Analysis: Steep Bitcoin Retracement Still Possible

Bitcoin’s latest price action brought with it a sense of optimism felt throughout the cryptocurrency market. Some of the most prominent analysts in the industry claimed that BTC had begun a new bull run, but different technical patterns estimate that a correction is underway.  A Rally Lacking Volume   Last week, Bitcoin broke out of a descending parallel channel where it had been contained since June 2019. Since then, each time the flagship cryptocurrency hit the bottom of the channel, it bounced off to the middle or the top.  Conversely, when…

New Analysis Finds That Mondays Are the Best Days to Buy Bitcoin

This week saw Bitcoin price (BTC) hitting the $9,000 barrier amid the launch of CME Bitcoin options and Plaid’s acquisition by Visa, reaching a record price for the last two months.  Bitcoin’s 27% price gain since the beginning of the year along with the future bullish scenarios laid down by investors may attract new crypto holders. But since BTC/USD is traded 24/7, new investors may be wondering: is there a difference between investing on a particular day of the week? Figure 1. Crypto market data, 1-day performance. Source: Coin360 The…

Analysis: BSV Is Up 500% Thanks to Wash Trading

Bitcoin Satoshi’s Vision (BSV) entered a massive bull rally which saw the coin’s price increase by 5x. As the crypto community questions the sudden upswing, a technical pattern estimates that BSV is bound for an inevitable correction.  Market Manipulation or Legitimate Demand? On Dec. 18, 2019, BSV appears to have reached a market bottom at a low of $77. Since then, it skyrocketed approximately 500%.  BSV climbed up to a high of $459 on Jan. 14, 2020 and moved up to the No. 4 spot on CoinMarketCap’s top cryptocurrencies by…

On-Chain Bitcoin Analysis Reveals New Depth of PlusToken Scam

OXT Research, a tool from Samourai Wallet, recently revealed the full depth of last year’s PlusToken Bitcoin sell-off. Beyond a crash course in crypto privacy, this new data confirms a strong correlation with price actions for BTC over the past six months.  Granular Data Reveals New Details Although the PlusToken scam was finally shut down late last year, the on-chain data is still being analyzed. Chainalysis, for instance, performed the first forensic sweep and revealed over $2 billion in funds collected. Their analysis methods were, however, slightly unclear.  In the…