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Price Analysis: Discovering the Top Cryptocurrency Market Performers This Week – The Cryptocurrency Analytics

January 27, 2020 | Author: admin

Over the past week, Bitcoin (BTC) had seen with a tight trading range, especially when the crypto-asset oscillated between $8,200 low and $8,800 high.

Some analysts have noted that the BTCs bullish market structure can be vulnerable to invalidation in the near future due to a lack of decisive momentum. However, the recent incurred momentum seems to be enough in relieving those issues.

Meanwhile, the coronavirus outbreak happening in China caused a lot of investors to panic as market pressure continues to rise. So, its no surprise why the crude, along with the global equity markets, fell in the past seven days.

The crypto space has not an exemption in the coronavirus outbreak; they have also given up a few grounds. However, these assets are set to create a relief rally while the major cryptos are currently trading in the green.

Despite the unexpected geopolitical events that happened last week, which impacted the price movement of the cryptos, BTC remained the leading crypto-asset in terms of market cap coupled with daily trading volume. But it does not necessarily mean that the crypto asset was the top performer for this week.

HEDG Rise by 13%

Hedge Trade (HEDG) successfully reached a 13% rise, which placed the crypto at the number one spot for this weeks top performers. Despite being new in the crypto space, it is now attempting to be part of the top 20 cryptos by market capitalization by market cap list.

On January 24th, the HEDG/USD pair rallied to $2.67010910, which is about $2888.91 rise from the $0.68654876 intraday low on December 5. In the case that the bulls scale above the $2.67010910 level, the crypto could rally to $3 level.

DASH 10% Gain

For the third time around, DASH became part of the weekly top performers in the crypto market. Thats due to its 10% gain in the previous seven days.

The DASH/USD pairs pullback from their recent $142.3419 highs is considered to be shallow because the pulls were on dip buying near $90.2989. This suggests that buyers are willing to accumulate at lower levels. In bulls could hit above $142.3419, then a rally to $180 is possible.

BSVs Volatile Price Action

The fifth week of BSV in the list favors the bulls. In the past seven days, the cryptos price action remained volatile. That said, volatility resulted from answered questions that surround the Craig Wright vs. Dave Kleiman court case.

The BVS/USD pair is expected to have a range-bound movement between $337.80 and $237 in the next days. In the case that the bulls successfully break above the $337.80 level, BSV will rally towards $400.

ETCs 4% Rough Rally

In the past seven days, ETC has seen with a rough rally to 4%. The pullback of ETH from its $12.040 recent highs resulted to a support level near $8. This suggests that the buyers are now willing to risk at lower levels.

Many folks are expecting that the ETC/USD pair could consolidate close to the $10 and $3.40 level. If the pair successfully remained in the $8 and $10 levels, then it will call for an upward breakout.

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Trend Micro creates honeypot to analyse security threats, gets subjected to ransomware & cryptocurrency mining – Economic Times

January 27, 2020 | Author: admin

Trend Micro, the multinational cybersecurity firm, announced today the results of a six-month long investigation into how hackers target unsecured industrial factories. The Tokyo-headquartered company created a honeypot that imitates a factory operating in an unsecured industrial environment. The experiment found that its sophisticated Operational Technology (OT) honeypot attracted financially motivated exploits.

Some of the common threats that its mock industrial environment was subjected to, include cryptocurrency mining and remote access. Two separate ransomware attacks illegitimately installed software that was used for consumer fraud.

Too often, discussion of cyber threats to industrial control systems (ICS) has been confined to highly sophisticated, nation-state level attacks designed to sabotage key processes. While these do present a risk to Industry 4.0, our research proves that more commonplace threats are more likely, said Greg Young, vice president of cybersecurity for Trend Micro.

The honeypot went live on May 6 and the human interface machines (HMIs) were exposed online without control access. To create the prototype of a realistic, industrial company, the same password was used for several workstations.

