Cryptocurrency News Roundup for May 25, 2020
Following a slightly disappointing start to the week, the BTC-USD pair bounced back from the $8,600s and is now gradually approaching $9,000 yet again. Whether or not the bulls manage to build on this momentum to push the price beyond the resistance around $9,100 remains to be seen.
By now it is becoming clear that the alpha-cryptocurrency is sticking to the past post-halving trends by not wildly swaying in either direction.
A wild bull run hasn’t started and neither has the price dipped alarmingly low. That’s more or less consistent with how the BTC price spiked by about 7% after its first halving. During the same period following the 2016 halving, the price did, in fact, plunge, but not more than 10%.
Considering that both the 2012 and 2016 halvings were followed by substantial gains over the mid-to-long terms, odds are that we could see a major spike in the latter half of 2019.
Some analysts are optimistic that the BTC price could reach a new all-time-high by Sept 2020. Others are skeptical about any such possibility, especially in the wake of the current pandemic-induced slowdown.
More on that and other big stories in BeInCrypto’s Cryptocurrency News Roundup for May 25, 2020.
Nearly 100 Countries Have Applied for a Bailout From the IMF
The international financial institution has collected trillions of dollars from donors, but there are growing fears that borrowers will not be able to repay their debts.
The global economy is much more interconnected now than at any point in the past and the report cites it as a particularly concerning factor that could inflict serious damage to the existing financial order over the mid-to-long haul.
Bitcoin Price Analysis for May 25
The Bitcoin price is possibly following a bearish Wyckoff distribution chart. If this analysis holds true, the trading range for Bitcoin since the beginning of May is outlined between $8,400-$9,500. However, any dip below $8,400 in the coming days could spark major bearish developments.
- The Bitcoin price is possibly following a bearish Wyckoff distribution chart.
- The price has just reached a long-term ascending support line.
- If the price breaks down, it could decrease all the way to $7,000.
Bitcoin Twitter Mentions Reflects Rising Bullish Expectations
While it is not definitely the most reliable metric for gauging Bitcoin’s future price movements, the volume of Bitcoin (BTC) tweets can often be a handy tool to take a peek into the overall market sentiment. On that count, it looks like a growing number of traders are currently bullish on Bitcoin’s prospects in the coming weeks.
Cryptographic Message From Early Bitcoin Miner Further Dents Craig Wright’s Bogus Claims
On May 25, an early Bitcoin miner signed a cryptographic message with 145 wallet addresses calling Craig S. Wright a fraud and a liar.
Using Rein’s ‘Bitcoin Signature Tool,’ BeInCrypto was able to authenticate the wallet addresses and signatures that signed the cryptographic message. The twist, however, lies in the fact that these same addresses have been previously listed by Wright as parts of the huge BTC stash that he mined during the early days of the coin.
ETH Could Kick Off the Long-Awaited ‘Alt Season’
The ETH price has seemingly been trading inside a long-term symmetrical triangle since the beginning of 2020. The movement near the support line of the triangle is very interesting since the price has twice decreased below its 200-day MA, only to bounce on the support line and initiate a strong upward movement.
Well-known trader @CryptoNewton tweeted an Ethereum price chart, stating that he believes that Ethereum can be the one to initiate alt-season, especially if it breaks out from the current resistance he has drawn.
ETH Addresses Spike Despite Price Slump
Even though the Ethereum price movement has not been at its best of late, new data from on-chain market analysis provider Glassnode underlines a bullish trend on several fronts. In addition to other strong on-chain metrics and fundamentals, it turns out there are now 40 million ETH addresses holding a piece of the digital asset.
Original Source: Beincrypto Cryptocurrency News Roundup for May 25, 2020