Setting Records: Bitcoin Price Has Stayed Above $10,000 Longer Than Ever In History

By Brenda Ngari – September 29, 2020

The bitcoin price has been holding above $10,000 since July 27. This resilience has excited well-known bull Anthony Pompliano who noted that the flagship cryptocurrency has been able to successfully discredit the BTC bear case.

Bitcoin Sets Record Of 63 Consecutive Daily Closes Above $10K

Morgan Creek Digital co-founder, Anthony Pompliano, took to Twitter on Monday to remind bitcoin haters that the cryptocurrency is setting major landmarks. In his tweet, Pomp observed that bitcoin has registered 63 straight days closing above the eminent five-digit mark.

This marks the longest series of daily closes above the $10K mark than any other time in history. According to Pompliano, it proves the haters' bearishness wrong. “There is always time to capitulate & join the party :),” he advised the bears. He also posited that the prolonged period is an indication that there is more upside to come.

Bitcoin's previous price record above $10,000 lasted for 62 days between December 1, 2017, and January 31, 2018. This was around the time the dominant cryptocurrency tickled the underbelly of $20,000.

Notably, BTCs latest record above $10,000 has been quite uneventful as the cryptocurrency has been stuck in a macro range between $10K and $12.5K. Nonetheless, 63 days is no small feat.

Bullish Fundamental On-Chain Tailwinds To Spur BTC Bulls

A couple of days ago, blockchain data firm CryptoQuant pointed out ten on-chain indicators that are favorable for the bitcoin market bulls. These indicators include the miners' position index(MPI), Puell multiple, Hash Ribbons, All Exchanges Outflow Mean, Stock to Flow, Stablecoin Supply Ratio, among others.

The confluence of these fundamental on-chain indicators suggests the bitcoin network is healthy and raises the probability of more upside. In other words, bitcoin could be primed to move higher based on these ten reasons. 

The OG crypto is trading at $10,753.87 at press time, representing a 2.19% gain on the day.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

This Prominent Financial Author Thinks All National Currencies Will Be Pegged To Bitcoin

By Brenda Ngari – September 28, 2020

Bitcoin has faced so many hitches in the short time it has existed. Countries like China and Russia have imposed draconian laws that prohibit the use of the cryptocurrency. As if that weren’t enough, renowned economists and corporations have come out criticizing bitcoin and its ability to thrive in the future. Moreover, most investors across the world are still wary of investing in a virtual currency, therefore mass adoption is still a dream.

Yet, a successful financial author is still expecting fiat currencies to be pegged to the OG crypto in the future.

National Currencies Will Be Pegged To Bitcoin: Jeff Booth

Speaking during an interview with Cambridge House International, author of The Price of Tomorrow and CEO of e-commerce company BuildDirect Jeff Booth noted that the irresponsible money printing that governments have embarked on is only exacerbating the escalating debt challenge. In contrast, technology is decreasing prices and increasing efficiency. At the moment, it is a competition between the deflationary technology and the inflationary forces stemming from central banks’ monetary policies.

Booth thinks that technology will ultimately win against money printing. As a consequence, the embattled national fiat currencies will then be pegged to bitcoin.

“So the government says, ‘We are going to make your cash worthless.’ Why do you think populations are rising up? They’re after the protection of value from governments’ policies that are destroying their currencies. It could happen in a number of different ways, but I think in the end game, I think that currencies will be pegged to bitcoin.”

“Bitcoin Is A Life Raft”

Wealth preservation has always been deemed as the role of gold for thousands of years. Investors normally flock to the precious metal in times of uncertainty as it is not correlated to the legacy financial system.

Booth, however, believes bitcoin is a much better option. He explained how during World War II people would sew gold onto their garments as they attempted to escape with some wealth, but they would end up drowning because the gold on their clothes was weighing them down.

Compared to gold, bitcoin is a more effective way of storing value as investors only need to remember a few words and they can move anywhere in the world with the cryptocurrency. “So the portability alone of bitcoin for safety reasons becomes paramount. It’s a life raft,” Booth asserted.

