Bitcoin Today: 9500?
Price
Buyers on the 100-days EMA pushed the price upwards to pierce above the Bearish Trend Line, which could be a start of the rebound formation. Closest resistance on the way up is 9250.0 level, breakthrough above this level would add bullish mood to the market. A breakthrough above the 9500.0 level could be considered as confirmation of the rebound and send the price testing the 10000.0 resistance. 8800.0 – 9000.0 zone stays as a support.
Today forecast
Trading in 9250.0 – 9500.0 zone.
Latest news
Buyers on the 100-days EMA pushed the price upwards to pierce above the Bearish Trend Line, which could be a start of the rebound formation. Closest resistance on the way up is 9250.0 level, breakthrough above this level would add bullish mood to the market. A breakthrough above the 9500.0 level could be considered as confirmation of the rebound and send the price testing the 10000.0 resistance. 8800.0 – 9000.0 zone stays as a support.
Today forecast
Trading in 9250.0 – 9500.0 zone.
Latest news
- Indian Ponzi Scheme-Funded Cryptocurrency Mine Raided by Police. Delhi Police’s Cyber Cell has conducted a raid on a cryptocurrency mining operation held in a 4,000 square foot complex in Dehradun. The raid occurred shortly after the April 25th arrest of the owners of the mine, Kamal Singh, and Vijay Kumar, who are accused of amassing Rs 100 crore (almost $14.9 million USD) through an illegal ponzi scheme promoted via bits2btc.com.
Local reports have claimed that police found “over 100” Ethereum mining rigs comprised of “high-powered computer processors, 500 graphics cards, and servers.” The mine’s owners reportedly “told curious neighbors that [the mine] was a computer processor unit with servers of a big company.”
Through the interrogation of Mr. Singh and Mr. Kumar, police have determined that the Ethereum mining operation had been funded by the bits2btc ponzi scheme. The accused had elsewhere expanded their fraudulent operations, launching two cryptocurrencies, HBX and Mcap, in addition to another ponzi scheme – gainbitcoin.com. - San Francisco Fed Says BTC-based Future Markets Played a Role in Price. The U.S. Federal Reserve system has been very interested in bitcoin lately and has released a bunch of reports from Federal Reserve leaders and researchers from different offices. This past Monday, the Federal Reserve Bank of San Francisco and a professor from Stanford University published a paper that concludes that bitcoin-based futures markets affected the cryptocurrency’s price patterns since Cboe and CME launched the products.
“The peak price coincided with the introduction of bitcoin futures trading on the Chicago Mercantile Exchange. The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence. Rather, it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.”
“We suggest that the rapid rise of the price of bitcoin and its decline following the issuance of futures on the CME is consistent with pricing dynamics — Once derivatives markets become sufficiently deep, short-selling pressure from pessimists leads to a sharp decline in value.”
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