocurrency prices, and cryptocurrency is not protected by any exemptions to the law. Therefore, not only do Executive Branch employees have to report their holdings, they might also get in severe trouble for it if they are in a position of power. These new guidelines could make employees stay far away from cryptocurrency to avoid any trouble.

The OGE does not consider cryptocurrency to be real currency or legal tender, following the stance of other branches of the government. The Internal Revenue Service considers cryptocurrency to be property, the Commodity Futures Trading Commission considers cryptocurrency to be a commodity, and the Securities and Exchange Commission (SEC) considers most cryptocurrencies to be securities. Essentially, each government branch has been classifying cryptocurrency so that it falls in their jurisdiction and therefore gives them the right to regulate it, even if their classification is in opposition to other government branches.

According to the OGE, cryptocurrency is an investment which generates income, which is why it must be reported on a public or private financial disclosure. If the cryptocurrency being held is worth less than USD 1,000 and produced less than USD 200 during the reporting period, it doesn’t have to be disclosed.

If a cryptocurrency is a security, which is true for most initial coin offerings (ICOs) under new guidelines from the SEC, then every single transaction involving the token must be reported to the OGE. For cryptocurrencies like Bitcoin, transactions don’t have to be reported, just holdings.

The OGE says more regulations will probably be coming from it and other agencies as the situation evolves.

This continues the relatively unfriendly stance the United States government has had towards cryptocurrency since the rise of Bitcoin. Some speculate this could be due to Bitcoin taking away money and power from the centralized federal government.

 

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Ripple Price Analysis: XRP/USD Poised to Extend Gains

Key Highlights Ripple price formed a major low near the $0.5100 level and bounced back against the US dollar. Yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair tested the $0.5500 resistance zone and is currently correcting lower. Ripple

The post Ripple Price Analysis: XRP/USD Poised to Extend Gains appeared first on NewsBTC.

Key Highlights

  • Ripple price formed a major low near the $0.5100 level and bounced back against the US dollar.
  • Yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair tested the $0.5500 resistance zone and is currently correcting lower.

Ripple price is back with positive moves against the US Dollar and Bitcoin. XRP/USD is now well supported above the $0.5300 level and the 100 hourly SMA.

Ripple Price Trend

There was a key support formed around the $0.5100 level in Ripple price against the US Dollar. The price formed a low at $0.5100 and started a nice upside move. It jumped above the $0.5200 resistance and cleared a few sell zones. During the upside move, there was a break above the 38.2% Fib retracement level of the last decline from the $0.5650 swing high to $0.5100 low.

Moreover, yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5400 level and the 100 hourly simple moving average. There was a test of the $0.5500 resistance zone where sellers appeared. A high was formed at $0.5523 before the price started a downside correction. At the moment, the price is testing the 38.2% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high. On the downside, there are many supports near the $0.5300 level and the 100 hourly SMA.

Ripple Price Analysis XRP USD

Looking at the chart, the 50% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high at $0.5311 is a decent support. Therefore, if the price continues to move down, it is likely to find bids near the $0.5300 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well above the 50 level.

Major Support Level – $0.5300

Major Resistance Level – $0.5520

The post Ripple Price Analysis: XRP/USD Poised to Extend Gains appeared first on NewsBTC.

Internet Cafes Hacked to Mine $800,000 in Siacoin Cryptocurrency

A group of hackers have allegedly colluded with computer maintenance firms in China to hack into computers owned by internet cafes to mine cryptos.

A group of hackers have allegedly colluded with computer maintenance firms in China to hack into computers owned by internet cafes to mine cryptos.

Cryptocurrency Market Update: Ontology (ONT) Price Profits from New Partnership

FOMO Moments Current performing altcoins are Ontology, Tron, Ethereum Classic, and Icon. The bears were caught napping and a small, but possibly short-lived, bounce occurred in the crypto markets a few hours ago. In what appears to be a single whale transaction, Bitcoin shot up $300 in a matter of minutes at 23.30 UTC. The

The post Cryptocurrency Market Update: Ontology (ONT) Price Profits from New Partnership appeared first on NewsBTC.

