Bitcoin Price Dips Below $9.5K as Whale Deposits 600 BTC to BitMEX - Cointelegraph

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• Bitcoin Price Dips Below $9.5K as Whale Deposits 600 BTC to BitMEX - Cointelegraph
• Does Correlation Between Bitcoin Price and Altcoins Mean Buy the Dips? - Cointelegraph
• Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K - CoinDesk - Coindesk

Bitcoin Price Dips Below $9.5K as Whale Deposits 600 BTC to BitMEX - Cointelegraph Posted: 17 Feb 2020 06:52 AM PST Bitcoin (BTC) fell below $9,500 for the first time in almost two weeks on Feb. 17 as downward pressure continued to pressure markets. Crypto market weekly price chart. Source: Coin360 BTC further rejects $10K Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting twelve-day lows of $9,485 on Monday. At press time, the BTC price was struggling to find support at $9,500.  The shift lower followed a four-day slide for Bitcoin, which had topped out at $10,500 before seeing considerable resistance kick in.  Some traders appeared worried, as evidenced by a single deposit onto derivatives giant BitMEX on Monday, which totaled 600 BTC ($5.72 million). Weekly losses totaled around 3.5% on the day, while monthly performance remained strong at 7% growth. As Cointelegraph reported, year-to-date returns for Bitcoin investors likewise remain intact at nearly 40%.  Bitcoin 1-day price chart. Source: Coin360 Last week, veteran trader Tone Vays said that $9,500 would represent an ideal range in which to acquire long positions. Bulls stay strong on long-term gains Short-term volatility meanwhile failed to faze some of the industry's best-known bulls. Speaking in an interview over the weekend, TV host Max Keiser said that he had "officially" raised his BTC/USD outlook for the first time since 2012.  Now, he said, Bitcoin would not stop at $100,000, but instead, reach four times that amount — $400,000. Current levels nonetheless mean Bitcoin is frontrunning technical expectations for its average price prior to the May 2020 block reward halving.  According to calculations using the historically accurate stock-to-flow model, the cryptocurrency should trade at an average of $8,600 until May. Keep track of top crypto markets in real time here

Does Correlation Between Bitcoin Price and Altcoins Mean Buy the Dips? - Cointelegraph Posted: 16 Feb 2020 06:33 PM PST Bitcoin (BTC) price reached a new 2020 high on Feb. 13, 2020, crossing $10,497 following a 42% gain since the start of the year. This appreciation in price has led crypto analysts to suggest that a new bull run is in its early stages and some estimate that the price will reach a new all-time high at $27,000 by summer. Other analysts believe the price will reach the coveted $100,000 mark right before the start of 2021. Cryptocurrency market daily overview. Source: Coin360 Alongside Bitcoin's price gain, altcoins have been surging as well. Over the past week NEM and Tezos (XTZ) posted amazing double-digit gains, raising the idea that altcoins and Bitcoin bull periods may be correlated. Let's investigate whether this correlation exists during bullish and bearish market conditions. Altcoin correlation during Bitcoin bullish periods Bitcoin underwent a strong bullish trend from April 2019 to June 2019, producing a more than 200% return and reaching $13,800 in June. 26, 2019. Drawing the correlations between Bitcoin and the top 30 cryptocurrencies in the market today, we find that (58% of cryptocurrencies show correlations that are higher than 60% against Bitcoin in such periods. A correlation of 0% means that the currencies are not correlated in any way, while 100% means the currencies are fully positively correlated. Additionally, a correlation of -100% means the currencies are fully inversely correlated. The most notable currencies correlated with Bitcoin are Ether (ETH), Dash, Bitcoin Cash (BCH), Monero (XMR) and EOS with correlations between 74% and 82%. On the other side, USD Coin (USDC) has the lowest correlation from all currencies, with a negative relationship (-4.3%), followed by HedgeTrade (HEDG) with a 13.3% correlation. Currencies like Chainlink (LINK), Cosmos (ATOM), Crypto.com Chain (CRO) and Huobi Token (HT) also show a low correlation with Bitcoin – between 20% and 30% - during this period. Correlation between Bitcoin and altcoins from April-June 2019. Correlations during altcoins bullish periods During altcoins bullish periods like the one observed between December 2018 and March 2019, the correlations between the top currencies and Bitcoin are stronger across all cases except for USD Coin, which is slightly more negative than during Bitcoin's bullish period (-7.8%). However, 77% of the top currencies correlate at more than 60% with Bitcoin and Monero is the highest correlated at 92.3%. Furthermore, Dash, EOS, Ethereum, XRP and ZCash (ZEC) are all correlated with Bitcoin above 87%. Bitcoin SV (BSV), Chainlink, Huobi Token, and Tezos are correlated between 50% and 60% with Bitcoin during this period. Additionally, Tether (USDT) shows the 2nd lowest correlation with Bitcoin (19.1%) during this period, followed by Crypto.com Chain (25%). Correlation between Bitcoin and altcoins between December 2018 and March 2019. 2020 started with volatile behavior – what's ahead? Bitcoin has signaled that a bullish scenario could play out throughout 2020 and since the start of 2020 the digital asset has gained more than 35%. During this period, consistently high correlations are seen as was previously the case with large-cap altcoins such as Bitcoin Cash, Ethereum, Litecoin (LTC), NEO, TRON (TRX) and XRP. On the low correlation side, both USD Coin and Cosmos show consistent results between the last bullish period and the start of 2020. However, Chainlink, Crypto.com, HedgeTrade, Huobi Token and Dash now show conflicting correlations with Bitcoin between the last bullish period and this prevents one from concluding that there is any consistent behavior between these currencies and Bitcoin. Correlation between Bitcoin and altcoins from Jan. 1, 2020-Feb. 4, 2020. Under Bitcoin and altcoins bullish scenarios, stable coins show the lowest correlation with Bitcoin, while larger currencies such as Ethereum, Litecoin, Bitcoin Cash, NEO, Monero and XRP are always highly correlated with Bitcoin's behavior. Nevertheless, the altcoins studied in this article are much more correlated with Bitcoin when a bullish altcoin period occurs in comparison to when Bitcoin's price action is bullish. Looking forward, if a new Bitcoin bullish period begins, investors may consider these altcoins as the ones to accumulate as they offer higher upside potential. Furthermore, investors who only purchase Bitcoin might adopt a more conservative approach and hedge the riskier Bitcoin investment with a larger allocation into stable coins or currencies that show a lower correlation with Bitcoin during these periods. 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.

