Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally
[NEWS BLOG]: Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally
Since NewsBTC’s last market update,
Bitcoin has continued to rip higher, recently hitting $6,750. With this, the cryptocurrency is up nearly 9% from the daily lows around $6,200, and up over 16% from the weekend lows at $5,800.
Although not on the same magnitude, many have likened Bitcoin’s recent price action to the 25% surge seen on April Fool’s and April 2nd last year, which was a move that kickstarted a rally from the $4,000s to $14,000 by mid-June.
Analysts believe that the cryptocurrency could continue higher.
Could Bitcoin Continue Even Higher?
Prominent cryptocurrency trader Flood, who called Bitcoin’s weekend move under $6,200, recently wrote that the cryptocurrency next’s stop is likely $8,000. His charts show $8,000 as a key resistance and $7,000 to $8,000 as no man’s land from a volume profile perspective.
Also, according to Bloomberg, the recent price action has allowed a key buy signal to appear: the Bloomberg Galaxy Crypto Index (an index of the top digital assets that includes Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and EOS) recently printed a buy signal, according to a trend indicator, the GTI Vera Convergence Divergence Indicator
A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation, which has since been dubbed “Black Thursday.”
OTHER RELATED NEWS
Israeli Startup Creates Offline Crypto Wallet with Online Connectivity
Israeli startup GK8 unveiled a cold-storage crypto wallet with on-network transfer capabilities, the company said.
GK8’s technology removes many of the dangers internet-accessible crypto wallets face – hacks, attacks, unexplained losses — while preserving their more convenient features, such as sending and receiving digital assets.
In an interview, GK8’s co-founder Lior Lamesh told CoinDesk that a “unidirectional connection” links its wallet directly to the blockchain, where it transfers assets as conventional wallets do. GK8’s one-way signaling does not itself operate on the internet.
GK8 says its techniques “bypass core assumptions related to cryptocurrency transfers and eliminate attack vectors to any asset transfer.”- read more.
Messaging Giant LINE Wins Japan License for Crypto Exchange Business
LINE, provider of Japan’s most popular messaging app, has just been approved for a cryptocurrency business license in the country.
The news, reported by CoinDesk Japan on Friday, means it will be able to offer its crypto exchange services in Japan where it has 80 million monthly active users. The new platform is to be called BitBox, according to the company.
The license was awarded by Japan’s Financial Services Agency, which indicated on its website that the registration was completed on Sept. 6 in the name of LVC Corp., which oversees LINE’s digital asset and blockchain business units.
LINE President Takeshi Dezawa also disclosed completed FSA - read more.
Ripple (XRP) Poised To Extend Losses Below $0.18: Here’s Why
"Ripple Price Could Dive Further"
After a close below the $0.1900 pivot level, ripple extended its decline. XRP price broke the key $0.1880 support zone to move further into a bearish zone.
The bears were able to push the price below the $0.1850 level and the 100 hourly simple moving average. A new weekly low is formed near the $0.1783 and the price is currently recovering higher.
There was a break above the $0.1800 and $0.1820 levels. Ripple managed to recover above the 23.6% Fib retracement level of the downward move from the $0.1950 high to $0.1780 swing low.
On - read more.