The Bitcoin market has witnessed a significant downturn, with prices plummeting below the $66,000 mark. This abrupt -5.6% price movement can be attributed to four major factors: a long liquidation event, a rising US Dollar Index (DXY), profit-taking by investors, and spot Bitcoin ETF outflows. #1 Long Liquidations The main force leading to today’s downturn in Bitcoin’s price was a significant deleveraging event characterized by an unusually high level of long liquidations. Before the downturn, Bitcoin’s Open Interest (OI) Weighted Funding Rate was unusually high, indicating that leveraged traders were paying premiums to maintain long positions in anticipation of future price increases. This optimism, however, made the market vulnerable to sudden corrections. Related Reading: Hedge Fund Manager Predicts When Bitcoin Price Will Reach $150,000 Crypto analyst Ted, known as @tedtalksmacro on X (formerly Twitter), remarked, “Today was the largest long liquidation event since the 19th March.” He further elaborated on the effects of this correction by noting, “Nice reset in overall positioning today, even on just a 5% drop lower for Bitcoin… Next leg higher is loading I think.” This comment highlights the severity of the liquidations and suggests a potential rebound or restructuring within the market as it stabilizes. Coinglass data reveals that over the last 24 hours, 120,569 traders were liquidated, amounting to $395.53 million in total liquidations, with $311.97 million being long positions. Bitcoin-specific long liquidations were at $87.42 million. #2 DXY Puts Pressure On Bitcoin With 105.037, the DXY closed at its highest level since November yesterday, evidencing a strengthening US dollar. Given Bitcoin’s inverse correlation with the DXY, the stronger dollar might have shifted investor preference towards safer assets, moving away from riskier investments like Bitcoin. This correlation stems from the global market’s risk sentiment, where a rising DXY often signals a shift towards safer investments, detracting from riskier assets like Bitcoin. However, analyst Coosh Alemzadeh provided a counter perspective, suggesting through a Wyckoff redistribution schema that despite the DXY’s recent uptick, the next move could favor risk assets, potentially including Bitcoin. #DXY ⬆️4 weeks in a row/broke out of its downtrend so consensus is that a new uptrend is starting yet risk assets are consolidating at ATH Next move ⬆️in risk assets on deck IMO pic.twitter.com/u6ORa76vkj — “Coosh” Alemzadeh (@AlemzadehC) April 2, 2024 #3 Profit Taking By Investors Profit-taking by investors has also played a significant role in the recent price adjustments. The Bitcoin on-chain analysis platform Checkonchain reported a spike in profit-taking activities. Related Reading: Start Selling Bitcoin When This Happens, This Quant Says Glassnode’s lead on-chain analyst, Checkmatey, shared insights via X, stating, “The classic Bitcoin MVRV Ratio hits conditions we characterize as ‘heated, but not yet overcooked’. MVRV = above +0.5sd but below +1sd. This indicates that the average BTC holder is sitting on a significant unrealized profit, prompting an uptick in spending.” The profit-taking coincided with Bitcoin reaching a peak of $73,000, marking a cycle high in profit realization with over 352,000 BTC sold for profit. This selling behavior is typical in bull markets but plays a crucial role in creating resistance levels at local price tops. #4 Bitcoin ETF Outflows Lastly, the market witnessed notable outflows from Bitcoin ETFs, marking a reversal from last week’s substantial inflows. The total outflows amounted to $85.7 million in a single day, with Grayscale’s GBTC experiencing the most significant withdrawal of $302 million. Meanwhile, Blackrock’s IBIT and Fidelity’s FBTC reported positive inflows, totaling $165.9 million and $44 million, respectively. Commenting on this, WhalePanda remarked, “Overall negative day but not as negative as the price implied. Closing of Q1 so taking profit here makes sense. Some fuckery around [the] new quarter and halving is to be expected.” At press time, BTC traded at $66,647. Featured image created with DALL·E, chart from TradingView.com
Founder and Chief Executive Officer (CEO) of Morgan Creek Capital Management, Mark Yusko has predicted a massive price increase for Bitcoin during the 2024 bull cycle. Emphasizing Bitcoin’s immense potential, the hedge fund manager has crowned it as the unrivaled “King” among digital assets. $150,000 Price Target Set For BTC Appearing in a recent interview with CNBC Television on March 27, Yusko shared a bold forecast of Bitcoin, predicting that the cryptocurrency will see a significant rise to $150,000 in 2024. When asked why he believes the cryptocurrency would have such an astronomical price increase, Yusko cited the impacts of the upcoming Bitcoin halving and Spot Bitcoin Exchange Traded Fund (ETF), on the price of BTC. The hedge fund manager has revealed that historically after a BTC halving cycle is completed, the fair value of the cryptocurrency rises. Related Reading: Dogecoin Price Breaks New 3-Year High – Here Are Factors That Could Drive The Price To $1 He explained that when the upcoming 2024 Bitcoin halving occurs in April, BTC miners will face challenges, with transaction fees poised to soar, consequently driving a price increase to $75,000. After the Bitcoin halving event, the cryptocurrency is expected to surge two times its fair value to $150,000. The hedge fund manager cited factors like increased interest from investors and Fear of Missing Out (FOMO) as triggers for this price spike. Yusko also revealed that after the Bitcoin halving, there would be a surge in demand for Spot Bitcoin ETFs, while the supply of new coins would decrease from 900 BTC to 450 BTC a day. “If there’s more demand than supply, price has to rise,” the hedge fund manager stated. The investment management CEO has expressed a strong belief in BTC’S value as one of the world’s leading digital assets. He envisions the cryptocurrency “easily” skyrocketing by 10x over the next decade. “Bitcoin is the king, it is the dominant token. It is a better form of gold or digital property. And I do think it will be the best,” Yusko said. Bitcoin Price Top Expected By Year’s End During his interview, Yusko predicted that Bitcoin could reach its peak price value by the end of 2024. The hedge fund manager disclosed that historically, nine months after a Bitcoin halving event, sometime in December, BTC undergoes a surge to its peak value before entering the next bear market. Related Reading: Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum? During this time, the investment management CEO has stated that smaller crypto projects could potentially experience substantial increases, surpassing the gains witnessed by BTC. He disclosed several altcoins and investment assets that his company, Morgan Creek Capital Management, typically buys and HODLs, including Solana, Avalanche and Coinbase. BTC bulls and bears vie for control | Source: BTCUSD on Tradingview.com Featured image from Crypto News, chart from Tradingview.com
Bitcoin has started out the new week on a rather bearish note after a flash crash sent the price below $69,000 once more. There has since been some recovery in the price of the largest cryptocurrency in the space. However, the damage has already been done as tens of thousands of crypto traders were flushed out of their leveraged positions as a result. 81,000 Crypto Traders Lose $220 Million The Bitcoin flash crash hit support just above $68,800 but crypto traders are already feeling the brunt of the large move. In the last day, more than 81,000 traders have lost their leveraged positions and the volume of their liquidations have piled up. Related Reading: Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum? According to data from Coinglass, the numbers have climbed above 81,400 crypto traders who were liquidated as a result of the crash. In total, over $223 million was also lost during this time from all of the flushed positions. Then, the single largest liquidation took place on the OKX exchange across the ETH-USD-SWAP pair. This trader alone lost $7 million when their position was liquidated. As expected, the majority of the losses have come from long traders, with Coinglass showing a total of 70.01% of the liquidated positions being longs. This means that long liquidation volumes climbed above $156 million during the last 24 hours. The crypto exchange with the largest liquidation volumes was the OKX exchange, accounting for 46.87%, or $104.61 million, of all liquidations. Binance came in second place with 38.72%, or $86.41 million. Meanwhile, Bybit saw the third-largest liquidation volume at 8.4%, or $18.75 million. Bitcoin, Ethereum, And Dogecoin Lead Liquidations Naturally, the crypto assets with the largest liquidation volumes have been Bitcoin and Ethereum, with $36.1 million and $28.98 million. However, meme coins such as Dogecoin and PEPE have seen their own numbers ramp up as well. Dogecoin’s liquidation volumes came out at $10.4 million for the 24-hour period, which put it ahead of Solana with $8.3 million. Then coming up behind Solana is PEPE, with liquidation volumes climbing as high as $7.1 million. Related Reading: Prepping For $100,000: Bitcoin Shark And Whales Spend Over $18 Billion To Buy BTC Across all of these cryptocurrencies, long traders continue to suffer massive losses. Even in the shorter timeframe, the trends for long traders continue to look bleak. Coinglass data shows that in the last 12 hours, long traders accounted for 85.64% of liquidations. Then, in the 4-hour and 1-hour timeframes, they account for 6.182% and 72.62%, respectively. As for the Bitcoin price, bulls continue to struggle as resistance at $69,500 mounts. The price is currently trading at $69,450 at the time of this writing, with a 1.1% decline in the last day, according to data from Coinmarketcap. BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com Featured image from Coinpaprika, chart from Tradingview.com
Almost every Bitcoin investor is anticipating a continued price surge as the crypto continues to trade around the $70,000 price mark. On-chain data has shown a large part of this surge can be attributed to the accumulation by large whales. Bitcoin is undoubtedly home to a lot of these whale addresses holding hundreds of millions of dollars and with transactions that can move the market. However, on-chain data has further revealed that the accumulation trend has also flowed into the next cohort of traders. These traders, also known as “Sharks,” are addresses that hold between 100 BTC and 1,000 BTC. According to Glassnode data, shark wallet addresses have accumulated 268,441 BTC in the past 30 days, which is the biggest net position change since 2012. Increased Accumulation Of BTC According to a Glassnode chart shared on social media by crypto analyst James Van Straten, Bitcoin accumulation by shark investors shot up in 2024 to reverse a multi-year consolidation since 2020. As a result, these addresses increased their holdings by 268,441 in 30 days, roughly converting to $18 billion. Related Reading: Crypto Expert Predicts Massive Shiba Inu Run As Price Mirrors 2021 While these sharks do not have as much individual power over price movement as very large whales, their collective behavior is still worth monitoring as they also relate to the sentiment among investors. Consequently, this large accumulation trend could lead to more buying which would signal a continued price surge for Bitcoin. Source: Glassnode The surge in accumulation is not really surprising, as the launch of Spot Bitcoin ETFs in the US has ushered in a bigger wave of accumulation sentiment from all cohorts of Bitcoin investors. As another analyst pointed out on social media, this shark accumulation could’ve been due to ETFs purchasing massive amounts of Bitcoins from Coinbase OTC desks. Bitcoin whales (addresses holding more than 1,000 BTC) have also upped their activity in the past few days, signaling strategic positioning in the market. Various transaction alerts from Whale Alerts have shown strategic movement from whale addresses. Notably, the crypto whale transaction tracker has revealed $1.3 billion worth of BTC exchanged between whale addresses in the past 24 hours. Among these large BTC movements was a notable transfer of 3,599 BTC worth $252 million between two unknown wallets. Another notable transaction was the transfer of 3,118 BTC from an unknown wallet to Coinbase Institutional. Bitcoin To $100,000? Data from IntoTheBlock has also reiterated this accumulation trend with its net transfer trend from exchanges. Data from ITB’s platform shows a $16.18 billion outflow from exchanges as against a $15.76 billion inflow in the past seven days. Bitcoin is now trading at $67,931 and has failed to stabilize above the $70,000 mark again. Related Reading: Crypto Analyst Predicts 600%-1000% Return For XRP, Here’s The Target However, the accumulation by whales and sharks, increasing mainstream interest from institutional investors through Spot Bitcoin ETFs, and the approaching halving all point to the possibility of substantial price appreciation to $100,000. BTC price at $70,000 | Source: BTCUSDT on Tradingview.com Featured image from BBC, chart from Tradingview.com
The outflows from the Grayscale Bitcoin ETF rocked the market hard last week, leading to a dramatic decline in the BTC price. However, with the new week, there has been a change in direction as investors begin to get bullish on Bitcoin once more. As a result, the outflows from the Grayscale ETF have slowed down, reaching one of its lowest points for the month. Grayscale Bitcoin ETF Outflows Drop 60% Grayscale outflows ramped up last week, spearheading what would turn out to be a full week of outflows from Spot Bitcoin ETFs for the first time ever. The outflows rose rapidly over the week, even moving into the new week. However, inflows into Spot Bitcoin ETFs have been on the rise, which have overshadowed the outflows from GBTC. Related Reading: Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally Despite the outflows from the GBTC continuing, it has begun to spin into a more positive narrative as the number of BTC flowing out of the fund is declining fast. To put this in perspective, data shows there was 299.8 BTC moved out of the fund on Wednesday, March 27, and on Thursday, March, 20204, this figure dropped to 104.9 BTC, representing a 60% drop. This marks the second day with the lowest outflows from the Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC. It also points to a decline in the volume of outflows as investors start to level out and find their footing elsewhere. Nevertheless, the GBTC has remained the loser of the Spot Bitcoin ETF race, nursing a full month of outflows so far. Since the ETFs were first approved in January until now, there has been more than $14.6 billion moved out of the fund, which accounts for around 50% of its total balance. These BTC have presumably found a home in other Spot ETF funds which have been seeing massive inflows. Unlike last week, inflows have also dominated Spot Bitcoin ETFs this week. Total inflows for the week crossed above $800 million, bringing the total Assets Under Management (AuM) to almost $57 billion in less than three months. Why This Could Trigger A BTC Price Rally The last time that GBTC outflows saw a slowdown after rising for about a week, it triggered a response from the Bitcoin price in the form of a rally. Inflows also continued to dominate for the next couple of weeks and during this time, the BTC price enjoyed a long stretch of recovery. It went from $40,000 to over $70,000 in the space of two months. Related Reading: Dogecoin Holder Base Reaches New Record Amid Surge In Interest If this trend repeats itself this time around, then another massive BTC price rally could be around the corner. A similar price increase would also put Bitcoin right above $100,000 in the next few months. In this case, the uptrend would be far from over. At the time of writing, Bitcoin is still struggling to break $70,000 after a 1% drop in the last day. BTC price jumps above $70,000 | Source: BTCUSD on Tradingview.com Featured image from Which.co.uk, chart from Tradingview.com
Charles Edwards, founder of the Bitcoin and digital asset hedge fund Capriole Investments, published a detailed examination of Bitcoin’s current market phase suggesting a bullish trajectory, potentially reaching the $100,000 mark. The analysis hinges on the identification of a Wyckoff ‘Sign of Strength’ (SOS), a concept derived from the century-old Wyckoff Method that studies supply and demand dynamics to forecast price movements. Understanding The Wyckoff ‘SOS’: Bitcoin To $100,000? The Wyckoff Method, developed by Richard D. Wyckoff, is a framework for understanding market structures and predicting future price movements through the analysis of price action, volume, and time. The ‘Sign of Strength’ (SOS) within this methodology signifies a point where the market shows evidence of demand overpowering supply, indicating a strong bullish outlook. Edwards’s observation of an SOS pattern in Bitcoin’s recent price movements suggests that the market is at a pivotal point, where sustained upward momentum is highly probable. In Capriole’s latest newsletter, Edwards offered a precise depiction of Bitcoin’s market behavior, highlighting a period of volatility and consolidation in the $60,000 to $70,000 range. Related Reading: Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains This phase was anticipated by the hedge fund. Currently, as Bitcoin ventures above its last cycle’s all-time highs, it aligns with the predicted zig-zag SOS structure. Edwards elucidates, “It would not be surprising to see a liquidity grab at / into all-time highs […] All consolidation above the Monthly level at $56K is extremely bullish. It would be uncommon (but not impossible) for price to continue in a straight line up.” The “zig-zag” phase also perfectly aligns with the halving cycle as BTC tends to consolidate “both months either side of the Halving.” Edwards added that “the realities of a much lower supply growth rate + unlocked pent up tradfi demand will then kick-in and launch 12 months of historically the best risk-reward period for Bitcoin.” From a technical perspective, Bitcoin’s foray into price discovery territory above $70,000 is devoid of significant resistance levels. This opens a pathway to psychological and Fibonacci extension levels, with Edwards pinpointing $100,000 as the next major psychological resistance. Related Reading: Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO The 1.618 Fibonacci extension from the 2021 high to the 2022 low is noted at $101,750, serving as a technical marker for potential resistance. Edwards reflects on investor sentiment, stating, “You can also imagine quite a few investors would be happy seeing six-digit Bitcoin and taking profit in that zone,” acknowledging the psychological impact of such milestones. BTC Fundamentals Support The Bull Case Edwards also delves into the importance of fundamentals, underscoring their role in providing a bullish backdrop for Bitcoin. The introduction of the Dynamic Range NVT (DRNVT), a unique metric to Capriole, indicates that Bitcoin is currently undervalued. Edwards describes DRNVT as “Bitcoin’s ‘PE Ratio'”, which assesses the network’s value by comparing on-chain transaction throughput to market capitalization. The current DRNVT readings suggest an attractive investment opportunity, given Bitcoin’s undervaluation at all-time price highs. “What’s fascinating at this point of the cycle is that DRNVT is currently in a value zone. With price at all time highs, this is a promising and unusual reading for the opportunity that lies ahead in 2024. It’s something we didn’t see in 2016 nor 2020,” Edwards remarked. With both technical indicators and fundamental analysis signaling a bullish future for Bitcoin, the anticipation surrounding the upcoming Halving event adds further momentum to the positive outlook. Despite the expectation of volatility and consolidation in the short term, Edwards confidently states, “probabilities are starting to skew to the upside once again.” At press time, BTC traded at $69,981. Featured image from Shutterstock, chart from TradingView.com
According to on-chain data analysis by Glassnode, Bitcoin is at a critical juncture. When BTC soared to $73,800 in March 2024, printing new all-time highs, the Bitcoin market reached a statistically significant level regarding on-chain unrealized profits, according to the Market Value to Realized Value (MVRV) ratio. Bitcoin MVRV Ratio At Historically Significant Level: Time […]
Bitcoin sets a positive tone into the U.S. holiday weekend as a Coinbase-induced BTC price dip fails to keep bulls back for long.
The crypto community’s attention has been drawn to a Bitcoin whale who recently moved a huge portion of their BTC holdings across different wallets. This action has sparked the curiosity of those in the community about the reason for these transactions. Bitcoin Whale Moves $6 Billion In BTC Blockchain analysis platform Arkham Intelligence first brought this occurrence to the community’s attention when it mentioned in an X (formerly Twitter) post that the Bitcoin address (37XuVSE) had moved over $6 billion in BTC to three new addresses. Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand As part of the transactions, $5.03 billion worth of BTC was sent to one of these addresses (bc1q8yj), while the two other addresses (bc1q6m5 and bc1q592) received $561.46 million and $488.40 million worth of BTC respectively. Arkham added that one of the wallets (bc1q592) has since then proceeded to transfer the received funds to another wallet. Notably, the wallet which moved $6 billion in BTC was before now the fifth richest Bitcoin address having held over 94,500 BTC in its wallet. As of now, it still holds 1.31 BTC in the wallet in question. Interestingly, before now, this address was dormant as it had not moved any of this BTC which it received since 2019. Transactions of such magnitude are always sure to cause a stir in the crypto community, considering the impact such whales can have on the market. Usually, a move like this can cause community members to speculate that the whale may be looking to offload their tokens and take profits. However, the fact that these transactions weren’t made to exchange-linked wallets has quelled such speculations. Another BTC Whale On The Rise Bitcoinist recently reported on BlackRock’s Bitcoin wallet, which has continued to accumulate Bitcoin at an astonishing rate due to the impressive demand for its iShares Bitcoin Trust (IBIT). Despite just launching this ETF in mid-January 2024, BlackRock now holds 243,126 BTC for the fund. Related Reading: Crypto Analyst Predicts XRP Price Will Rally 800% To $6, Here’s When BlackRock’s BTC holdings has seen it rise to becoming one of the largest corporate BTC holders, only behind centralized exchanges Binance, Bitfinex, and Coinbase and fellow Bitcoin ETF issuer Grayscale. A sustained demand for the IBIT ETF could however see BlackRock surpass these entities at some point. That is also something that could reflect positively on Bitcoin’s price seeing as how instituitional demand for the flagship crypto has helped propel it to new highs. At the time of writing, Bitcoin is trading at around $70,500, up in the last 24 hours according to data from CoinMarketCap. BTC price recovers above $71,000 | Source: BTCUSD on Tradingview.com Featured image from Forbes, chart from Tradingview.com
Robert Kiyosaki, the best-selling author of the popular book, ‘Rich Dad Poor Dad’ has hailed Bitcoin as the perfect asset. Delving into the digital asset’s distinctive qualities, the financial expert offers a comprehensive comparison between BTC and traditional fiat currencies through a question-and-answer format. Bitcoin As The Perfect Asset In a recent X (formerly Twitter) […]
Bitcoin reaching $100,000 remains a highly feasible target, especially given the fact that the price of the cryptocurrency hit a new all-time high above $73,00 ahead of the halving. In preparation of the explosive move that is expected to follow the halving, Bitcoin whales are going all out as they fill up their wallets with BTC. Large Bitcoin Whales Buy More BTC As the Bitcoin price has retraced from its surge, large Bitcoin whales are taking advantage of the dip to buy more coins at cheap prices. These whales, which hold at least 1,000 BTC – which means they have $70 million on the low end, have bought up a large tranche of coins over the last three months. Related Reading: Crypto Analyst Predicts XRP Price Will Rally 800% To $6, Here’s When Since January, there has been a steady climb in the number of wallets that hold at least 1,000 as interest continues to grow. A lot of this interest is driven by institutional investors who are putting billions of dollars into Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, it has seen these institutions buy up a good chunk of the supply. The number of addresses holding at least 1,000 BTC was sitting at less than 1,500 at the beginning of the year. However, by March, with institutions ramping up their buys, this number has climbed to 1,617. This is an 8% increase in the number of these large whales in the last three months. Source: Glassnode To put this increase in perspective, the last time that there were these many whales holding this much BTC was back in 2021 at the peak of the bull market. So, if this number is rising once again, it means that these large investors are expecting the price to rise, and as a result, are trying to maximize their profits. Spot ETF Inflows See 2,600% Spike After a week of consistent outflows, inflows into the Spot Bitcoin ETFs are starting to ramp up once again. For the first day of the week, inflows climbed to $14.5 million, bringing a welcome change from the almost $900 million worth of outflows that was recorded in the prior week. This change in the tide seems to have brought renewed interest for investors as Tuesday saw a whopping 2,600% increase in inflows. In total, there $418 million recorded going into Spot BTC ETFs on Tuesday, one of the highest inflow days since the ETFs were approved. Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand This change in direction is also evident in the Bitcoin price, which has recovered from last week’s low of $60,000. The price has since sprung back up above $70,000, with a 10% increase in the last week. This also validates the whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings in profit. Now, as seen in the past, a return of high inflows into the Spot ETFs has always been bullish for the price. So, if the inflows were to continue throughout this week, then the price of Bitcoin could register a brand new all-time high ahead of the halving. BTC bulls push price toward $72,000 | Source: BTCUSD on Tradingview.com Featured image from India Today, chart from Tradingview.com
Despite the current sideways movement and flashes of weakness, on-chain data suggests that Bitcoin might rally in the days ahead. The upswing for the world’s most valuable coin will be driven by several factors, including dwindling exchange liquidity and rising institutional demand. Bitcoin Liquid Inventory Ratio Is Falling In a post on X, Ki Young Ju, founder […]
Bitcoin price remains shaky at the $70,000 resistance, but on-chain data suggests market participants are preparing for a stronger rally.
