- Bitcoin fails to break through the strong resistance at USD 8,900 for the time being.
- Dash has risen over 8% in the last 24 hours, displacing Monero from 10th place in the ranking by market capital.
- Augur has introduced a new version of its forecasting platform Augur v2. The course exploded within a short time.
Since January 10, 2020, Bitcoin has risen from a price of USD 7,700.13 by almost USD 1,000 to the current price of USD 8,687.76. BTC has been able to overcome important resistance at USD 8,400 and USD 8,600. Most recently, however, Bitcoin has bounced off the USD 8,900 mark.
The Relatve Strength Index (RSI) can be an indicator to identify a bull or bear market. If the RSI is above 55, it indicates a bull market, while a value below 55 indicates a bear market. The experienced crypto trader Yadox points out that the RSI on the weekly chart is currently just below 55, meaning that Bitcoin has not yet entered the bull market at the macro level.
On the weekly, Bull market are where RSI>55, and Bear Market when RSI<55.
Right now, we are exactly at this crucial line.
Which way ? pic.twitter.com/y5568fDYmS
— Coiner-Yadox (@Yodaskk) January 15, 2020
Experienced Bitcoin trader Josh Rager cited as the reason for the reset of Bitcoin that many investors have hoarded Bitcoin at $9,000 to secure their profits. This pattern has already been seen at lower levels of $5,000 and $6,000, Rager said.
Majority wanted to short $BTC $9k and above
Majority got front-run again
Much like how majority wanted to accumulate lows at $5ks but price bounced at $6ks
It's a consistent theme in the Bitcoin market
— Josh Rager 📈 (@Josh_Rager) January 15, 2020
Altcoins follow Bitcoin in short-term upward trend
Multiple billionaire and Bitcoin cop Mike Novogratz describes on Twitter that he does not yet fully understand the real reasons for the recent Altcoin Rally. One reason could be the January effect or a newly kindled euphoria about rising prices in the new year, Novogratz says.
I’m not sure I understand the altcoin rally. Happy for those making money on it. But not sure what changed. Maybe new year, new money, new enthusiasm. Dinner in NYC for best explanation.
— Michael Novogratz (@novogratz) January 15, 2020
Among the Altcoins, especially Dash and Augur stood out. Dash has risen by 3.56% within the last 24 hours to a price of 121.42 USD, putting Monero in 11th place. Amanda B. Johnson, supervisor at DashInvests, described that the recent price increase is due to the release of the Evolution Testnet.
The price of Augur (REP) has increased by 40.28% in the last 24 hours, to USD 16.28. Within the last 30 days Augur has seen a 68% increase. The decentralized forecasting platform based on the Ethereum Blockchain has announced that Augur v2 will be introduced soon. The performance of the platform is expected to be better so that bets can be placed even faster. Furthermore, payout fees will be completely eliminated. Trading fees are to be reduced to 1%.
Bitcoin SV is the biggest winner among the Altcoins with a price increase of more than 200% within the last 30 days. However, the rally has come to an early end after strong doubts arose as to whether Wright had actually received the keys to the Tulip Trust. The lawyers of David Kleiman’s heirs have stated that Wright has only submitted a list of over 16,000 BTC addresses, but no proof of the keys. Wright has until 3 February 2020 to present the remaining access keys.