Bitcoin (BTC) bulls showed up early Monday morning and took full control of Bitcoin price by sending the price through the $6,900-$7,200 resistance zone to a nearly 4-week high of $7,454. The surge to $7,454 occurred as the United States’ markets opened strong, leading the S&P 500 and Dow to rally 7.03% and 7.73%, respectively.
It seems investors are beginning to gain some confidence as the rate of novel coronavirus infections begins to slow down in Italy, Spain and China along with murmurs of additional financial stimulus packages from governments.
BTC price bullish but the future is in flux
Bitcoin’s strong upside move pulled the price above the rising wedge trendline and through the $6,900 level which has functioned as a strong resistance since March 20. Earlier in the day, crypto trader Pentoshi pointed out that “BTC has now printed 3 consecutive $600 plus Mondays.”
As shown by the 4-hour chart, the price stopped just short of reaching a higher high above $7,460, a point which marked the beginning of Bitcoin’s catastrophic 52.84% drop to $3,775 on March 12.
Both bitcoin and the U.S. stock markets have witnessed a notable recovery rally over the past couple of weeks, but it's the cryptocurrency that's taken the lead.
Bitcoin (BTC) clocked a 3.5-week high of $7,459 early on Tuesday, meaning the cryptocurrency was up 4.2 percent from the yearly opening price of $7,160. Since then prices have fallen back slightly, putting the year-to-date gain at around 3.2 percent.
Meanwhile, the U.S. stock markets are still trading in the red on a YTD basis. The S&P 500, Wall Street’s equity index, has pulled off a strong 21.5 percent rally from lows near $2,190 reached on March 23, but even so it's still down 17.5 percent for the year.
If the privacy and scaling upgrade Schnorr/Taproot makes it into bitcoin (BTC), it could pave the way for advanced and heretofore impossible projects. That is, as they say, good for bitcoin.
Schnorr/Taproot has made a great deal of progress recently, moving from a theoretical privacy and scaling idea into actual code. But while the community is very excited about its future, the change is rather confusing. Why? Because it bundles together several different technologies proposed over the years and each one is technically and conceptually unique.
First, there are Merklized Abstract Syntax Trees (MASTs), a smart contract technology developers have been talking about since 2013. Then we add Schnorr signatures, a scaling change first proposed in 2015 by Pieter Wuille, and finally Taproot, a privacy technology built on top of both, proposed in 2018 by Greg Maxwell.
The fifth-largest crypto network by market capitalization, Bitcoin Cash (BCH), is halving its mining rewards tomorrow for the first time while the network is seeing a drop in hashrate ahead of the event. The halving will likely lead some BCH miners to switch over to Bitcoin (BTC), but this may be a temporary deal.
One of the halvings expected this year is scheduled for tomorrow. Bitcoin's halving is in May, but its fork, BCH and Bitcoin SV (BSV), a fork of BCH, (estimated for April 10) will be going through their own events. Therefore, on April 8, at block 630,000, the BCH mining reward will decrease from 12.5 to 6.25 coins (USD 1,619) per block.
As reported by Cryptonews.com, some industry observers esimate that this halving may not affect BCH's price much, but that it will affect its hashrate (the computing power of the network), as its halving is occurring before Bitcoin's. There have been concerns over hashrate leaving the BCH chain and heading over to Bitcoin, but this might re-balance as BTC heads into its own halving.
Cryptocurrency exchange OKEx announced a new feature that allows its users to convert small balances to the firm’s proprietary token OKB.
OKEx announced on April 7 that the new product allows its user to convert all the crypto asset balances worth less than 0.001 Bitcoin (BTC) ($7.38 at press time) into OKB. The upper limit for conversion value is 0.01 BTC ($73.84 at press time), there is no limit on conversion time but the conversion is only available when the price fluctuates within 5%.
A trader told Cointelegraph that small balance handling is an important feature for long-term traders because it prevents users from wasting resources when trading several different assets. He said that small balances are a big issue on crypto exchanges “because they are funds that cannot be used” to trade.
"We will be hosting our next #AMA session on Reddit on the 7th of April."
"Upgraded Bitcoin 2 web wallet by bitc2.org with security improvements and 2FA is scheduled for release on Apr 7."
"Bitcoin Cash is scheduled to halve on April 8, 2020, 1:21 am EDT... When it halves the mining reward will go from 12.5 BCH to 6.25 BCH...."
"Tonight's #meetup of #aembassador
@manelomanu at @42Lyon was unfortunately postponed... You'll be able to meet him on April 8th."
@cryptopassionHere is the chart of my last analysis :
Here is the current chart :
In some hours now, we will know in which direction the market want send the BTC. We are arriving at the appex for the big triangle and the moves are being over compressed and it will explode very soon. What are your pronostic ? In which direction you see the BTC in some hours?
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