Low-Volume Bitcoin Pullback Stalls at Price Support Near $9.6K - CoinDesk - Coindesk Posted: 17 Feb 2020 03:27 AM PST Bitcoin's price pullback looks to have stalled with the bears losing steam near former hurdle-turned-support on Sunday.  The number one cryptocurrency by market cap ran into offers over the weekend, having faced multiple rejections near $10,500 on Feb. 12–13. Notably, the cryptocurrency fell nearly 4.5 percent on Sunday – its biggest single-day decline since Nov. 24 – with sellers driving prices as far as support at $9,615 – a higher high created on Feb. 3. The former resistance level, however, withstood the bear attack.  Bitcoin went on to close Sunday on a flat note above $9,900, forming a doji candle on the daily chart – a sign of hesitation from the bears near the price support.  While Sunday's doji candle has weakened the case for a deeper pullback, a bull revival is still not confirmed. For that, prices need to find acceptance above Sunday's high of $10,051.  So far, the positive follow-through to the doji has remained elusive. The cryptocurrency is currently trading around $9,730 on Bitstamp and its global average price, as calculated by CoinDesk's Bitcoin Price Index, is seen at $9,750. The immediate outlook would turn bullish if prices rise above $10,051, possibly causing more buyers to join the market and yielding a re-test of the recent high of $10,500. If Sunday's low of $9,598 is breached, it would mean the period of indecision, as represented by the doji candle, has ended with victory for the bears. In that case, a stronger downside move toward $9,075 (Feb. 4 low) could be seen.  That said, the longer duration studies are still biased in favor of a breakout above $10,051.  For instance, the 50- and 200-day averages are about to produce a golden crossover (bull cross) for the first time in nearly 10 months, a pattern that may prompt increased buying pressure.  The relative strength index is hovering in the bullish territory above 50 and the MACD is producing higher bars above the zero line, a sign of strengthening of bullish momentum.  The 5- and 10-week averages are also trending north, indicating a bullish setup.  The pullback from $10,500 lacks substance as trading volumes have tapered off since Feb. 13. A low-volume price drop is often short lived.  Disclosure: The author holds no cryptocurrency at the time of writing Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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