CoinDesk Crypto

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Blockchain Bites: Bitcoin Whales and American Buyers May Be Driving This Rally

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: American Buyers Are Fueling Bitcoin’s Rally, Data Suggests

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April
• Bitcoin Rises Back to $8.8K Even as US Stock Futures Drop

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: American Buyers Are Fueling Bitcoin’s Rally, Data Suggests

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rises Back to $8.8K Even as US Stock Futures Drop
• Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: American Buyers Are Fueling Bitcoin’s Rally, Data Suggests

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rises Back to $8.8K Even as Futures on US Stocks Drop
• Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin Rises Back to $8.8K Even as Futures on US Stocks Drop

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment
• Bitcoin Whale Addresses Hit Highest Number Since August 2019

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin Whale Addresses Hit Highest Number Since August 2019

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• The ‘Great Lockdown’ Is Boosting Demand for Bitcoin Custody Solutions
• BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Bitcoin Whale Addresses Hit Highest Number Since August 2019

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: The ‘Great Lockdown’ Is Boosting Demand for Bitcoin Custody Solutions

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits
• Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: The ‘Great Lockdown’ Is Boosting Demand for Bitcoin Custody Solutions

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report
• Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
• First Mover: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks
• Bitcoin Options Trading Volumes Surge as Price Moves Above $9.4K

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: First Mover: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin Options Trading Volumes Surge as Price Moves Above $9.4K

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin’s Price Tear Suggests It’s FOMO Time Again
• Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Bitcoin Options Trading Volumes Surge as Price Rockets Above $9.4K

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Market Wrap: Bitcoin’s Price Tear Suggests It’s FOMO Time Again

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks
• Coinbase Suffers Temporary Outage as Bitcoin Soars as High as $8,900

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Market Wrap: Bitcoin’s Price Tear Suggests It’s FOMO Time Again

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Coinbase Suffers Temporary Outage as Bitcoin Soars as High as $8,900
• Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Coinbase, Kraken Suffer Temporary Outages as Bitcoin Soars as High as $8,900

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments
• Bitcoin Rises Above $8.1K, Clinching an April Gain for Fifth Year Running

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin Rises Above $8.1K as Bull’s Eye April Gain for Fifth Year Running

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality
• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin Rises Above $8.1K as Bulls Eye April Gain for Fifth Year Running

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality
• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Bitcoin Rises Above $8.1K as Bulls Eye April Gain for Fifth Year Running

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds
• Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests
• Bitcoin’s Halving Is Irrelevant for Some Large Traders

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Halving Is Irrelevant for Some Large Traders
• Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin’s Halving Is Irrelevant for Some Large Traders

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months
• Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer

• Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data.
• With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.
• Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245.
• A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn’t be ruled out, as the recent pullback from $10,350 lacks volume support.

Bitcoin will likely put on a good show in November with a price-positive event due in six months.

The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago.

The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years.

Related: Bitcoin’s Halving Is Irrelevant for Some Large Traders

Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May.

In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving.

Bitcoin’s block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November.

Related: Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC.

The data indicates the market begins pricing in an impending supply cut six months in advance.

So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months.

Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years.

Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017.

This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend.

Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below.

Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025.

The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474.

The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived.

A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer
• Market Wrap: Ether Up 50% in 2020, Hits $200 on Sunday