Bitcoin Price $5,000 Support is Now Critical as Bull-Run Fizzles

bitcoin price fell off its peak close to $5500 to head towards older $5000 support April 11 after a late fresh surge abruptly ran out of steam.

$5500 A Push Too Far

Data from cryptocurrency exchange Bitstamp, which provides bitcoin price data often slightly more conservative than other platforms, shows BTC/USD 00 has dropped below $5200 at press time Thursday.

bitcoin, which experienced a sudden rally of around $1300 last week, has broadly held on to its new gains.

Despite news China was intending to outlaw mining, this week saw the trend continue, with bitcoin price hitting a local high of $5440 on Bitstamp before turning back to shed several hundred dollars in minutes.

The $5000 mark now lies around $150 away, bitcoin having last traded below that level on April 7.

How Low Can It Go?

Correspondingly, online commentators were showing signs of misgivings about short-term price potential.

“On a daily scale, the dynamic is turning into a sideways trend, the bullish momentum might be… out of steam,” one analyst wrote in a dissection of bitcoin’s latest performance on social media.

As Bitcoinist reported, data from well-known data guru Willy Woo released this week nonetheless pointed to a $5000 bitcoin price signalling a bounce off the latest bear market bottom – something which appears to form part of a trend extending back to the cryptocurrency’s inception.

His experimental metric, dubbed Cumulative Value-days Destroyed (CVDD), focused on trading habits to provide an historical trend corridor for bitcoin price.

“CVDD has hit the historical bitcoin price bottoms with remarkable accuracy,” he summarized.

Altcoins Feel bitcoin Insecurity

Elsewhere in crypto markets meanwhile, altcoin investors felt the pain of bitcoin’s sideways trading, its roughly 1 percent drop spelling significant volatility for other coins.

A look at the top twenty cryptocurrencies by market cap from CoinMarketCap revealed unpalatable performance Thursday, with largest altcoin Ether down 6 percent in 24 hours.

Others fared worse, with TRON down 9.1 percent, NEO 8 percent, and Litecoin and bitcoin Cash both dropping around 7 percent.

The figures cap a trend which continues to revolve around many altcoins mimicking bitcoin’s performance, then delivering an exaggerated move of their own.

Bucking that behavior Thursday was Tezos, which managed to sustain 1 percent gains over the past 24 hours.

The asset had been buoyed by a decision from cryptocurrency exchange Binance to add it to its official wallet as it prepares to add a staking feature for Proof-of-Stake cryptocurrencies. Late last month, US exchange Coinbase also released Tezos staking via its Coinbase Custody spin-off.

What do you think about bitcoin price? Let us know in the comments below!

Images via Shutterstock, Tradingview.com

The post Bitcoin Price $5,000 Support is Now Critical as Bull-Run Fizzles appeared first on Bitcoinist.com.

Bitcoinist.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.

source: https://bitcoinist.com/bitcoin-price-falters-5000-support-critical/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

Published at Thu, 11 Apr 2019 10:00:54 +0000

April 12, 2017

The Real Dangers Behind The Syrian Crisis Are Economic

alt-market.com / Brandon Smith / Wednesday, 12 April 2017

Back in 2010/2011 when I was still writing under the pen-name Giordano Bruno, I warned extensively about the dangers of any destabilization in the nation of Syria, long before the real troubles began. In an article titled Migration Of The Black Swans, I pointed out that due to Syria’s unique set of alliances and economic relationships the country was a “keystone” for disruption in the Middle East and that a “revolution” (or civil war) was imminent. Syria, I warned, represented the first domino in a chain of dominoes that could lead to widespread regional warfare and draw in major powers like the U.S. and Russia.

That said, my position has always been that the next “world war” would not be a nuclear war, but primarily an economic war. Meaning, I believed and still believe it is far more useful for establishment elites to use the East as a foil to bring down certain parts of the West with economic weapons, such as the dumping of the U.S. dollar. The chaos this would cause in global markets and the panic that would ensue among the general public would provide perfect cover for the introduction of what the globalists call the “great financial reset.” The term “reset” is essentially code for the total centralization of all fiscal and monetary management of the world’s economies under one institution, most likely the IMF. This would culminate in the destruction of the dollar’s world reserve status, its replacement being the IMF’s Special Drawing Rights basket currency system.

Eventually, the SDR basket system would act as a stepping stone towards a single global currency system, and its final form and function would probably be entirely digital. This would give the globalists TOTAL push-button control over even the smallest aspects of normal trade. The amount of power they would gain from a single centralized digital currency system would be endless.

Bitcoin Price $5,000 Support is Now Critical as Bull-Run Fizzles

$5500 A Push Too Far

How Low Can It Go?

Altcoins Feel bitcoin Insecurity

You might be interested in …

ViMarket Announce ICO at Austin’s South by Southwest Interactive Festival (SXSW)

Ethereum Price Watch: Ongoing Market Slump Sees Currency Slide Down to the $175 Mark

The Real Dangers Behind The Syrian Crisis Are Economic