Renowned Chief economist and Bitcoin skeptic, Peter Schiff is making headlines again with his latest controversial statement mocking BTC. In an X (formerly Twitter) post laden with sarcasm, Schiff suggested a radical scenario where everyone becomes rich after companies in the United States sell off their entire assets to invest in BTC. Schiff Says Sell […]
As Bitcoin continues to gain widespread adoption, billionaire and Ark Invest CEO Cathie Wood in an intriguing projection has predicted that El Salvador’s Gross Domestic Profit (GDP) could increase tenfold in the next five years, which has since captured the attention of the global financial community. Wood ascribes this outstanding potential growth to the nation’s […]
Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term. Bitcoin extended its downside correction below the $68,000 zone. The price is trading below $68,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down unless there is a close above the $68,500 level. Bitcoin Price Dips Further Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone. A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle. Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair. The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low. The next key resistance could be $69,250. A clear move above the $69,250 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $72,600 resistance. More Losses In BTC? If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level. The first major support is $67,000. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,100, followed by $66,250. Major Resistance Levels – $68,000, and $68,800.
Argentina’s tango with Bitcoin has hit a sour note. Recent talks with El Salvador, the world’s first Bitcoin nation, ignited speculation of Argentina following suit. However, experts are urging caution, differentiating between friendly discussions and full-fledged “Bitcoinization.” Related Reading: Binance Loses Grip On Russia: Web Traffic Plunges 30% After Exit Milei’s Mandate Fuels Crypto Curiosity […]
In a bold move that has sent its stock price soaring, medical device company Semler Scientific Inc. has announced that it has allocated a significant portion of its cash reserves to Bitcoin (BTC). According to Bloomberg, the San Jose, California-based firm purchased 581 Bitcoin for a total of $40 million, including fees and expenses. Semler […]
Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs. Bitcoin extended its downside correction below the $69,000 zone. The price is trading below $69,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $67,500 support. Bitcoin Price Revisits Support Bitcoin price started a downside correction after it failed to stay above the $70,000 support. BTC declined below the $69,200 and $68,500 support levels. The price even dipped below the $67,500 support. A low has formed at $67,243 and the price is now consolidating losses. It moved above the $68,000 level and the 23.6% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low. Bitcoin is now trading below $69,000 and the 100 hourly Simple moving average. However, there is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair. If there is a fresh increase, the price might face resistance near the $68,800 level. The first major resistance could be $69,000 or the 50% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low. The next key resistance could be $69,550. A clear move above the $69,550 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance. More Losses In BTC? If Bitcoin fails to climb above the $69,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,650 level and the trend line. The first major support is $67,500. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,500, followed by $66,250. Major Resistance Levels – $69,000, and $70,600.
On-chain data shows the Bitcoin mining hashrate has sharply rebounded from its post-Halving lows and has achieved a new all-time high (ATH). 7-Day Average Bitcoin Mining Hashrate Has Just Set A New ATH The Bitcoin network runs on a consensus mechanism known as the “proof-of-work” (PoW). In this system, validators called miners compete with each […]
On-chain data shows ancient Bitcoin investors have been waking up at a higher rate than ever before during the current cycle so far. Bitcoin 10+ Year Old Tokens Have Been Seeing Large Movements Recently As explained by CryptoQuant Head of Research Julio Moreno in a post on X, the current Bitcoin cycle has seen more […]
