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Bitcoin (BTC): Live Coin Prices, Top Exchanges, Best Wallets & News

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What Is Bitcoin BTC?

The banking crisis of late 2000s had many deleterious economic effects but it also sowed seeds for a new economic system without banks. In his seminal paper which was emailed to the Cryptography mailing list (a group of cypherpunks), the pseudonymous founder, Satoshi Nakamoto proposed Bitcoin as a “new electronic cash system that's fully peer-to-peer, with no trusted third party.”

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.”

The proposal was initially met with much skepticism, with fellow cypherpunks raising concerns over scalability and centralization risk, among other things. Nonetheless, it was the first digital cash system to solve the double-spending problem and thus, a revolution was born.

What Is A Blockchain?

A blockchain is an immutable, distributed public ledger consisting of a chronological sequence of data sets (blocks) shared by every node (computer) on the network. It is at the core of the bitcoin network and stores all transactions made on the network. Since every node possesses a copy of the blockchain, no single node or a group of nodes is in control and the data cannot be retroactively falsified.

Addresses

A Bitcoin public address represents the destination of a bitcoin payment, consisting of 26-35 alphanumeric characters. They begin with either the number 1 or 3 – P2PKH address formats begin with 1 and the newer P2SH formats begin with 3.

Addresses are case-sensitive and cannot include uppercase letter “O”, uppercase letter “I”, lowercase letter “l”, and the number “0” to prevent ambiguity.

Private key

The private key is a 256-bit hexadecimal number used to spend bitcoins from a public address. While a public address is visible to anyone on the network, the corresponding private key is known only to the owner of a wallet. Knowing the private key to an address allows anyone to spend bitcoins from that address and is therefore imperative that private key be kept secret and secure.

Transactions

All transactions are stored on the blockchain through one-way encryption using a mathematical algorithm (hash function) which maps data to a bit string (hash). Hash is a string of numbers and letters that serves to verify data validity without explicitly revealing the data.

Bitcoin transactions have inputs and outputs. Input is the bitcoin address, corresponding hashed signature (using private key) and the amount of bitcoin contained within an address. Output consists of the amount of bitcoin being sent to the recipient's address and UTXO (unspent transaction output) which is returned to the sender's wallet and can be used as an input in a new transaction. Each transaction references previous transaction output as the new input.

Confirmations

For a transaction to become valid on the bitcoin network, it requires confirmation through a process known as Proof of Work (PoW). After a transaction is broadcast to the network, it is included in a block by miners who verify the authenticity of the data. A block is generated roughly every 10 minutes.

When a transaction is included in a block, it is said to have one confirmation. With each further block built on top of the block containing a transaction, the number of confirmations increase by one. Transactions with more than 2 confirmations are said to be sufficiently secure from attacks altering the course of the blockchain.

Proof of Work (PoW)

In order to prevent tampering with the blockchain/ledger, Bitcoin uses a protocol known as Proof of Work (PoW) to achieve consensus. This requires nodes on the network known as miners to generate a corresponding hash function for a set of transactions below a given target. The hash is a one-way function: it cannot be used to obtain the original data, only to check that the data that generated the hash matches the original data. Even the slightest change to a set of data drastically changes resulting hash function.

Bitcoin network calibrates the difficulty for finding the target to ensure that a new block is generated roughly every 10 minutes. The lower this target, fewer the valid hashes and higher the difficulty of finding a valid hash. The SHA-256 hashes begin with a string of zeros. For miners, computing a valid hash entails a trial and error process of adding an integer value called a nonce to the base string and incrementing it each time. Once a miner computes a valid hash, it is broadcast to the network and the generated block is added to the blockchain.

Miners are rewarded for their work with both the transaction fees contained within the block and newly generated bitcoins known as block reward. Block reward halves every 210,000 blocks (roughly every 4 years). At this rate, all 21 million bitcoins will be released by 2140, after which miners' reward for securing the network will consist exclusively of transaction fees.

SegWit

Formulated by Dr. Pieter Wuille, Segregated Witness (SegWit) is an implementation which changed the transaction format for bitcoin transactions by removing signature data from the original portion and appending it as a separate structure at the end. As the signature data accounts for 65% of space in a transaction, this increases the space available for transactions within a block, thereby allowing transactions to be processed faster. Bitcoin blocks are 1 mb in size. SegWit effectively increases the size four-fold.

In addition, Segwit also addresses transaction malleability, which is an exploit where a receiver could intercept and modify the sender’s transaction ID in a bid to get more coins from the sender. With the signature data removed from the input, it is impossible for an unscrupulous party to modify the transaction ID.

Lightning Network

Blockchains are inherently difficult to scale on-chain. The means to scalability has been a contentious point of debate for a few years within the bitcoin community. Off-chain state channels offer the most secure and sustainable solution.

Lightning Network allows users on the network to make numerous transactions without broadcasting on the blockchain via state channels on the secondary layer. Opening a payment channel, however, requires a funding transaction which is performed on the blockchain.

Once a channel is open, any number of transactions can occur between participants, with each transaction updating the state or allocation of funds. Only the most recent state is valid.

Payment on the Lightning Network is secured using smart-contract scripting which is enforceable on the blockchain. Uncooperative participants are penalized using time-locked smart contract functionalities.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Surging, Next Stop Could Be $9,750

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Bitcoin Price Analysis BTC Price

In the past few days, there were strong gains in bitcoin price above $9,000. BTC to USD is surging and it seems like it could even trade towards the $9,750 or $9,800 level in the near term.

Key Takeaways: BTC/USD

  • Bitcoin price is surging higher and is positioned nicely above the $9,000 level against the US Dollar.
  • BTC/USD broke a crucial barrier near $9,200 and a contracting triangle resistance on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gaining traction and moving higher.

Bitcoin Price Analysis

After setting above the $8,500 resistance, bitcoin price started a strong upward move. BTC surpassed many hurdles near the $8,850 and $9,000 levels to continue higher in the past few sessions.

Looking at the 2-hours chart, bitcoin even settled above the $9,100 level and the 50 simple moving average (2-hours, purple). The bulls gained traction and the price recently traded to a new 2019 high at $9,403.

Bitcoin Price Analysis BTC Price

It corrected lower from $9,403 and declined below the $9,200 and $9,100 levels. However, the price found support near $8,825 and it remained well above the 50 simple moving average (2-hours, purple).

Recently, it climbed back above $9,100 and broke a crucial barrier near $9,200 plus a contracting triangle resistance on the same chart. It is now trading above the 76.4% Fib retracement level of the recent correction from $9,403 to $8,826.

An immediate resistance is near the last swing high at $9,400, above which the price could accelerate towards the $9,500 and $9,550 levels.

The main resistance above $9,500 is near the $9,750 level. The 1.618 Fib extension level of the recent correction from $9,403 to $8,826 is near the $9,750 level. Above $9,750, the bulls are likely to target the key $10K level.

On the downside, an initial support for bitcoin price is near the $9,200 level. If there is a fresh downside correction, BTC to USD might retest the $9,000 pivot level. If there are more losses, the downside extension could lead the price towards the $8,800 or $8,750 level. Overall, BTC price is likely to accelerate towards $9,750 or $10K.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run

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Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.

BTC-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.

LTC-USD-Market-June-10

Click to see a full size chart

The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.

ETH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.

BCH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.

Conclusion

Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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