Bitcoin Is “Highly Likely” To Become The World’s Reserve Currency

The prominent financial author also spoke about bitcoin rising to become the world’s reserve asset. Right now history favors gold, but the future will be more on bitcoin’s side. By this, Booth means that bitcoin is “highly likely” to attain the status of the reserve currency of the world.

“History is on the gold bugs’ side, but the future is moving so fast along technology if you see how bitcoin is designed and I think it's highly likely that bitcoin becomes the reserve currency”.

While it is still far away from becoming the reserve currency, bitcoin is already serving as the primary reserve asset of billion-dollar publicly-traded companies like MicroStrategy.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin price unfazed after $150M hack of major exchange KuCoin

KuCoin reported a major security breach on Sep. 26, affecting Bitcoin, Ether, and ERC20 hot wallets while BTC and ETH prices remain unfazed.

Image courtesy of CoinTelegraph

            SEPT 26, 2020

In an official statement, KuCoin Global CEO Johnny Lyu confirmed a major hacking attack on Sep. 26. The breach affected the firm’s Bitcoin (BTC), Ether (ETH), and ERC20 hot wallets, after private keys were leaked. Reports estimate the breach to have affected $150 million in user funds.

Following the security breach, the price of Bitcoin barely moved, however. Other major cryptocurrencies, including Ether and decentralized finance (DeFi) tokens also remain relatively unfazed by the hack.

A cryptocurrency exchange security breach historically led to market-wide sell-offs due to the fear of hackers potentially selling the proceeds.

But Tether (USDT) has moved quickly to suspend the transfer of assets that are linked to the security breach. Major exchanges, including Bitfinex, also froze USDT associated with the hack.

The swift response from Tether and top exchanges could prevent most of the funds from being moved by the hackers.

Bitcoin outflows on Kucoin after the hack. Source: CryptoQuant (Click on image for larger view)

KuCoin contacts major exchanges, Tether and Bitfinex freeze $33m

According to Paolo Ardoino, the chief technical officer at Bitfinex and Tether, the two entities froze $33 million in total.

If early estimates are accurate and $150 million were hacked, that represents 22% of the lost funds. He said:

“Bitfinex froze 13m Tether USDt on EOS as part of the hack, Tether just froze 20M Tether USDt sitting on this Ethereum address https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23 as precautionary measure. Stay safe everyone!”

In the official statement, Lyu said KuCoin is now in contact with Huobi, Binance, OKEx, BitMax, and ByBit. The company also said it is cooperating with law enforcement and relevant blockchain projects.

At least in the near term, it would make it challenging for hackers to try to move the funds. The CEO said:

“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon.”

While a small amount of the hacked funds are in Bitcoin, most are reportedly stored in ERC 20 tokens. The risk of the tokens is that hackers could potentially utilize DeFi protocols in an attempt to eliminate “tainted” tokens.

But according to Primitive Crypto founding partner Dovey Wan, hackers struggled to handle the tainted funds. She explained:

“The hacker who hacked Kucoin apparently is a Defi noob, tried to sell on Binance and didn’t swap the tai/Users/macbook/Desktop/bitcoin-price-unfazed-after-150m-hack.txtnted USDT on Curve. All Defi infra are natural mixers with ultra low slippage… Hackers with normal IQ will soon figure out, this is not some alpha leak and Defi infra is designed to serve all purposes … if a hacker can hack a cex, no point he/she has no idea how to successfully liquidate via dex.”

Bitcoin remains stable above $10,700

After reclaiming the $10,407 whale cluster that has turned into a support area, Bitcoin has seen a short-term trend reversal.

The 4-hour chart of Bitcoin. Source: TradingView.com (Click on image for larger view)

On Sep. 26, Cointelegraph reported that whale clusters at $10,407 grew following the recent BTC rally above $10,700. The data indicates that whales have been accumulating above $10,000, depicting an overall strong market sentiment.

The resilience of Bitcoin despite a high-profile security breach demonstrates the strength of the ongoing uptrend.

