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Bitcoin (BTC) Price Analysis — Surging 30% Over the Day. What Level Above $9,000 Will It Fix On?

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  • Denys Serhiichuk
    📈 Price Predictions

    Was yesterday’s growth a bullish trend revival or a trap for buyers?

Bitcoin (BTC) Price Analysis — Surging 30% Over the Day. What Level Above $9,000 Will It Fix On?
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 Bitcoin exchange rate soared by almost 30% in just a few hours. Together with the leading crypto, all altcoins also quickly went into the green zone. Meanwhile, the trading volume level of BTC has updated its maximum over the last year - the current value constitutes $30 bln. 

Top 10 coins by Coinstats

The sharp increase in the BTC price can be linked with the fact that buyers entered the market, considering the current levels after the recent correction quite attractive. In addition, the Bakkt platform showed a sharp increase in volumes.

Title: Bitcoin

Ticker: BTC

Market Cap: $172 450 764 520

Price: $9 573,39

Volume (24h): $44 333 051 292

Change (24h): 28,31%

The data is relevant at press time.

BTC/USD: Should We Expect a Slight Rollback or a Deep Correction?

Bulls have not just got out of the bearish local trend but managed to come back to the levels of September 2019. The price surged to $10,300 on some exchanges, rising by more than 40%. Meanwhile, the Bitcoin market dominance has increased more than 3% and now totals 68.4%.

BTC/USD chart by TradingView

On the 4H chart, Bitcoin is oversold and a decline to the nearest support zone between $8,300 and $8,700 is likely to occur in a few days. Now, it is difficult to tell whether yesterday’s growth was a false breakout or a bullish trend revival. 

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If BTC bounces off the support and goes up, that will be the start of a new bull run in terms of a long-term scenario. In the opposite case, bears will keep pushing the price below $8,000. 

Bitcoin is trading at $9,593 at press time.

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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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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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