Crypto expert Michael van de Poppe has outlined an important price level from which Bitcoin must break out. He claims that once it achieves a successful breakout, the flagship crypto will see a new all-time high (ATH). Bitcoin Needs To Break Through $70,000 Van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin needs to break through $70,000 on the lower time frame (LTF) basis. Once that happens, the analyst claimed that Bitcoin will likely see a new ATH. Related Reading: Prepare For Impact: Market Expert Says Biggest Disaster In Crypto Yet To Come He also noted that lower timeframe regions at $67,000 were holding. Meanwhile, he highlighted Bitcoin’s long consolidation, stating that almost three months have passed since the crypto token remained in that range. . However, the crypto expert believes that Bitcoin will likely remain stuck in this range for a “substantial period,” with the flagship crypto possibly trading lower. This is because he foresees a rotation from Bitcoin towards Ethereum and other altcoins, which will cause the flagship crypto not to move to the upside. This long consolidation period was expected from BTC. Arthur Hayes, the co-founder and former CEO of BitMEX, predicted that the crypto token would continue to range between $60,000 and $70,000 until August. Crypto analyst Rekt Capital has also repeatedly mentioned that Bitcoin will face such a long consolidation period, which he claimed is good for Bitcoin. He noted how the flagship crypto hit a new ATH before the halving event brought about an accelerated cycle. However, a long consolidation period means Bitcoin is trying to resynchronize with previous halving cycles. He suggested this is better since it will make the bull run longer. Rekt Capital claimed If it successfully resynchronizes with the previous bull cycles, Bitcoin will peak sometime in September or October next year. In a recent X post, Rekt Capital mentioned that “there is still scope for additional consolidation at these highs” but added that the time left in this phase “is slowly running out.” The chart the analyst shared suggested that Bitcoin simply needs to break out from the $70,000 range before it enters into the ‘parabolic uptrend’ phase. BTC May Be Headed To $78,000 Next Crypto analyst Mikybull Crypto recently suggested that Bitcoin could be headed to $78,000 on its next leg up. He revealed that the flagship crypto had broken out of an inverse head and shoulders pattern and was currently “bull flagging for the next move.” He highlighted $78,000 as the price target for this next move. Related Reading: Terra LUNA’s LUNC Set To Jump 13x, Analyst Reveals The Drivers In a subsequent X post, he claimed that BTC retesting its support level might be the next step before this “explosive rally” finally happens. Bitcoin potentially rising to $78,000 is significant as it could clear the road for the flagship crypto to hit $100,000. Crypto analyst Crypto Jebb previously mentioned that there is a “great degree of likelihood” that Bitcoin would rally to $100,000 should it break its current ATH of $73,800. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin whales have continued to show their resilience and unwavering bullishness on the flagship crypto. This category of investors has accumulated a significant amount of the crypto token in the last seven days amid heightened volatility in Bitcoin’s price. Bitcoin Whales Accumulate $1.4 Worth Of BTC Data from the market intelligence platform IntoTheBlock shows that Bitcoin addresses holding between 1,000 and 10,000 BTC have combined to accumulate 20,000 BTC ($1.4 billion) over the past seven days. This accumulation coincides with Bitcoin’s recent price surge above $70,000. Furthermore, these whales’ purchases suggest that volume is picking up for the flagship crypto, which could help trigger more price rallies. Moreover, on-chain analytics platform Glassnode noted in a recent market report that the selling pressure on Bitcoin was declining. Therefore, Bitcoin’s price looks primed to take off sooner rather than later with significant buys like the one made by these whales. Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto Meanwhile, institutional investors are also back in the fold and look to be doubling their bets on the flagship crypto. This is evident in the fact that inflows into the Spot Bitcoin ETFs have picked up over the last two weeks. Data from Farside Investors shows that these funds have taken in almost $800 million in this week alone. Crypto analyst James Check (also known as Checkmatey) noted in a recent market report that these funds could lead the next wave of demand, driving Bitcoin’s price to a new all-time high (ATH). These Spot Bitcoin ETFs have already been instrumental to Bitcoin’s growth this year, with the flagship crypto hitting its current ATH of $73,750 earlier in March. Like Check, crypto analyst Gustavo Faria also noted in a recent blog post that there are signs that a new wave of demand is emerging. This has raised the possibility of the next rally happening even sooner than expected. Crypto analysts like BitQuant have provided insights into how high Bitcoin could rise on its next leg up, predicting that the crypto token will reach $95,000. No Need To Worry About Price Dips On-chain analytics platform Santiment suggested there was no need to worry about any price correction for Bitcoin as the bulls have enough capital to buy up these dips. The platform highlighted that the amount of non-empty stablecoin wallets is rising, indicating that more whales are loading up their bags to invest in the crypto market. Related Reading: Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations Specifically, USDC non-empty wallets have grown by over 13%, and Tether non-empty wallets have grown by over 15%. This figure is expected to keep rising as the bull run progresses later in the year. At the time of writing, Bitcoin is trading at around $67,200, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
On-chain data shows the Bitcoin Puell Multiple has dipped into the “undervalued” territory for the first time in more than a year. Bitcoin Puell Multiple Has Observed A Plunge Recently As an analyst in a CryptoQuant Quicktake post pointed out, the BTC Puell Multiple has fallen recently. The Puell Multiple refers to an on-chain indicator […]
Bitcoin price extended losses and traded below $68,800 support. BTC is now consolidating and facing hurdles near the $70,000 resistance zone. Bitcoin extended its decline below the $68,800 support zone. The price is trading below $69,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move done unless the bulls push it back above $70,000. Bitcoin Price Breaks Support Bitcoin price started a downside correction below the $70,000 support zone. BTC bears were able to push the price below major support at $68,800. It sparked bearish moves and the price dipped toward $66,250. A low was formed at $66,250 and the price is now consolidating losses. There was a minor increase above the $67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the 100 hourly Simple moving average. If there is a fresh increase, the price might face resistance near the $68,350 level. The first major resistance could be $68,800. There is also a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair. The next key resistance could be $70,000. A clear move above the $70,000 resistance might send the price higher. In the stated case, the price could rise and test the $70,500 resistance. If the bulls push the price further higher, there could be a move toward the $71,200 resistance zone. Any more gains might send BTC toward the $71,800 resistance. More Losses In BTC? If Bitcoin fails to climb above the $69,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level. The first major support is $66,800. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $67,250, followed by $66,250. Major Resistance Levels – $68,350, $68,800, and $70,000.
A crypto analyst has forecasted an “ultra bull scenario” for Bitcoin, highlighting key support levels and technical patterns that suggest a price rally above $80,000 in this market cycle. Bitcoin Could See Upside Above $80,000 In a recent X (formerly Twitter) post, a crypto analyst identified as ‘CrediBullCrypto’ has doubled down on his previous prediction of an ultra-bull scenario for Bitcoin in the future. The analyst’s insights on Bitcoin’s recent activities suggest that the downside risk may be less significant than previously anticipated, paving a bullish path for a massive upside for Bitcoin. Related Reading: Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears Sharing a graphical chart of Bitcoin’s price actions from April to May 2024 in a YouTube video, Credibull Crypto predicted that Bitcoin could see its price rising above $100,000 in this projected ultra-bull scenario. The focal point of his analysis was based on the Open Interest (OI) in Bitcoin’s perpetual futures on Binance, the world’s largest crypto exchange. According to the crypto analyst, Open Interest has reached 78,000 BTC, significantly higher than its baseline of 64,000 BTC. CrediBull Crypto revealed that this current Open Interest was in a danger zone. This is because the 14,000 BTC difference typically indicates elevated market activities, which often precede volatile price movements. Additionally, the CrediBull Crypto revealed that a single unidentified Bitcoin whale was responsible for approximately 10,000 BTC of the increased 14,000 BTC Open Interest. This means that the anonymous whale controls 70% of all the added Open Interest on Binance perpetual futures since the baseline. He also disclosed that in the scenario where the anonymous whale can withstand 10% to 15% downward pressure without liquidating their assets, the actual available Open Interest that would be vulnerable to a decline would be only 4,000 BTC, instead of the initial 14,000 BTC addition. The analyst revealed that out of the 4,000 BTC, some would be directional shorts, noting that the net long positions at risk would be even lower. Given this theory, CrediBull Crypto argued that the potential for a downside is more limited. As a result, the ultra bull scenario where Bitcoin’s price surges to new all-time highs was worth considering. Potential Retracement Towards $60,000 In his YouTube video, CrediBull Crypto also highlighted a potential retracement slightly above the $60,000 price mark. The analyst predicted a bearish scenario, where Bitcoin could see its price falling significantly towards $62,000 to $63,000. Related Reading: XRP Price Nears Major Converging Point: Analyst Predicts 3,600% Jump To $20 At the time of writing, Bitcoin’s price is trading at $69,774, reflecting a 0.08% decrease in the last 24 hours, according to CoinMarketCap. CrediBull Crypto disclosed that Bitcoin had failed to break through key resistance levels above $70,000. He predicts that consistent declines and liquidations could potentially trigger a bottom below $60,000. However, he also revealed that such a bearish turnaround was highly unlikely at this time, as Bitcoin’s price movements currently indicates an ultra bullish scenario. Featured image created with Dall.E, chart from Tradingview.com
On-chain analytics platform Glassnode has provided insights into why the Bitcoin price recently dropped below $70,000. The platform suggested that the flagship isn’t yet seeing enough demand, which could send its price to new highs. Demand For Bitcoin Is Still Modest In one of its latest market reports, Glassnode mentioned that “the rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak.” They made this assertion based on the Realized Cap metric, which measures the value of each Bitcoin based on the last time it was traded. Glassnode claimed that Bitcoin’s Realized Cap is currently at $574 billion. Related Reading: XRP Price Nears Major Converging Point: Analyst Predicts 3,600% Jump To $20 The platform further revealed that the injection of liquidity into Bitcoin has cooled off since the flagship crypto hit an all-time high (ATH) of $73,750. This is in stark contrast to the period before Bitcoin hit that ATH, with Glassnode noting that the flows into Bitcoin back then were “extremely sharp, culminating at a value of $3.38 billion daily.” Meanwhile, Glassnode stated that the Realized Cap “remains in positive profit-dominated territory and is returning towards an equilibrium position.” However, they noted that Bitcoin’s modest demand was still able to spark this recent rally thanks to the “declining sell-side headwinds from mature investors.” Basically, Glassnode suggested that things were looking up for Bitcoin but that it could be way better if there were more capital inflows. There could indeed be an increase in capital inflows soon enough, considering that the Spot Bitcoin ETFs have broken their streak of net outflows and are once again recording impressive net inflows into their funds. Data from Farside Investors shows that these funds have already seen almost $700 million in net inflows this week. Specifically, these Bitcoin ETFs recorded a net inflow of $305.7 million on May 21 alone. That day was also BlackRock’s iShares Bitcoin Trust (IBIT) most profitable day yet, with the fund taking in $290 million. Some Positive Key Takeaways Glassnode also assessed some other vital on-chain metrics, which provided some positives for Bitcoin’s future trajectory. The platform noted that there has been a “large decline” in Bitcoin’s Sell-Side Risk Ratio, which “suggests the market has found a degree of equilibrium over the course of this correction.” To assess market volatility, they also measured the percent range between the highest and lowest price ticks over the last 60 days. They concluded that “volatility continues to compress to levels typically seen after lengthy consolidations and prior to large market moves.” Related Reading: Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears Meanwhile, Glasnode revealed that 2.14M BTC out of the Short-term holder (STH) supply, currently at 3.36M BTC, fell into an unrealized loss following the recent market correction. They claim that this suggests that many of the BTC held by this category of investors are held at an unrealized loss, which reduces the risk of top-heaviness developing. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price started a downside correction from the $72,000 zone. BTC is now consolidating near $70,000 and might eye another increase in the near term. Bitcoin struggled above the $71,800 resistance zone. The price is trading above $69,000 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 start another increase unless there is a move below $68,800. Bitcoin Price Corrects Gains Bitcoin price gained pace for a move above the $70,000 level. BTC even spiked above $71,200 before the bears appeared near $72,000. A new weekly high was formed at $71,896 and the price recently started a downside correction. The price declined below the $71,000 level and the 23.6% Fib retracement level of the upward wave from the $66,047 swing low to the $71,896 high. However, the bulls are active above the $68,800 support zone. Bitcoin also trades above $69,000 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair. The price is now facing resistance near the $70,500 level. The first major resistance could be $71,200. The next key resistance could be $71,850. A clear move above the $71,850 resistance might send the price higher. In the stated case, the price could rise and test the $72,500 resistance. If the bulls push the price further higher, there could be a move toward the $73,200 resistance zone. Any more gains might send BTC toward the $74,500 resistance. Are Dips Supported 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 $69,200 level and the trend line. The first major support is $69,000. The main support is now forming near $68,800 or the 50% Fib retracement level of the upward wave from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,300 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 above the 50 level. Major Support Levels – $69,200, followed by $68,800. Major Resistance Levels – $70,500, $71,200, and $71,800.
