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spent the majority of Monday consolidating in the support area in the $8,700 – $8,850 range after partially recovering from Sunday’s weekly close correction. Amid this high-volatility, how Bitcoin will handle its third halving, due in a week, remains highly speculative at this juncture.
One prominent analyst and industry-insider, however, is optimistic that the BTC rally that kicked off after its March 12 debacle will be lasting and will help to attract a new wave of investors. More on that and other big news from Monday in our cryptocurrency weekly roundup for May 4, 2020:
Mike Novogratz, CEO at Galaxy Digital and self-proclaimed Bitcoin bull has said that the Bitcoin price rally is here to stay and will mostly draw its power from the influx of a new wave of investors — the signs of which already seem to be forming.
Social media metrics and volumes have driven the price of BTC up by roughly $1,500 in a matter of two days in late April.
According to data from Google Trends pointed out by @runtheirstops on Twitter, search interest in the Bitcoin halving is when the amount of new bitcoin created and earned by miners is cut in half. This happens... More is now four times the level seen before the 2016 halving.
Indeed, as previously reported by BeInCrypto, Bitcoin halving searches have been steadily climbing over the past few weeks.
The BTC price is currently trading in a range between $8,600 – $9,400. If the Wyckoff schematic is followed, the price will make a low below the support level of this range, which is known as the ‘show of weakness.’
Afterward, an upward move will likely follow that takes the price above the original high, otherwise known as the ‘upthrust.’
On a casual look, open interest on Bitcoin Futures contracts are literally agreements to buy or sell an asset on a future date and for a fixed price.... More contracts is gaining new highs.
This means futures markets and confidence in Bitcoin are both picking up steam yet again. However, this may not be what it seems. Some analysts are of the view that the last new all-time highs for OI were also the last two major tops. Others seem certain that a dump is coming.
A Reddit member has turned to the forum for help after a bank blocked their cryptocurrency transactions. Not much information was shared except for the fact that the user is from a small European country, and that they ran into a wall after attempting to convert cryptocurrencies to fiat.
The bank apparently ‘blocked all trading with crypto,’ leaving the user unable to transfer money to their bank account.
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