• Bitcoin's (BTC/USD) rebound from August lows remains short-lived.
  • Satoshi Nakamoto is said to reveal identity later on Sunday. 
  • A break below $10,000 could attract more sellers. 

Bitcoin (BTC/USD) dropped to its lowest level since late July at $9,467 on Thursday and brought in bargain shoppers to help the BTC/USD retake the critical $10,000 handle. With markets reacting positively to New York Financial Regulator approving Bakkt to provide custody services for Bitcoin, the pair's rebound extended to $10,540 late Friday. However, investors seemed reluctant to add to their positions while trying to asses what this announcement means for Bitcoin's future.

Although many see that this development attracting more institutional investors and opening the door for the introduction of altcoin futures, the market sentiment hasn't turned positive yet. With the exception of Ripple, the top-ten cryptocurrencies with regards to market capitalization closed the day in the negative territory on Saturday and are now having a tough time gaining traction. 

Meanwhile, in a press release on Friday, Globe Newswire said Satoshi Nakamoto, the mysterious person behind Bitcoin, will reveal his identity and vision for Bitcoin on Sunday. "After a decade of anonymity, Satoshi Nakamoto will break his silence in Part I of his “My Reveal” Sunday, Aug. 18, at 4 p.m. EDT on the Satoshi Nakamoto Renaissance Holdings website, and the Ivy McLemore & Associates website," the statement read. "In addition to his real-life identity, Nakamoto will use “My Reveal” to divulge such facts as his country of origin, education, professional background, and why he has yet to move any of his 980,000 bitcoins."

Technical outlook

After erasing 1.4% on Saturday, Bitcoin continues to edge lower on Sunday and was last seen trading at $10,174, down 0.8% on a daily basis. On the daily chart, the Relative Strength Index (RSI) continues to inch lower and is now at 43, confirming the near-term bearish outlook. Moreover, the 20-day Moving Average (DMA) fell below the 50-DMA today to support that view.

$10,000 (psychological level/Fibonacci 61.8% retracement of June rally) is seen as a critical support level and a drop below that level could cause the selling pressure to gather momentum. $9,500 (Aug. 15 low) and $9,000 (psychological level/Jul. 17 low/Fibonacci 78.6% retracement of June rally) could be targeted on the downside. On the other hand, a strong dynamic resistance seems to have formed at $10,800/$10,900 region (20-DMA/50-DMA/Fibonacci 50% retracement of June rally) ahead of $11,500 (Fibonacci 38.2% retracement of June rally).

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ripple, Ethereum: Altcoins niche improves with XRP pushing against barriers

The market expects the resolution to this bottleneck convinced that without Bitcoin's participation it will be difficult to consolidate gains in the Altcoin niche. But recent history does not support this theory.

More Bitcoin News

The cryptocurrency market update: Bitcoin drifts lower within the current range

Bitcoin and all major altcoins have been a mixed picture during European hours on Tuesday. The total market capitalization stays edged towards to $265 billion, average daily trading increased to $57 billion, while Bitcoin's market dominance retreated to 69.1%.

More Cryptocurrencies News

Litecoin price analysis: LTC/USD moves within a short-term upside channel

Litecoin has retraced from Monday’s high of $73.86 to trade at $72.50 by the time of writing. The fifth-largest coin with the current market value of $4.58 billion has been range-bound with bullish bias on Tuesday.

More Litecoin News

Ethereum (ETH) price analysis: ETH/USD bulls knock at $200.00

The second-largest cryptocurrency with the current market capitalization of $21.4 billion stopped within a whisker of critical $200.00 during early Asian hours. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP