Bitcoin price remained well supported above the main $10,000 level against the US Dollar.The price is trading nicely above the $10,250 resistance, but it might struggle near $10,500.Yesterday’s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is currently consolidating gains below the $10,450 and $10,500 resistance levels.Bitcoin price is gaining bullish momentum above $10,300 against the US Dollar. BTC must break $10,450 and $10,500 to continue higher in the coming sessions.Bitcoin Price AnalysisThis week, we saw multiple tests of the $10,000 support by bitcoin price against the US Dollar. However, the bears failed to gain control below $10,000. As a result, the price started a fresh increase from the $9,893 swing low. The price broke the $10,000 and $10,200 resistance levels to move into a short term positive zone. Moreover, there was a close above the $10,250 level and the 100 hourly simple moving average.During the rise, the price surpassed the 50% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. Moreover, yesterday’s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair. The pair even traded above the $10,400 resistance level. However, the $10,500 resistance area is still intact.At the moment, the price is facing hurdles near the 76.4% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. If there is an upside break above $10,450 and $10,500, the price could continue to rise in the coming sessions. In the mentioned case, the price is likely to gain momentum above the $10,590 and $10,600 levels.Conversely, if there is a downside correction, the price could test the $10,200 support area. Additionally, the 100 hourly SMA is also near the 100 hourly SMA. If there a close below the 100 hourly SMA, the price is likely to resume its decline and revisit the $10,000 support area. More importantly, a convincing close below the $10,000 support might start a strong decline in the coming sessions.Looking at the chart, bitcoin price is trading with a positive bias above the $10,200 level and the 100 hourly SMA. Therefore, there are chances of a decent rise above the $10,450 and $10,500 level. Conversely, only a close below $10,200 might spark fresh bearish moves.Technical indicators:Hourly MACD – The MACD is slowly moving back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.Major Support Levels – $10,200 followed by $10,000.Major Resistance Levels – $10,450, $10,500 and $10,600.
Archives for September 12, 2019
Many traders have turned bearish on Ethereum way too soon, according to a leading technical strategist. | Source: Shutterstock
Ethereum (ETH/USD) has gone through a corrective period over the last two months. Since posting a 2019 high of $363.30 on June 26th, the cryptocurrency lost more than 50% of its value. The sentiment has become so bearish that some traders are calling for a move below $100.
Bartney bearish on Ethereum | Source: Twitter
However, a leading Wyckoff analyst thinks the exact opposite. The technical trader believes that the retracement is over and the cryptocurrency is getting ready to skyrocket.
Analyst: A Strong Wave up ‘About to Commence’ on Ethereum
If you’re a long-term Ethereum investor, we have good news for you.
ETH rallied during 2019 in a clear five wave advance, and then proceeded to correct in a WXZ fashion into the recent lows at $163. To Elliott Wave practitioners, this would be an area to enter long positions.
Ethereum may have concluded the corrective wave two of its bull run. | Source: Todd Butterfield
The analyst added:
Off of the recent lows, you can easily see a series of 1-2s. 1-2s could signify a strong wave three about to commence to the upside.
Ethereum appears to be positioning for the strong wave three. | Source: Todd Butterfield
In technical analysis, wave three is the longest wave up. Those who time their entry before wave three erupts are often rewarded with ridiculously handsome profits.
Technical Indicators Validate the Wave Count
Classical charting principles also appear to support Mr. Butterfield’s bullish stance. The Wyckoff expert looked at the volume, price action, and a proprietary indicator called the Technometer. He concluded that the writings on the wall support his Elliot analysis. He said:
As you can see at the areas marked by the blue lines, OP (volume) went to new lows recently while price held above the lows at $163. This was telling us that selling pressure came into the market but someone was willing to hold the price at higher lows of $167.
Volume divergence suggests that an entity has stepped in to stop the bleeding. | Source: Todd Butterfield
In addition, Mr. Butterfield noted:
We have also seen the Technometer registering oversold readings at the recent lows. This is bullish action and also gives us a low risk area to enter long positions. Thus, we are bullish ETH with protective sell stops at $166.
More technical indicators pointing to a bounce. | Source: Todd Butterfield
If Mr. Butterfield’s read is correct, then buckle up. The next wave up would leave everyone in a state of massive disbelief.