A mix of virtual machines and physical hosts was used to run the factory. This included programmable logic controllers (PLCs) and human machine interfaces (HMIs). Separate engineering and robotic workstations were employed, which were mapped to a file server.As the number of attacks went up, some of the threat actors became repeat offenders. A couple of months after going live, an attacker downloaded a cryptocurrency miner, which was later used to relaunch the miner and use the hosts hardware to mine cryptocurrency. Some of the other consequences from attacks included reconnaissance by malicious actors, which at times, caused system shutdowns.

More hackers appeared on our system. One of the most notable was behind a Crysis ransomware infection on Sept. 22. We watched as this threat actor downloaded the ransomware through TeamViewer and continued with their routine, up to the point they left the ransom note. We even interacted and haggled with the threat actor through an exchange of emails, said the official report.

As the number of attacks went up, some of the threat actors became repeat offenders. On October 16, 2020, a security breach led to a robotic workstation sending out a beacon as a part of its lateral movement. A second ransomware attack on October 21 used a Phobos variant of the earlier attack.

Some hackers were more benevolent. On November 1, an attacker left a well-intentioned note advising the admin to put a password on their systems. On Nov. 12, we saw an interesting attack that disguised itself as a ransomware campaign, when in fact the threat actor behind it had simply renamed our files. Two days later, on Nov. 14, this threat actor came back to the system to delete files and leave open tabs of a porn site on our desktop, the report said.

Owners of smaller factories and industrial plants should therefore not assume that criminals will leave them alone. A lack of basic protections can open the door to a relatively straightforward ransomware or cryptojacking attack that could have serious consequences for the bottom line, said Greg Young, Trend Micros VP of cybersecurity.

The company urges smart factory owners to reduce the number of ports left open to external connections, and to enforce cybersecurity best practices like changing access control policies. While it is difficult to completely mitigate attacks, the researchers argue that investing in basic cybersecurity products could prove to be a major deterrent.

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Cryptocurrency Hackers Were More Active in 2019, but Were Less Successful – CryptoGlobe

January 27, 2020 | Author: admin

/latest/2020/01/total-crypto-theft-declined-in-2019-despite-increase-in-activity/

Cryptocurrency Hackers Were More Active in 2019, but Were Less Successful

total-crypto-theft-declined-in-2019-despite-increase-in-activity

The total amount of cryptocurrency stolen by hackers decreased in 2019 despite overall malicious activity increasing and attacks being more widespread.

According to the most recent Crypto Crime Report by blockchain analysis company Chainalysis, more cryptocurrency hacks occurred in 2019 than any other year so far. However, the cumulative amount of money stolen during crypto hacks was down compared to previous years.

Of the eleven major hacks that took place in 2019, none matched the scale of previous thefts such as 2018s $534 million hack of Coincheck or the $195 million from BitGrail. Total crypto theft from hacks declined from $875.5 million in 2018 to $282.6 million in 2019.

Chainalsysiss methodology was limited to hacks involving access to exchange funds and did not include exit scams or thefts of payment processors.

According to the report,

With no hacks taking in more than the $105 million stolen from Coinbene, both the average and median amount stolen per hack fell substantially in 2019, after having risen each of the three preceding years.

The report continues, adding that only 54$ of the hackers seen in 2019 took over $10 million from their victims, compared with all of the hacks observed in 2018.

Chainalysis attributes the decline to exchanges, as thesehavegotten better at limiting the damage any one hacker can do.

Featured Image Credit: Photo via Pixabay.com

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Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K – Cointelegraph

January 27, 2020 | Author: admin

The price of Bitcoin (BTC) found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.

Alongside with that, the total market capitalization of crypto found a support at $215 billion and starting to look bullish. Will this mean that the correction is over, and crypto is trending upwards?

Crypto market daily performance. Source: Coin360

Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support. A recent example is showing a bounce on the green area, which is the $8,200 level. This type of bullish support/resistance flips is a common occurrence in an uptrend market.

BTC USDT 1-day chart. Source: TradingView

A break below $8,200 would have demonstrated weakness, as that level would not have provided enough buying pressure and support. Losing such a level would usually have been followed by a continuation downwards. An example is found after the push to $10,000 in November 2019.

The chart is also showing a clear breakout from the 7-month downtrend. A retest was done at $7,600, after which the price of Bitcoin rallied towards $9,200 for temporary resistance.

