It has been a painful summer for Bitcoin, and while August brought some minor relief, it appeared to be only temporary as last week’s bears successfully brought down the price to four digits again… but this weekend, the bulls had something to say about it.
Trendlines certainly looked in danger of breaking, but after spending much of Thursday and Friday below USD 10,000, Bitcoin health improved, spending the majority of the weekend above that psychological level. Bulls will be disappointed that in the past 24 hours, there were several minutes spent at the day’s low at USD 9,994, but right now, after a surge several hours ago, Bitcoin looks poised to make another attempt to move permanently past this resistance level, hovering at USD 10,386 at 2:30 pm London (CoinDesk).
Our technical analysis for yesterday does not give much confidence for success over the next week, however, with consolidation attempts at USD 10,500 failing to hold. What is important is that for volumes to pick up, and they have, albeit too slowly to register any significant momentum.
Nevertheless, there have been some developments in the Bitcoin scene that could affect sentiment strongly for this month and the months ahead.
None more tempting that the rather low-key announcement that came this week across several news outlets, of Bitcoin’s pseudonymous creator(s) Satoshi Nakamoto, who is allegedly going to reveal many things, starting most importantly with the actual identity that many have been speculating about ever since Nakamoto’s disappearance roughly eight years ago.
First surfacing on Global News Wire, the news report says that a series dubbed “My Reveal” will go live at 4:00 pm EDT (8:00 pm GMT) on the Satoshi Nakamoto Renaissance Holdings website and the Ivy McLemore & Associates website. Among many items to be disclosed, other than identity, are country of origin, educational qualifications, and professional background, as well as other reveals about Bitcoin.
This is, of course, just the latest of many claims by people in the scene, and each has been uncovered to be a hoax or fraudulent. Most serious Bitcoin users — including core developers themselves — are unlikely to pay any attention to this latest alleged reveal. However, mainstream Bitcoin users, especially newcomers, are probably going to at least listen to what this latest claimant has to say. Depending on the extent of the reveal, there could be some impact on price, especially if there is any decision to be taken regarding the 1,000,000 bitcoins supposedly still under Nakamoto’s control.
Of course, the smart money is on this claim to join the scores of others in the junk pile.
Meanwhile, the demonstrations in Hong Kong has reached unprecedented new levels, with thousands of more people expected to join the ongoing protests — which at many points descended into violent riots — against the leadership of the administrative region of China.
We have discussed in the past about how this might impact Bitcoin in the long run. If at first, protestors were using Bitcoin as a way to avoid being detected by the police (since buying even train tickets with bank accounts could place you at a protest), then later, BitcoinNews.com discussed how capital flight could force investors to look at Bitcoin as a secure alternative to store value in times of uncertainty as is happening right now in Hong Kong.
Prominent Hong Kong pro-independence political activist Chen Haotian has called for a run on Chinese banks, asking that everyone withdraw their money on the same day.https://t.co/R6wborHhHB
— Paul Joseph Watson (@PrisonPlanet) August 15, 2019
Could this fuel a Bitcoin rally as we wondered? If political activist Chen Haotian, who has been fighting for Hong Kong independence, gets his way, this could certainly be the case. According to Summit News, Chen has been calling on demonstrators to conduct a run on a Chinese bank, withdrawing all their money on the same day.
The presumed effects of a major bank run are the stuff of dreams for some Bitcoiners, since their logic would see that money put into alternatives like Bitcoin. But, as it turned out, neither happened. The bank run did not happen, and Bitcoin price dithered as it has been for the past few days.
Did this dampen the spirits of permabulls like Tom Lee of Fundstrat? Hardly! Despite all his predictions of a massive bull run yet to unfold, Lee insists this week that Bitcoin is still a safe and genuine haven. He told Fox Business:
“Yes (Bitcoin is a safe haven). You can see it in markets. Where there’s turmoil, the local Bitcoin prices tend to surge and trade at a premium, because people are trying to find ways to protect their money. So yes.”
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