Last modified (UTC): September 13, 2019 1:08 AM
The week has ended positively for Bitcoin which has made a move up to resistance, gaining 3 percent on the day. The same cannot be said for the majority of the other crypto coins, which are still languishing at lows and unable to get in gear. That is all except one which has taken off like a rocket today in a move reminiscent of the 2017 altcoin pumps.Cosmos Reaches For The StarsIt is another day of tedium for crypto markets and altcoins, with most of them lulling around the bottom of the digital pond with less momentum than an ageing sloth. Only one shining star is among them at the moment and it has just had a price pump rarely seen for any crypto asset in recent times.ATOM has surged over 30 percent over the past 24 hours climbing from yesterday’s low of around $2.50 to hit a high of just below $3.30 a couple of hours ago during Asian trading. Volume has cranked to over $200 million for this token which has been on a downward slide since June along with its siblings.ATOM price 24 hours – Coinmarketcap.comAccording to the blurb on its website, Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms. Its native token has now surpassed Chainlink and Maker in terms of market capitalization which has just exceeded $600 million. It is just behind NEO which currently holds 20th spot in the market cap charts.The majority of trade is currently taking place at what appears to be a Chinese exchange called Hotbit. Over a third of all ATOM tokens have been traded there in the past 24 hours indicating huge demand by Chinese traders if this is the case.There is nothing on the project twitter feed or reddit explaining the pump but it could be linked to a listing on Canadian crypto broker Voyager Digital. According to reports, the platform just announced the listing of ATOM, TEZOS, and BTT, bringing its total to 27 crypto assets.Crypto Markets Still in PainTezos has not moved, but BTT is up 5.5 percent today so the listing may have had some effect on prices. Thirty percent however seems unlikely as there have been very few large FOMO induced pumps for any of the altcoins this year.There is not much to see elsewhere on altcoin markets as we round out another week. Nothing in the top ten has moved aside from Bitcoin, and Dash is the only other altcoin making a little with a 4 percent gain to $85.Image from Shutterstock
ETH price stayed above the key $175 support and recovered recently against the US Dollar.Bitcoin price is trading nicely and it recently broke the key $10,250 resistance area.This week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD (data feed via Kraken).The pair is trading above the $180 level and it seems like it could continue to rise towards $185.Ethereum price is trading nicely above $175 versus the US Dollar, while bitcoin jumped above $10,300. ETH price could continue to rise as long as above $175.Ethereum Price AnalysisRecently, there was a downside correction in ETH price below the $180 support against the US Dollar. However, the $175 level acted as a decent support and prevented further losses. Moreover, bitcoin price held the $10,000 support and it bounced back above $10,250 and $10,300. It helped altcoins in recovering and Ether climbed back above the $178 level.Additionally, the price broke the $180 level and the 100 hourly simple moving average. During the rise, the price broke the 50% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. More importantly, this week’s followed major bearish trend line was breached with resistance near $178 on the hourly chart of ETH/USD.The price is now trading near the 61.8% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. If there are more upsides, the price could break the $182 resistance level. The next resistance is near the $184 level plus the 76.4% Fib retracement level of the recent decline from the $186 swing high to $175 swing low. However, the main resistance is near still near the $185 level.A convincing close above the $185 resistance might set the pace for a strong rise in the near term. On the downside, an immediate support is near the $178 level. However, the main support is near the $175 level. If there is a bearish break below the $175 support, there could be more downsides in the coming sessions.Looking at the chart, Ethereum price is showing a lot of positive signs above $175 and $178. Moreover, bitcoin is gaining pace, which could accelerate gains in Ether as well above $182. Overall, there are chances of more gains as long as there is no close below the $175 support area.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently reducing its bullish slope.Hourly RSI – The RSI for ETH/USD is currently correcting lower and is moving towards the 50 level.Major Support Level – $175Major Resistance Level – $185
Bitcoin.com is in talks to list a bitcoin cash (BCH) futures contract on a regulated exchange, according to David Shin, head of the company’s exchange division.
In an interview with Bloomberg, the Singapore-based Shin said he had early talks to ensure a BCH futures contract would be available on an exchange regulated by the Commodity Futures Trading Commission (CFTC). He also said Bitcoin.com hoped to partner with a retail brokerage.
No CFTC-regulated exchange offers bitcoin cash futures. Bitcoin cash is the fourth-largest cryptocurrency, behind bitcoin, ethereum and XRP. Shin said the push into futures would increase trading volumes and liquidity, and ultimately boost BCH’s market cap.
Bitcoin cash was trading Thursday afternoon around $300 a coin with a market cap of nearly $5.4 billion dollars, according to CoinDesk data. This is half the market cap of XRP, the next-closest coin, and 1/35th the value of market leader bitcoin.
