Argentine Vice President and Senate President Victoria Villarruel held a private meeting about Bitcoin with El Salvador’s President, Nayib Bukele, during the second days of his first official visit to Argentina. On the first day, Bukele met with Argentine President Javier Milei at Casa Rosada in Buenos Aires as well as President of the Chamber […]
Crypto market capitalization dropped 5% on average as Middle East tensions flared up late Monday, denting growth in risk assets.
Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside. Bitcoin is down over 5% from the $65,000 resistance zone. The price is trading below $63,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $60,500 support zone. Bitcoin Price Takes Hit Bitcoin price started a fresh decline from the $65,000 resistance. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone. The price even dipped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low. Bitcoin is now trading below $62,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,650 level. The first key resistance is near the $62,500 level. There is also a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair. A clear move above the $62,800 resistance might send the price higher. The next key resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low. A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level. More Losses In BTC? If Bitcoin fails to rise above the $62,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,000 level. The first major support is near the $60,500 level. The next support is now near the $60,000 zone. Any more losses might send the price toward the $58,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $60,500, followed by $60,000. Major Resistance Levels – $61,650, and $62,800.
With the start of the highly anticipated Uptober here, market experts have been super bullish on the Bitcoin future outlook. In line with this, a crypto analyst has identified a major catalyst that could propel Bitcoin to new all-time highs (ATHs) in the Fourth Quarter (Q4) of 2024. Bitcoin Sets Sights On New ATH In Q4 Bitcoin has been on a roll these past few days, with its price skyrocketing towards the end of September after experiencing a decline earlier. The cryptocurrency has been confirming analyst’s predictions of a bullish Q4 with its recent price movements. Related Reading: XRP Price Ready For 4x Jump To $2.6 As Major Bullish Pattern Breaks Occurs According to CoinMarketCap’s data, Bitcoin rose by about 1.03% in the past seven days, ending September on a bullish note. Given the cryptocurrency’s positive momentum in September, crypto analyst, Eric Crown has predicted on X (formerly Twitter) that Bitcoin could rise to new all-time highs in Q4. Crown has based his predictions on the historical performance of Bitcoin, particularly focusing on the months following September. He disclosed that historically, whenever Bitcoin closed a green September, it followed up with a bullish trend in Q4 every single time. Following this trend, Crown has surmised that Bitcoin closing September in the green was a major catalyst for a bullish surge. As a result, he predicts that the average return for Bitcoin in this current Q4 would be close to 170.42%. If a few major “outliers” are removed, a modest return of 50% would be a more realistic expectation of potential gains. Calculating Bitcoin’s projected price using these percentage returns would see the cryptocurrency rising to $173,344 with a 170.42% return and $96,153 with a 50% return. While he remains generally bullish on Bitcoin’s price outlook, Crown has also disclosed in a more recent X post that the month of October has generally seen low momentum in Bitcoin during the first 10 days. This analysis is also evident in Bitcoin’s current price which has declined today by 0.69% and is trading at $63,976, as of writing. Considering this trend, Crown has projected that Bitcoin is likely to witness a price low at the beginning of the month, before starting its projected bullish rally to new highs. Analysts Confirm Green Q4 For BTC According to crypto analyst Kaizen, Bitcoin’s price performance in October from 2013 to 2023 was 80% in the green. The analyst also disclosed that during every United States (US) election year, the months of Q4 were 100% green. Moreover, each year after Bitcoin closed positively in September, it always had a green October. Related Reading: Shiba Inu Price Could Jump 200% To $0.00006 In October, Here’s Why Following this recurring historical trend, Kaizen notes that this Q4 could be extremely bullish for Bitcoin. He highlighted that not only is 2024 an election year, but Bitcoin has recently closed the month of September on a positive trend, as a result the cryptocurrency could be gearing up for a major rally. Featured image created with Dall.E, chart from Tradingview.com
A Bitcoin researcher says a quasi-exponential decay trend could even see BTC's price going as high as $300,000 in 2025.
Bitcoin has seen an uptick in price enough to recover from the losses in value from August. So far, the asset has surged by nearly 10% in the past two weeks alone, registering a 24-hour high of $66,000 earlier today, although BTC has now seen a slight retracement, currently trading at $63,508. Amid this price performance, Axel Adler Jr, an analyst from the on-chain analytics platform CryptoQuant, has shed light on the potential for Bitcoin to see a bigger rally shortly based on key indicators. Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Here’s Why Bitcoin Key Indicator Pointing To A Bigger Rally According to Adler, a significant shift observed in Bitcoin’s market activity appears to suggest that the crypto market might be gearing up for a bullish momentum soon. One of the focal points of Adler’s analysis is the “Exchange Flow Multiple,” which plays a crucial role in understanding the movement of Bitcoin on exchanges. This indicator measures the ratio between short-term (30-day) and long-term (365-day) Bitcoin inflows and outflows on exchanges. When this multiple declines, short-term exchange movements are considerably lower than long-term ones, which could point to decreased volatility. Adler Jr elaborates on this by highlighting two primary factors that influence the decline of Bitcoin Exchange Flow Multiple. The CryptoQuant analyst mentioned Long-Term Holders Retaining Assets as the first factor. Also referred to as “HODLers,” long-term Bitcoin holders when not actively trading their assets, preferring to hold onto them with the expectation of future price increases, can lead to a decline in exchange flow multiple. The analyst also draws attention to the natural market correction and recovery process. The market typically needs time to stabilize after significant drops in Bitcoin’s price. This stabilization period reduces exchange activity as investors wait for a clearer price direction. Adler Jr noted that a low exchange flow multiple in such contexts might reflect a “wait-and-see” attitude among investors, anticipating a favorable price shift before they re-enter the market actively. Drawing Parallels To 2023’s Bull Market Adler Jr’s analysis further indicates that the current behavior of the Exchange Flow Multiple resembles patterns seen before previous rallies. Notably, similar low levels of the indicator were observed before the major market uptrend in 2023. Related Reading: Bitcoin Breaks $66,000, But Analyst Warns Against Fresh Longs—Here’s Why The CryptoQuant analyst disclosed that if history were to repeat itself, the current situation might set the stage for the next significant upward movement in Bitcoin’s price. Featured image created with DALL-E, Chart from TradingView
Bitcoin surprised traders by opening the week in the red, and the Federal Reserve’s announcement about future rate cuts failed to reverse the downtrend.
Bitcoin has remained above $60,000 for the past two weeks, holding strong as the broader crypto market bulges. This steady performance is fueling optimism among traders and investors alike. According to key data from CryptoQuant, short-term holders are now selling for profit, leading to a notable decrease in BTC supply. This reduction in available BTC […]
Since their approval in January 2024, Spot Bitcoin ETFs have been steadily gaining traction in the United States, with the issuers buying hundreds of thousands of BTC as their popularity spread. This has led to a large stash of BTC by these issuers as BlackRock leads the charge. Given their buying spree so far, the number of BTC being held by the Spot Bitcoin ETFs has been rising and is almost at the 1 million mark, Spot Bitcoin ETFs Now Hold 924,768 BTC The United States Securities and Exchange Commission approved a total of 12 Spot Bitcoin ETFs for trading back in January 2024. Now, only eight months later, these ETFs have managed to acquire more than 4% of the total Bitcoin supply. Combined, this makes the Spot Bitcoin ETFs some of the largest BTC holders. Related Reading: Ripple Vs. SEC Battle Far From Over As Regulator Opposes Court’s Decision So far, the BlackRock IBIT has been one of the largest buyers of BTC, surpassing even Grayscale’s GBTC, which had a 600,000 BTC head start. Currently, Grayscale holds more than 350,000 BTC, making the firm a top Bitcoin holder. Grayscale is still in second place when it comes to the number of BTC held. However, the