{"id":50842,"date":"2020-02-08T21:16:53","date_gmt":"2020-02-08T19:16:53","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=50842"},"modified":"2020-02-19T01:18:17","modified_gmt":"2020-02-18T23:18:17","slug":"bitcoin-builds-bullish-fundamentals","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/bitcoin-builds-bullish-fundamentals\/","title":{"rendered":"Bitcoin\u2019s Fundamentals Grow Bullish as the Crypto Nears Major Bull Territory"},"content":{"rendered":"<p>Bitcoin\u2019s intense 2020 uptrend has led the cryptocurrency to rally up towards $10,000, with the price region lying directly below this critical price level appearing to be a heavy resistance region.<\/p>\n<p>It is important to note that the resistance at this level, however, has not been enough to catalyze any type of sharp selloff, but it has been enough to slow the cryptocurrency\u2019s momentum.<\/p>\n<p>In the near-term, it does appear to be highly likely that Bitcoin sees some further bullish continuation, as the crypto\u2019s fundamentals are beginning to show signs of strength.<\/p>\n<h2><strong>Bitcoin\u2019s Fundamental Indicators Grow Bullish as BTC Nears $10,000<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/ethereumworldnews.com\/post-halving-rally-to-send-bitcoin-15000\/\">Bitcoin<\/a> is trading up just under 1% at its <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow noopener\" target=\"_blank\">current price<\/a> of $9,830, and it does appear that bulls are struggling to propel the cryptocurrency past the resistance that exists between its current price and $10,000.<\/p>\n<p>If BTC is able to successfully navigate through this resistance region, it is highly possible that the cryptocurrency will gain some explosive momentum after successfully moving into the five-figure price region.<\/p>\n<p>One factor that should be carefully considered in the near-term is the fact that Bitcoin\u2019s fundamental metrics are flashing bullish signs, with its daily transaction count beginning to show signs of rapidly rising.<\/p>\n<p>Glassnode, a top on-chain analytics platform, explained in a recent tweet that BTC\u2019s daily transaction count had been declining from September 2019, and is only now starting to show signs of bullishness.<\/p>\n<blockquote><p>\u201cThis week saw numerous $BTC core on-chain metrics start to recover. After trending down since September 2019, #Bitcoin&#8217;s daily transaction count has started to increase once again,\u201d Glassnode explained.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This week saw numerous <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">$BTC<\/a> core on-chain metrics start to recover. <\/p>\n<p>After trending down since September 2019, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">#Bitcoin<\/a>&#39;s daily transaction count has started to increase once again. <a href=\"https:\/\/t.co\/LbQE1MqHAB\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/LbQE1MqHAB<\/a> <a href=\"https:\/\/t.co\/RSwG7AScSB\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/RSwG7AScSB<\/a><\/p>\n<p>&mdash; glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1226206235537612803?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">February 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Jacob Canfield, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he is closely watching for two realistic BTC scenarios, with a rejection at $10,000 either leading to a harsh rejection, or a break above $10,000 leading to a \u201c$1,000 mega candle.\u201d<\/p>\n<blockquote><p>\u201cBe prepared for either scenario on #Bitcoin. Fake break to $10k and get a harsh rejection. Break $10k and get a $1,000 mega candle (like 2019). If short, stop would be below $10k or you&#8217;ll face slippage. If long, I&#8217;d wait for $10k to break. $10k break from 2019 attached,\u201d he explained while pointing to the charts seen below.<\/p><\/blockquote>\n<p>https:\/\/twitter.com\/JacobCanfield\/status\/1226207508919980032<\/p>\n<p>Bitcoin\u2019s weekly candle close tomorrow should offer valuable insights into where Bitcoin \u2013 and therefore the aggregated crypto market \u2013 is heading next.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s intense 2020 uptrend has led the cryptocurrency to rally up towards $10,000, with the price region lying directly below this critical price level appearing to be a heavy resistance region. It is important to note that the resistance at this level, however, has not been enough to catalyze any type of sharp selloff, but it has been enough to slow the cryptocurrency\u2019s momentum. In the near-term, it does appear to be highly likely that Bitcoin sees some further bullish [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":50843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[800],"tags":[6971,6964,48],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/50842"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=50842"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/50842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/50843"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=50842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=50842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=50842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}