Tony “The Bull” Severino, the Head of Research at NewsBTC and a certified CME, has identified an “Evening Star” candlestick pattern on the monthly chart of the Bitcoin CME futures. This formation, which traditionally indicates a potential trend reversal, is forming at a critical point for Bitcoin. According to Severino, there could be tell-tale signs suggesting […]
Bitcoin, the world’s most valuable coin, is once again deviating from historical norms. According to an analysis by one crypto analyst, the coin is in the “overbought” territory of the Relative Strength Index (RSI) for the first time in the lead-up to halving. The RSI is a popular technical indicator analysts use to gauge the price momentum of traded instruments. Bitcoin Overheating? RSI Stands Above 70 The analyst points out that the Bitcoin RSI on the monthly chart is currently above 70, indicating an overbought condition and overheating. This is a significant development as it’s the first time in Bitcoin’s history that this has happened before a halving. The Bitcoin network is set to halve miner rewards in mid-April. This event, which occurs roughly every 200,000 blocks, will cut rewards distributed to miners by 50% from the current level of 6.125 BTC. Miners play a vital role in confirming transactions and maintaining network security. Related Reading: Bitcoin ‘Real Pump’ Nears New All-Time Highs, Analyst Says The fact that Bitcoin prices appear to be “overheating” just before halving is net bullish for the coin. It suggests that prices are not only breaking from historical trends but also building strong momentum. Besides the strong upside momentum, the analyst notes that Bitcoin now trades above a critical dynamic level on the monthly chart. The confluence of these positive developments could explain why traders are upbeat. Most analysts agree that the coin will likely break higher in the weeks ahead, clearing the recent all-time high of around $73,800. BTC Pinned Below $73,000 And Consolidating Thus far, Bitcoin prices are firm, increasing as evident in the daily chart. After sharp contractions in the past few trading sessions, the welcomed reversal over the weekend lifted the coin towards the elusive $70,000 level and a previous all-time high. However, judging from the candlestick arrangement in the daily chart, a break above $73,800 would likely catalyze more demand. So far, prices are moving sideways within a broad range despite signals of strength relayed from other indicators. Related Reading: Why Is The Price Of LUNC And USTC Up Today? While some investors are bullish, expecting prices to rise, caution should prevail. A close above $74,000 would thrust Bitcoin into unchartered territory. Beyond this, the analyst uses technical indicators to make projections. These tools use historical parameters and lag. As such, they may not be as accurate and, thus, misleading in some instances. Feature image from DALLE, chart from TradingView
Bitcoin whales have been very active in the past few days as the crypto continues to trade below $68,000. Notably, on-chain data has shown a trend of accumulation among Bitcoin whales, with large bouts of the cryptocurrency leaving crypto exchanges into private wallets. These massive transfers appear to have piqued the interest of a few investors who are keeping a watchful eye, as this accumulation pattern points to a price increase up ahead. According to various posts by whale transaction tracker Whale Alerts, Bitcoin whales have recently transferred $2.3 billion worth of BTC in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that over 25,000 BTC worth approximately $1.60 billion had been transferred into accumulation addresses. Bitcoin Whale Accumulation Signal Price Surge Ahead Bitcoin has largely traded below $69,000 since March 15, struggling to regain the momentum that saw it shooting past $70,000 earlier in the month. Interestingly, Bitcoin fell to as low as $61,766 last week, representing a 16% decline from its all-time high. Related Reading: Dogecoin Whales Go On Massive Buying Spree, Here’s How Much They’ve Bought Meanwhile, Spot Bitcoin ETFs saw consistent outflows throughout the week which was spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became much of a concern for investors as it signaled the bullish sentiment surrounding BTC might finally be coming to an end. However, on-chain data is now telling a different tale of a strong bullish sentiment from Bitcoin whales. Data from Whale Alerts show large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth $517 million from Coinbase into a new private wallet. Shortly after, 8,172 BTC worth $519 million were transferred from Coinbase into another new private wallet. Interestingly, the different alerts from the whale tracker added up to $2.3 billion worth of BTC to and from crypto exchanges on March 22. Analyst Ali Martinez noted that these transfers added up to $1.6 billion being added into accumulation addresses, the largest inflow so far this year. Yesterday, over 25,000 #Bitcoin, valued at approximately $1.60 billion, were transferred to accumulation addresses, marking the highest inflow to these $BTC wallets so far this year! pic.twitter.com/mAIHkG9ROC — Ali (@ali_charts) March 23, 2024 According to CryptoQuant data, this accumulation trend has seen the Bitcoin reserves on exchanges on a downtrend since March 21. At the time of writing, the Bitcoin exchange reserve is at 1.98 million BTC. Related Reading: Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down? Basically, whale accumulation tends to swing the balance into bullish among other traders. Fundamentals surrounding Bitcoin like the upcoming halving point to price growth in the near future, making it an ideal time for investors to position themselves in the market. At the time of writing, Bitcoin is trading at $67,478. A key price level to watch is $69,000. If Bitcoin breaks above this resistance level, it could continue surging higher with the accumulation trend. BTC price at $67,000 | Source: BTCUSD on Tradingview.com Featured image from GoBankingRates, chart from Tradingview.com
Bitcoin faces its “biggest headwind” in the form of GBTC outflows, but the good times could be back for BTC price action after next week, predictions say.
A crypto analyst on X is confident that Bitcoin has bottomed and is poised for major gains in the sessions ahead. Interestingly, the bullish outlook hinges on the Bitcoin market cap retesting all-time highs at press time. Will BTC Rally? Market Dynamics Changing So far, the Bitcoin price is around 2021 highs in USD terms but recently broke all-time highs, peaking at around $73,800. This fluctuation is also reflected in its market cap. It currently stands at $1.25 trillion, down 5% in the past 24 hours. Related Reading: Bitcoin Spot ETFs See 4 Consecutive Days Of Outflows, Here’s What Happened Last Time Notably, it is at the same price level as in 2021, when Bitcoin prices peaked, recording new all-time highs. While optimism abounds and the trader expects more sharp price expansions in the days ahead, it is not immediately clear whether the coin will rip higher, aligning with this forecast. Bitcoin is volatile and has remained so despite changing market dynamics. At the same time, unlike in the past, Bitcoin prices are driven not only by retail forces but by institutions. These institutions are regulated by the United States Securities and Exchange Commission (SEC), which also approved the spot Bitcoin exchange-traded fund (ETF). This Bitcoin derivative product has been the primary driving force in the past ten weeks. This is from looking at how prices have evolved since its approval in mid-January 2024. However, since BlackRock and Fidelity are regulated by the United States SEC, unlike retailers, they cannot act as they wish. Considering the millions and billions of dollars at play, their comments or assessments on the coin, now and in the future, can greatly impact sentiment. Sentiment Is Dented, BTC Facing Headwinds Sentiment has been dented when writing. Even with the United States Federal Reserve (Fed) ‘s decision to hold rates at 5.5%, the highest in 2023, lifting prices, there has been no solid follow-through in price action. The coin remains steady below $70,000. Whether prices will rally over the weekend remains to be seen. However, for now, there are some headwinds to consider. Related Reading: XRP Set For Rapid Rally, Target At $5 In The Short Term First, there has been a slowdown in inflows to spot BTC ETFs. At the same time, outflows from the Grayscale Bitcoin Trust (GBTC) have increased. Second, after rallying sharply from October 2023, a cool-off before halving might see the coin trend lower. Feature image from DALLE, chart from TradingView
Robert Kiyosaki, the author renowned for his best-selling book “Rich Dad Poor Dad” has identified Bitcoin as a real-world asset, urging investors and the broader crypto community to shift their focus from stock investments and prioritize accumulating Bitcoin. Buy More Bitcoin Before It’s Too Late In a recent X (formerly Twitter) post, Kiyosaki advised investors […]
Bitcoin bulls fail to catch a break as BTC price weakness defies a slowdown in GBTC offloading.
Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here? Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows The outflows began on Monday and continued into subsequent days. So far, the highest single-day outflow happened on Tuesday, March 19, with total net flows for the day coming out to $326.2 million, a new record for Bitcoin funds. Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x Subsequent days have seen lower figures when it comes to overall net flows but they continue to come out in the negative. On Wednesday, net flows were $261.5 million, and on Thursday, March 22, net flows came out to $94 million. This marked the second time that the Spot Bitcoin ETFs are seeing four consecutive days of outflows this year. The vast majority of these outflows, as mentioned above, are coming from the Grayscale Bitcoin ETF. In the last day alone, the fund saw outflows of 5,900 BTC, which translates to $339 million at current prices. Then, over the last week, Coinglass data shows that 28,207.5834 BTC has left the fund, causing its total BTC under management to fall by 7.35% in one week. Other funds have also seen outflows during this time but to a much lower degree. For example, the Invesco Galaxy Bitcoin ETF saw the second-highest outflow of all the funds, but only 667 BTC flowed out of the fund in the last day. The WisdomTree Bitcoin Fund saw 10.8.2635 BTC in outflows, while all other outflow figures came in below 100 BTC. What Happened To BTC The Last Time? The last time that Spot Bitcoin ETFs saw four consecutive days of outflows was in January, lasting from January 22 to January 25. This also bears some similarities to the current outflow trend in some was, one of which was the outflows began at the start of the week and carried through to the end. Related Reading: Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges However, a difference between both times is that the ETFs had just begun trading with trading days fluctuating between inflows and outflows. Meanwhile, the current trend has come after almost two consecutive weeks of inflows, something that could have an impact on the BTC price going forward. In January, after four days, the outflows had begun to slow down, and by Friday, there was a change in direction, with inflows beginning to dominate. Once the tide turned and ETF inflows began to rise, the BTC price followed sharply. With the climb came a more established rally in the Bitcoin price, causing it to go from $40,000 to over $70,000 in the space of two months. If this trend repeats and inflows into Spot BTC ETFs outpace outflows, then the BTC price is expected to start climbing again. However, if the outflows continue, then the BTC price could be in for further crashes. BTC price drops below $65,000 | Source: BTCUSD on Tradingview.com Featured image from 20 Minutes, chart from Tradingview.com
