Bitcoin price started a downside correction from the $71,650 resistance zone. BTC is now consolidating and might correct toward the $69,500 support. Bitcoin struggled above $71,500 and started a downside correction. The price is trading above $70,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline further if there is a move below the $70,000 level. Bitcoin Price Starts Correction Bitcoin price extended its increase above the $70,000 level. BTC was able to clear the $70,500 and $71,200 levels to move further into a positive zone. However, the bears were active near the $71,650 zone. A high was formed at $71,682 and the price started a downside correction. The price declined below the 23.6% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. There was also a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair. The price tested the $70,200 support zone. Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $70,800 level. The first major resistance could be $71,200. The next key resistance could be $71,650. A clear move above the $71,650 resistance might send the price higher. In the stated case, the price could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance. More Downsides In BTC? If Bitcoin fails to climb above the $71,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $70,200 level. The first major support is $70,000. The next support is now forming near $69,500 or the 50% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. Any more losses might send the price toward the $68,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $70,200, followed by $70,000. Major Resistance Levels – $71,200, and $71,650.
Bitcoin long-term holders are back in profit following the flagship crypto’s recent price surge. However, the same can’t be said for most short-term holders yet, given the levels at which they purchased their Bitcoin holdings. Only 0.03% Of Long-term Bitcoin Holder Supply In Loss In a recent market report, on-chain analytics platform Glassnode claimed that the total volume of long-term holder (LTH) supply held in loss is “negligible,” with only 4,900 BTC (0.03% of LTH) acquired above Bitcoin’s current price. These long-term holders in loss are said to have been those who bought the 2021 cycle top and have held since then. Related Reading: Analyst Says Get Ready As Dogecoin Enters ‘Expansion Stage’, Can DOGE Reach $12? Long-term holders currently account for over 85% of the Bitcoin supply in profit. Glassnode noted that this was to be expected, given that the LTH supply in loss during the euphoric phase of the bull market “tends towards zero.” Therefore, this LTH will keep accounting for most of the supply in profit as the bull run progresses. Tokens held for more than 155 days fall under this LTH supply, although most investors in this category are likely those who held with high conviction throughout the last bear market, even as Bitcoin dropped below $20,000. Back then, this LTH supply accounted for most of the unrealized losses. Short-Term Holder Supply Accounts For Most Unrealized Loss Glassnode revealed that the short-term holder (STH) supply currently accounts for most of the market losses as these investors continue to buy the flagship crypto near local and global highs. As such, these holders automatically fall back into a loss whenever Bitcoin encounters a price correction. Data from Glassnode shows that 1 million BTC (26.6%) out of the 3.35 million BTC representing the STH supply are currently at a loss. An overwhelming 56% (1.9 million BTC) of the STH supply is said to have moved into an unrealized loss when Bitcoin recently experienced a price drawdown to the $58,000 level. Related Reading: Popular Analyst Predicts Dogecoin Will Outperform Bitcoin As Market Enters Meme Coin Super Cycle Glassnode also revealed that a “significant cluster” of STH coins was accumulated close to the current spot price. This is significant considering how investors who invested in this region could react to any volatile price fluctuations, irrespective of what direction they take. A significant drop or increase in Bitcoin’s price could lead these investors to offload their tokens. Besides these short-term holders, Glassnode suggested that the ‘Single-Cycle holders’ are another group of investors to keep an eye on. These investors have been holding a “significant magnitude of unrealized profit” since Bitcoin broke above the $40,000 range. They already took some profits when Bitcoin hit its current all-time high (ATH) of $73,000 in March and will likely offload more of their tokens as Bitcoin reaches a new ATH.