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Original article posted on the CoinTelegraph.com site, by Joseph Young.

Article re-posted on Markethive by Jeffrey Sloe

Why This Analyst Is Sure That Bitcoin Is Finally Ready To Test $20,000

By Adrian Klent – September 25, 2020

Decentralized Finance, aka DeFi, has been the talk of the cryptocurrency community for the most part of the month, but amidst the commotion, a bull run might be impending, says popular cryptocurrency analyst who goes by the name MoonCarl. “People are not talking about Bitcoin anymore,” he says, as a pointer to the previous weeks in which DeFi and altcoins became a buzz.

Back in the day, Bitcoin which is unarguably the most popular and talked about cryptocurrency was always making rounds for its impressive price breakouts. With every major adoption, there was a significant buzz and this is no surprise because Bitcoin is the first and most valued top cryptocurrency to date. However, the birth of new altcoins has given way for conversation diversification and with the increase in usage, newcomers like DeFi are constantly gaining popularity.

Even altcoins are taking over the market with more stability in the month of September. Subtle price upswings are springing up and the likes of Ethereum have begun to make a correction in price movement.

Newcomers like Uniswap (UNI), Yearn.Finance (YFI) have predominated the market with gains. At the time of this writing, most altcoins are dealing with mild losses but nothing substantial enough to signal that an altcoin bear trend is brewing. For the most part, DeFi tokens have prolonged altcoin season but this analyst’s take is now implying that a bull run could catch the market by surprise.

BTCUSD Chart By TradingView (Click on image for larger view)

Note that Bitcoin testing $20,000 isn't the same as Bitcoin testing and staying range-bound in the $20k level. Due to the swiftness with which a bull run is ignited, a bear trend might immediately follow.

It is for this same reason that Bitcoin could easily test $20,000 any time soon. A fundamental factor could trigger this long-awaited $20,000 bull run. Bitcoin will have to first have to cross $12,000 and sustain that price level, but more adoption is necessary for this to happen. At press time, Bitcoin is trading at a price of $10,712. The overnight correction in price has positioned Bitcoin for $11,000, but within the next 24hrs Bitcoin will need to hold strong above $10,500.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Phil Anderson Again Accepting Campaign Donations In Cryptocurrencies

By RTTNews Staff Writer | Published: 9/24/2020 10:17 AM ET

Phil Anderson is again challenging the state regulators by accepting election campaign donations in cryptocurrencies such as Bitcoin. Anderson is a candidate for Wisconsin State Assembly, District 47. He is a real estate broker, entrepreneur, business owner, and US Army Veteran.

Anderson had accepted cryptocurrency donations during his 2018 campaign for Governor of Wisconsin, which the Wisconsin Ethics Commission (WEC) found to be a serious challenge to compliance with state law.

Anderson is again challenging the WEC by accepting bitcoin donation for his 2020 Assembly campaign as the WEC had failed to arrive at a decision on its legality in 2018. He had challenged the WEC by accepting bitcoin donations in 2018.

"Cryptocurrency is money, and as such, is a legitimate way to make campaign donations. The WEC declined to interpret its own rules competently, and the Wisconsin Assembly refused to take up the issue," says Anderson.

WEC had in 2018 said that they would wait for the Wisconsin Legislature to make a law allowing or disallowing donations in cryptocurrency.

Anderson cited many other campaigns nationally, including Senator Rand Paul, to have accepted donations in cryptocurrency. Federal Elections Commission rules allow cryptocurrency donations, but many states have not caught up, he added.

"I refuse to give in to ignorance and bureaucratic incompetence," continues Anderson. If my opponent or the Ethics Commission are interested in challenging me, I'm ready for a fight."

Anderson is using crypto payment processor BitPay's donation platform, which, like other donation platforms, can require the donor submit the contact information necessary to conform with state regulations.

Cryptocurrency donations are converted to dollars and deposited directly into the bank account registered with the Wisconsin Ethics Commission.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Gemini Crypto Exchange Gains FCA Approval To Expand Into The U.K.

