Fundstrat boils down its report into major conclusions:
1. Institutions are significantly more bullish than Crypto Twitter on BTC
2. XRP is the least liked and most polarizing
Opinions: Institutional Investors vs Crypto Twitter
Fundstrat boils down its report into major conclusions:
Bitcoin hovers just under the $7,550 mark as most of the top 20 cryptocurrencies are reporting moderate gains on the day
As reported by NewsBTC just days ago, the opening month was harrowing for Bitcoin (BTC) for one reason: the open of the December candle for the cryptocurrency’s price triggered a “sell” signal on the Market God v7 indicator, designed by crypto analyst Thies. The analyst remarked that he designed the indicator to “eliminate” emotion from his trading to instead rely on algorithm-driven signals and plans to “short the corn.” This was seen as bearish, as the last time the indicator gave the signal was in April, which was prior to the move that took the price of Bitcoin from five digits to $3,150, before printing a buy signal near the bottom. Though, according to Thies’ latest check of the indicator, the “sell” signal has dissipated as bears have failed to continue to push lower the price of Bitcoin. $BTCUSD pic.twitter.com/Pm3l3HoE4r — CryptoThies (@KingThies) December 7, 2019 Importantly though, the Moving Average Convergence Divergence (MACD), which is a “trend-following momentum indicator that shows the relationship between two moving averages of a security’s price” (Investopedia), remains in a bearish crossover formation on the one-month Bitcoin chart. The last time this took place was in May of 2018, prior to Bitcoin’s extended bearish move from the $10,000s to the $3,000 in the seven-odd months that followed. Regardless, the disappearance of Thies’ “sell” signal on the one-month suggests that bulls are starting to gain strength on a macro level once again, presumably in anticipation of the Bitcoin halving of May 2020. Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky Bitcoin Bulls Gaining Strength Thies’ signal, or lack thereof rather, seems to show that a bullish confluence is building for Bitcoin investors. On Friday, Hans Hauge, a senior quantitative researcher at Los Angeles-based crypto fund Ikigai Asset Management, issued an extensive Twitter thread on why Bitcoin’s outlook remains wildly positive heading out years into the future. Good morning, Bitcoiners! How have you been? In need of some holiday cheer? Here's @ahkyee, a director at Visa sharing a report from @DeutscheBank on some wild predictions (including Bitcoin) for 2030. Do I have your attention yet?https://t.co/MNz9bymQnS pic.twitter.com/dQ14wqlafX — Hans HODL (@hansthered) December 6, 2019 First, he looked to a recent analysis from Deutsche Bank, in which the global banking giant estimated that the number of users of Blockchain Wallet (blockchain.com) could surmount over 200 million — around six times higher than where the sum currently is — by 2030. (The same report also included an opinion from a Deutsche Bank analyst, who said that Bitcoin could replace fiat should issues persist in the financial system.) Secondly, he quipped that the (former) chief executive of Bitcoin exchange and infrastructure firm Bakkt is now a sitting U.S. Senator. And lastly, he noted that BTC is “actually pretty close to where it should be,” in reference to a model that takes the number of “Bitcoin transactions ever confirmed and use that as an input into a log-scale linear regression model.” Related Reading: Over $5 Billion Worth of Bitcoin Moved in Minutes; What Happened? Featured Image from Shutterstock Bitcoin Bull Narrative Gains Strength as Key Sell Signal Dissipates was last modified: December 7th, 2019 by Nick ChongThe post Bitcoin Bull Narrative Gains Strength as Key Sell Signal Dissipates appeared first on NewsBTC.
Bitcoin seems to be charging at $7,600 as it marks a slight increase of around 2.1% in the past 24 hours. The cryptocurrency seemed stuck in the same confluence price zone between $7,300 and $7,400 but has managed to break above it, and it now trades at around $7,550. As CryptoPotato reported earlier, an important resistance level to watch for is $7,700, which is where the bullish spike reached out. However, to see a real market reversal, we would have to see Bitcoin closing above $8,000. In any case, it appears that we might be in for another volatile weekend. BTC/USDT. Source: TradingView At the time of this writing, Bitcoin’s dominance remains 66.9%, which means that altcoins are unable to claim any ground. Almost all of the top 20 cryptocurrencies are marking either slight increases in the range between 0.5% and 1.5%, or they are in the red. The one that stands out, however, is Tezos. XTZ is up 8.65% against the US Dollar, and it currently trades at around $1,40. Tezos is also up about 6.4% against BTC, which is impressive, given the fairly slow market movements of late. Major Crypto Headlines Bitcoin Breaks Records: $8.9 Billion Processed In An Hour. Even though many are still focusing on Bitcoin’s price, the cryptocurrency’s network has managed to set a new record. It processed over $8.9 billion in on-chain transactions in a single hour, a few days ago. This highlights the long way Bitcoin’s blockchain has come and how it has improved over time. Who Wants Bitcoin For $680? A Sudden Flash Crash On Binance USDS Market Sank BTC Price. Flash crashes tend to happen now and then. On December 5th, Bitcoin’s price dropped to $680 in an instant on the world’s leading cryptocurrency exchange – Binance. It happened with the BTC/USDS trading pair and those who had placed low buying orders. Turn Of Events: General Manager of BIS Urges Central Banks To Embrace Digital Money. The General Manager of the Bank of International Settlements (BIS) has urged central banks to embrace digital money. He stressed the fact that the financial field is going through a revolution, and banks should be in charge of the momentum. Significant Daily Gainers and Losers EDUCare (33.65%) EDUCare (EKT) is the most significant daily winner, as it marks a serious increase of around 33.65% against the USD. The cryptocurrency is also up 30.5% against BTC, and it holds a market cap upwards of $125 million. EDUCare introduces a public chain ecosystem that is based on multi-chain architecture. Ravencoin (12.28%) Ravencoin is another strong performer that has been doing quite well throughout the whole week. On the day, RVN is up 12.28% against the USD as it currently trades at around $0,03. The cryptocurrency is also up 9.6% against BTC. Sitting on a total market cap of almost $164 million, it’s the 38th largest project. Ravencoin brings forward a peer-to-peer blockchain which offers an efficient creation and transfer of assets from one party to another. Enjin Coin (-7.77%) As Cryptopotato reported earlier this week, Enjin Coin surged with 60% after news of its partnership with Microsoft broke out. However, during the last 24 hours, ENJ lost almost 8 percent of its dollar value, as well as almost 10% of its value against Bitcoin. However, it’s worth noting that it is still about 50% up for the week. The post Bitcoin Is Ready For Another Volatile Weekend: Saturday Crypto Market Watch appeared first on CryptoPotato.