Data shows the Bitcoin derivatives Open Interest has shot up to a new all-time high (ATH) recently. Here’s what this could mean for the asset’s price. Bitcoin Open Interest Has Registered A Steep Rise Recently In a post on X, CryptoQuant Netherlands community manager Maartunn has discussed about the latest trend in the Open Interest […]
The Bitcoin price has observed a surge back above the $71,000 level during the past day as buyers appear to have returned on Coinbase. Bitcoin Coinbase Premium Has Witnessed A Large Positive Spike As explained by CryptoQuant author Axel Adler Jr in a post on X, the BTC Coinbase Premium Index has registered a high […]
Bitcoin, the largest cryptocurrency asset by market cap, broke through the $70,000 resistance level today, demonstrating momentum for further upsurge. Delving into the significance of this development, cryptocurrency analyst and trader YG Crypto has emphasized that Bitcoin must break above the level and maintain that break in order for the digital asset to regain its […]
Despite the relative tepid movement in the crypto market since Bitcoin hit a new all-time high (ATH) in March, Bitcoin, Ethereum, and Solana have continued to top traditional assets, including Gold. This was highlighted in a recent report that showed how crypto assets have provided the best returns for a while now. Bitcoin, Ethereum, And Solana Outperform Traditional Assets Raoul Pal, Co-Founder of Exponential Age Asset Management (EXPAAM), shared the crypto investment firm’s latest monthly update, showing annualized returns on all major assets. Related Reading: Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price Bitcoin, Ethereum, and Solana have topped traditional assets with annualized returns of 141%, 152%, and 224%, respectively. For context, NDX, the best major traditional asset, boasts an annualized return of 17%. Thanks to this, these crypto assets have been the best-performing assets in 11 of the last 14 years. These digital assets also look on course to outperform traditional assets again this year, as they boast higher year-to-date (YTD) gains. Data from CoinMarketCap shows that Bitcoin, Ethereum, and Solana currently have YTD gains of over 67%, 66% and 70%, respectively. On the other hand, Gold, the best-performing non-crypto asset this year, has a YTD gain of 13%. The NDX boasts a YTD gain of 10%, while the SPY has recorded a YTD gain of 11%. Interestingly, while the volatility of crypto assets has been criticized at times, this has largely contributed to why they have continued outperforming traditional assets. The Director of Global Macro at Fidelity Investments, Jurrien Timmer, previously highlighted how Bitcoin has continued to record the best risk-reward since 2020. He also alluded to Bitcoin’s high volatility, stating that Bitcoin’s huge drawdowns have also come with large gains. The same can also said about crypto tokens, especially considering that a token like Solana, which dropped to as low as $10 in late 2022, is now trading above $170. More Gains Ahead For BTC, ETH, SOL Bitcoin, Ethereum, and Solana are expected to record more YTD gains as the year progresses, given that the crypto market is currently in a bull run. Recent developments in the crypto market also paint a bullish outlook for these crypto tokens. One is the increased demand for the Spot Bitcoin ETFs. Data from Farside Investors showed that these funds recorded net inflows of $886.6 million on June 4, their best day since March. Related Reading: Crypto Pundit Shares “Inevitable” Prices For Bitcoin And 5 Altcoins Meanwhile, the Spot Ethereum ETFs are expected to begin trading by July. Crypto analysts like Michael van de Poppe predict these funds could spark a significant rally for Ethereum and other altcoins. ‘Solana Summer’ also looks to be on the horizon, with the crypto token showing signs of imminent parabolic upward trend. At the time of writing, Bitcoin has broken above the $70,000 resistance level and is trading at around $71,000, up almost 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
An on-chain analyst has explained how Bitcoin is sitting like a coiled spring right now, a state the asset doesn’t usually stay in for too long. Bitcoin Short-Term Holder Sell-Side Risk Ratio Has Declined Recently In a new post on X, analyst Checkmate has discussed the recent trend occurring in the Sell-Side Risk Ratio for the Bitcoin short-term holders. The Sell-Side Risk Ratio here refers to an indicator that tells us about how the absolute profit and loss being locked in by the investors compares against the BTC Realized Cap. The Realized Cap is basically a measure of the total amount of capital that holders as a whole have used to purchase their coins, as determined by on-chain data. Related Reading: Bitcoin Not ‘Overvalued’ Yet, Says CryptoQuant CEO: Here’s Why Thus, the Sell-Side Risk Ratio, which takes the ratio between the sum of profit and loss with this initial investment, provides info about how the profit or loss-taking from the investors looks like relative to their cost basis. When the value of the indicator is high, it means the holders are realizing a large profit or loss right now. Such a trend may follow some sharp volatility in the asset’s price. On the other hand, the metric being low implies that investors are only selling coins close to their break-even level. This kind of trend could suggest profit or loss-takers in the market have become exhausted. In the context of the current topic, the entire market’s Sell-Side Risk Ratio isn’t of interest, but rather that of only a specific segment of it: the short-term holders (STHs). These investors are typically defined as those who acquired their coins within the past 155 days. The below chart shows the trend in the metric for this cohort over the past decade: As is visible in the graph, the Sell-Side Risk Ratio for the