• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Crypto Sphere Believes Galaxy S10, JPM Coin Behind Bitcoin Rally, But Is Really a Return to Mean

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news, EOS, Ethereum, Litecoin
Reading Time: 3 mins read
Advertisement

The crypto market lit up with green over the last 48 hours following a powerful rally led by Litecoin, Ethereum, and EOS, which also helped propel Bitcoin toward important psychological resistance at $4K. Should the first-ever cryptocurrency break through the resistance, a major blow will be dealt to bears and could signal that a bottom is already in.

Battered and beaten bulls are tirelessly trying to find correlations to news that may be driving the rally, however, the move is likely a return to mean following extremely oversold conditions.

Crypto Community Searches For News Correlations Behind Bitcoin Rally

Reading through various crypto community discussion groups, members are filtering through recent crypto news hoping to discover the reason behind Bitcoin’s sudden boom. Over at Reddit in both r/bitcoinmarkets and r/cryptocurrency the common speculation on what’s fueling the recent rally points to today’s reveal of the Samsung Galaxy S10.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Announcements from the tech world rarely cause any movement in crypto markets, however, Samsung’s rumored inclusion of a crypto wallet has enormous implications, potentially exposing crypto to millions and millions of the South Korean tech giant’s customer base.

Related Reading | Samsung Galaxy S10 Could Expose Crypto to Millions of Tech Savvy Users

Elsewhere, even Bloomberg is suggesting the recent rally is being driven by news. In a tweet, the media powerhouse claims Bitcoin is having a “delayed boost” thanks to the announcement of JPM Coin, the new “cryptocurrency” announced this week by banking beast JP Morgan this past week.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin is getting a delayed boost from the announcement that JPMorgan has developed a digital coin to speed up payments between corporate customers ? https://t.co/L9eQ5YBxZ2 pic.twitter.com/mAvqXj8ZQe

— Bloomberg Crypto (@crypto) February 19, 2019

However, in recent weeks, the market has barely responded to news – good or bad. For example, the ongoing QuadrigaCX imbroglio that resulted in millions in crypto being lost due to the exchange founder’s passing, would have caused a massive sell-off had it occurred in mid-2018.

Bitcoin and Crypto Markets Return to Mean After Oversold Conditions

The reality in current crypto markets is that Bitcoin and its altcoins brethren are posting gains following sustained downward movements and extremely oversold conditions. Such oversold conditions on assets can cause markets to mean revert, according to prominent trader and Bitcoin.live panel member Peter Brandt.

Regarding RSI, Stochastic, MACD et al. Markets can remain overbought far longer than many bears have the ability to pay up for a losing short position. OB/OS measures good for trading range mkts. Severely OS mkts tend to mean revert.

— Peter Brandt (@PeterLBrandt) February 19, 2019

When any asset reaches extremely oversold or even overbought conditions, the market tends to correct and returns toward its mean. The scenario played out perfectly when Bitcoin’s parabolic advance was broken in late December 2017, and the inverse occurred after Bitcoin fell through support at $6K.

Related Reading | Crypto Market At Critical Resistance, Is Altcoin Season Right Around the Corner?

The powerful downward movement took Bitcoin and other crypto far below their mean, and the market is now correcting upward toward its mean value.

A commonly shared chart on bubble cycles put together by Dr. Jean-Paul Rodrigue of the Department of Global Studies and Geography at Hofstra University, demonstrates what is happening now during the “blow off phase.” The chart shows that an asset can crash so low, it’s below its mean value and eventually returns as faith is restored in the market.

Feature image from ShutterStock
Tags: bitcoincryptoeosEtheruemLitecoinPeter Brandt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Bitcoin

Bitcoin Price Could Fall To $8,000, Says Guggenheim CIO

7 mins ago
Ethereum Uniswap UNI UNIUSDT

How Ethereum’s Uniswap Reached A Milestone Of $1 Trillion In Trading Volume

3 hours ago
bitcoin, ethereum

Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

4 hours ago
Phemex Mobile App Offers First Class Crypto Trading Even When You’re On The Go

Phemex Mobile App Offers First Class Crypto Trading Even When You’re On The Go

9 hours ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

17 hours ago
XRP

XRP Has Broken Below Its Long Standing Support, What’s Next?

19 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Joins Plastiks in the Campaign to Efficiently Reduce Plastic Pollution

May 24, 2022

LBank Exchange Will List MegaDAO (MEGADAO) on May 25, 2022

May 24, 2022

NFT Crowdfunding & Fractionalization Protocol Confti Launched

May 24, 2022

MetaEstate Has Closed A Multi-Million Dollar Strategic Round of Funding Led by Matrixport and SevenX Ventures

May 24, 2022

YOP Finance Launches Three-Click Yield Farming Platform for DeFi

May 24, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.