FOMO Moments

Current performing altcoins are Ontology, Tron, Ethereum Classic, and Icon.

The bears were caught napping and a small, but possibly short-lived, bounce occurred in the crypto markets a few hours ago. In what appears to be a single whale transaction, Bitcoin shot up $300 in a matter of minutes at 23.30 UTC. The short pump has resulted in a 4% gain on the day for Bitcoin which is currently trading at $6,730. As usual the other cryptos will benefit from this and Ethereum also clawed its way back over $500, up 4% on the day to $517. Most of the altcoins are in the green at the moment following days of downward motion from bearish selling pressure. Ontology and Tron are posting the highest gains in the top 25 at the time of writing.

Coinmarketcap is reporting an 8.3% gain for Ontology which makes it the leading altcoin of the moment. ONT is currently trading at $6.60 from $6.08 this time yesterday, over the past week it has regained all losses from a level of $6.67 this time last Tuesday. The monthly view shows a similar picture with ONT regaining losses from a 30 day low of $5.60 to trade at the same level it was this time last month. Against Bitcoin ONT is up 4.2% to 98360 satoshis from 94500 sats this time yesterday, on the week it has remained at a similar level trading at 97000 satoshis this time last week.

Ontology has ridden the wave initiated by the Bitcoin pump a few hours ago. A recent tweet announcing a partnership with Contentos will keep momentum going. According to the medium post the two projects will “share their respective business expertise and work on blockchain research, application development, and community building. Ontology Global Capital will invest in Contentos, helping it use blockchain to reshape the content industry and continue to tap into the value of content.”

Ontology is currently traded heavily on Binance which has around 55% of the total volume; OKEx and Huobi are also popular exchanges to trade ONT. Total volume has increased from $55 million to $97 million in the past 24 hours as traders load up on the altcoin in the dip. Market cap has just surpassed a billion dollars which ranks this coin at 19th in the charts.

Total crypto market capitalization has jumped 4% from that one spike and is currently at $287 billion. A pump like this though is not a good recovery indicator and things are likely to fall back downwards again if buying pressure cannot be sustained. Trade volume is up slightly from $10 billion to $12 billion but still way down on previous weeks. Other altcoins performing well during the morning’s Asian trading session include Tron up 7%, Ethereum Classic 6.7% higher, and Icon up 6% on the day.

More on Ontology can be found here: https://ont.io/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post Cryptocurrency Market Update: Ontology (ONT) Price Profits from New Partnership appeared first on NewsBTC.

Ethereum Price Analysis: ETH/USD Broke Key Resistance

Key Highlights ETH price made a nice upside move and broke the $495 resistance against the US Dollar. There was a break above a major bearish trend line with resistance at $498 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now placed nicely above the $500 level and the 100

The post Ethereum Price Analysis: ETH/USD Broke Key Resistance appeared first on NewsBTC.

Key Highlights

  • ETH price made a nice upside move and broke the $495 resistance against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $498 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now placed nicely above the $500 level and the 100 hourly simple moving average.

Ethereum price climbed higher above key levels against the US Dollar and Bitcoin. ETH/USD may correct lower, but dips are likely to find buyers above $500.

Ethereum Price Support

Yesterday, there was a solid support base formed near $483-485 in ETH price against the US Dollar. The price started an upside move and traded above the $495 resistance level. It opened the doors for more gains and the price even jumped above the $500 handle and the 100 hourly simple moving average. Additionally, there was a break above the 61.8% Fib retracement level of the last decline from the $526 high to $481 low.

During the upside move, there was a break above a major bearish trend line with resistance at $498 on the hourly chart of ETH/USD. The pair was able to find bids above the $510 resistance and it traded close to the $526 swing high. At the moment, the price is consolidating gains below $526. An initial support is around the 38.2% Fib retracement level of the last wave from the $481 low to $526 high. However, the most important support is near the $504 level and the 100 hourly SMA. It also coincides with the 50% Fib retracement level of the last wave from the $481 low to $526 high.