Bitcoin STHs had shot up to a very high level when the rally towards the new all-time high (ATH) had occurred earlier in the year. Historically, the STHs have shown to be the fickle-minded hands of the market, who sell easily at the sight of any FOMO or FUD in the sector. As such, it’s not surprising to see that these investors had ramped up their profit realization alongside the rally. Related Reading: Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally? Since this peak, though, the indicator has gone through a steep decline as the price of the cryptocurrency has been stuck in endless consolidation. Following the drawdown, the metric has now returned to relatively low levels. It would appear that as the tight sideways movement has occurred, sellers among the STHs have seen exhaustion. “Bitcoin is coiled like a spring, and it usually doesn’t sit still like this for long,” notes the analyst. With the asset’s price surging to $71,000 in the past day, it’s possible that this unwinding may already be here. BTC Price Bitcoin has enjoyed an increase of around 3% in the past 24 hours, which has now taken its price to $70,900. Featured image from Dall-E, checkonchain.com, chart from TradingView.com
Against the backdrop of the recent surge in Bitcoin’s value, well-known cryptocurrency analyst and trader Javon Marks, with an optimistic outlook, has predicted the price of BTC to rise by over 18%, sending prices to unprecedented heights following a bullish breakout from a bullish pennant pattern. Bitcoin Next Move Could Reach $80,000s Range This impending spike […]
The University of Austin (UATX), set to welcome its inaugural class this fall, has embarked on a new venture by collaborating with cryptocurrency platform Unchained. Their joint goal is to raise $5 million in Bitcoin (BTC) to contribute to UATX’s long-term fund. According to a Bloomberg report, UATX sees Bitcoin as a unique opportunity to […]
Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term. Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels. The price is trading above $69,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it settles above the $71,200 level. Bitcoin Price Eyes More Upsides Bitcoin price formed a base and started a fresh increase above the $68,500 resistance. BTC was able to clear the $69,500 and $70,000 levels to move into a positive zone. The bulls even pushed the price above $71,200. A high was formed at $71,238 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $67,284 swing low to the $71,258 high. Bitcoin is now trading above $69,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $71,200 level. The first major resistance could be $71,500. The next key resistance could be $72,000. A clear move above the $72,000 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance. Any more gains might send BTC toward the $75,000 resistance. Another Decline In BTC? If Bitcoin fails to climb above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,300 level. The first major support is $69,400 or the trend line. The next support is now forming near $69,200 or the 50% Fib retracement level of the upward move from the $67,284 swing low to the $71,258 high. Any more losses might send the price toward the $68,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $70,300, followed by $69,400. Major Resistance Levels – $71,200, and $72,000.
Bitcoin (BTC), the largest cryptocurrency in the market, has once again surged past the significant milestone of $70,000. After a brief period of consolidation between $67,000 and $69,000, the price faced strong resistance at this level. However, the bullish momentum suggests that Bitcoin may consolidate above $70,000, paving the way for a potential retest of the next resistance at $71,300 and a potential climb towards its all-time high (ATH) of $73,700 reached in March. The question remains: Will BTC sustain this anticipated upward movement and surge even further? Analyst Predicts Bitcoin Surge To $74,400 Crypto analyst Ali Martinez highlighted the significance of Bitcoin breaking out from a symmetrical triangle on the BTC/USD 1-hour chart. Suppose the breakout is confirmed by a sustained close above the $69,330 resistance level. In that case, Martinez believes it could propel BTC to $74,400, setting a new all-time high and positioning it favorably to conquer even higher levels. Related Reading: Crypto Analyst Predicts Massive Solana Price Crash Using Elliott Waves Martinez also emphasizes Bitcoin’s current positioning above the +0.5σ pricing band. According to the analyst, if BTC holds above this band, it will likely rise and test the 1.0σ pricing band at $79,600. Another analyst, Rekt Capital, points out that Bitcoin is again at the Range High of the ReAccumulation Range. For Rekt, the outlook for Bitcoin remains unchanged, with the cryptocurrency being just one weekly close above the Range High away from entering the Parabolic Phase of its market cycle. BTC’s Cycle Acceleration Signals Ongoing Bullish Trend In addition to the analysis provided by Rekt Capital, it is worth noting that Bitcoin’s recent rally to new all-time highs in mid-March exhibited an accelerated cycle compared to previous market cycles. Rekt Capital observed that the cycle was accelerating by 260 days. However, due to Bitcoin’s multi-month consolidation since then, the rate of acceleration has dropped to approximately 170 days. Despite the adjustment, the cycle remains accelerated, and a breakthrough beyond the $73,700 level would indicate that the accelerated cycle is likely to continue. Market expert Crypto Con supports the notion that Bitcoin will maintain its positive trajectory until the end of 2024, based on the analysis of the 90-day realized profit/loss ratio (RPLR). According to Crypto Con, the first move over an RPLR value of 11 has been completed, aligning with previous cycles that have witnessed