Bitcoin fund has recorded more outflows than inflows since January, losing more than half of its stash before the Spot Bitcoin ETF approvals. Now, Grayscale holds less than 250,000 BTC after losing more than $20 billion to other Spot Bitcoin ETFs due to their lower fees. Other Spot Bitcoin ETFs such as the Fidelity FBTC and the Ark Invest/21Shares ARKB has reached almost 50,000 BTC. So far, the funds have been able to garner 924,768 BTC, putting their total holdings very close to the 1 million BTC milestone. In total, the Spot Bitcoin ETFs now boast 4.685 of the total Bitcoin supply. Top Addresses With Largest Holdings The top Bitcoin wallet with the largest BTC holdings still remains the Satoshi Nakamoto wallet with 1.1 million BTC in it. However, this wallet has been long dormant, and often left out of the top Bitcoin wallets list due to its inactivity. Related Reading: ETH Rally Pushes Profitability To Nearly 70%: More To Come This Week? According to the BitInfoCharts website, topping the Bitcoin rich list is the Binance old wallet with 248,598 BTC worth over $16.3 billion. Next is the Bitfinex Hack Recovery wallet with 94,643 BTC, with $6.2 billion. The Mt Gox Hack wallet holds 79,957 BTC for the third-largest at $5.2 billion. The wallet holding the BTC confiscated from the Silk Road bust with 69,370 BTC is in fourth position worth $4.56 billion, and the Binance BTCB Reserve wallet has 68,200 BTC in it, worth $4.49 billion. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price extended its increase above $66,000. BTC is now correcting gains below $65,500 and might continue to move down toward $64,000. Bitcoin is correcting gains from the $66,500 zone. The price is trading below $65,250 and the 100 hourly Simple moving average. There was a break below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $64,000 support zone. Bitcoin Price Starts Downside Correction Bitcoin price remained supported near the $63,250 level. BTC extended its increase above the $65,500 resistance zone. It even cleared the $66,000 level. A high was formed at $66,452 and the price is now correcting gains. There was a decline below the $66,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high. There was a break below a short-term bullish trend line with support at $65,750 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. The bulls are now trying to protect the $64,500 zone. If there is a fresh increase, the price could face resistance near the $65,250 level. The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might send the price higher. The next key resistance could be $66,500. A close above the $66,500 resistance might spark more upsides. In the stated case, the price could rise and test the $68,000 resistance level. More Losses In BTC? If Bitcoin fails to rise above the $65,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,200 level and the 61.8% Fib retracement level of the upward move from the $62,672 swing low to the $66,452 high. The first major support is near the $64,000 level. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,650 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $64,200, followed by $64,000. Major Resistance Levels – $65,250, and $65,500.
Bitcoin’s monthly close could reverse a 6-month-long downtrend and signal traders’ intent to push BTC price to new highs.
Bitcoin’s monthly close could reverse a 6-month-long downtrend and signal traders’ intent to push BTC price to new highs.
Bitcoin’s monthly close could reverse a 6-month-long downtrend and signal traders’ intent to push BTC price to new highs.
The market performance of the spot Bitcoin ETFs (exchange-traded funds) in the United States has been impressive over the last few weeks. Continuing their excellent streak, the crypto investment products closed the previous trading week with their best single-day performance in almost four months. The positive investor sentiment surrounding the spot ETFs seems to have […]
The price of Bitcoin put in another positive performance over the last seven days, looking to end the month and start October on an even stronger footing. Continuing its resurgence over the past few weeks, the premier cryptocurrency climbed as high as $66,000 on Friday, September 27th. Recent data shows that there might be a […]
Most of August was spent in “Fear” on the Crypto Fear & Greed Index, with sentiment hitting a yearly low of 17 on Aug. 6.
Bitcoin has surged past the critical $65,000 resistance level following several days of bullish price action and growing optimism after last week’s interest rate cuts. This impressive move has excited analysts and investors, who are now speculating on even higher prices in the coming weeks. The recent rally, fueled by renewed confidence in the market, […]
MicroStrategy was shot into the limelight when it began publicly buying Bitcoin back in 2020. While it is not the only publicly listed company to do this, the company’s aggressive Bitcoin strategy set it apart from the rest. Four years later, MicroStrategy is now the public company with the largest BTC holdings in the world, recording over $5 billion in profit so far. However, the profit on the BTC holdings is not the only positive that has come from the company’s Bitcoin investment strategy. MicroStrategy’s Stock Price Blows Up MicroStrategy’s MSTR stock price has completed an incredibly successful year that has seen it perform the big hitters in the stock market. A year ago, the MSTR stock price was sitting at a low of $45. However, as the Bitcoin price recovered and the company’s BTC portfolio grew, so did the company’s stock price. Related Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again In only one year, the price surged more than 317% to reach a new all-time high of $192 back in March 2024, according to data from TradingView. This put it above its previous February 2000 peak of $139, making it its highest level in more than two decades. Interestingly, the surge to the $192 all-time high in March coincided with the the Bitcoin all-tine high of $73,750 in the same month. This suggests that the MicroStrategy stock price is closely correlated with the Bitcoin price performance. It’s understandable given that Bitcoin has become the company’s largest holdings, meaning that as the Bitcoin price rises, so does the valuation of the company, translating to an increase in the stock price. Currently sitting at $167 at the time of this writing, meaning it’s 16% down from its $192 all-time high. However, it is still 250% higher than its $45 price level a year ago. This puts it ahead of the likes of Apple which is up only 24% year to date and Amazon, with a 34% year-to-date increase. Even NVIDIA’s outstanding performance falls behind MicroStrategy, with a 155% year-to-date increase. Padding Up With Bitcoin Despite being four years in, MicroStrategy is not letting up on its Bitcoin purchases, with major purchases this year. In 2024 alone, the company has bought 63,079 BTC which cost around $4.04 billion to acquire. The most recent purchase was on September 20, when former CEO Michael Saylor announced that the company had purchased 7,420 BTC for $489 million. This has brought the company’s total BTC holdings to 252,200 for a whopping cost price of $9.9 billion. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? Despite the already massive Bitcoin holding, accounting for more than 1.166% of the total supply, MicroStrategy plans to continue buying BTC. The company announced it was offering $700 million in convertible notes, which was later amended to $1 billion, the proceeds of which would be used to purchase more BTC. As for the company’s plan for its massive BTC stash, Saylor has previously revealed that the company has no plans of selling soon. For now, the plan looks to be to buy as much BTC as possible to hold as a treasury asset. Featured image created with Dall.E, chart from Tradingview.com
Cardano (ADA) has recently recorded impressive gains of nearly 13% over the past week, outperforming Bitcoin (BTC), the largest cryptocurrency by market capitalization. Analysts are optimistic about further price increases for ADA, particularly following the emergence of a “super signal” on the ADA/BTC trading chart. Cardano Price Tests Key Levels Market expert TrendRider highlighted this potential in a recent post on X (formerly Twitter), noting that the super signal indicates a strong possibility for ADA to gain value against Bitcoin in the upcoming weeks. This signal carries historical significance, boasting an 80% accuracy rate whenever it has appeared, suggesting that further price gains for Cardano are not just hopeful speculation but grounded in past performance. Related Reading: Bitcoin Peaks At Highest Value In 2 Months Above $65,000: Bull Run Predictions Currently trading at $0.398, ADA is at a critical juncture, testing the 21-day exponential moving average (EMA). TrendRider emphasizes that if Cardano manages to close the week above this level, it could signal the continuation of an upward trend. Following this, the price is expected to encounter volatility around the $0.430 mark, where the 50-day EMA is situated, and again at $0.490, which aligns with the 100 and 200-day moving averages. However, according