Crypto futures are new to US investors. Available via the Chicago Mercantile Exchange (CME) since December 2017, only one other U.S. exchange — Bakkt, which trades futures through ICE — has been approved, and that was just last month. LedgerX and TD Ameritrade-backed ErisX are awaiting final regulatory approval to expand their options trading to include futures contracts.
Shin said that Bitcoin.com had not met with CME.
Bitcoin.com image via CoinDesk archives.
Bitcoin (BTC) has been facing a long bout of consolidation ever since it was rejected at its 2019 highs of $13,800 earlier this summer. Simultaneously, the equities markets have also faced a period of consolidation throughout 2019, after trade tensions and global political instability slowed the market’s meteoric ascent.It is important to note that one analyst is now explaining that he believes the S&P 500’s performance on a yearly basis impacts Bitcoin, as BTC’s best years have been the ones where the S&P climbs over 15%.Bitcoin Laying the Groundwork for Another UptrendAt the time of writing, Bitcoin is trading up over 2% at its current price of $10,315, which marks a decent surge from its recent lows of $10,000 that were set yesterday.Bitcoin has been caught in a relatively wide trading range over the past several days and weeks, as it has been finding support in the lower-$9,000 region which facing strong resistance in the upper-$10,000 region.BTC’s bullish reaction to each dip below the key five figure price region further bolsters its current bullishness, as it signals that this region is filled with buying pressure that may ultimately allow the crypto to begin another parabolic movement upwards.In the near-term, how the crypto reacts to the upper-$10,000 region will be critical in understanding whether or not it currently has enough momentum to climb back towards its 2019 highs of just below $14,000.Could S&P 500 Be a Primary BTC Influence?Thomas Lee, co-founder of Fundstrat Global Advisors and a prominent Bitcoin bull, explained in a recent tweet that he believes the S&P 500 could be a primary influence on the cryptocurrency’s price action.“Unpopular opinion, Bitcoin won’t make a new high until S&P 500 makes a new high. $BTC has been rangebound because macro trendless. Confirmed by our Bitcoin Misery Index falling from 66 (50 now). Since 2009, best years for Bitcoin is when S&P 500 >15%,” he noted.Unpopular opinion, Bitcoin won’t make a new high until S&P 500 makes a new high.– $BTC has been rangebound because macro trendless. Confirmed by our Bitcoin Misery Index falling from 66 (50 now)– Since 2009, best years for Bitcoin is when S&P 500 >15% #Bitcoin#BTFD pic.twitter.com/1gWqZlnxfE— Thomas Lee (@fundstrat) September 12, 2019It remains unclear as to whether or not Bitcoin and the S&P 500’s macro-uptrends since 2009 are purely coincidental, or if their performance is truly correlated. Either way, watching to see how BTC fares in the next economic downtrend or recession will illuminate whether or not it is an uncorrelated asset.Featured image from Shutterstock.
The Chicago Mercantile Exchange (CME Group) wants to let futures traders make even bigger bets on bitcoin.
The limit would jump from 1,000 contracts per month to 2,000 for any single investor. Since each contract is for five bitcoin, the change means a trader’s maximum exposure would double from 5,000 bitcoin (worth about $50 million at current prices) to 2,000 contracts (10,000 bitcoin, or $100 million).
To be sure, few traders if any are doing that much volume right now, given that the exchange now sees an average daily volume of 7,100 contracts overall, according to a spokesperson.
But the company sees room for this market to grow, and is seeking to increase these limits “based on the significant growth and acceptance of our financially-settled CME Bitcoin futures markets, as well as our analysis of the underlying bitcoin market,” said the spokesperson.
If the CFTC does not object to the plan, the move will take effect on Sept. 30 for the October 2019 contract, wrote CME managing director and chief regulatory counsel Christopher Bowen in the letter.
According to the CFTC, position limits are designed to prevent “excessive speculation” in any commodities which underpin a futures product.
The concern is that without these limits, excessive speculation in a particular futures contract might cause the underlying asset’s price to fluctuate suddenly.
“In general, position limits are not needed for markets where the threat of market manipulation is non-existent or very low,” the CFTC website states.
As such, CME’s move on Thursday can be seen as a sign that the bitcoin market is maturing, as well as a sign that bitcoin futures contracts are better understood than they were previously.
