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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Analysis: BTC Ranging, Blockstream Quick Fix

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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  • Bitcoin Prices are steady but could rally above $3,600 in days ahead
  • Blockstream’s Proof of Reserves could solve the exchange’s perennial problems
  • Transaction volumes below average

It may be an exit scam or a tragedy, but the bottom line is that QuadrigaCX users stand to lose $190 million. It is unbearable, but that is the reality. All the same, deliberations are in progress. In the meantime, BTC bulls are rejecting lower lows and could print above $3,600 and $3,800 by close of the week.

Bitcoin Price Analysis

Fundamentals

Headline news is that users and traders of Canadian exchange QuadrigaCX risk losing a whopping $190 million.

The reason for this unfortunate mishap and a possible multi-million loss is because the keeper manning the exchange’s cold wallet private keys, Gerry Cotton, died in a humanitarian visit in India where he mysteriously died after succumbing to Crohn’s disease at a tender age of 30. There has been conjecture about this with users not buying the exchange’s narrative. Many hold this is a well-orchestrated exit scam.

There is reason to believe that he may have obtained a fake death certificate enabling them to pull off this heist—where is the body? They quip.  It is through such circumstances that Blockstream is introducing what they call a “solution to provide a best-practice standard Proof of Reserves for the industry” in Proof of Reserves.

Candlestick Arrangement

Bitcoin

In the meantime, BTC is stable and up 0.1 percent in the last day. The move is miniscule to say the least, but reveals the presence of buyer rejecting lower lows. Like in our previous BTC/USD analysis, we recommend patience and the before we load longs in the direction of Dec 17, 2018, bulls, prices must first expand above $3,800.

That’s a long way from spot rates oscillating at around $3,500—according to streams from BitFinex. All the same, aggressive, risk-off traders can trade once bull momentum drive BTC prices above Jan 28 bear bar as a three-bar-bull reversal pattern comes to life.

The mark is just above the recent congestion at $3,600. No doubt, such gains will light up the space drawing demand. If not and prices tumble below last week’s low, then BTC may as well retest $3,200 in the near term.

Technical Indicators

Jan 28 highs mark our minor resistance, and while the bar is bearish, it is backed by high transactional volumes—17k versus 10k. We continue to maintain that bears are in control at-least before there is a solid close above Jan 28 to Feb 5 draining congestion. Marking this break above Jan 28 highs or $3,600 should be high volumes above current averages—10k and above 17k of Jan 28.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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