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Bitcoin Is Back At $8000 – Can It Finally Break-Up The 2019 High? BTC Price Analysis & Overview

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On our previous price analysis, we have mentioned the fragility of the $8000 level and that Bitcoin was steady for the past couple of days.

Shortly after, we did see a massive drop below $7500 in Bitcoin’s price. However, following the drop, Bitcoin kept its strength and kept up the $7500 – $7600 significant support level, and since then we saw a bullish move surpassing the $8000 and retesting $8200.

After getting rejected by the $8200 resistance, Bitcoin is back to our previous analysis’ situation, whereas the coin is trading around the $8000 mark.

Total Market Cap: $249.5 Billion

Bitcoin Market Cap: $141.4 Billion

BTC Dominance: 56.7%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
As mentioned, Bitcoin is trading around the $8000 mark. Breaking above and the next barrier is the $8200 and then the 2019 high at $8400 (which got rejected twice so far). The next possible targets or resistance levels are $8500, $8800 and $9000. Further resistance lies at $9600 – $10,000 area.

From below, the closest support lies at this current price level. Below lies the $7800 before getting down to the $7600 support. The next significant support area is at $7200 – $7300. Further below is the $7,000 zone.

– Trading Volume: Following the above, we can see that the volume is not significant. The direction for the coming future hadn’t been decided yet.

– Daily chart’s RSI: The drop below $7500 is reflected on the RSI, as the indicator dropped to 60 where it found support. The RSI is now around 64, which is relatively low compared to 2019, however, still bullish.
A bullish sign might be coming from the Stochastic RSI oscillator, as it was recently crossing over in the oversold area.

– BitFinex open short positions: there are 19 K BTC open short positions.

BTC/USD BitStamp 4-Hour Chart

BTC/USD BitStamp 1-Day Chart

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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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