Bitcoin News Today – Headlines for May 6
发布时间：2020-05-07 09:15:30 发布人：TokenString
Bitcoin News Today – The price of Bitcoin (BTC) has been relatively stagnant over the past day. The digital currency was trading around the $9k mark yesterday morning, and it is still struggling around that level. Bitcoin is currently facing stiff hurdles on the upside, as it faced several harsh rejections at $9,200 and $9,500.
Crypto analysts are now saying that the digital currency could be positioned very well for more upside gains, as it starts forming a market structure that favors buyers significantly. The current technical strength of the digital currency could soon pave the way for more gains over the $10k mark. This comes as network indicators start to flash bullish signs for Bitcoin.
Bitcoin (BTC) Price Today – BTC / USD
#
Name
Price
24H %
1
Bitcoin(BTC)
$9,114.00
1.33%
Bitcoin Is Showing Signs of More Bullish Rallies
At press time, the world’s largest digital currency by market cap is changing hands at $9,055 after an increase of less than one percent over the past twenty-four hours. Buyers are now back in the process of pushing the price of the digital currency over that level.
It seems that the continuance of the strong upside move of the digital currency could just be around the corner. This comes as network indicators are pointing out that this 130 percent upsurge from the low of Bitcoin in March has been pioneered by growing fundamental strength. Glassnode – a blockchain analytics platform – recently tweeted about this trace of strength.
The platform pointed to the strength of their Network Indicator while adding that strong network fundamentals backed the recent price surge. The tweet of the firm states:
“GNI is high, indicating BTC’s recent price action was backed by strong network fundamentals. Sub-indices increased steadily through April, but liquidity is trailing – leaving room for volatility. Increased growth in liquidity would build strong foundations for a bullish scenario,” they explained.
Data also shows that the suspects driving the recent uptrend of the digital currency are retail buyers and not margin traders. This is revealed by the enormous decline seen in the open interest of Bitcoin that coincided with the recent upsurge of the digital currency.
Bitcoin’s Technical Outlook Is Bearish
While Bitcoin is forming underlying fundamental strength, the market structure of the digital currency has been extremely bullish over the past couple of days and weeks. A popular crypto analyst recently pointed out a couple of factors currently working in favor of Bitcoin. One of the factors is the emerging bullish divergence on its momentum indicator. The analyst also predicted that the price of the digital currency would surge to between $10k and $10,500 soon.
Bitcoin News Today – The price of Bitcoin (BTC) has been relatively stagnant over the past day. The digital currency was trading around the $9k mark yesterday morning, and it is still struggling around that level. Bitcoin is currently facing stiff hurdles on the upside, as it faced several harsh rejections at $9,200 and $9,500.
Crypto analysts are now saying that the digital currency could be positioned very well for more upside gains, as it starts forming a market structure that favors buyers significantly. The current technical strength of the digital currency could soon pave the way for more gains over the $10k mark. This comes as network indicators start to flash bullish signs for Bitcoin.
Bitcoin (BTC) Price Today – BTC / USD
| # | Name | Price | 24H % |
|---|---|---|---|
| 1 |
|
$9,114.00 |
1.33%
|
Bitcoin Is Showing Signs of More Bullish Rallies
At press time, the world’s largest digital currency by market cap is changing hands at $9,055 after an increase of less than one percent over the past twenty-four hours. Buyers are now back in the process of pushing the price of the digital currency over that level.
It seems that the continuance of the strong upside move of the digital currency could just be around the corner. This comes as network indicators are pointing out that this 130 percent upsurge from the low of Bitcoin in March has been pioneered by growing fundamental strength. Glassnode – a blockchain analytics platform – recently tweeted about this trace of strength.
The platform pointed to the strength of their Network Indicator while adding that strong network fundamentals backed the recent price surge. The tweet of the firm states:
“GNI is high, indicating BTC’s recent price action was backed by strong network fundamentals. Sub-indices increased steadily through April, but liquidity is trailing – leaving room for volatility. Increased growth in liquidity would build strong foundations for a bullish scenario,” they explained.
Data also shows that the suspects driving the recent uptrend of the digital currency are retail buyers and not margin traders. This is revealed by the enormous decline seen in the open interest of Bitcoin that coincided with the recent upsurge of the digital currency.
Bitcoin’s Technical Outlook Is Bearish
While Bitcoin is forming underlying fundamental strength, the market structure of the digital currency has been extremely bullish over the past couple of days and weeks. A popular crypto analyst recently pointed out a couple of factors currently working in favor of Bitcoin. One of the factors is the emerging bullish divergence on its momentum indicator. The analyst also predicted that the price of the digital currency would surge to between $10k and $10,500 soon.
