Bitcoin managed to venture beyond the resistance of $7,200 in the late hours on Monday and is trading for just under $7,300 at the time of publishing. This is making the optimists in the community conclude that bulls are totally in control of the market now and the coast is clear until the next major resistance around $8,000.
Amid this positive outlook, however, one analyst is claiming that miner capitulation is happening subtly and could soon take a toll on the market. More on that and other important news from the past 24 hours in today’s cryptocurrency news roundup for April 6.
Miner Capitulations on the Rise?
BeInCrypto reported a few months back how the 2020 Bitcoin Halving could spell the doom for older mining rigs. Fast forward to April 2020, and there are early signs of that happening already, according to some analysts. With mining likely to become increasingly unprofitable for a good chunk of miners out there, odds are reasonably high that many of them will call it a day — but not before dumping their holdings
As miners are among the most influential forces in the Bitcoin ecosystem, when they start selling more in relation to other stakeholders, it will likely signal further capitulation and some sort of ensuing volatility.
Did Coinbase Just Sell 42,000 BTC for $0.18?
It’s not confirmed yet, but there is a possibility that Coinbase just witnessed a massive screwup wherein 42,000 bitcoins changed hands for just $0.18. It could be a UI error too — and the exchange has yet to make a comment on the likely bug.
The issue came to light after traders noticed a strange candle on the BTC/USD trading pair on Coinbase Pro.
COVID-19 a Blessing in Disguise for Digital Cash Revolution, Says Deutsche Bank Researcher
Many central bank governors have already highlighted the potential threat of paper money as a risk in spreading the Coronavirus. While it is hard to state an exact figure, there are varying estimates that suggest that the COVID-19 virus can survive on paper money anywhere between a few hours, up to a few days.
Marion Laboure, a researcher for Deutsche Bank, has co-written a paper suggesting that the pandemic is likely to accelerate the already heightened interest in Central Bank Digital Currencies (CBDC).
Will Binance Coin’s Triple-Bottom Reverse its Bearish Trend?
The BNB price is trading very close to the major support area found at ₿0.0019. This area acted as resistance in 2018, before the price broke out at the beginning of 2019 and flipped it as support. The price has thrice reached this level, creating a long lower-wick in the last movement, a sign of buying pressure.
Tron CEO Releases New Token Named After Himself
In a special announcement, the TRON stablecoin platform has completed testing of a new token. Called JUST, it is a stablecoin which will run on the TRON network. Named after the TRON CEO Justin Sun himself, the new token will be pegged to the USD.
Bitcoin Proving to Be More Fungible than any other Asset
Bitcoin is often praised for being a deflationary currency with a clear limit on how much BTC can be in circulation. While this is undoubtedly its greatest strength, it also has another aspect that sets it apart from other asset classes — it is far more fungible having the ability to be traded 24/7.
Bitcoin Analysis for April 6, 2020
The BTC price has reached an important resistance level in high time-frames but has failed to close above it. It has created bearish reversal patterns in both the medium and the short-term, a sign that the price wants to move downwards.
- Bitcoin broke through resistance at $6,900, which coincides with the 100-week MA.
- The price is following a long-term ascending support line and possibly trading inside an ascending wedge.
- The price broke out from a short-term symmetrical triangle.