BTC USDT 4-hour chart. Source: TradingView

The 4-hour chart of Bitcoin is showing a healthy support/resistance flip at $8,200, after which price broke through the $8,500 resistance. Currently, the price of Bitcoin is facing the next resistance at $8,800.

However, its quite unlikely to see an immediate breakthrough at this level as the indicators on smaller time frames show exhaustion of this upwards move.

Additionally, some significant resistances are shown on the chart, i.e. $9,000 and $9,200-9,400, which are two hurdles to overcome if the price of Bitcoin wants to continue moving upwards.

On the support side, a retest of $8,500 looks quite healthy for confirmation of new support. Range-bound movements are now likely to happen if price cant break through $8,800 or drop below $8,500.

Total market capitalization cryptocurrency chart. Source: TradingView

The total market capitalization of cryptocurrencies is showing an essential bounce from the blue zone (level around $217-218 billion). A retest there was quite healthy as anticipated in a recent article.

This retest is now completed and shows intense buying pressure as the total market capitalization has already rallied up to $238 billion. This retest also indicates confirmation of the uptrend with the total market cap breaking the 7-month downtrend as well.

The first hurdle to overcome now is the $247 billion level. If that is broken, continuation towards $270 and $300 billion is likely to occur.

The total market capitalization chart of altcoins is looking healthy The market cap rallied from $52 billion to $80 billion. Only a slight retracement occurred to $71 billion, which means that it is stuck in a narrow range.

Total altcoin market capitalization chart. Source: TradingView

If we check the rest of the chart, we can spot many tests of the $80 billion level in recent months. Around three tests have happened prior to this latest one, which means that the resistance should become weaker.

Remember, the more times a resistance gets tested, the more exhausted sellers will get, and the weaker a resistance becomes. On the other hand, this also happens with support zones. The $6,000 support of Bitcoin in 2018 was tested many times before it broke down.

Given that these tests of the $80 billion level occurred quite frequently, a breakout to the upside is the most likely scenario at this point, meaning that the altcoin market cap could rally towards $120 billion.

BTC USDT 4-hour chart bullish scenario. Source: TradingView

The most bullish scenario would be a clear breakout of $8,800 and a continuation from there. However, as stated earlier, I find it unlikely to see such a move occur in one go.

A retest and consolidation would be more likely including a likely retest of the $8,500. This is healthy and would be almost required before the price of Bitcoin can continue to face higher resistance levels.

If Bitcoin can hold the $8,500 area for support, I see a breakthrough of the $8,800 and $9,000 as likely, after which $10,000 will become the primary target. Moreover, clearing $10,000 could bring the price of Bitcoin towards $11,000 as well.

BTC USDT 4-hour chart bearish scenario. Source: TradingView

Typically, the bearish scenario has a similar pattern in the beginning, as BTC needs to be rejected at the $8,800 level. However, the difference is in the subsequent pattern.

If the price of Bitcoin is to make lower highs with weak bounces, the downward trend is likely to resume. If this occurs, Id be aiming for bearish retest (support/resistances flips) of the $8,500 level as a potential short opportunity. The main target would then be the $7,600 area.

But first, the price needs to be rejected at $8,800-9,000 to get these scenarios going. Overall, the $8,100 support/resistance flip doesnt say that were bearish at this point. Especially, since that price has broken at a 7-month downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again – Cointelegraph

January 27, 2020 | Author: admin

Bitcoin (BTC) plans to move higher and further squeeze bears in the short term, several price indicators suggest.

As the week begins, a group of measurements some surprisingly accurate historically are combining to make traders firmly bullish on BTC.

Leading the positive signs is a useful but somewhat forgotten indicator dubbed the Guppy. This is a collection of exponential moving averages which has flashed green on the daily chart for the first time in around 300 days.

The interval is significant the last flip from red to green for Guppy was on April 9, 2019, coinciding with Bitcoins rapid rise to highs of $13,800.

Before that, Guppy also turned bullish on Jan. 14, 2018, when Bitcoin briefly rose above $9,000 on the way down from the all-time high a month earlier.

