Bitcoin News Today – Headlines for October 28
发布时间：2019-10-29 14:11:59 发布人：TokenString
Bitcoin News Today – After the massive rally of Bitcoin price on October 25 and 26, the blockchain of Bitcoin has enjoyed a fresh influx of network activity. The recent Bitcoin price rally pushed the price of the digital currency from $7,300 to $10k in less than a day. According to an on-chain analyst, these are signs that bears are losing control of the market.
Blockchain Metrics Increases Significantly after BTC Price Broke over $10k
The recent price rally of Bitcoin (BTC) was accompanied by a considerable use in the use of the blockchain network. This was revealed by the founder of the digital currency analytics site ByteTree – Charlie Morris. The metrics of his website shows that as of October 26, BTC fees that traders pay have increased by 43 percent. The value of digital currency sent has increased by 66%, and the velocity of the network has hit 747%.
Bitcoin (BTC) Price Today – BTC / USD
#
Name
Price
24H %
1
Bitcoin(BTC)
$9,413.73
-1.44%
Commenting on this message, Morris said that if these readings continue in this trend, the bear would be put to rest. Morris used on-chain analytics to determine the market direction of the digital currency. His approach is similar to the thesis of Adaptive Capital’s Willy Woo, who is very popular for predicting crypto price action with on-chain metrics.
The Fundamental and Technical Factors of Bitcoin Shows the Bears Have Been Put to Rest
It is not only the on-chain metrics that are showing that Bitcoin (BTC) is gaining bullish momentum. Many popular crypto analysts have verified the idea that the digital currency bear has been put to rest by referencing some fundamental and technical factors.
For instance, Alex Kruger – a very popular analyst – said in the wake of the upsurge on October 25 that “technically, Bitcoin bear trend is over,” referring to the downtrend that pushed the price of Bitcoin from $14k to $7,300 over four months. The recent upsurge by BTC to hit $10,500 has had a strip of positive implications for the technical indicators of Bitcoin (BTC). Recently, an analyst broke these implications down, saying:
“Bitcoin three-day chart setup: bullish engulfing candle, broken descending trendline, move confirmed by great volume, confirmed bullish MACD divergence, Willy (indicator) was over-sold and is now charging higher.”
On the fundamental side, the Bitcoin futures contract of Bakkt has set a new daily volume record of 1183 contracts, which is equivalent to about $10.3 million worth of trading. These high volumes are not a trend yet. However, they may show increasing institutional interest in digital currency.
Bitcoin News Today – After the massive rally of Bitcoin price on October 25 and 26, the blockchain of Bitcoin has enjoyed a fresh influx of network activity. The recent Bitcoin price rally pushed the price of the digital currency from $7,300 to $10k in less than a day. According to an on-chain analyst, these are signs that bears are losing control of the market.
Blockchain Metrics Increases Significantly after BTC Price Broke over $10k
The recent price rally of Bitcoin (BTC) was accompanied by a considerable use in the use of the blockchain network. This was revealed by the founder of the digital currency analytics site ByteTree – Charlie Morris. The metrics of his website shows that as of October 26, BTC fees that traders pay have increased by 43 percent. The value of digital currency sent has increased by 66%, and the velocity of the network has hit 747%.
Bitcoin (BTC) Price Today – BTC / USD
| # | Name | Price | 24H % |
|---|---|---|---|
| 1 |
|
$9,413.73 |
-1.44%
|
Commenting on this message, Morris said that if these readings continue in this trend, the bear would be put to rest. Morris used on-chain analytics to determine the market direction of the digital currency. His approach is similar to the thesis of Adaptive Capital’s Willy Woo, who is very popular for predicting crypto price action with on-chain metrics.
The Fundamental and Technical Factors of Bitcoin Shows the Bears Have Been Put to Rest
It is not only the on-chain metrics that are showing that Bitcoin (BTC) is gaining bullish momentum. Many popular crypto analysts have verified the idea that the digital currency bear has been put to rest by referencing some fundamental and technical factors.
For instance, Alex Kruger – a very popular analyst – said in the wake of the upsurge on October 25 that “technically, Bitcoin bear trend is over,” referring to the downtrend that pushed the price of Bitcoin from $14k to $7,300 over four months. The recent upsurge by BTC to hit $10,500 has had a strip of positive implications for the technical indicators of Bitcoin (BTC). Recently, an analyst broke these implications down, saying:
“Bitcoin three-day chart setup: bullish engulfing candle, broken descending trendline, move confirmed by great volume, confirmed bullish MACD divergence, Willy (indicator) was over-sold and is now charging higher.”
On the fundamental side, the Bitcoin futures contract of Bakkt has set a new daily volume record of 1183 contracts, which is equivalent to about $10.3 million worth of trading. These high volumes are not a trend yet. However, they may show increasing institutional interest in digital currency.