to TrendRider’s analysis, the ultimate target for Cardano could be the 200-day simple moving average (SMA) at $0.75, which would be a significant milestone for the token following the significant price declines it has experienced over the past month. Market Analyst Predicts “Up Only” Phase Further reinforcing the bullish outlook, market analyst Alexander Legolas recently asserted that the crypto market has entered an “up only” phase. This optimism extends not only to Cardano but also to other prominent altcoins, which have shown signs of recovery following two notable market corrections of over 20% each on August 5 and September 6. During these downturns, the Cardano price fell to $0.27 and $0.303 respectively, marking significant lows for the 2024 token after hitting its annual high of $0.810 earlier this year during the Q1 rally, which also saw BTC hit its all-time high of $73,700. Related Reading: Bitcoin Price Forecast: Q4 Outlook Indicates Parabolic Move Toward $120,000 Legolas further predicts that ADA could experience substantial upward momentum in the coming months, particularly as liquidity increases in the altcoin market. He points to the recent breakout of the total3 Alt chart from a massive cup and handle pattern as a key indicator of positive market sentiment. If these predictions come true, Cardano could even approach the $1 mark, a rise of around 151% from current levels. However, the token would still be down 67% from its all-time high of $3.09 reached during the 2021 bull run. Featured image from DALL-E, chart from TradingView.com
For the past five days, the Bitcoin price has remained locked in a narrow range between $62,000 and $64,000, following a surge of bullish sentiment triggered by the US Federal Reserve’s (Fed) decision to cut interest rates on September 18. This pivotal move by the Fed has sparked optimism among investors. Yet, Bitcoin has struggled to consolidate above the critical $64,000 level, which, if surpassed, could pave the way for a retest of previously lost resistance levels, potentially targeting $70,000 in the near term. Bitcoin Price Set To Reach New All-Time Highs? Despite this short-term stagnation, several analysts maintain an optimistic outlook for the Bitcoin price as the market approaches the fourth quarter (Q4) of the year. Market expert Lark Davis, for example, recently highlighted the historical trends that suggest the average return for Bitcoin during Q4 is a notable 88%. Davis suggested that if the Bitcoin price were to replicate this performance, it could soar to nearly $120,000. Even a more conservative estimate of a 55% gain – similar to last year’s performance – would take the price to $100,000. Related Reading: Dogecoin Parabolic Rally To Trigger 5,500% Surge To $6, Here’s When In addition, the expert points out that this year offers unique catalysts that could drive significant price movements, including the launch of the Bitcoin exchange-traded fund (ETF) market, the upcoming US elections, and the expected $16 billion in cash repayments from the collapsed FTX exchange. However, when analyzing the current state of the Bitcoin market, there are signs that current price movements are being “artificially constrained.” Analysts Warns Of Final Dip Before Further Price Gains Analyst InspoCrypto has noted that the price action has been persistently hovering around $63,000, with breakout attempts being blocked. A significant institutional options trader has reportedly executed a block trade that appears designed to keep Bitcoin’s price stable until October 4. InspoCrypto further explains that the Spot Cumulative Volume Delta (CVD) indicates a pattern of distribution even as prices rise, while the Futures CVD shows a divergence, suggesting that recent price increases have been primarily driven by futures trading. The Whales vs. Retail Ratio analysis from Hyblock supports this view, revealing that while whales are accumulating short positions, retail investors are predominantly betting on long positions—creating a potentially unfavorable scenario for the latter group. Yet, InspoCrypto believes that the market will see one final dip before reaching new all-time highs (ATHs) of $80,000 or even $85,000 for the largest cryptocurrency on the market. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Adding to the technical analysis, analyst Ali Martinez points out that Bitcoin is currently testing its 200-day Simple Moving Average (SMA) at the $64,000 mark, which is acting as a short-term resistance level. A breakout above this key level could signal a significant bullish trend, according to Martinez. Looking further ahead, if the Bitcoin Long-Term Power Law holds true, Martinez believes the next market top could reach around $400,000, with predictions for this peak to occur by October of next year. Overall, while Bitcoin faces short-term challenges, the consensus among analysts is that the cryptocurrency is poised for new all-time highs in Q4 and into 2025, despite the current state of the market and BTC’s inability to overcome short-term hurdles. At the time of writing, BTC is trading at $63,160, little changed from Monday’s price, and up 0.7% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com
A crypto analyst has just confirmed an impending Bitcoin (BTC) crash, pointing to the formation of a bearish descending triangle formation on the cryptocurrency’s price chart. With Bitcoin’s price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is. Analyst Confirms Incoming Bitcoin Crash TradingView crypto analyst, Alan Santana has published a report warning of potential risks in Bitcoin’s current price behavior, pointing to a possible price crash driven by the formation of a new descending triangle. Santana noted that currently, the price of Bitcoin is trading above $60,000, which is about 20% lower than its March 2024 All-Time High (ATH) of more than $73,000. The analyst hypothesized that if Bitcoin were trading at a lower price level of $37,000, this would represent a 50% decline from its March ATH. In such a case, this price would be seen as a strong correction from all-time highs. Santana also revealed that trading at $37,000 would be advantageous for Bitcoin, especially before a major political event like the upcoming United States (US) Presidential elections in November. This means that by trading below $40,000 or $37,000, Bitcoin would be due for a significant recovery to new highs. However, since BTC is currently trading at $63,635, a price mark close to a critical resistance level, this indicates a strong momentum. As such, if an unexpected event or market shakeout occurs, it could potentially trigger a massive price decline for the cryptocurrency. Moreover, Bitcoin has formed a descending triangle pattern, which the analyst has flagged as a bearish signal. He revealed that on the cryptocurrency’s monthly chart, this pattern broke to the downside, ultimately confirming an impending price crash. As a result, Santana has warned that investors should expect a Bitcoin crash, citing the cryptocurrency’s prolonged sideways movement with a bearish bias over the past six months. He further disclosed that BTC has been printing lower highs in the short-term and mid-term for more than six months, highlighting that lower highs were an indication of a bearish trend. Based on the cryptocurrency’s market behavior, descending triangle pattern and current price, Santana has predicted that Bitcoin could dip below $49,000. He noted that the next Fibonacci retracement level below $49,000 sits around $40,000 to $43,000, meaning the main target for this bearish forecast could be even lower. BTC Uptrend Hinges On $70,000 Breakout While emphasizing the potential for Bitcoin to crash below $49,000, Santana also disclosed that Bitcoin could witness a major uptrend if its price can successfully break above the $70,000 mark. He revealed that a strong confirmation above this price is necessary to consider BTC bullish this cycle. Specifically, if the cryptocurrency can achieve a one or two weekly or monthly close above $70,000, it could spark a bullish turnaround for the market. However, while Bitcoin is rising and maintaining a price above $60,000, the market is only seeing over-leveraged traders being liquidated and the growth of altcoins. Featured image created with Dall.E, chart from Tradingview.com
US Republican lawmakers from both chambers of Congress have taken a significant step in advocating for a more favorable regulatory environment for Bitcoin (BTC) and crypto asset custodians. In a letter addressed to US Securities and Exchange Commission (SEC) Chair Gary Gensler, a coalition of pro-crypto lawmakers, including House Financial Services Chair Patrick McHenry and […]
Bitcoin lost momentum as weak macroeconomic data, fear of a stock market correction, and worries over the upcoming US elections impacted investor sentiment.
As enthusiasm surrounding the introduction of spot Ethereum and Bitcoin ETFs in the United States continues to grow, Hong Kong has embarked on its journey to establish a spot ETF market for these digital assets. However, the performance of these exchange-traded funds in Hong Kong has not matched the success seen in the US, raising […]
Bullish Bitcoin traders are making progress by attempting to retake the 200-day moving average, but a close above $66,000 could kickstart a rally to BTC’s all-time high.
Will this week’s $8.1 billion Bitcoin options expiry fuel a rally to $70,000 or should traders anticipate a correction?
Will this week’s $8.1 billion Bitcoin options expiry fuel a rally to $70,000 or should traders anticipate a correction?