a top at the year’s end. The second pinnacle from this metric, representing “the true cycle top,” is expected to occur between September of this year and January 2025. Crypto Con further emphasizes the significance of considering the logarithmic MVRV (Market Value to Realized Value) indicator, which has garnered significant attention during this cycle. The logarithmic MVRV has accurately identified cycle tops and bottoms using a converging channel. Data-wise, the cycle’s progression may be more advanced than on the surface. In March 2024, the price reached levels similar to those seen during the first tops in each cycle. Fortunately, Crypto Con notes that there is still ample room for growth towards the cycle top mark. Related Reading: Notcoin (NOT) Maintains Bullish Momentum, What Next? These observations and analyses suggest that Bitcoin demonstrates strong potential for further price appreciation. The cryptocurrency’s ability to break key resistance levels and maintain bullish momentum will determine its trajectory in the coming days and whether it can surpass previous ATHs. As of this writing, the largest cryptocurrency on the market is trading at $70,800, up 4.4% in the past seven days. Featured image from Shutterstock, chart from TradingView.com
Since launching, the Spot Bitcoin ETFs have achieved immense success with mass adoption, which they have enjoyed among institutional investors. Thanks to this, inflows into these funds have accounted for most of the inflows that their respective issuers have recorded since the year began. Spot Bitcoin ETFs A Major Source Of Inflows For Fund Issuers […]
The CEO of the on-chain analytics firm CryptoQuant explained that Bitcoin’s price isn’t currently overvalued based on its network fundamentals. Bitcoin Price May Not Be Overvalued Yet Based On Thermo Cap Ratio In a new post on X, CryptoQuant CEO and founder Ki Young Ju has discussed about how the recent trend in the Bitcoin Thermo Cap Ratio has been like. The “Thermo Cap” is a capitalization model for BTC that calculates the total value of the asset by taking each token’s value as the same as the spot price when it was mined on the network. Related Reading: Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds Put another way, this model calculates the cumulative value of the coins mined by the miners since the inception of the blockchain. This is quite different from what, for example, the usual market cap does. In the market cap’s case, the current spot price is taken as the value of all coins in circulation. As the coins that miners mine are the only way to increase the cryptocurrency’s supply, the Thermo Cap may be considered a measure of the “true” capital inflows coming into the network. Here is a chart that displays how the Bitcoin Thermo Cap has changed over its history: As the above graph shows, the Thermo Cap has seen an accelerating growth curve. This naturally reflects the increasing amount of capital flowing into the asset over the years. In the context of the current topic, though, the indicator of interest isn’t the Thermo Cap itself but rather the Thermo Cap Ratio. This metric tracks the ratio between the Bitcoin market cap and the Thermo Cap. The chart below shows the trend in the Thermo Cap Ratio over the asset’s history. An interesting pattern is visible in the graph. It appears that very high values of the Thermo Cap Ratio have coincided with highs in the cryptocurrency’s price. Related Reading: Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally? At high values, the Bitcoin market cap is quite large compared to the Thermo Cap, meaning that coins are trading at a much higher rate than they were mined at. It’s also apparent that bottoms in BTC occur when the ratio assumes low values. The recent trend in the indicator has been that of a rise, but its value has not touched the levels where bull run tops would have happened in the past. “Bitcoin is not currently overvalued based on network fundamentals,” notes the CryptoQuant founder. BTC Price Bitcoin has been unable to break out of its range recently as its price has kept up the trend of sideways movement. At present, BTC is trading at around $68,900. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Bitcoin rose to as high as $70,000 on June 3, signaling a bullish outlook for the flagship crypto. This price surge is believed to be due to some recent developments that are positive for the Bitcoin ecosystem. Interest Rate Cuts Could Come In September Data from The CME FedWatch Tool shows that the probability of […]
On-chain data shows Bitcoin could have significant support between $66,900 and $68,900, which may help provide solid ground for a fresh surge to higher levels. A Large Amount Of Investors Bought Their Bitcoin Between $66,900 & $68,900 According to data from the market intelligence platform IntoTheBlock, BTC is currently floating above a major demand zone. In on-chain analysis, the strength of any support or resistance level is based on how much “demand” was present at it. Related Reading: Bitcoin ‘Realized Volatility’ Showing Very Rare Trend: What Could Be Next Below is a chart that shows the various Bitcoin price ranges near the current spot value and how they compare in terms of the total amount of the asset the investors purchased. Here, the size of the dot correlates to the total number of tokens that were last acquired at the corresponding price range. It would appear that, out of these zones, the levels between $66,900 and $68,900 currently host the cost basis of the greatest amount of BTC. More than two million addresses have acquired 1.1 million BTC inside this range. Since the current BTC spot price is above these levels, all investors who buy there will make slight profits. Investor cost basis is important in the on-chain analysis because the level has special psychological significance. A potential retest of it can result in a flip of the profit-loss balance for the holder. As such, investors may be prone to making some moves when a retest like this takes place. A holder carrying losses before the retest (that is, the retest is happening from below) may be tempted to sell for fear that the price will go down in the future. On the other hand, an investor in the green before the retest may have reason to believe the price would go up again and, thus, could decide to accumulate more. When retests of price ranges thick with investors, one of these reactions may arise on a scale that could be relevant for the wider market, therefore, major demand zones below can act as support points, while those above can act as resistance blocks. Related Reading: Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds Bitcoin has a large support range of $66,900 to $68,900 right now, which could help cushion any falls should the asset’s price decrease. From the chart, it’s also apparent that, at the same time, the Bitcoin ranges ahead are thin with holders. This could, in theory, provide the ideal conditions for a rally towards higher levels. BTC Price Bitcoin surged past the $70,000 level earlier in the day, but the asset has since retraced to $69,100. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Data shows that Bitcoin trading volume has plummeted to extreme lows recently, a sign that investor interest in trading the asset is low. Bitcoin Trading Volume Plunges As Price Continues To Move Sideways According to data shared by CryptoQuant author IT Tech in an X post, the BTC trading volume has been quite low recently. […]
As Bitcoin continues to consolidate, cryptocurrency experts at Our Crypto Talk in a bold forecast that has garnered the attention of the crypto community have pointed out that BTC is on the verge of making its next significant upward movement. The analyst’s projection shows that BTC is preparing for a possible upswing that might see […]
Crypto analyst Tara has highlighted a bullish pattern that recently formed on the Bitcoin chart. She also revealed how high the flagship crypto could rise on its next leg up. Furthermore, her analysis suggested that Bitcoin may be about to enter the parabolic phase of this market cycle. “Major Impulse” Move On The Horizon For Bitcoin Tara mentioned in an X (formerly Twitter) post that she believes that Bitcoin is about to make a major impulse move that will send its price to $75,800, representing a new all-time (ATH) for the crypto token. She made this remark while revealing that the “full ABCDE on price and RSI has been completed.” Related Reading: Chainlink Is Not Done: Analyst Predicts 300% Rise Against Bitcoin According to her, Bitcoin just broke out of the resistance on the Relative Strength Index (RSI) and has completed the retest of the breakout level at $67,800. This development is significant as it suggests that Bitcoin may soon enter the parabolic phase of this cycle. Crypto analyst Rekt Capital recently claimed that Bitcoin is one breakout away from entering this phase while highlighting the $70,000 range as the level to beat. Crypto analyst Michael van de Poppe also highlighted $70,000 as the price level BTC needs to break through to reach a new ATH. Meanwhile, if Bitcoin reaches $75,800 as Tara predicts, that would mean that the flagship crypto has entered the “escape velocity phase,” which could set it up for further moves to the upside. Crypto analyst James Check (also known as Checkmatey) claimed that Bitcoin could attain this escape velocity phase shift at $73,000. Furthermore, BTC hitting this new ATH is also significant as it could cause the flagship crypto to rise as high as $100,000 during this upward trend. Crypto analyst Crypto Jebb mentioned that there is a “great degree of likelihood” that Bitcoin will rally to the $100,000 price mark should it break its current ATH of $73,800. Interestingly, he made this remark while highlighting an inverse heads and shoulders pattern that could send Bitcoin’s price to $75,000. btc Is Headed To $85,000 On The Next Leg Up Crypto analyst Mikybull Crypto has also offered a bullish narrative for Bitcoin, stating that a megaphone pattern has formed on BTC’s chart and has a price target of $85,000. He also added that this breakout will happen soon. Before now, the analyst highlighted a broadened wedge that had formed on BTC’s daily chart and remarked that the “breakout is closer than you think.” Related Reading: Dogecoin Whales Buy $112 Million Worth Of DOGE As Crypto Investors Turn Their Attention To Meme Coins Meanwhile, crypto analyst Ali Martinez also outlined how BTC could rise to $79,600 soon. He stated that Bitcoin is currently hovering around the +0.5σ pricing band at $66,800 and that the flagship crypto will likely test the 1.0σ pricing band at $79,600 if it can hold above this level.
Crypto analyst TechDev (@TechDev_52) recently shared a detailed chart analysis suggesting that Bitcoin might be on the cusp of its most significant breakout to date. This analysis, backed by historical patterns and technical indicators, points to a potential shift in the market that could lead to unprecedented price levels for Bitcoin. The chart provided by TechDev illustrates Bitcoin’s price action in USD alongside its price relative to the M1 money supply (BTC/M1). Historically, Bitcoin has exhibited distinct phases of parabolic price increases, known as “blowoff tops,” followed by sharp corrections. These blowoff tops are marked with green check marks on the chart, occurring in 2011, 2013, and 2017. Each of these peaks was followed by significant corrections. Notably, the 2021 peak did not result in a blowoff top, as indicated by the red cross on the chart. This deviation from historical patterns is significant because it suggests a possible change in market behavior. TechDev’s chart also