The price of Bitcoin now seems to be in a stubborn resistance pattern. Although it finally gave up USD 10,000 last week and came crashing down as people have been expecting it weeks earlier, it does now appear to be stalling a further fall.
In the past 24 hours, price even spiked up to as high as USD 8,321 for perhaps 5 minutes, although the majority of Sunday it has traded in a narrow range of USD 200. As North America woke up just hours ago, price has registered a new low of USD 7,905 (13:15 pm UTC, CoinDesk), although this is still better than the previous day’s low about USD 200 lower.
With market sentiment now lower than it has been in months, some are somehow finding some light at the end of the tunnel. Adaptive Capital analyst Willy Woo, for example, went back to his reading of fundamental metrics such as Realized Price and VWAP Ratio to point at similar conditions between the previous openings of bull markets and the current price action. The recent crash does not seem to make Woo falter from his previous claim that Bitcoin was “closing up the opening act of the bull market, and awaiting the middle [of the] bull market to commence”.
Cheat sheet map of where we are in this bull market according to on-chain metrics. We're closing up the opening act of the bull market, and awaiting the middle bull market to commence. pic.twitter.com/xkmY5i605G
— Willy Woo (@woonomic) September 21, 2019
Of course, others did point out that comparisons like these bear false testimony because Bitcoin conditions are not the same today as they were at any other point of bull runs. Observer Martin Audley rebutts:
“It’s an erroneous assumption that history repeats when the previous history was #Bitcoin running on trainer-wheels, sub-capacity. It’s only previously run at capacity for a brief time, and that didn’t end well.”
Others yet aren’t so quick to dismiss the theory but admitted that we could still be at a false opening act, and then a lot more had to happen to convince of an imminent bull run. Twitter user Euphoris monk says when we look at logarithmic charts, the current price movement upwards in 2019 “started much too fast” to be a true bull run.
Whatever the case, clearly there is still a lot of positive sentiment in the public space that believes Bitcoin is here to stay for a long time, even with the current crash.
In the same week of the crash, a Russian man was fined by local courts USD 7,000 for illegal mining operations. The curious thing was that the man, and two other employees, were working at a nuclear facility and had used the station’s supercomputer to help mine Bitcoin for them.
The computer had been capable of 1 petaflop (1 trillion transactions per second), though it was unclear how much of that had been directed to mine Bitcoin. Enough, apparently, for the activity to be detected and lead to the arrest of the perpetrators!
A spokesperson for the All-Russian Scientific Research Institute of Experimental Physics, Tatyana Zalesskaya, said that the men allegedly tapped into “official computing power for personal purposes, including for the so-called mining”.
There are plenty of other positive sentiments for Bitcoin and cryptocurrency overall, easier to digest and directly impacting daily user activities. Binance CEO Changpeng Zhao, for instance, was happy to celebrate the new staking features of his exchange, currently one of the biggest in the world based on user and trading volume.
Staking service @Binance. You literally don't have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.
Keeping it simple!https://t.co/CR0Fqpde6d
— CZ Binance (@cz_binance) September 27, 2019
However, CoinGeek boss Calvin Ayre, who is also one of the biggest proponents of Bitcoin fork Bitcoin SV (BSV), denounced the exchange as illegal and has made bold claims that it will be shut down by the same time next year.
Ayre condemned the PoS move, claiming that Binance was playing a corrupt game, with its CEO deliberately misleading traders and manipulating digital asset prices:
“CZ’s [Changpeng Zhao] entire business model is based on a speculative casino of tokens that have zero value. They manipulate the token prices to harvest all the traders who are sold messages to do the opposite of what the house needs for its scams.”
Certainly, Binance has been at the forefront of innovations of exchanges, but many crypto purists won’t see that these ploys have long term value, and will only be popular for as long as Binance is popular. However, it is worth noting that Ayre is probably just feeling the anger from Binance’s decision earlier in the year to delist BSV.
Whether Binance is corrupt or is the benevolent nice guy its owner wants to portray the platform as probably doesn’t mean much. The sentiment is blind to intent.
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