Ethereum Price Analysis ETH USD

Looking at the chart, the price is trading with a positive bias above $504. On the upside, a break above $526 may perhaps push the price towards $540.

Hourly MACD – The MACD is moving in the bullish zone.

Hourly RSI – The RSI is correcting lower from the 70 level.

Major Support Level – $504

Major Resistance Level – $526

The post Ethereum Price Analysis: ETH/USD Broke Key Resistance appeared first on NewsBTC.

Bitcoin Cash Price Analysis: BCH/USD May Overtake $900

Key Points Bitcoin cash price bounced back sharply from the $825 support area against the US Dollar. Yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is currently trading just below the $900-910 resistance, and it may soon

The post Bitcoin Cash Price Analysis: BCH/USD May Overtake $900 appeared first on NewsBTC.

Key Points

  • Bitcoin cash price bounced back sharply from the $825 support area against the US Dollar.
  • Yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading just below the $900-910 resistance, and it may soon break it.

Bitcoin cash price is showing positive signs above $850 against the US Dollar. BCH/USD is likely to continue higher above the $900-910 resistance.

Bitcoin Cash Price Trend

There was a test of an important support at $825 by bitcoin cash price recently against the US Dollar. The price found a strong buying interest and started an upside move above the $850 level. There was a break above the 50% Fib retracement level of the last decline from the $908 high to $825 low. It opened the doors for more gains and the price jumped further above $850.

More importantly, yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair. The pair also traded above the $880 level and it almost tested the $900 level. A high was formed at $898 before the price started consolidating gains. An initial support is around the 23.6% Fib retracement level of the last wave from the $826 low to $898 high. There may perhaps be more downsides in the near term, but supports such as $880 and $850 are likely to prevent losses.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the pair is placed nicely above the $850 level. Therefore, there are high chances of an upside break above the $900 and $908 resistance levels. The next hurdle above $908 is around the $950 pivot level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed nicely in the overbought zone.

Major Support Level – $850

Major Resistance Level – $908

The post Bitcoin Cash Price Analysis: BCH/USD May Overtake $900 appeared first on NewsBTC.

Cardano (ADA) Price Watch: Ready to Reverse from the Drop?

Cardano Price Key Highlights Cardano is still in its descending channel but might be gaining traction off the bounce. Applying the Fib tool shows the next potential resistance levels that could keep gains in check. Technical signals are looking mixed, with oscillators suggesting further gains in the cards. Cardano appears to be gaining some traction

The post Cardano (ADA) Price Watch: Ready to Reverse from the Drop? appeared first on NewsBTC.

Cardano Price Key Highlights

  • Cardano is still in its descending channel but might be gaining traction off the bounce.
  • Applying the Fib tool shows the next potential resistance levels that could keep gains in check.
  • Technical signals are looking mixed, with oscillators suggesting further gains in the cards.

Cardano appears to be gaining some traction after its channel support bounce and could aim for the Fibs next.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. In addition, the 100 SMA dynamic inflection point lines up with the channel resistance to add to its strength as resistance.

The 100 SMA also coincides with the 50% Fibonacci retracement level around 0.1900 while the 200 SMA is closer to the 61.8% Fib just past the 0.2000 major psychological level. This might be the line in the sand for the downtrend as a break past this could bring more buyers in.

RSI is on the move up to show that buyers have the upper hand and could push for a climb. Similarly stochastic is pointing up so Cardano price could follow suit. Once both oscillators hit overbought levels, though, selling pressure might return and lead to a drop back to support.

ADAUSD Chart from TradingView

Market Factors

Cryptocurrencies got a fresh boost from the news that New York’s FSA gave a license to Square’s Cash app, which allows clients to trade bitcoin in the state. The app has 7 million active users based on its first quarter earnings call, which means a lot of potential liquidity and volumes for bitcoin.

