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Bitcoin is On the Verge of Making a Massive Move, and it May Spark a 2020 Rally

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On the heels of yesterday’s massive Bitcoin rally, bulls have been able to support the cryptocurrency’s price well above its support at $7,000, with their current strength pointing to the possibility that BTC will soon see further upside.It is important to note that the sideways trading at $7,300 that has resulted from this movement may soon resolve with a massive move, and multiple factors suggest that this upcoming price action will greatly favor bulls.Bitcoin Enters Another Bout of Sideways Trading at $7,300Over the past several weeks, Bitcoin has found itself caught within several bouts of sideways trading, and $7,300 always tends to be the price at which the cryptocurrency enters these consolidatory trends.At the time of writing, Bitcoin is trading up nominally at its current price of $7,350, which marks a slight decline from its daily highs of over $7,400, but a notable climb from its lows of $6,800 that were set just a couple of days ago when bears gained firm but fleeting control over bulls.Bitcoin appears to currently be on the verge of making a massive movement, as CryptoBirb, a popular crypto analyst on Twitter, recently noted that some further sideways trading could push BTC above a descending resistance line, with a break above this potentially leading it to climb towards $8,000.“Ngl would be nice to finally see some movement other than eternal sideways. $btc could use some action in here tbh,” he concisely noted.ngl would be nice to finally see some movement other than eternal sideways$btc could use some action in here tbh pic.twitter.com/V4Fo7Wf2wX— Crypto₿irb (@crypto_birb) January 4, 2020 Teddy, another popular analyst with a track record of accurate calls, told his followers that the support Bitcoin’s bulls are currently defending is a key level, and that a continued defense of this level could spark a massive upside movement.“#BITCOIN | $BTC The cloud is your friend: In 2018 price ranged for 170 days on the median before breaking its support and flying down. Fast forward to today, price is testing the median as support again. Bounce: R of cloud 8.2k. Drop: S of cloud sub 6k – median = 89EMA,” he said.#BITCOIN | $BTCThe cloud is your friendIn 2018 price ranged for 170 days on the median before breaking its support and flying down.Fast forward to today, price is testing the median as support againBounce: R of cloud 8.2kDrop: S of cloud sub 6k
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median = 89EMA pic.twitter.com/uOZwa0zMBT— TEDDY (@teddycleps) January 4, 2020
This Technical Pattern Could Bolster BTC Bulls in the Near-TermAs for how Bitcoin may respond to the key levels discussed above, it does appear that bulls are currently better situated than bears to have control over the next movement.At the moment, BTC is in the process of forming a bullish inverse head and shoulders pattern – which is a classic indicator that an asset has formed a bottom – but it must post a strong and decisive surge in the near-term in order for this possibility to be validated.$BTC #Bitcoin 12 hour – Working on a right shoulder? pic.twitter.com/TRsFLEFwCw— Big Cheds (@BigCheds) January 4, 2020
The coming hours and days will offer insight into the validity of this pattern, and a confirmed break of the pattern’s neckline will mean that Bitcoin’s recent lows could be a long-term bottom.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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