Bitcoin miner support for SegWit has continued to rise slowly over the past few days, currently sitting at 30%, but remains far from the needed 95% to activate the proposal.There is also a growing push for Litecoin, an alternative digital currency, to activate SegWit as well, currently sitting at 57% support.In either case, a successful soft fork and the subsequent advantages of SegWit activation on scaling and block size should be beneficial for all digital currencies, merely as proof of concept.Sure, the testnet exists and shows validity of the proposal, but until a digital currency protocol with a billion dollar market capitalization is SegWit-functional, it's harder for miners, nodes, users and traders to truly understand the benefit.Follow the BTU and SegWit proposal signaling breakdown per block here .Even after a SegWit soft fork, a hard fork with another derivative of the bitcoin protocol is not out of the question.So long as there is 51-75% miner support, the hard fork may still occur.

Whether the benefits of SegWit are enough to keep the hard fork possibility at bay remains to be seen.On the weekly chart, the price of bitcoin appears to have found support and will now range between the local low and all-time high.The Relative Strength Index, a measure of momentum, gives the price plenty of room to continue upward past the previous all-time high ( ATH ).With a bullish fundamental event like SegWit activation, which begins to solve scalability problems, a substantial jump in price could be expected.The next technical resistance appears to be the 1.272 and 1.618 Fibonacci extensions at ~$1600 and ~$2000 respectively.These levels ought to be easily obtainable should scaling become fixed.The logic for this assumption is that, with the current 1MB ceiling, the rate of transactions per block has effectively stagnated.With a marginal increase in block size leading to the ability for future off-chain transactions through the Lightning Network , the network as a whole would become much stronger and more useful to the general public.

Price banging on an ATH while banging on the block size ceiling should be seen as no coincidence.The most important active pattern at the moment is the building inverse head-and-shoulders pattern.On this daily timeframe chart, you can see how this is a repeating fractal pattern from the downward move in January.This should signal a bullish reversal once the neckline is cleanly broken.The right shoulder does not need to meet the same horizontal support as the left shoulder and is often diminutive, as is seen in the previous pattern.Despite the growing support for SegWit, I still expect a push for a hard fork, allowing Bitcoin Unlimited to compete with SegWit.How this will affect the price of either asset is really an open question, but should Segwit hold up to its promises as a viable scaling solution, BTU will likely not live on for long.The soft fork vs.hard fork timeline and order will be very important for the price in the coming months.Bitcoin's price found support on a previous resistance zone.

The next resistance zone will be between the previous and current ATH.With block size expansion, expect the probability of a price expansion as well.There is an active chart pattern on a high timeframe calling for bullish reversal.A convincing candle close above the current horizontal resistance should yield a price of ~$1350 within the next month.bitcoin php escrowTrading and investing in digital assets like bitcoin is highly speculative and comes with many risks.bitcoin short term capital gainsThis analysis is for informational purposes and should not be considered investment advice.bitcoin earn satoshiStatements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold.linux ati bitcoin mining

Past performance is not necessarily indicative of future results.Bitcoin prices experienced notable gains this week, pushing higher as sentiment recovered from the lagging impact of market turmoil.The digital currency rose to as much as $1,024.14 on 3rd February, roughly 11.5% above its opening price of $918.56 on 28th January, according to the CoinDesk Bitcoin Price Index (BPI).bitcoin pool vs soloAt the time of report, bitcoin was trading at $1,015.11, slightly below the weekly high.bitcoin bullishThis sharp gain compared to the tepid increase of 3% generated during the week through 27th January, and the more notable rise of 7.9% produced during the prior week.Bitcoin’s price volatility was reasonably calm during this two-week period, as it relaxed after an intense price fluctuations experienced around the start of the year.Still, greater growth was seen outside the US dollar markets.

CNY-denominated bitcoin managed to enjoy even more robust gains, surging more than 20% during the week to a high of ¥7,186.17 after opening the week at ¥5,964.90, additional BPI figures show.At the time of report, bitcoin was trading at ¥7,129.10, less than 1% below the weekly high reached earlier on 3rd February.Analysts pointed to the recent improvement in sentiment as the impetus for the increases.Earlier this month, trader sentiment encountered headwinds when bitcoin’s sharp price volatility motivated the People’s Bank of China (PBoC) to intervene and meet with major Chinese exchanges BTCC, Huobi and OKCoin.The startups later eliminated margin trading and began charging trading fees, two developments some have speculated would help reduce volatility.However, bitcoin trading volume flooded to no-fee exchanges, which once again raised the question of which trading volume figures were reliable.More recently, traders have become more optimistic, according to several market observers.

Algorithmic trader Jacob Eliosoff emphasized the key role that China’s investors and traders play in the bitcoin market, as well as their recent uptick in trading activity.He stated that while their exact motivations may not be clear, it is certain that while these market participants “shied away from bitcoin” over the last few weeks, they “have come roaring back".Petar Zivkovski, COO of leveraged bitcoin trading platform Whaleclub, also stressed how PBoC intervention affected trader sentiment."This was seen as a sign of legitimacy for bitcoin," he said.Still, there are some who are waiting on further announcements.Zhou Shouji, operator of China OTC trading firm FinTech Blockchain Group, said he is convinced further PBoC actions are forthcoming."Everyone is waiting for the next PBoC action," he said.Further, he worried that without margin trading and automated trading, prices could collapse more quickly on any negative moves.Already, exchanges appear to be expressing an eagerness to remove fees, with OKCoin pulling back an announcement it would ease prices.

At press time, Huobi said it was not involved in any conversations to lower fees, while BTCC did not offer any statement.Yet, all this is occurring amid improving sentiment.Zivkovski spoke to how market dynamics helped fuel this rally: "This bull run was fueled by shorts closing, hence powering price up with more thrust, as well as a lack of sell orders on many exchanges, which created a liquidity vacuum that allowed price to rise quickly," he said.The robust nature of trader sentiment is illustrated by Whaleclub data, which shows that the market was an average of 84% long in the seven days between 28th January and 3rd February.During all but one of these sessions, the market was at least 80% long.Confidence, the extent by which a session’s positions are larger than usual, was an average of 82% during the seven days, and was at least 80% in six of the last seven sessions.Going forward, these market dynamics could help bitcoin create support at $1,000, something that would be "a first," according to Tim Enneking, chairman of Crypto Asset Management.