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: Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

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: ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

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 Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern
• Bitcoin’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

• 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: ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

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 Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

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 Coronavirus Selloff Throws Cold Water on Safe-Haven Argument
• How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

• 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 Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

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 Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

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

• How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’
• $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

• 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 Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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

• $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls
• New ‘Simpsons’ Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

• 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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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

• New ‘Simpsons’ Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

• 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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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

• New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

• 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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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: New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

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

• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal
• Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $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: New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

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: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K
• Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

• 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: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $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

• Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find
• Oil Prices Are Now More Volatile Than Bitcoin

• 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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $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: Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

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

• Oil Prices Are Now More Volatile Than Bitcoin
• Bitcoin News Roundup for Feb. 20, 2020

• 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 Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

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: Oil Prices Are Now More Volatile Than Bitcoin

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 News Roundup for Feb. 20, 2020
• Bitcoin Traps Buyers With Biggest Daily Price Loss in Three 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: Oil Prices Are Now More Volatile Than Bitcoin

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 News Roundup for Feb. 20, 2020

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 Traps Buyers With Biggest Daily Price Loss in Three Months
• Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

• 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 Traps Buyers With Biggest Daily Price Loss in Three Months

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 Slides Back Below $10K Amid Quick Bearish Sell-Off

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

• OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)
• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

• 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 Slides Back Below $10K Amid Quick Bearish Sell-Off

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: OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)

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

• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’
• UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

• 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: On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

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: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driver’s Seat as Price Crosses $10K
• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network

• 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: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driver’s Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• 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: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driving Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• 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: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driving Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network
• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

• 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 Bulls Back in the Driving Seat as Price Crosses $10K

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 Coders Confront an Old Quandary: How to Upgrade an Entire Network

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

• Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline
• Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’

• 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 Coders Confront an Old Quandary: How to Upgrade an Entire Network

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: Golden Cross Gives Little Relief as Bitcoin Risks Fall Below 2020 Bullish Trendline

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

• Craig Wright Doubles Down on Satoshi Claim, Says Bitcoin Core Infringes His ‘Database Rights’
• Derivatives Exchange Deribit Launches Daily Ether Options