By Brenda Ngari – September 24, 2020

Crypto exchange Gemini, founded by Tyler and Cameroon Winklevoss, is expanding its footprint into the United Kingdom after receiving approval from the Financial Conduct Authority (FCA).

According to an official blog post on Sept.24, the New York-based firm was granted an Electronic Money Institution (EMI) license by the financial watchdog. This means that Gemini can now conduct crypto operations in the UK as a regulated entity.

Gemini Opens Its Doors To UK Crypto Investors

Gemini’s approval by the FCA indicates its intention to provide crypto services to the masses. The exchange will allow both retail and institutional investors to trade and invest in cryptocurrencies. Gemini has added support for pounds sterling (GBP) as a funding currency to give UK customers “a more local experience”.

In addition, UK users will be able to seamlessly fund their accounts via SWIFT wire transfers, Faster Payments, and CHAPS. This will ensure that they do not incur additional foreign exchange charges.

Besides the EMI license, Gemini has also been approved as part of FCA’s Fifth Money Laundering Directive (5MLD) crypto-asset registration process. This approval means that the exchange will have to be compliant with all anti-money laundering and counter-terrorism laws and policies that the FCA has put in place to protect consumers.

Gemini’s Move Into UK Is A Stepping Stone To Global Expansion

Gemini’s move into the UK is part of its global expansion strategy. The exchange’s CEO Tyler Winklevoss said in a statement:

“Going live with our full services available in GBP in the UK is another exciting step forward in Gemini’s international expansion, advancing our mission to empower individuals and organizations around the world through crypto.“

Tyler further noted that providing crypto services in the UK is a huge feat for Gemini.

“The UK is a global center of financial innovation with a stringent and progressive regulatory regime. We’re proud to help usher the crypto revolution into this historic market and become a part of its rich tradition. We look forward to welcoming consumers and institutional customers to our platform.”

Gemini is currently ranked as the 67^th-biggest crypto spot exchange in the world by CoinMarketCap. Back home in the United States, Gemini is competing with leading exchange Coinbase. Right now, the exchange will also have to face off other FCA-approved exchanges in the new British market.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Number of Bitcoin Addresses Depositing BTC to Exchanges Has Doubled

John P. Njui   •   BITCOIN (BTC) NEWS   •   SEPTEMBER 23, 2020

In summary:

• The number of Bitcoin addresses depositing BTC to crypto exchanges has doubled since the beginning of the year
• An average of 100k unique Bitcoin addresses are sending BTC to exchanges daily
• The last time such a number was witnessed, was during the peak of the 2017 bull season
• The latest Bitcoin pullback originated from BTC held in exchanges and not the usual massive transfers before a dump

The number of Bitcoin addresses depositing BTC to crypto exchanges has doubled since the beginning of 2020. This is according to the team at Glassnode who also added that approximately 100,000 unique Bitcoin addresses send BTC to crypto exchanges on a daily basis. Furthermore, the last time such an influx of BTC to exchanges was witnessed, was during the peak of the 2017 bull market.

The Recent Bitcoin Pullback Originated from ‘Inside’ Crypto Exchanges

The recent Bitcoin pullback from $11,000 levels to a local bottom around $10,300 caught many crypto analysts off-guard, specifically those who rely on on-chain data to anticipate major BTC moves. What usually happens before such as sell-off, is the rapid transfer of large amounts of Bitcoin as is so often seen with BTC miners. However, this was not the case this past week.

According to veteran Bitcoin analyst, Willy Woo, the recent pullback originated from within exchanges further providing a link with the analysis of the team at Glassnode that points towards continual Bitcoin deposits to exchanges since the beginning of the year.

Bitcoin traders could be transferring their BTC and setting limit orders to maximize on their Bitcoin profits in anticipation of a potential bear market brought about by an uncertain stock market.

Mr. Woo shared his analysis of the recent pull-back via the following tweet.