Amidst the recent Bitcoin pullback from its previous all-time high above $73,000, Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto community that the BTC bull market is far from over. Bitcoin Bulls Are Not Done In a recent X (formerly Twitter) post, Ju expressed strong bullish sentiment regarding Bitcoin, highlighting factors that suggest that Bitcoin’s upward trajectory is likely to continue. The Crypto Quant CEO shared a crucial indicator depicted in a price chart, showcasing the percentage of Realized Cap across four age bands for BTC. Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x According to data from the price chart, the observed trends from the Realized Cap of four age bands from 6 months to three years indicate a positive outlook for BTC in 2024. Additionally, the CEO has stated that the primary catalyst behind Bitcoin’s rise to new all-time highs is the success of the Spot Bitcoin ETF, rather than the upcoming Bitcoin halving event in April. After the introduction of Spot Bitcoin ETFs, BitcoBTCin embarked on an exponential rally, reaching heights not witnessed since its previous bull run in 2021. The cryptocurrency rose to record highs, surpassing $73,000 previously, but experienced a major pullback of about 8.33% over the past week. At the time of writing, Bitcoin’s price is below $70,000, trading at $67,225, according to CoinMarketCap. Ju has revealed possibilities for even more declines, predicting a potential price drop of 50% for the cryptocurrency if a maximum drawdown of 30% occurs. The CEO has stated that for this event to happen, new whales, particularly ETF buyers, will have to enter the Bitcoin market at $56,000 on average. While this outlook may seem bleak, the Crypto Quant founder has also expressed strong belief in the continuation of the BTC bull market, contingent upon the sustained momentum of ETF inflows. Retail Investors Still Making Their Way Into The Market Reinforcing his belief that “Bitcoin is still in the middle of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic top has not yet been breached. The CEO suggested that more price upswings were still set for Bitcoin, as retail investors have not fully entered the market yet. Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB According to the Crypto Quant founder, only 50% of retail investors have entered the market, indicating the halfway point towards “Bitcoin euphoria”. This suggests that if more retail investors flood the market, BTC could potentially rise to new peaks, driven by increased demand and capital inflows. Echoing Ju’s convictions about Bitcoin’s long-term price increase, Bitcoin analyst Willy Woo encourages investors to embrace the dip during the present consolidation phase. The analyst confidently asserts that “this is not the top,” but rather a simple period of consolidation reminiscent of previous all-time highs. BTC bulls begin to reclaim control | Source: BTCUSD on Tradingview.com Featured image from Decrypt, chart from Tradingview.com
Bitcoin could use a deeper dip to reset "bull market sustainability," some of the latest BTC price analysis concludes.
On March 19, Bitcoin prices fell to as low as $61,500. However, even as fear reigned, Kaiko, a blockchain analytics platform, observed that the coin’s liquidity across major crypto exchanges, including Binance and Coinbase, has been recovering steadily. When writing, the Bitcoin market liquidity is above the “Alameda Gap,” a massive boost for traders, including those looking […]
Certain Bitcoin fundamentals suggest the flagship crypto token is well primed for further growth in this bull market. However, its recent price decline has sparked concerns about the reason for this downward trend despite everything pointing to a sustained upward movement. Bitcoin Supply On Exchanges Hit 4-Year Low Data from the on-chain analysis platform CryptoQuant highlighted that the supply of Bitcoin on exchanges has seen nearly a 40% drop in 4 years and is reducing ahead of the Bitcoin halving. This underscores the bullish sentiment around the Bitcoin ecosystem as the decreasing supply on supply suggests that most investors have no plans to sell their holdings anytime soon. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern The CryptoQuant data also noted that Bitcoin’s demand is outpacing its supply, which is said to have been the prevailing trend since 2020. This development offers a bullish narrative as it can continue to increase Bitcoin’s value since “scarcity boosts perceived value.” This trend is also expected to be sustained once the Halving occurs since miners’ supply will be cut in half. Interestingly, the imbalance between Bitcoin’s demand and supply has led crypto analysts like MacronautBTC to believe that BTC’s price could rise to as high as $237,000. As such, there are still high expectations for Bitcoin despite the crypto token hitting a new all-time high (ATH) of $73,750. Why Bitcoin’s Price Is Crashing Crypto analyst Alex Kruger has outlined different reasons why Bitcoin’s price is crashing despite its strong fundamentals. The first reason he alluded to was the fact that crypto traders in the derivatives market look to be overleveraged, possibly because greed seems set to be setting in with traders deploying more capital in anticipation of further price surges. Kruger mentioned that the ETH could also be dragging the market down with the hopes of the SEC (Securities and Exchange Commission) approving the Spot Ethereum ETFs waning. Bitcoinist recently reported that the approval odds for these investment funds have plummeted immensely in the past few months, dropping to an alarming 35%. Related Reading: Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy The third reason that Kruger mentioned is the negative Bitcoin ETF inflows, which have become a trend lately. Interest in these Bitcoin funds has cooled off, with investors opting to take profit instead. On March 19, BitMEX Research revealed that these ETFs saw a record net outflow of $326m. Crypto trader and analyst Rekt Capital also suggested that Bitcoin is already in the ‘Final Pre-Halving Retrace.’ Therefore, significant price corrections can be expected ahead of the Halving event, which is set to take place in April. At the time of writing, Bitcoin is trading at around $63,000, down in the last 24 hours, according to data from CoinMarketCap. BTC rises above $64,000 | Source: BTCUSD on Tradingview.com Featured image from Financial Commission, chart from Tradingview.com
