The bitcoin (BTC) exchange rate has a quiet afternoon and in the evening, after a dip in the morning, from approximately $8.700 back down to $8.300. In the short term, anything under $8.800 have a strong resistance.
Also in the news: the number of ip addresses, with more than 1,000 BTC is rising, according to research from the Glassnode.
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Bitcoin price: the price side at $8.300
As I said, the day started with an abrupt increase to over $8.700, to have a right to decline to less than $8.300. During the day the share price in a sideways pattern.
Source: Cryptocompare
What’s with the sudden dip to be explained?
The twitter account Whale Trades reported sales of more than 9.7 million dollars in bitcoin derivatives BitMEX stock exchange. This is often an indication that the market is going to move.
BitMEX $BTC is a Whale:
$9,708,970 worth of #Bitcoin sold at $8,413.95 05:27:42 2019/10/11
| ?????????????????????????????????????????????????????????????????????? So scared right now
— Whale Trades ? (@WhaleTrades) As Of October 11, 2019
This sale was just in front of the koersdip of bitcoin take place, such as in the graph below, it is clear.
The ‘whale’ order, which is the first yellow arrow, while the second arrow points to the downward trend, as reported Beincrypto.
It’s a sequel?
What can we do in the short term, of course, be expected, and where in the world is resistance and support?
Analyst Elroy Ryon, The Computer House, says the following:
At this point, Bitcoin is still a bit lower to be on today (Friday) to be in the $8,000 to – $8.160 area to look. In this range, I expect to have another strong bounce towards the $8,500 of up to $8.600 zone.
According to Luke, Martin’s, there is a good chance that there is, at the levels of $8.300 / $to 8,400, buyers are going to be shown, but in this case, is not (yet).
$BTC pullback to 8300-8400 zone is playing out.
I’ve been thinking all week about @cubantobacco & @7ommyZero post about frontside/backside.
Wishing I had more notes on that now.
Think about it, like a capture on the first test of us, after seeing the reaction you want. pic.twitter.com/sk9F3Tlvl8
— Luke Martin (@VentureCoinist) As Of October 11, 2019
More of the ‘whales’?
It is well known that a small number of traders and in exchanges, the price of BTC can fluctuate.
So it was recently in the news for eight cryptobeurzen about 1.2 million BTC, but the balance is approx. About 7% of the total BTC in circulation (at nearly 18 million, ed.).
On any given day, there are approx. 1,800 BTC is mined, and most of them have come on the market, or by miners in their wallet (s).
Research Glassnode come up with an interesting chart on Twitter. More and more bitcoin addresses with a balance greater than 1,000 bitcoin (BTC). Shall be converted to an address with more than 8 million us dollars.
One of the explanations could be that the number of the exchange marts in the market has increased. This should be a relatively large amount of BTC from one address to have.
Number of Number of #Bitcoin addresses holding more than 1000 $of BTC ? pic.twitter.com/SGdBXrob5e
— glassnode (@glassnode) as of October 11, 2019
Bitcoin united states. gold
Yet another interesting graph, in which bitcoin as an asset called a is. Bitcoin is marktvolgers referred to as ‘digital gold’, but there are significant differences.
First of all, bitcoin is a digital and send it through the internet, radio waves, and satellites. The ship of gold is a very expensive process. The second is the ” cap ” of gold is not restricted.
As soon as there is, theoretically, seen on other planets such as Mars, also in gold, is to be found, that is, the supply has been extended. The current consensus of the bitcoin remains in the inventory of 21 million items, while there are also still discussions about it.
We can keep both assets in the line of stock-to-flow ratiomodel, then bitcoin is not for the “hardness” of gold….
After the next two halvenings, may, in a bid for the 2024 games bitcoin overtaken on the line by ‘100’.
“Hard” means that an asset can be costly and complex to create, and is not to be copied, even though it’s a digital good).
In addition, there can be no prijscorrelatie to discern between bitcoin and gold. It’s not as if bitcoin is involved increases or decreases with the gold, or the other way around.
In an article on Coindesk Research, a comparison is made between the counter-cyclical assets, bitcoin, and gold. In particular, the differences between them.
Altcoins
Finally, I want to give some attention to the major altcoins in the market. This one, compared to the u.s. dollar and the bitcoin is necessary to lose to see if we are in the top 10 in the cryptovaluta be taken into consideration.
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