highlights a key pattern known as the “descending right-angled broadening formation.” This technical pattern is characterized by a series of lower highs and lower lows, creating a broadening wedge shape. The pattern typically signals a period of consolidation, where the price oscillates within the broadening trend lines before a decisive breakout. The chart shows that Bitcoin has recently broken out of this broadening wedge, indicating a potential shift from a consolidation phase to a new bullish trend. Related Reading: Bitcoin Whale Indicator Flashes Signal Last Seen Before 480% Surge In Mid-2020 The analyst commented, “Significant. Bitcoin has only seen blow-off tops after breakouts against M1 money supply. And the longer it’s consolidated, the longer it’s run. This breakout follows the longest consolidation yet. In fact, it represents a textbook breakout of a 5 year broadening wedge. The last 5 years have been corrective against M1. BTC is once again impulsive against it for the first time since 2017. We’ve never seen a Bitcoin breakout like this one.” Bitcoin Could Outpace The 2021 Cycle Another critical aspect of TechDev’s analysis is the breakout of Bitcoin against the M1 money supply. The M1 money supply includes physical currency and checkable deposits, representing the most liquid forms of money in the economy. TechDev points out that Bitcoin has broken out against M1 for the first time since March 2017. This breakout is particularly significant because it suggests that Bitcoin’s recent price increase is driven by intrinsic demand rather than merely an increase in the money supply. Related Reading: Market Analysis: How Will Mt. Gox’s Bitcoin Distribution Affect Crypto Prices? TechDev comments on this breakout, stating: “You’re looking at the first breakout of Bitcoin against M1 money supply since March 2017 when it went historically parabolic for 9 months. Comparisons and trend projections involving 2021 may end up dramatically underestimating things. One interpretation: In 2021 BTC was carried to new USD highs by increased money supply. In 2024 it’s gotten there on its own demand (and thus broke out against M1). Add the anticipated M1 growth this time and we likely see BTC outpace expectations based in part on 2021.” TechDev’s analysis underscores the importance of understanding Bitcoin’s performance relative to macroeconomic indicators like the M1 money supply. By breaking out against M1, Bitcoin demonstrates strong intrinsic demand, which is a bullish signal for future price movements. The historical patterns of blowoff tops following similar breakouts suggest that Bitcoin could be entering a new phase of price discovery, potentially leading to new all-time highs. At press time, BTC traded at $69,032. Featured image created with DALL·E, chart from TradingView.com
Following the failure to break above the $72,983 resistance level, the price of Bitcoin has continued to drop. Although Bitcoin’s price is still trading above the 1-day Simple Moving Average (SMA), this rejection has led to the crypto asset dropping from $71,942 to $66,785 and moving below the SMA both in the 1-hour and the 4-hour chart. This drop below the SMA could trigger a change of character and the price will go bearish. As of the time of writing the price of Bitcoin was trading at around $67,635 and was up by 0.14% with a market capitalization of over $1.3 trillion and a 24-hour trading volume of over $25 billion. Its market capitalization and trading volume are both down by 1.14% and 6.07% respectively in the last 24 hours. Bitcoin Price Conditions In 4-Hour And 1-Day Chart From the 4-hour timeframe, BTC has dropped below the simple moving average. This indicates that the price of BTC might begin to move downward from this point. The 1-hour MACD also indicates that BTC could go bearish as the MACD histograms are trending below the zero line. Also, the MACD line and the signal have crossed each other trending below the MACD zero line. From the 1-day chart, it can be observed that BTC‘s price is moving toward the 100-day simple moving average. The 1-day MACD also creates a formation suggesting that Bitcoin’s price might go bearish, as the histograms are already trending below the MACD zero line. The MACD line and the MACD signal line have crossed each other and are heading toward the MACD zero line. Examining the price formations and that of MACD from both timeframes, BTC could make a huge drop and probably start a bearish trend. A Path To New All-Time High On The Horizon? Currently, there is one major resistance level $73,203, and two major support levels $60,146 and $50,604. If the price of Bitcoin goes bearish as predicted, it will start to move downward toward the $60,146 support level. Should it break below this level, it could move further to test the $50,604 support level. Also, there are other support levels below $67,635, which BTC could move on to test if there is a break below the $60,146 and $50,604 support levels. However, given that the digital asset fails to break below any of the support levels mentioned above, it will begin to move upward toward its previous resistance level of $73,203. Meanwhile, if it breaks above this level, it might start a new rally possibly to create a new high. Featured image from iStock, chart from Tradingview.com
In a landmark case highlighting the perils of unchecked cryptocurrency investments, Rashawn Russell, a former investment banker, has been sentenced to 41 months in federal prison. The Eastern New York District Court handed down the sentence after Russell pleaded guilty to wire fraud and identity theft, marking a significant crackdown on digital asset fraud. Related […]
The long-awaited arrival of spot Bitcoin ETFs in January 2024 has proven to be a watershed moment for the cryptocurrency market. Industry figures like Lynn Martin, president of the New York Stock Exchange Group, are crediting these exchange-traded funds with a surge in liquidity and mainstream adoption of cryptocurrencies. Related Reading: Elon Musk Shuts Down […]
