{"id":381512,"date":"2019-05-09T17:00:27","date_gmt":"2019-05-09T17:00:27","guid":{"rendered":"https:\/\/wncen.com\/?p=381512"},"modified":"2024-06-11T21:14:29","modified_gmt":"2024-06-11T21:14:29","slug":"bitcoin-btc-dominance-jump-after-price-spike-analysts-cautious","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-dominance-jump-after-price-spike-analysts-cautious\/","title":{"rendered":"Bitcoin (BTC) Dominance Jump after Price Spike, Analysts Cautious"},"content":{"rendered":"<ul>\n<li><em>Bitcoin (BTC) up above $6,000 adding 12.4 percent<\/em><\/li>\n<li><em>Divergence in volumes despite strong fundamentals<\/em><\/li>\n<\/ul>\n<p><em>Analysts are throwing caution to wind warning investors that prices may correct lower in days ahead. All the same, Bitcoin (BTC) bulls are firm, trading above $6,000, rejecting lower lows and up 12.4 percent in the last week.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>After a long, dilapidating winter, bulls are back, and to that end, it is a new milestone for the world\u2019s most valuable coin. Although there are different sentiments on matters price, it evident that the overall feeling is bullish and well, price is secondary.<\/p>\n<p>Fundamental factors are satisfactory, pointing to a strong wave of higher highs that will not only cement Bitcoin\u2019s position as a new age digital asset, premier internet money and a deserving substitute for Gold as a store of value.<\/p>\n<p>Records from coin trackers indicate that Bitcoin is not only trading above $6,000 for the first time in six months, but its <a href=\"https:\/\/www.coingecko.com\/en\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">dominance<\/a> is up. At 57 percent at the time of press, the investor community is confident of what the future holds. The number of Bitcoin public addresses are up and with increasing prices, the network\u2019s hash rate is up 377 percent revealing that Bitcoin doesn\u2019t care about bad news.<\/p>\n<p>With Bitcoin printing new highs, it is evident that the market is upbeat and responding appropriately to yesterday\u2019s hack which Changpeng Zhao said is an \u201cexpensive\u201d lesson but still a lesson for them to improve on their security. Unlike previous hacks where intruders took their time before distributing their illicit loot, there is movement.<\/p>\n<h3>Candlestick Arrangements<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-381513\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-9.png?resize=1280%2C1024\" alt=\"Bitcoin BTC\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-9.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-9.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>At spot rates, Bitcoin (BTC) is up 1.8 percent and 12.4 percent in the last day and week. Because of today\u2019s upswing, BTC is now trending above $5,800 and $6,000 for the first time in five months.<\/p>\n<p>If anything, this is a signal, and a bullish signal in that bulls\u2019 momentum is strong, reversing losses of Nov 2018. As a result of this expansion, bears of Q4 2018 no longer hold. In line with our previous <a href=\"https:\/\/wncen.com\/2019\/05\/08\/bitcoin-btc-stopped-caring-about-bad-news-up-11-percent\/\" target=\"_blank\" rel=\"noopener noreferrer \">BTC\/USD trade plan<\/a>, traders can begin fine-tuning their entries in lower time frames with first targets at $8,500.<\/p>\n<p>Note that BTC bars are banding along the upper BB meaning the underlying momentum is strong despite today\u2019s long upper BB revealing sellers.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Although prices are up, there is a divergence. Participation is shrinking and comparing May-8 bull bar with Apr-25 bears there is an apparent drop in volumes from 19k to 12k while averages are pretty much constant. Ideally, should there be a confirmation of today\u2019s bar cementing prices above $6,000 then it must not only lead to price expansion, but there should be a sharp spike in volumes preferably above 19k or 39k of Apr-3.<\/p>\n<p><strong><em>Chart courtesy of Trading View<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) up above $6,000 adding 12.4 percent Divergence in volumes despite strong fundamentals Analysts are throwing caution to wind warning investors that prices may correct lower in days ahead. All the same, Bitcoin (BTC) bulls are firm, trading above $6,000, rejecting lower lows and up 12.4 percent in the last week. Bitcoin Price Analysis Fundamentals After a long, dilapidating winter, bulls are back, and to that end, it is a new milestone for the world\u2019s most valuable coin. Although there are different sentiments on matters price, it evident that the overall feeling is bullish and well, price is secondary. Fundamental factors are satisfactory, pointing to a strong wave of higher highs that will not only cement Bitcoin\u2019s position as a new age digital asset, premier internet money and a deserving substitute for Gold as a store of value. Records from coin trackers indicate that Bitcoin is not only trading above $6,000 for the first time in six months, but its dominance is up. At 57 percent at the time of press, the investor community is confident of what the future holds. The number of Bitcoin public addresses are up and with increasing prices, the network\u2019s hash rate is up 377 percent revealing that Bitcoin doesn\u2019t care about bad news. With Bitcoin printing new highs, it is evident that the market is upbeat and responding appropriately to yesterday\u2019s hack which Changpeng Zhao said is an \u201cexpensive\u201d lesson but still a lesson for them to improve on their security. Unlike previous hacks where intruders took their time before distributing their illicit loot, there is movement. Candlestick Arrangements At spot rates, Bitcoin (BTC) is up 1.8 percent and 12.4 percent in the last day and week. Because of today\u2019s upswing, BTC is now trending above $5,800 and $6,000 for the first time in five months. If anything, this is a signal, and a bullish signal in that bulls\u2019 momentum is strong, reversing losses of Nov 2018. As a result of this expansion, bears of Q4 2018 no longer hold. In line with our previous BTC\/USD trade plan, traders can begin fine-tuning their entries in lower time frames with first targets at $8,500. Note that BTC bars are banding along the upper BB meaning the underlying momentum is strong despite today\u2019s long upper BB revealing sellers. Technical Indicators Although prices are up, there is a divergence. Participation is shrinking and comparing May-8 bull bar with Apr-25 bears there is an apparent drop in volumes from 19k to 12k while averages are pretty much constant. Ideally, should there be a confirmation of today\u2019s bar cementing prices above $6,000 then it must not only lead to price expansion, but there should be a sharp spike in volumes preferably above 19k or 39k of Apr-3. Chart courtesy of Trading View<\/p>\n","protected":false},"author":384,"featured_media":380194,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-381512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Dominance Jump after Price Spike, Analysts Cautious<\/title>\n<meta name=\"description\" content=\"Although Bitcoin (BTC) is trending above $6,000 as the space attracts the &quot;smartest kids&quot;, analysts are nonetheless cautious, expecting a correction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin (BTC) Dominance Jump after Price Spike, Analysts Cautious","url":"http:\/\/wncen.com\/news\/bitcoin-btc-dominance-jump-after-price-spike-analysts-cautious\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-dominance-jump-after-price-spike-analysts-cautious\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin-crypto-dominance.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin-crypto-dominance.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2019-05-09T17:00:27Z","datePublished":"2019-05-09T17:00:27Z","dateModified":"2024-06-11T21:14:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Dominance Jump after Price Spike, Analysts Cautious\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-dominance-jump-after-price-spike-analysts-cautious\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-dominance-jump-after-price-spike-analysts-cautious\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/bitcoin-crypto-dominance.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/bitcoin-crypto-dominance.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2019-05-09T17:00:27Z\",\"datePublished\":\"2019-05-09T17:00:27Z\",\"dateModified\":\"2024-06-11T21:14:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/bitcoin-crypto-dominance.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/381512"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=381512"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/381512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/380194"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=381512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=381512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=381512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}