Bitcoins Guppy indicator bull and bear phases. Source: Hsaka/ Twitter

A second sign that bullish momentum is building for Bitcoin lies in the so-called Puell Multiple.

Used to identify the cryptocurrencys price cycles, the tool allows traders to tell from a miners perspective when the value of newly-mined Bitcoins is historically too high or too low.

Puell spiked during the 2017 highs, bottoming a year later in January 2019 when BTC/USD traded at under $4,000.

At present, the indicator suggests Bitcoin is significantly closer to the too low area than its lifetime highs.

Bitcoin Puell Multiple with peaks and troughs highlighted. Source: Glassnode/ Twitter

Zooming in, steady enthusiasm is already creeping into traders forecasts once again. For regular Cointelegraph contributor Michal van de Poppe, current action means $8,000 has now formed a fresh support level.

BTC/USD has gained around 3.8% since Friday, having bounced off local lows around $8,200.

Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support, he summarized in a Twitter update on Jan. 27.

Van de Poppe continued:

Eyeing to see a retest of $8,500. Holding that and we can aim for $8,900.

A classic guidance signal for Bitcoin comes in the form of the Mayer Multiple, which is also firmly supportive of Bitcoin as a buying opportunity this week.

The brainchild of Proof of Keys organizer, Trace Mayer, the Mayer Multiple divines to what extent it is profitable to buy Bitcoin at a particular time.

To arrive at its conclusions, it uses the current Bitcoin price versus its 200-day moving average. When the multiple is below 2.4, Mayer says, long-term Bitcoin buys saw the best long-term results.

The current multiple is 0.97 and has been higher 63% of the time since Bitcoin was created eleven years ago.

Bitcoin Mayer Multiple with 2.4 boundary highlighted. Source: Mayermultiple.info

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Latest Bitcoin price and analysis (BTC to USD) – Coin Rivet

January 27, 2020 | Author: admin

Bitcoin (BTC) is currently trading at around $8,610 following a 3% increase in price over the last 24 hours.

Even though BTC seemed to be struggling last week, the worlds largest cryptocurrency recovered nicely over the weekend.

Bitcoin momentarily traded close to $8,300 at the start of the weekend after price dropped 4% from Thursday to Saturday.

Since then, Bitcoin has rebounded to the upside, which reiterates the bullish sentiment surrounding the digital asset ahead of this summers halving event.

Bitcoin now seems to be consolidating above $8,600 and getting ready for another shot at the $8,830 level of resistance.

Lets take a look at Bitcoins chart, courtesy of TradingView.

Bitcoin has been climbing upwards since the start of the new year, breaking through all its EMAs over the past few weeks after a major rally that took the digital asset from just below $7,000 to over $8,600.

From bottom to top, BTC has grown about 28% in the space of 18 days. At the moment, BTC is still around 25% higher than the start of the year.

However, price needs to continue picking up steam if the hangover from the second half of 2019 is to completely turn around.

In addition, Bitcoins volume must continue to grow. At the time of writing, it is showing signs of having fully recovered and is now between 30-40% higher than last month around $23 billion.

If Bitcoin is able to maintain the positive trend seen so far this year, we might see it top $10,000 sooner than expected.

Last week, I underlined that within the next few days/weeks, we could see a major reversal after a period of serious accumulation by hodlers.

The boost in trading volume means the accumulation cycle could be close to an end and the bull run were all waiting for will start sooner than expected.

The upwards movement over the past few days could mean a shift in sentiment, but it is too early to tell. It seems we already found the bottom (during 2019) and could be making our way towards a mid-term move to the upside.

For the time being though, theres a chance it can go either way. Only if BTC continues to record higher lows will price continue to go up.

Hopefully, the 200-day EMA (blue line) will now become support for Bitcoin and BTC will continue to hold above all its EMAs. In addition, I expect the 20-day EMA to cross both the 50-day and 200-day EMAs to the upside quite soon.

When these golden crosses take place, my take on the market will considerably shift to the upside.

I strongly believe Bitcoin to be a long-term store of value, especially as traditional markets continue to show weaknesses.

