CoinDesk Crypto

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Briefly Hits $9K, Investors Remain Bullish

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Iran Issues License for Nation’s Biggest Bitcoin Mining Operation
• Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Fails at $9K Hurdle Again, But Data Suggests Investors Are Bullish

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Iran Issues License for Nation’s Biggest Bitcoin Mining Operation
• Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Interest in Gold-Backed Token Trading Grows Amid Supply Disruptions

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

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

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• American Buyers Are Fueling Bitcoin’s Rally, Data Suggests
• First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

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

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

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

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons 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’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Ether Trounces Bitcoin as Network See Surge in Stablecoins

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Why Global Deflation May Not Be Bad News for Bitcoin
• Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on Halving

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Gains as Futures Dance the Contango
• Bitcoin Rallies 10% Ahead of CME April Futures Expiration

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Market Wrap: Oil Rebounds As Crypto Makes Gains, Especially Ether

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Stablecoins Aren’t Inflating Crypto Market, Study Concludes
• Bitcoin Approaches $7K as US Passes New $480B Stimulus Package

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
• Bitcoin Under Pressure After Oil Prices Crash to Record Lows

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Volatility at 3-Month Low as Market Awaits Big Price Move
• Hong Kong’s First Regulator-Approved Bitcoin Fund Targets $100M Raise

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Volatility at 3-Month Low as Market Awaits Big Price Move

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Hong Kong’s First Regulator-Approved Bitcoin Fund Targets $100M Raise
• Crypto Long & Short: The Battle of the Yields

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Gold Is Crushing Bitcoin, but Inflation May Bring the Cryptocurrency a Boost

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: More Investors Are Holding Bitcoin Ahead of the Halving, Data Suggests

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Tests $7K as Spot Trading Volumes Subside to Normal Levels
• Options Market Signals Doubt Bitcoin Price Will Rise After Halving

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Bitcoin Market Goes Into ‘Backwardation’ Despite Fed’s Trillions

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Stuck Below $7K Even as Gold Surges to 7-Year High

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Drops as Traders See Bearish Signals in Futures Markets
• Crypto Long & Short: DeFi and Traditional Finance Are Forming an Unlikely Friendship

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Garners New Users as Governments Flood World With Fiat
• What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: This Visa Card Gives Bitcoin Rewards on Dollars Spent

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same
• Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: This Visa Card Gives Bitcoin Rewards on Dollars Spent

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K
• Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: This Visa Credit Card Gives Bitcoin Rewards on Dollars Spent

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K
• Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices
• Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K
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Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• First Mover: Bitcoin’s Back in the Black for 2020
• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: Bitcoin’s Back in the Black for 2020

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold
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