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Bitcoin (BTC) Price Analysis — One More Sideways Week Awaits Us?

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  • Denys Serhiichuk
    📈 Price Predictions

    Can the following week be a decisive one in terms of future price movements for Bitcoin?

Bitcoin (BTC) Price Analysis — One More Sideways Week Awaits Us?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The new week has started for the cryptocurrency market with an upswing. While the majority of top coins have increased in comparison to previous weeks, Bitcoin SV (BSV) is the only cryptocurrency whose price has decreased by 0.59% since yesterday.

Top 10 coins by Coinstats

Bitcoin (BTC) closed with a 10% growth through the month of October, interrupting a three-month bearish trend. Yet, there are no vivid signals to suggest a bull run to $10,000. Below is the relevant data at the time of publication:

  • Name: Bitcoin
  • Ticker: BTC
  • Market Cap: $166,723,592,213
  • Price: $9,247.58
  • Volume (24H): $21,218,218,406
  • Change (24H): 0.96%

BTC/USD: Waiting for a Bullish Trap

The price of BTC continues to consolidate into a triangle pattern. Based the analysis, one might expect a growth confirmation when the mark is broken at $9,300.

BTC/USD chart by TradingView

Looking at 1H chart, the bulls are buying BTC whenever the price falls below $9,100. The short-term forecast is rather bullish than bearish as the trading volume level for selling has decreased. This means that buyers are becoming more active in the short-term. To sum it up, the bulls might push for a price of $9,300 and above. Such a prediction is only relevant for intraday trading.

BTC/USD chart by TradingView

Looking at a bigger time frame, the situation is vice versa. The 50-Day Moving Average has changed from a bullish stance to a neural one, possibly signaling an upcoming decline. What is more, the trading volume level is consistently decline after a 40% pump that occurred more than one week ago. 

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This means that the bulls cannot fix the growth, nor change the trend. If they do not manage to improve the situation this week, one might expect a drop in price to $8,750. Moreover, there is a gap that has not been filled yet.

At the time of publication, BTC was trading at $9,267.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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Contents

The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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