Under the plan, the single month accountability level would remain at 5,000 contracts, meaning CME would continue to scrutinize only those traders whose volumes exceed the threshold.
A good year
CME launched its cash-settled futures contract at the end of 2017, alongside cross-town rival Cboe. However, Cboe announced in March that it would be shutting down its futures market, leaving CME as the sole exchange to offer the product in the U.S.
While CME is currently the only exchange to offer bitcoin futures in the country, the Intercontinental Exchange, through its ICE Futures US wing and Bakkt subsidiary, plans to offer physically-settled futures contracts later this month. A number of other companies are also looking to offer physically settled futures and forwards products.
In recent weeks, the CME spokesperson said, the exchange has seen “20 successful, uneventful settlements,” and it currently has a record number of large open interest holders at 56, and a record amount of open interest at 6,128 (the number of open futures) as of the beginning of July.
More than 1,200 traders have signed onto the platform since the beginning of 2019..
“This is one more way we’re providing customers, institutional traders and end-users with additional flexibility to trade and hedge bitcoin price risk,” the spokesperson said.
Tim McCourt, CME managing director of equity products and bitcoin futures image via CoinDesk archives
A monthly report published by exchange platform SFOX (San Francisco Open Exchange) identifies an air of uncertainty within the industry about cryptocurrency’s place in the future of finance. With both bullish and bearish news events occurring over the last month, the price still appears to be in limbo around the $10,000 mark.Conflicting Signals Leave Cryptocurrency Market DirectionlessThe report, published today by SFOX, focuses on various market and sentiment indicators observed over the last month. These include volatility indices, prices, trade volume data, as well as more fundamental developments surrounding the industry.BTC is not sure whether to break up or down.The picture the report paints is one of uncertainty. Despite cryptocurrency becoming more attractive to institutional interests – Bakkt launch and CME Group expanding crypto products, there doesn’t seem to be any fresh money flooding into the industry yet.Even though it identifies an uncertain market, an in-house indicator, the SFOX Multi-Factor Market Index, did flip to “mildly bullish” this month. Previously, the indicator, which looks at market sentiment, price momentum, and developments within the sector, read “neutral”.However, SFOX points out the following about the reading, which they describe as bullish:“… while BTC and other cryptocurrencies are seeing sustained development and investor interest, there appears to be a new sentimental wave of uncertainty as the market remains unsure of precisely how crypto will fit into the broader global financial landscape of 2020 and beyond.”The report identifies multiple news events during the month of August that have contributed to the uncertainty in the market. These include Vitalek Buterin saying that Ethereum was full and the alternative.me Crypto Greed and Fear Index switching to “extreme fear” on August 17.Additionally, the report shows that inconsistencies with Bitcoin price rallies in connection with Chinese currency moves versus the dollar cast doubt over the utility citizens in the nation are finding in Bitcoin as a safe-haven asset.Potentially creating more uncertainty around cryptocurrency’s place in the future financial system are the efforts of major companies to create their own digital currencies. Despite bringing greater attention to the space, there is no telling whether true cryptos, like Bitcoin, will ever be anything but a fringe interest alongside a fully-digitised economy of these company-backed currencies. The report identifies MasterCard’s recently advertising a job with the company’s blockchain division and Allianz Insurance developing a blockchain-based payment system of its own as developments that could impact crypto’s utility going forward.That said, other massive names, Bakkt and the CME Group are in the process of expanding options for institutional investors to allow them greater exposure to the space. The long-awaited Bakkt platform will offer physically-backed Bitcoin futures contracts. By carefully ensuring regulatory compliance, it also hopes to bring transparency to the process of Bitcoin price discovery – something it believes will bring greater legitimacy to the industry.Finally, the report identifies a few key dates to watch out for during the rest of September. These are the proposed date for the Ethereum Classic hard fork to Atlantis on September 13, the launch of Bakkt (September 23), and September 27 since it’s the last-trade day of both BTC futures and BitMEX futures. The researchers muse that this latter event might invite greater volatility than usual since it will be the quarterly close of these products. Related Reading: Bitcoin to Boom As Macroeconomic Backdrop Worsens; Here’s WhyFeatured Image from Shutterstock.
- Moscow-based law firm ZP Legal claims to have identified Russian nationals who received bitcoin stolen in the 2014 hack of Mt Gox.
- Local law enforcement is investigating Alexander Vinnik, the alleged operator of the defunct exchange BTC-e.
- ZP Legal says Mt Gox creditors who come forward as potential BTC-e victims may help Russian authorities establish a connection between the exchanges.
- To cut a deal with law enforcement, those who benefited from the Mt Gox hack might offer to return funds to the exchange’s creditors, the law firm reckons.
While creditors of the defunct Mt Gox bitcoin exchange wait for the Japanese courts to resolve the fate of their money, a Moscow-based law firm is proposing a different solution.
According to Mt Gox creditors, ZP Legal contacted them earlier this year, offering an opportunity to recover almost a quarter of the missing 850,000 bitcoins stolen in the 2014 hack of the exchange. (The coins were worth more than $450 million at the time of the theft and $8.5 billion today.)
ZP Legal estimated 170,000 to 200,000 of these coins, currently worth $1.7 billion to $2 billion, can be recovered by taking legal action against Russian nationals who received the stolen money.
In return for its assistance, the law firm will charge creditors 50 to 75 percent of the recovered sum, as well as an hourly rate. However, ZP Legal says it will only accept payment in the event of a successful recovery.
Alexander Zheleznikov, the managing partner of ZP Legal (ZP stands for Zheleznikov and Partners), said he believed that some of the money stolen from Mt Gox might have ended up on another defunct crypto exchange, BTC-e. In fact, this longstanding claim has been investigated by former Mt Gox user Kim Nilsson and alleged in an order by the U.S. District Court of the Northern District of California.
Following this order, the alleged operator of BTC-e, Russian national Alexander Vinnik, was arrested in July 2017 in Greece and is now facing extradition to the U.S., Russia or France to face trial over money laundering charges.
Zheleznikov believes the criminal case against Vinnik, which Russian authorities are also investigating, can be accelerated if Mt Gox creditors come forward as victims and help law enforcement establish a connection between Mt Gox, BTC-e, and BTC-e’s successor, the also-failed Russian exchange WEX.
“Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case,” Zheleznikov said. He added:
“If our assumptions of those connections are correct, the [thieves] will ultimately come forward and plead guilty, and to reduce the punishment, they will offer to recover a part of the funds. If they don’t, they will be deemed guilty by law enforcement, and then there will be a chance to sue them for damages based on the criminal case.”
Zheleznikov said his firm reached out to lawyers representing the Mt Gox creditors, and later the creditors themselves, with the help of the Russian embassy in Tokyo. (The embassy did not respond to a request for comment.)
Andy Pag, the founder and former coordinator of the largest group of creditors, Mt. Gox Legal (MGL), said he was first contacted by the firm on Feb. 22, soon after ZP engaged with the Japanese lawyers working on the Mt Gox case.
“Lawyers for ZP held meetings in Tokyo with the creditors, and separately with the Mt. Gox Legal (MGL) insolvency lawyers, MHM Japan, on Feb. 15, 2019. I was the coordinator of MGL at the time so MHM made the introduction,” said Pag, who stepped down from Mt. Gox Legal at the end of March
He went on to add:
“There was a long hiatus after that, but more recently they re-contacted me asking me to help them devise their process for verifying individuals are valid victims of the theft, and a process to reach those individuals.”
According to a creditors’ discussion on a closed forum, ZP Legal claimed to have recovered as much as $1 million of funds on behalf of an unnamed client of the Russian crypto exchange WEX.
Zheleznikov refused to discuss the sum with CoinDesk but confirmed his firm worked with two people whose money was frozen at WEX. ZP Legal started its own investigation and the police started a preliminary investigation, and soon some people reached out to the firm and offered to compensate the WEX users’ losses, he said.
The firm connected the two sides and the next thing Zheleznikov heard was the victims telling him that “the matter was resolved,” he told CoinDesk. He refused to name either of the people involved in that deal.
According to a document shared by Pag, ZP Legal told Mt Gox creditors that through a “close cooperation with law enforcement” it believed it could recover “up to 170,000 – 200,000 BTC.”
At the same time, the firm admitted it doesn’t know the identities of all people involved in the theft — it will be up to law enforcement to find the culprits. Speaking to CoinDesk, Zheleznikov said the amount is an estimate based on the number of creditors ZP hopes to take on as clients.
Zheleznikov stressed that his clients can expect to receive not bitcoins themselves but their fiat value now.
“I don’t promise to recover bitcoins,” Zheleznikov told CoinDesk. “Only those funds will be recovered that a court will be able to forfeit.”
In the document Pag shared with the creditors, ZP describes how the loss will be calculated.