Bitcoin is firm, adding nearly 30% after sinking to as low as $49,000 in early August. As bulls strengthen and fundamental factors swing in favor of the world’s most valuable coin, prices remain below $65,000. Looking at the daily chart, this reaction level coincides with August highs. Technically, if buyers find the required momentum, breaking […]
Bitcoin price gained pace above the $63,500 resistance. BTC tested the $64,800 zone and is currently correcting gains. Bitcoin is correcting gains from the $64,800 zone. The price is trading below $63,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $63,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if it breaks the $62,450 support zone. Bitcoin Price Starts Pullback Bitcoin price extended its increase above the $63,500 level. BTC was able to clear the $63,800 and $64,200 resistance levels to move further into a positive zone. The bulls even pushed the price above the $64,500 level. A high was formed at $64,777 and the price is now correcting gains. There was a drop below the $64,000 and $63,500 support levels. The price dipped below the 61.8% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high. Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. It is also below the 76.4% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high. If there is a fresh increase, the price could face resistance near the $63,250 level. There is also a connecting bearish trend line forming with resistance at $63,240 on the hourly chart of the BTC/USD pair. The first key resistance is near the $63,500 level. A clear move above the $63,500 resistance might send the price higher. The next key resistance could be $64,200. A close above the $64,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,750 resistance. More Downsides In BTC? If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,750 level. The first major support is $62,450. The next support is now near the $62,000 zone. Any more losses might send the price toward the $61,200 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $62,750, followed by $62,450. Major Resistance Levels – $63,500, and $64,200.
Bitcoin (BTC), the world’s largest cryptocurrency, has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6. This is the highest level BTC has reached in almost two months. Critical Resistance At $65,200 Looms According to a recent report from digital asset trading platform Bitfinex, this price increase was largely driven by the Federal Reserve’s (Fed) decision to cut interest rates, which helped propel BTC to a new local high of $64,200 on September 20. However, despite this positive momentum, Bitcoin is still just below a critical resistance level of $65,200, established on 25 August. The report notes that a failure to breach this level could confirm a worrying trend that has characterized BTC’s price action since its all-time high of $73,666 in March. Related Reading: Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears Since that peak, Bitcoin has repeatedly struggled to break previous highs before forming new local lows, indicating a persistent downtrend. This pattern of lower and lower highs is evident on the daily Bitcoin chart, suggesting that the cryptocurrency has been on a downward trajectory since mid-March. As seen on the daily BTC/USDT chart above, this repeated price action has been characterized by a sustained and continuous downtrend since the March peak. Nonetheless, further volatility fueled by macroeconomic fears triggered another crash on August 5. BTC hit its lowest level in six months, down to the $49,000 level from the $70,000 level it had been trading at since late July. What Drove Bitcoin Recent Gains? One notable concern that Bitfinex finds is the discrepancy between BTC’s price gains and open interest in future markets. As BTC rose, open interest rose even faster, reaching $19.43 billion – up from $18.93 billion on August 25- while the Bitcoin price remained around $1,000 below its local high. This divergence suggests that much of the recent price movement may be driven by speculative trading in futures and perpetual contracts rather than strong demand in the spot market. Related Reading: SUI Eyes Potential Pullback As RSI Flashes Warning: $1.4 Retest In Sight Earlier this month, Bitfinex observed that Bitcoin’s rise to around $62,000 was largely fueled by robust spot market buying, in stark contrast to the current situation. While this trend in open interest might suggest increased speculative interest in Bitcoin, it does not directly imply bearishness. The report states that open interest is not a definitive measure of leverage in the market; it merely reflects the total value of outstanding contracts. Finally, the report suggests that this renewed speculative interest could be beneficial as traders return from their summer holidays and reassess their positions following the rate cut. However, Bitfinex does note that in the absence of clearer indicators of sustained bullish momentum, market participants should remain cautious. Featured image from DALL-E, chart from TradingView.com