How can the markets continue to push higher after the ECBs recent rate cuts, the continuous share buybacks from huge corporations, or the inverted bond yield shoving investors away towards riskier assets?

In addition, repo market activity as in loans from central banks to commercial and investment banks has spiked to new monthly records. That adds up to another signal of weakness for the general economy.

We shouldnt forget that the Bitcoin halving is coming in May 2020, which will put extra positive pressure on price as the number of Bitcoin minted per block is halved.

The key aspect of the halving event is to work out whether it has already been priced-in by miners. I personally doubt it, since most people (and businesses) have a short-term mindset.

Therefore, I see miners pushing for lower prices until the halving takes place. The harder it is to mine until the halving, the more miners will drop off, leaving more room for profits for the players who stay.

In conclusion, investors and traders should pay attention to the overall economic panorama, as it will most likely be a major catalyst for worldwide BTC adoption.

Safe trades!

Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:

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In August 2008, the domain name bitcoin.orgwas registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins.

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

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Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K – Cointelegraph

January 27, 2020 | Author: admin

Bitcoin (BTC) hitting $6,000 again is not only unlikely but would be concerning, a well-known commentator has told Cointelegraph.

Speaking in a market discussion with Cointelegraph, EzeeTrader partner Charlie Burton said that should current market behavior continue, those waiting to buy in closer to $6,000 will face disappointment.

...I think well have upside and then well have downside again, just to the point where a number of players will just get bored and move on, he said. Burton continued:

And then therell be a fast move thatll come, and a lot of people will say, Oh my God, why was I not on that move?

BTC/USD was trading at around $8,600 on Monday, having gained almost 4% over the weekend.

As Cointelegraph reported, a number of price indicators are flipping bullish for Bitcoin under current conditions, providing strong suggestions of bullish momentum on both a short and long-term basis.

I think the market has done a good job of shaking out a load of people into 2018 and 2019, but I think its probably a different type of shakeout now, Burton continued.

The comments broadly echoed previous market discussion guest, Peter Brandt, who also argued that buyers planning to enter at $6,000 had already missed their opportunity.

The weak hands are out the strong hands own it, he famously summarized last weekend.

Fellow guest YouTuber and Twitch regular Eric Krown appeared to agree. Based on technical analysis, he suggested that it would be poetic if Bitcoin denied the lower levels demanded by some traders.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraphs YouTube channel.

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Theres Something Very Strange Going On With Bitcoin Exchange LocalBitcoins – Forbes

January 27, 2020 | Author: admin

Bitcoin exchange LocalBitcoins, often used as a gauge of bitcoin interest and prices around the world, has suddenly begun suspending long-time users' accounts without warning.

Reports began coming in this week that LocalBitcoins users across Africa, the Middle East, and Asia have had their accounts "deactivated."

Bitcoin users around the world have complained that LocalBitcoins has suddenly suspended their ... [+] accounts without explanation.

Messages seen by this reporter were sent to account holders by LocalBitcoins in countries including Afghanistan, Iraq, Nigeria, Syria, and Pakistan informing them they could "withdraw [their] bitcoins by deleting [their] account," though some users have claimed to be unable to do so.

LocalBitcoin, a peer-to-peer bitcoin exchange which was founded in 2012 and is headquartered in Helsinki, Finland, was unable to be reached for comment.

"One of my customers was due to travel out of the country and had to sell some of his bitcoin to be able to go only to notice on his way to the airport that he cannot even access his funds," said one LocalBitcoins user of three years in Nigeria, who wanted their identity to remain anonymous, adding their account had been suspended on Monday morning with no indication of when it might be reactivated.

According to the message received by users, LocalBitcoins now requires users in some countries to go through an "enhanced due diligence process," though LocalBitcoins has given no indication of what that process is or when details will be made clear.

Some reports have suggested the suspensions are a result of strict new European Union anti-money laundering regulations that came into effect this month, requiring bitcoin and cryptocurrency platforms and wallet providers to identify their customers.

However, LocalBitcoins, which has a reputation as being a relatively anonymous way for bitcoin users around the world to buy and sell bitcoin, claimed to have complied with the new legislation early last year, giving it ample time to verify users' identities ahead of the changes taking effect this month.

The regulatory changes have been blamed for bitcoin trading volumes on LocalBitcoins falling sharply in recent months, with reports suggesting bitcoin volume on the site fell by around 70% between September and November 2019.

In an interview last year, LocalBitcoins chief executive Sebastian Sonntag said the exchange was signing up between 4,000 and 5,000 new users per day but warned "changes" to the site have "had an impact on overall trade volume."

"We expect the situation to become more stable in the following weeks and improvements in the verification flow should also influence positively," Sonntag told finance trade site LearnBonds.

Meanwhile, other major bitcoin and crypto exchanges have been struggling with declining volumes over the last year, sparking fears the market could be on course for a correction.

The bitcoin price has climbed over the last 12-months but declining trade volumes have some worried. ... [+]

Bitcoin and cryptocurrency exchanges around the world have long struggled with hacks, data breaches, and theftswith many millions of dollars worth of bitcoin and other cryptocurrencies lost.

Last year, hackers stole around $28,000 worth of bitcoin from users' LocalBitcoins accounts.

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Bitcoin Just Surged to $8,950: Heres Why Analysts Expect a Bigger Price Explosion – newsBTC

January 27, 2020 | Author: admin

After falling as low as $8,200 late last week, Bitcoin (BTC) has recently started to mount an extremely strong recovery, bouncing after the 11% correction seen after a 43% rally.

Just minutes ago as of the time of writing this article, the leading cryptocurrency hit $8,950, falling just shy of the key $9,000 level as sellers stepped in at the eleventh hour.

Despite this slight rejection, which has brought BTC to $8,850, analysts are certain that this latest surge proves a growing bull case for Bitcoin and its ilk.

Fractal Watch, a popular cryptocurrency analyst, noted that this latest breakout towards $9,000 has allowed BTC to break out of a falling wedge chart pattern. The measured move of this bullish chart formation is $9,500, the top of the infamous China pump seen in October/November of 2019.

This surge has brought the price of BTC close to or above depending on which chart you use the 200-day moving average, a technical level that analysts say is an indicator of an assets long-term directionality.

If Bitcoin manages to close above the moving average and retest it as support, it could mark the start of another bull market. Indeed, in 2018, BTC failing to surmount the 200-day MA on at least three occasions is what indicated it remained bearish.

This comes as long-term signals have begun to support bulls.

Per previous reports from this outlet, the Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.

If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.

Also, Dave the Wave a top analyst who called much of BTCs 2019 price action recently gave the four following reasons why Bitcoin remains in a bull trend despite the 50% downturn:

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Bitcoin (BTC) Price Likely to Aim for $8,900 If It Holds Above $8,500, Crypto Analyst Predicts – U.Today

January 27, 2020 | Author: admin

After about four days of trading below $8,600, the Bitcoin price has finally returned to this area. At the time of writing, it is changing hands at $8,643, showing a 2.26-percent rise.

Crypto analysts and traders believe that if BTC manages to hold above $8,500, it will likely keep rising to $8,900. However, some predict that after reaching this level, the flagship currency may decline and hit $6,400.

Crypto analyst @CryptoMichNL is optimistic about the Bitcoin price short-term. SinceBTC has reclaimed $8,600, he believes that the major cryptocurrency is likely to start heading for $8,900 provided it can hold above the $8,500 price mark.

The founder of Elevate UX, Posty, seems to be at a loss as to where the Bitcoin price will start off next. In the same tweet, he says that should BTC start rising, it may hitresistance at $8,700. In that case, the $8,400 level will serve as support.

Yesterday, the BTC price suddenly started growing from the $8,300 area ending up in the $8,600 zone today and Posty says this turn of events came as a surprise for him.

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Twitter user Cryptonaire has posted a BTC chart with a Falling Wedge pattern formed on it. This userbelievesthat, since this is a bullish formation, Bitcoin is likely to pump to $8,900 first, fill twoCME gaps and then decline to the $6,400 level, potentially losing over $2,500 ofits price.

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