News

Bitcoin Price Analysis and Prediction for September 2nd, 2019 – BTC Continues Trading Sideways

After dropping by over $1,000 in a single day last week, Bitcoin has been trading sideways around the $9,500 range this weekend. The past couple hours have been exciting for the market though, because the Bitcoin price broke upwards and tested $9,800. It’s clear that the market will test the $10,000 level once again, as it has multiple times in the past. BTC is trading at $9,767 on Bitstamp at the time of writing.

Bitcoin News

When it comes to Bitcoin news, Coindesk released an awesome report about a Bitcoin mining farm BitRiver that are operating and flourishing in Siberia, Russia. The company is based in the city of Bratsk, and operates out of the Bratsk hydroelectric center. The cold temperatures and low electricity costs are the perfect conditions for running a Bitcoin mine. Moreover, the city fully supports the mining company and its operations. Now that Bitcoin is back at the $10,000 level, Bitcoin mining is a lot more profitable than it was back in 2018. Even though the difficulty increased, the price increased much faster.

In other news, according to court documents there are some developments regarding Craig Wright and Kleiman’s court case. In the latest ruling, the judge ordered Wright to pay Kleiman 500,000 Bitcoin! That’s almost $5 billion worth of coins at the time of writing.

In response to the news, many traders speculate that the market will experience significant downwards momentum as the Kleimans will have to offload a large amount of BTC in order to pay for estate taxes that can run as high as 40%. However, the caveat here is that the taxes would be calculated at the date of Kleiman’s death. Bitcoin was worth a lot less back then, so the taxes would be a small fraction of the $5 billion settlement.

Bitcoin Price Analysis

Relative Strength Index: RSI is at a healthy 55 points at the time of writing. It’s coming down from a peak of 80 points a few hours ago. Looking at RSI’s behavior the past couple days, we can see it has been out of bounds only 3 times. That’s a signal that the market is relatively stable, and may continue trading sideways.

Related Post

Bollinger Bands: Looking at the BBs, we can see the price is right in the middle of the upper and lower bands. Moreover, we can see the deviation between the two bands is decreasing. This also signals a sideways trading market, especially with the recent breakout.

Volume: The volume is relatively low at the time of writing. However, there is still enough market activity for Bitcoin to be able to move up or down a few percent. Looking at the chart, we can see Bitcoin previously moved around $100 in either direction with similar amount of volume.

Bitcoin Price Prediction

The RSI and Bollinger Bands are both signalling a sideways trading market. The low volume only confirms the indicators’ sentiment. As such, my prediction is that Bitcoin will continue to trade sideways at least through tomorrow. With labor day here, US volume is going to be minimal so unless China makes some big moves the price should remain stable.

Bitcoin Charts By Tradingview


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

11 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

11 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

12 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

13 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

16 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

17 hours ago