$7k Highly Unlikely for Bitcoin

In terms of the short term price of Bitcoin, there have been a few calls for BTC dropping hard below the psychological price level of $10k and even as far down as $7,700. However, Mr. Woo sees the latter scenario highly unlikely as explained below.

While I've heard talk of bearishness down to even 7k, I don't see fundamentals supporting this as a likely event.

On spot markets (Binance listed below), we have plenty of bids below this level and a liquidity gap above through to 10.8k-11k.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

This Is Why The World’s Largest Sovereign Wealth Fund Now Indirectly Owns Nearly 600 Bitcoins

By Brenda Ngari – September 21, 2020

Norway Government Pension Fund Global, the world’s biggest sovereign wealth fund, now holds almost 600 bitcoins. This is according to a recent report published by crypto analytics firm Arcane Research.

Why Is The Norwegian Government Fund Indirectly Holding BTC?

Norway has arguably the largest wealth fund in the world, followed by China. The fund saves all the revenue from the country’s lucrative oil and gas industries in global companies, stocks, shares, real estate, and bonds for posterity.

Arcane Research noted in its September 19 blog post that the Norwegian Government Pension Fund has a 1.51% equity stake in Virginia-based business software firm MicroStrategy.

As you will recall, MicroStrategy recently completed the acquisition of 16,796 bitcoins, bringing the firm’s total bitcoin stash to 38,250. The company also made the benchmark crypto its primary treasury reserve asset for its “solid store of value” properties.

Arcane Research observed that via this ownership stake, the government fund now indirectly holds 577.58 BTC — worth approximately $6.3 million at current prices. The analytics firm further stated that it is very likely that the Norwegian Government Pension Fund has gained indirect exposure to bitcoin through other investments on top of its bitcoin exposure through MicroStrategy.

Positive Outlook On The Bitcoin Market

The central banks’ money-printing actions have led to many investors looking for alternative assets to store their wealth in. Besides MicroStrategy, institutional investors are also foraying into bitcoin.

According to Skew analytics, Bakkt bitcoin futures volume shattered a new record high on September 15, with the physically-settled contracts taking the lion’s share. Interestingly, the Bakkt Futures volume boom came less than a day after MicroStrategy’s bitcoin purchase.

The growing interest in bitcoin by corporations and institutional investors has already boosted the price of bitcoin in recent days. The flagship cryptocurrency is hovering above $10,492 at press time, down 3.73% in the last 24 hours.

Bitcoin could continue to attract more high net worth investors in the near-term. This will likely light a fire under the bulls, subsequently pushing the price of the asset higher.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Dissecting the possibilities of Bitcoin becoming a U.S national currency

By Olivia Brooke – September 20, 2020

As reported over the week, MicroStrategy, a U.S based firm that provides business intelligence, mobile software, and cloud-based services has obtained a generous amount of Bitcoin. For different reasons, including safeguarding itself from the imminent tide inflation and more interestingly, taking advantage of what the company believes is the most authentic niche in value storage, even against gold, which has been an industry favorite for the past decades.

Bitcoin as a national currency: what are the possibilities?

The engagement with cryptocurrency from the American economy is a resounding echo of the comments made by Jason Williams, the co-founder of Morgan Creek Digital who asserts that Bitcoin could become the first country to adopt Bitcoin as a national currency.

At press time, no country in the world has made Bitcoin a national currency, and the United States, like all the others, is still in the early stages of stiffening favorable regulatory guidelines. But the two alternative paths through which Bitcoin can become more dominant than it already is, and set itself in motion to become the nation's currency is through external adoption from institutional investors and leading traditional technology companies.

The transition from Gold to Bitcoin is necessary and already in motion

Bitcoin as a better store of value is becoming less of an argument that needs to be proven and one that the year 2020 has made more pronounced. In 2019, Investors doubled down ahead of the following year and since then, there have been more investors moving money into their most trusted safe-haven assets than we've ever seen.

Bracing themselves for the perceived economic recession, investors raced to lock their assets in the safest form of storage, keep in mind that this began during the early phase of the political rigidity between the United States and the Chinese government, long before the pandemic hit globally. The USD has also been at its weakest as the United States presidential elections, among other rudimentary factors aggravated investor’s fears. Most U.S investors naturally looked into gold, silver, and the assets on the stock market.

The repeated printing of dollars to aid the stimulus, investors combated the impending inflation by securing hard assets and the value of digital currencies began to explode. But the year to date performance of Bitcoin against gold, even as the latter has held the title as an unmatched asset, was staggering. Bitcoin being the dominant cryptocurrency had an unbeatable YTD performance of 64%, while gold peaked at 28% and silver, a little higher at 49%.

The traditional gold acquisition curve among investors is flattening and savvy investors are turning to Bitcoin. This is depicted in the case of American hedge fund manager Paul Tudor. The billionaire macro investor disclosed that he considered various bets on assets like gold, stocks, commodities, and treasuries before he realized that there was a "growing role for Bitcoin". This realization has pulled in firms like MicroStrategy, whose leading members are reiterating that their voluminous Bitcoin reserves are not to be sold. Crypto-centered institutions like Grayscale also saw a rise in fresh Investments.

The end result

Contained volatility is one of the end results. As investors buy Bitcoin in large quantities, volatility diminishes and the selling of Bitcoin to avoid a reduction in value is tackled, to an extent. Bitcoin could then be considered a more reliable asset than it already is. But even with this stability, Bitcoin has to pass through many more external stages to make the cut.

Bitcoin as a national currency, anywhere in the world, is a future possibility. But at the nation's pace, the cryptocurrency would've already outperformed long before the centralized policies are weakened. Without national adoption, Bitcoin is still inherently valuable.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Over 83k Bitcoin (BTC) Options Expire Friday, Sept. 25th

John P. Njui   •   BITCOIN (BTC) NEWS   •   SEPTEMBER 19, 2020

Quick take:

• Over 83,000 Bitcoin options expire Friday, September 25th
• This number beats August’s record of 62k BTC options
• Such a high number of options expiring should bring considerable volatility
• Bitcoin is once again trading above $11k and the expiry of 83k BTC options could result in a dip

The month of September is slowly coming to an end, and with it, the expiry of Bitcoin (BTC) options on the last Friday of the month. According to the team at Skew, over 83.4k Bitcoin options expire on the 25th of September. This amount is very much higher than last month’s expiry of 62,000 BTC options.

The team at Unfolded captured the high number of Bitcoin options expiring next week via the following Tweet. To note is that they highlighted 80k BTC options but a quick glance at Skew.com reveals the number has increased to 83.4k as seen in the chart that follows the tweet.

Screenshot courtesy of Skew.com (Click on image for larger view)

High Chances there Will Be Bitcoin Volatility

With such a high number of Bitcoin options expiring and additional CME Bitcoin futures that expire on the same day, it is safe to conclude that the probability of an increase in volatility next week is very high. In order to determine the direction of the volatility, the daily BTC/USDT chart provides adequate information.

(Click on image for larger view)

From the BTC/USDT chart, the following can be observed.

• Daily trade volume is in the green but reducing
• MACD is clearly indicating a bullish environment for Bitcoin
• The 50-day moving average (white) is providing considerable resistance at $11,200
• The MFI is at 73 hinting that Bitcoin could soon run out of gas to overcome the resistance around the $11,200 – $11,300 price area

Conclusion

Summing it up, a record 83,400 Bitcoin options expire next Friday, 25th of September. According to Skew.com, the options are an aggregate of those traded on Deribit, LedgerX, Bakkt, OKEx, CME, Bit.com and Huobi.

Such a high number of Bitcoin options expiring increases the probability of BTC volatility being high in the coming week.

A quick glance at the daily BTC/USDT chart reveals that Bitcoin is clearly in bullish territory. However, the daily MFI is hinting at possible exhaustion in the days to follow with considerable resistance around the $11,200 – $11,300 price area.

As with all analyses of Bitcoin, traders and investors are advised to use adequate stop losses and low leverage when trading BTC on the various derivatives platforms.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe