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Bitcoin mining underground… Literally

Beijing News reported at the end of last month that law-enforcement found illicit mining operations in the northern Chinese city of Daqing.  Specifically, the mining operation was located in what seemed to be two burial mounds in the surrounding fields outside of the city. Authorities in China have discovered a bitcoin mining operation in what seems to be an underground burial site. Yes, you read that right… Beijing News, a local news outlet reported at the end of last month on the 31st of May that law-enforcement found illicit mining operations in the northern Chinese city of Daqing. Specifically, the...

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9742 Emerges as Key BTC/USD Short-Term Focus: Sally Ho's Technical Analysis 7 June 2020 BTC

Bitcoin (BTC/USD) continued to trade above the 9500 level early in today’s Asian session as the pair reached the 9735.13 level during yesterday’s North American session before declining to the 9631.32 area.  One short-term recent depreciating range has involved the move from 9888 to 9526.03, and the pair encountered selling pressure below the 9749.73 area during yesterday’s price activity, representing the 61.8% retracement of this range.  A wider range is the recent appreciation from 9270 to 9888, and the 9742.15 area represents the 23.6% retracement of this range, another indication that the pair’s recent trading activity may be bearish.  Stops...

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Kingdom Trust CEO believes in bitcoin and its economic principles more than its underlying technology

The chief executive officer of Kingdom Trust has recently come out to say that bitcoin is a manifestation of Austrian economics.  Ryan Radloff said that he first got involved with bitcoin at the end of 2011 and began holding and accumulating the asset not long after. The chief executive officer of the crypto-friendly custodian, Kingdom Trust has recently come out to say that bitcoin is a manifestation of Austrian economics. Speaking in an interview, Ryan Radloff said that he first got involved with bitcoin at the end of 2011 and began holding and accumulating the asset not long after. Radloff...

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Bearish Headwinds at 9849 for BTC/USD: Sally Ho's Technical Analysis 6 June 2020 BTC

Bitcoin (BTC/USD) exhibited some weakness early in today’s Asian session as the pair weakened to the 9621.03 area after being capped around the 9855.00 area during yesterday’s European session, right around the 50% retracement of the recent depreciation from 10428 to 9270.  Following the headwinds that the pair encountered around the 9880.17 level during Thursday’s trading activity, the pair is experiencing some short-term weakness.  The pair has been supported in the short-term above the 9579.00 area, representing the 50% retracement of the recent appreciation from 9270.00 to 9888.00.  Stops were reached this week below the 10004.36, 9742.28, 9530.47, and 9318.65...

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Bitcoin Is Close To The Next Big Move

Bitcoin is very close to the next major move which is more likely to be to the downside than the upside. Short-term, it could end up revisiting $10k in a bullish scenario if the bulls fight back to reassert control. However, it has become very clear at this point that they have clearly lost the war even if they win a battle here or there. The larger trend will be in favor of the bears for the remainder of the year and it is only a matter of time that it happens. For now, BTC/USD as well as most other...

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