DMM Bitcoin, one of Japan’s largest cryptocurrency exchanges, recently suffered a major setback when it reported a loss of 48 billion yen ($305 million) in Bitcoin (BTC) due to a security breach. The incident, discovered on May 31, 2024, revealed the illegal leakage of BTC from a DMM Bitcoin wallet. As a result, several services […]
Crypto analyst Pierre has provided insights into why $69,000 is a significant price level for Bitcoin. He suggested the flagship crypto could hit a new all-time high (ATH) if it successfully holds above that range. A Breakout Above $69,000 Could Lead To A Bitcoin Recovery Pierre mentioned in an X (formerly Twitter) post that Bitcoin must break above $69,000 as it would allow the crypto token to retest a range around the ATH region of $73,000. This could also open up the possibility of the flagship hitting a new ATH if it enjoys a breakout during the retest of the current ATH region. Meanwhile, Pierre outlined what needs to happen for Bitcoin to avoid declining significantly. He noted that the flagship crypto must avoid losing the range between $67,500 and $68,200 as support. He claimed that a drop below this range could lead to Bitcoin retesting the range between $65,000 and $66,500. Crypto analyst Michael van de Poppe also shared a sentiment similar to Pierre’s, although he specifically made reference to the $70,000 price level. He claimed that BTC will likely see a new ATH once it achieves a successful breakout above $70,000. In a recent X post, he claimed that Bitcoin must hold above $66,000 and $67,000 to avoid “further downward momentum to $60,000.” Crypto analyst Rekt Capital also suggested that Bitcoin simply needs to break above $70,000 to enter the ‘parabolic uptrend’ phase. However, it could take a while before Bitcoin achieves that successful breakout above $70,000. Arthur Hayes, the co-founder and former CEO of BitMEX, predicted that BTC will continue to range between $60,000 and $70,000 until August. Van de Poppe suggested that it might not take that long for Bitcoin to break above $70,000. He predicted listing the Spot Ethereum ETFs could trigger a significant move for Bitcoin and altcoins. Bloomberg analyst Eric Balchunas recently predicted that these funds could go live in June or by July 4th at the latest. A Weekly Close Above $69,000 Could Alter History In a recent X post, Rekt Capital claimed that a weekly close above the $69,000 range “would alter the course of history.” However, he suggested it was unlikely to happen, stating that Bitcoin doesn’t “favor a breakout this early post-halving.” The crypto analyst had previously mentioned that “history suggests that this historic breakout is still several weeks away.” However, he added that it has become clear that Bitcoin is “only one weekly close above the range high away from entering the parabolic phase of the cycle.” Before now, Rekt Capital revealed that Bitcoin hitting a new ATH before the halving had brought about an accelerated cycle but that the flagship crypto could consolidate for longer to resynchronize with previous halving cycles. Featured image created with Dall.E, chart from Tradingview.com
Data shows the relationship between Bitcoin and Gold has been growing deeper recently as their 60-day correlation has been riding an uptrend. Bitcoin Has Been Becoming Increasingly Correlated To Gold Recently In a new post on X, Kaiko has discussed about the latest trend taking place in the correlation for Bitcoin and Gold. The “correlation” […]
Babylon, a crypto startup co-founded by Stanford University engineering Professor David Tse, has secured $70 million in its latest funding round, according to a Bloomberg report. The company reportedly aims to bridge the gap between Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies. Bitcoin As A Staking Asset Per the report, the funding round was […]
In an extraordinary turn of events, two hackers have successfully cracked the long-forgotten password of a digital wallet, leading to the recovery of approximately $2 million worth of Bitcoin (BTC). Lost Bitcoin Fortune Unlocked As reported by Wired, the story began in 2013 when an individual known by the alias “Michael” securely stored his Bitcoin holdings in a password-protected digital wallet. Unfortunately, over time, he lost access to the wallet due to a corrupted file containing the 20-character password generated using the RoboForm password manager. Despite his efforts to prioritize security, Michael’s concerns about potential hacking led him to refrain from storing the password in his manager, inadvertently locking himself out of his fortune. Related Reading: Ethereum Hovering Above $3,700 As Mega Whales Accumulate: $4,900 Incoming? Enter Joe Grand, a renowned electrical engineer and hardware hacker, popularly known as “Kingpin.” In 2022, Grand gained recognition for aiding another cryptocurrency wallet owner in recovering $2 million worth of digital assets after forgetting the PIN to his Trezor wallet. Since then, numerous individuals have approached Grand seeking his expertise, but he selectively chooses his projects. Michael initially approached Grand two years ago, seeking assistance in recovering his lost Bitcoin. However, due to the unique challenges posed by a software-based wallet, Grand declined the request. Nonetheless, Michael persisted, and last June, Grand agreed to give it another shot, teaming up with a fellow hacker named Bruno from Germany. Months of reverse engineering led Grand and Bruno to a significant breakthrough. They discovered a flaw in the pseudo-random number generator used by the RoboForm program, which was employed by Michael in 2013. The flaw tied the generated passwords to the date and time on