Of course this type of news tends to spill over to other altcoins and Cardano could be strongly poised to take advantage. Cardano has been added by Bithumb to their list of trading coins starting on June 13.

The post Cardano (ADA) Price Watch: Ready to Reverse from the Drop? appeared first on NewsBTC.

One Mathematician’s Mission to Boost Bitcoin’s Privacy (And Soon) – Coindesk


Coindesk

One Mathematician’s Mission to Boost Bitcoin’s Privacy (And Soon)
Coindesk
To this end, Poelstra has been tinkering away, formulating mathematical equations and writing code, to hide bitcoin’s “trails.” Trails being the traces of personal information – who you are, what you buy, for how much – that can be gleaned when


Coindesk

One Mathematician's Mission to Boost Bitcoin's Privacy (And Soon)
Coindesk
To this end, Poelstra has been tinkering away, formulating mathematical equations and writing code, to hide bitcoin's "trails." Trails being the traces of personal information – who you are, what you buy, for how much – that can be gleaned when ...

India: Former Legislator in Bitcoin Extortion Case Declared Proclaimed Offender – Cointelegraph

CointelegraphIndia: Former Legislator in Bitcoin Extortion Case Declared Proclaimed OffenderCointelegraphAn Indian court declared former Member of the Legislative Assembly (MLA) Nalin Kotadiya a proclaimed offender in connection with a Bitcoin (BTC) ex…


Cointelegraph

India: Former Legislator in Bitcoin Extortion Case Declared Proclaimed Offender
Cointelegraph
An Indian court declared former Member of the Legislative Assembly (MLA) Nalin Kotadiya a proclaimed offender in connection with a Bitcoin (BTC) extortion case amounting to $1.3 million, Business Standard reported June 18. Judge PG Tamakuwala ...

and more »

Bitcoin (BTC) Price Watch: Next Upside Hurdles to Clear

Bitcoin Price Key Highlights Bitcoin price broke to the upside of its short-term consolidation pattern to signal bullish pressure. Price has yet to bust through several upside hurdles to confirm that buyers are in control. Technical indicators are mostly suggesting that the drop could still resume. Bitcoin price made a short-term upside break but still

The post Bitcoin (BTC) Price Watch: Next Upside Hurdles to Clear appeared first on NewsBTC.

Bitcoin Price Key Highlights

  • Bitcoin price broke to the upside of its short-term consolidation pattern to signal bullish pressure.
  • Price has yet to bust through several upside hurdles to confirm that buyers are in control.
  • Technical indicators are mostly suggesting that the drop could still resume.

Bitcoin price made a short-term upside break but still faces several upside hurdles before sustaining the rally.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that there’s a good chance the selloff could still resume. This short-term moving average is also near the top of the channel to add to its strength as a ceiling.

Applying the Fibonacci retracement tool shows the next potential resistance levels where sellers could hop in. Price is currently testing the 38.2% retracement but might still pull up to the 50% level closer to the trend line resistance. The $7,000 major psychological level could also keep gains in check.

RSI is on the move up but nearing overbought territory to reflect exhaustion among buyers. Allowing sellers to regain the upper hand could lead bitcoin price to revisit the swing low or the channel bottom closer to $6,000.

Stochastic is still pointing up, though, so there may be some bullish energy left. If buyers are strong enough to push past the channel top, a test of the 200 SMA dynamic inflection point could take place next. From there, the swing high around $7,500 could be the next resistance.

BTCUSD Chart from TradingView

Bitcoin price got a strong boost from news that New York’s Financial Services Authority gave a license to Square’s Cash mobile app. This allows its clients to trade bitcoin in the state, and the app reportedly has 7 million active users as of its first quarter earnings call.

The post Bitcoin (BTC) Price Watch: Next Upside Hurdles to Clear appeared first on NewsBTC.