In its most recent research newsletter, crypto research firm Kaiko alluded to an ‘Alameda Gap,’ which has been massively impacting the Bitcoin and crypto market for some time now. However, that seems to be in the past, as Kaiko stated that the gap no longer exists. What The Alameda Gap Is About According to the report, the ‘Alameda Gap’ is the gap in liquidity that existed after the collapse of the collapse of the defunct crypto exchange FTX and its sister company Alameda Research. Alameda was one of the most prominent market makers then and provided massive liquidity to the market. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern Following Alameda’s collapse, this liquidity gap is said to have persisted as market makers “waited on the sidelines for sentiment and trading activity to recover.” Now, the market looks to have moved past this, as Kaiko revealed that, as of last week, the market depth has almost fully recovered and is back to its pre-FTX average. The research firm added that the Bitcoin 2% market depth is up 40% year-to-date (YTD) and briefly surpassed its pre-FTX average of $470 million. This increase is said to have been mainly due to the surge in Bitcoin’s price, which has risen faster than the market liquidity since the SEC approved the Spot Bitcoin ETFs in January. Bitcoin is up about 50% YTD and has already hit new highs since the beginning of the year, including a new all-time high (ATH) of $73,750. Meanwhile, the improvement in liquidity is also evident in the fact that the cost of trading has declined on the three major US crypto exchanges: Coinbase, Kraken, and Bitstamp. How Bitcoin Is Outperforming Gold Kaiko also highlighted in its report that the Bitcoin-to-Gold ratio, which measures both assets’ relative performance, is inching closer to its ATH, which it last hit in November 2021. Interestingly, this increase means that BTC is outperforming Gold, even though both assets have recorded ATHs these past few weeks. Related Reading: Solana Surpasses Ethereum In Major Metric Amid Surge Above $200 Furthermore, funds linked to these assets show how Bitcoin has outperformed Gold. Kaiko noted that Bitcoin ETFs have attracted $11 billion since they launched in early January. Meanwhile, the largest physically-backed Gold ETFs (SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have registered outflows during the same period. Kaiko suggested that this could mean that investors were moving towards Bitcoin as the “new global store of value.” Interestingly, the CEO of Jan3 and Bitcoiner, Samson Mow, while giving reasons why Bitcoin will hit $1 million, also mentioned that people will start demonetizing Gold and substitute it for BTC at some point. BTC price falls to $62,700 | Source: BTCUSD on Tradingview.com Featured image from Forkast News, chart from Tradingview.com
Over the past five days, Bitcoin (BTC), the leading cryptocurrency, has experienced a period of heightened volatility, triggering significant liquidations of leveraged positions as its price fluctuated wildly in hours. After reaching an all-time high of $73,750 on Thursday, BTC experienced a sharp decline to $64,600 on Sunday. On Monday, at the start of the […]
The Bitcoin price movement last week revealed a series of ups and downs, from starting the week at a new all-time high of $73,780 to crashing 12% in the days after to reach below $65,000. Crypto data analysts have spotted massive amounts of Bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors anticipate further price appreciation. According to a social media post by crypto analyst Ali Martinez, the total BTC balance on crypto exchanges fell by over 21,400 in the past week, with the creation of 13 new whales, each holding over 1,000 BTC. BTC Withdrawal From Exchanges Bitcoin crossed over $73,700 last week to register a new all-time high but has struggled to gain a footing above the price level. Interestingly, it would seem the new all-time high sparked a wave of profit-taking from some investors. However, on-chain and exchange data indicate Bitcoin is still undergoing a bullish sentiment from some investors, particularly large investors. Related Reading: XRP Records Massive 80% Surge In Trading Volume – Can Price Reach A New ATH? Crypto analyst Ali Martinez noted this bull accumulation pattern in a post on his social media platform X. According to a Glassnode chart shared by the analyst, the total amount of BTC on exchanges has been on a free-fall since the middle of January. Notably, the total BTC balance saw a brief increase in the first few days of March before resuming a free-fall on March 5. In the past week alone, 21,401 BTC were moved off crypto exchanges. As the #Bitcoin bull run momentarily pauses, it’s noteworthy that 21,401 #BTC have been moved off crypto exchanges over the past week, and the network has welcomed 13 new whales, each holding over 1,000 $BTC. pic.twitter.com/oSXaKBR4Z1 — Ali (@ali_charts) March 16, 2024 Similarly, the crypto analytics platform IntoTheBlock noted this outflow pattern during the week. According to ITB, BTC withdrawal from crypto exchanges reached its highest point this year on March 15. Interestingly, $750 million worth of Bitcoin was withdrawn on this day, the highest since May 2023. Over $750m $BTC was withdrawn from exchanges yesterday, the highest since May 2023. The majority of these withdrawals originate from Bitfinex ($524m) and Kraken ($130m) pic.twitter.com/8d3eIJROhv — IntoTheBlock (@intotheblock) March 15, 2024 What Does This Mean For Bitcoin? The Bitcoin ecosystem has witnessed serious money on the move since the beginning of the year, leading to a strong price surge for the cryptocurrency. However, this rally has since slowed down to spark a price correction, with market sentiment reaching the most negative sentiment toward BTC since December 2023. Bitcoin is currently trading at $68,201, down by 3.44% in the past seven days. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin After such a strong surge in price, it’s normal for the momentum to slow down as the market consolidates and decides on the next move. While momentum has slowed, the overall trend for Bitcoin remains bullish. Judging by the massive amounts of Bitcoin pulled from exchanges recently, it looks like whales are gearing up for a continued rally. Bitcoin is now showing signs of a rally, and is now up by 5% in the past 24 hours. BTC price crashes as trading week opens | Source: BTCUSD on Tradingview.com Featured image from Business Today, chart from Tradingview.com
Bitcoin attempts to recover from significant weekend downside with old all-time highs back in place as BTC price resistance.
Cetera Financial Group, a leading financial advisor Wealth Hub, has officially announced its endorsement of four spot Bitcoin Exchange-Traded Funds (ETFs). This approval paves the way for its network of financial professionals to incorporate these cryptocurrency funds into their clients’ portfolios. The Institutional Bitcoin Wave Is Rolling In Cetera, which manages assets exceeding $191 billion, […]