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Bitcoin Bounces To $8,100, Yet Analysts See Potential For Healthy Pullback

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No one expected what Bitcoin (BTC) did in the past 24 hours. According to Messari’s OnChainFX, the leading cryptocurrency is up 9% in the past 24 hours, finding itself at $7,950 after touching $8,100 earlier today. Altcoins have experienced similar gains, with most rising by nearly seven or eight percent.Related Reading: Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum ContinuesWhile some have claimed that this move is decidedly bullish, especially considering the context of the seeming Bitstamp manipulation, some are fearful that this is just a precursor to one final drawdown.Bitcoin Could See A PullbackJosh Olszewicz, a leading technical analyst that frequently posts articles to Brave New Coin, suggests that the Ichimoku Cloud, a series of technical indicators meant to determine trends and key levels, is saying that Bitcoin is “insanely overbought”.He goes on to add the Cloud is “calling for $6,150, looking to the fact that one of the indicator’s leading lines, which acts as support in bull runs and resistance in bear trends, sits at that price level. Olszewicz also notes that the Relative Strength Index (RSI) reading on the one-day chart is at 90, which is well overbought, hinting that a move lower may be inbound.1D $BTC– Cloud says this is insanely overbought & calling for 6150
– VPVR likes 6400
– potential rising 3 methods aka bullish continuation
– RSI = 90 at last high, if higher high, almost guarantees bear div
– 10k is the next big lvl
more in 2mrw’s article for @bravenewcoin pic.twitter.com/95EWWa6xtP— Josh Olszewicz (@CarpeNoctom) May 19, 2019 He isn’t the first to have pointed to signs that BTC may soon see a reversal. Bravado’s lead analyst, Bitcoin Jack, recently noted that BTC has yet to break above the $8,400 resistance (signaling a local top), potentially setting the stage for a drawdown to $5,000.The Other Side Of The EquationSome, however, have drawn attention to signs that this ongoing move is bullish. Olszewicz notes that according to a textbook chart pattern, the fact that BTC fell for three days, then saw a massive reversal candle to the upside may hint at “bullish continuation”.What’s more, there isn’t much resistance from current levels, $8,000, to $10,000, giving credence to the theory that if BTC breaks above $8,400, another run-up would just be a matter of time. As Crypto Rand, a well-followed chartist on Twitter, explained on Sunday: “Bitcoin [is] heating up for $10,000”.Josh Rager, a representative of fledgling crypto exchange Level, explains that this recent rebound confirms that Bitcoin is looking strong. BTC has continued to see higher lows in the current consolidation pattern, preparing the crypto market for a continuation to the upside.$BTC – continues to look strongHigher lows forming with the current consolidationThis consolidation looks like it is priming Bitcoin for continuation to the upsideA bullish weekly close looks promising pic.twitter.com/PWTdVlioXd— Josh Rager (@Josh_Rager) May 19, 2019
On the side of fundamentals and sentiment, NewsBTC’s Joseph Young has noted that the simple fact that BTC rebounded to $8,000 is a confirmation that many investors are bullish.Featured Image from Shutterstock

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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