“If you held a balance on Mt Gox of say 100 BTC on the day it closed, to calculate your Russian police claim you must convert this to hard currency based on the current rate, for instance $10,000/[BTC] means your claim will be $1,000,000, in Roubles,” the document says.
A potential problem with this approach is that digital assets have no legal status in Russia at the moment, as in many other jurisdictions, and there is no clear methodology for valuing cryptocurrency. Zheleznikov admits that his firm will be acting in the absence of settled practices.
“We’re not sure [we will be able to convince the police to trust our estimates], we’re entering a grey zone where nobody has ever gone before. We’re not promising anything — we assume that we have certain legal skills and there are some existing laws, and we hope to leverage it all,” Zheleznikov said.
He admitted there might be “years of the legal fight, refusals from the police and legal practice formation” ahead.
While not widely known in the Russian crypto space, Zheleznikov has a remarkable track record as an attorney for a number of cases making waves in Russia in recent years.
In particular, since 2014, Zheleznikov has been defending the Russian neo-Nazi Maxim Martsinkevich, nicknamed “Tesak” (the Hatchet), who is serving a 10-year term in Russian prison for assaulting people he and his associates believed to be drug pushers.
Zheleznikov has also defended popular Russian journalist Anton Krasovsky and oligarch Konstantin Malofeev who is believed to be a sponsor of the separatist forces that confronted the Ukrainian army on the South East of Ukraine in 2014.
Mt Gox disclosed the theft of approximately 850,000 bitcoin (worth more than $450 million at the time) in February 2014. The exchange suspended trading, filed for bankruptcy protection and began liquidation proceedings.
According to security firm WizSec, most, if not all, of the missing bitcoin were stolen from the exchange’s online, or hot, wallet between 2011 and 2014.
The exchange transitioned from bankruptcy proceedings to civil rehabilitation, a debtor-friendly form of corporate restructuring, last year, meaning creditors will receive bitcoin instead of a fiat sum.
However, due to a large number of claims and other ongoing legal issues, it is unclear when these funds will be returned. A deadline for filing a civil rehabilitation plan was postponed in April by Mt Gox’s trustee, Nobuaki Kobayashi, and no plan will be filed before the end of October.
Alexander Zheleznikov image courtesy of himself
Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTC’s ability to hold above this price level may be a bullish sign, as it signals that bears do not currently have enough strength to send the crypto back to its next major support level in the lower-$9,000 region.This bullish response to $10,000 has led one prominent analyst to express that he believes BTC has established a mid-term bottom, which may mean that today’s surge marks the beginning of the next uptrend.Bitcoin Run Past $10,300 as Buyers Build StrengthAt the time of writing, Bitcoin is trading up nearly 3% at its current price of $10,310, which marks a decent surge from its 24-hour lows of $10,000 that were set yesterday.It is highly likely that BTC will find some levels of selling pressure in the upper-$10,000 region, as it has faced multiple rejections at this price region over the past several weeks.The bullish response to $10,000 signals that this price level remains a key psychological support level and may also signal that further gains are imminent in the coming weeks and months.UB, a popular crypto analyst on Twitter, explained in a recent tweet that Bitcoin’s technical formations are currently flashing multiple bullish signs, which has led him to add to his current long position.“$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in. I entered just above Yesterday’s Daily Open – it was a key intraday S & R level. Most recent hourly closed above the Range Low – looking to add to my long,” he noted.$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in.I entered just above Yesterday’s Daily Open – it was a key intraday S & R level.Most recent hourly closed above the Range Low – looking to add to my long. pic.twitter.com/ADubNhZmZm— UB (@CryptoUB) September 12, 2019Has BTC Established a Mid-Term Bottom?UB is not alone in his bullish assessment of Bitcoin’s current price action, as Flood – a highly prominent trader who has correctly predicted multiple major movements in the crypto markets – said in a recent tweet that he believes the crypto’s recent drop to the lower-$9,000 region may have marked a mid-term bottom.“First the time in a couple weeks bitcoin actually looks relatively bottomed on medium timeframes. I’m long,” he explained while pointing to the below chartFirst the time in a couple weeks bitcoin actually looks relatively bottomed on medium timeframes.I’m long.Countertrade me here: https://t.co/NQWTKTvUtX pic.twitter.com/A8M8ubELwi— Flood [BitMEX] (@ThinkingUSD) September 12, 2019The coming days and weeks will be critical for Bitcoin, as an extension of its current upwards momentum could validate the notion that it has bottomed out over the mid-term.Featured image from Shutterstock.