the user’s computer, making them predictable. Armed with this knowledge, the hackers devised a plan to exploit the flaw and crack the password. The major hurdle in this process was Michael’s inability to recall the exact date when the password was generated. However, armed with the knowledge that Bitcoin had been moved into the wallet for the first time on April 14, 2013, Grand and Bruno configured RoboForm to generate passwords within a specific time frame, utilizing the parameters used by Michael. From Forgotten To Found Despite initial failed attempts, Grand and Bruno persisted, adjusting the time frame and parameters until they finally struck gold. On November 15, 2023, they discovered the correct password—20 characters long and generated on May 15, 2013. The long-lost Bitcoin treasure was finally within Michael’s grasp. However, the report notes that the successful recovery of Michael’s assets raises concerns about password security, particularly for users who generated passwords using earlier versions of RoboForm. While Siber Systems, the company behind RoboForm, claims to have fixed the flaw in 2015, questions remain about the vulnerability of older passwords. Grand stresses the importance of understanding the improvements made to password generation in newer versions. Related Reading: Lil Pump-And-Dump: SEC Issues Warning As More Musicians Dump Their Memecoins Having access to his Bitcoin once again, Michael experienced a stroke of luck. He waited for the value of Bitcoin to rise before selling a portion of his newfound fortune. With 30 BTC currently valued at $3 million, Michael eagerly anticipates the potential for even greater returns as he aims for a future surge to $100,000 per coin. As of press time, the largest cryptocurrency on the market is trading at $68,200, consolidating for the past week below the key $70,000 threshold that is crucial to BTC’s uptrend prospects. Featured image from Shutterstock, chart from TradingView.com
In the rapidly shifting landscape of cryptocurrency, crypto analyst Mags has made a compelling prediction for Bitcoin (BTC), noting that the crypto asset is gearing up for a major breakout on the upside. This upcoming spike forecasted by Mags could propel BTC to unprecedented heights and result in substantial gains. His prognosis shed light on […]
Crypto analyst Cryptorphic has predicted that Bitcoin could rise as high as $156,000 in this market cycle. The analyst alluded to historical trends to prove why the flagship crypto could easily attain such a price target. Bitcoin To Hit $156,000 By May 2025 Cryptorphic mentioned in an X (formerly Twitter) post that “Bitcoin could hit […]
American multinational investment company BlackRock, has recently achieved a monumental milestone, recording over $20 billion in total assets. The BlackRock Spot Bitcoin ETF has successfully surpassed Grayscale to become the largest Bitcoin fund in the world. BlackRock Overtakes Grayscale BlackRock iShares Bitcoin Trust has recently become the world’s largest Bitcoin fund, overtaking its primary rival, Grayscale Bitcoin Trust (GBTC). Related Reading: Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important As of Tuesday, May 28, BlackRock’s Spot Bitcoin ETF held around $19.68 billion in Assets Under Management (AUM), overthrowing Grayscale’s Bitcoin ETF with $19.65 billion and surpassing the third largest, Fidelity Investments, which recorded $11.1 billion in AUM. Over the past two days, BlackRock has recorded more inflows, pushing its AUM to more than $20 billion presently. Following the launch of its Spot Bitcoin ETF on January 11, Grayscale has consistently recorded massive outflows worth billions of dollars. For years, the asset management company was the world’s largest Bitcoin fund, reaching a peak of about $44 billion in 2021. However, since its conversion into an ETF at the beginning of 2024, investors have pulled out almost $18 billion from Grayscale’s Bitcoin fund. On May 3, GBTC recorded its first inflow, receiving approximately $63 million, and effectively ending its 82-day streak of outflows. Its previous outflows had already significantly weakened Grayscale’s position as the largest Bitcoin ETF. In contrast, BlackRock’s Spot Bitcoin ETF has been recording millions of inflows since its launch, making it unsurprising that IBIT has eventually surpassed Grayscale’s GBTC. BlackRock has only recorded a handful of outflows and minimal zero flows. Its highest recorded inflow occurred on March 12, with IBIT gathering approximately $849 million in a single day. Additionally, BlackRock’s Spot Bitcoin ETF witnessed its first outflow on May 1, losing about $36.9 million. On the same day, Grayscale had reported outflows of more than $167 million. Investors are likely favoring BlackRock’s Spot Bitcoin ETF due to its relatively affordable ETF management fees, which decreased from 0.30% to 0.25%. On the other hand, Grayscale has the highest ETF management fees among all the 11 approved United States Spot Bitcoin ETFs. While the asset management company has promised to slash fees, Grayscale’s Bitcoin Trust’s current ETF management fees remain as high as 1.5% annually. Still Leading Spot Bitcoin ETF Net Inflows According to Farside data, for the past week, BlackRock has been leading the Spot Bitcoin ETF race, recording the most inflows out of the 11 Spot Bitcoin ETFs. Related Reading: Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin Excluding May 27, when all United States Spot Bitcoin ETFs saw zero flows, BlackRock recorded a total of $127.1 million for the first two days. BlackRock’s Bitcoin Trust saw $102.5 million in inflows on Wednesday, while Grayscale’s Spot Bitcoin ETF witnessed outflows of $105.2 million. Currently, Grayscale is still recording more outflows, losing $31.1 million as of writing. Featured image created with Dall.E, chart from Tradingview.com