Institutional investors are doubling their bets on Bitcoin, with investment funds related to the flagship crypto recording massive inflows last week. This development signals a bullish sentiment among these investors which could trigger a Bitcoin rally to $80,000. Bitcoin Investment Funds Record $942 Million In Inflows According to CoinShares’ latest weekly report, Bitcoin investment products recorded a net inflow of $942 million. These inflows are said to have been “an immediate response to the lower-than-expected CPI report on Wednesday,” with 89% of the total flows coming in the latter three trading days of last week. Related Reading: Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why The Consumer Price Index (CPI) inflation data, which came in lower than expected, is believed to have restored investors’ confidence in the market. The data showed that inflation in the US may be slowing, raising the prospect of the Federal Reserve cutting interest rates. Lower interest rates are good for the crypto market since they will make investors more willing to invest in risk assets like Bitcoin. The US accounted for most of the inflows into BTC, with $1 billion flowing into US Spot Bitcoin ETFs last week. Grayscale’s Bitcoin Trust (GBTC), which has recorded over $16 billion in outflows since the ETF approval in January, also saw inflows (for the first time) of $18 million last week. This trend of significant inflows into these Spot Bitcoin ETFs likely continues this week. Farside investors revealed in an X (formerly Twitter) post that these funds recorded a net inflow of $237.2 million on May 20. Interestingly, none of these Spot Bitcoin ETFs saw outflows on the day, with GBTC recording an inflow of $9.3 million. It is also worth noting that while BTC saw inflows of $942 million, there were almost no flows into short Bitcoin, with CoinShares noting that this implies a positive outlook amongst investors. Altcoins like Solana, Chainlink, and Cardano also recorded considerable inflows, with $4.9 million, $3.7 million, and $1.9 million flowing into these crypto tokens, respectively. BTC’s Bull Run Might Be Back On With the Spot Bitcoin ETFs again seeing impressive demand and recording significant inflows, there is a feeling that Bitcoin’s bull run might be in full force. These investment funds were known to have contributed significantly to the flagship crypto’s hitting a new all-time high (ATH) of $73,750 in March. Related Reading: Cardano Whales Return To The Table, Increase Massive Holdings By 10%e Therefore, these funds could again spark another rally for Bitcoin, sending it to $80,000 and beyond. Besides the Spot Bitcoin ETFs, other factors contribute to a bullish continuation for BTC. One is the macroeconomic data, which shows that the economic situation in the US could be improving. Meanwhile, from a technical analysis perspective, the worst looks over for Bitcoin with crypto analyst Rekt Capital, revealing that the crypto token has left the post-halving danger zone. Featured image from Dall.E, chart from Tradingview.com
A crucial Bitcoin metric has just turned bullish, sparking optimism from a crypto analyst regarding an impending rally for Bitcoin. This unique technical pattern suggests that the world’s largest cryptocurrency could see its price ascending further, potentially kick-starting a highly welcomed bull run this cycle. Bitcoin Technical Pattern Flips Bullish Bitcoin’s price has often followed distinct historical patterns, with the majority of these indicators preceding significant rallies or bearish trends. One of the most compelling signs that Bitcoin may be turning bullish again is seen as the Stablecoin Supply Ratio (SSR) Oscillator breaks below the lower Bollinger Bands, a technical indicator used to measure a market’s volatility and momentum. Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run According to a crypto analyst identified as ‘Dominando Cripto’ on X (formerly Twitter), the SSR is a unique technical tool designed to evaluate the market sentiment by comparing the supply of stablecoins to Bitcoin. This tool is used by analysts and traders to identify buying and selling opportunities for Bitcoin. Additionally, it quantifies how the 200-day Simple Moving Average (SMA) of the SSR moves within the Bollinger Bands. Dominando Cripto has provided an in-depth explanation of how the SSR oscillator is calculated and how to interpret its signals for identifying bullish trends. “The oscillator is calculated by taking the difference between the current Stablecoin Supply Ratio value and its 200-day Simple Moving Average (SMA), then dividing it by the standard deviation of the SSR over the same period,” the analyst stated. Sharing a price chart depicting movements of the SSR oscillator, the crypto analyst suggests that when the oscillator moves above the upper Bollinger Bands, it suggests that the SSR is significantly higher than normal levels. This indicates that stablecoins are dominating the market, signaling bearish sentiment and a potential downturn for Bitcoin. Conversely, when the oscillator falls below the lower Bollinger Band, it indicates that the SSR is low, highlighting the reduced dominance of stablecoins and signaling bullish sentiment that could potentially trigger an incoming rally in Bitcoin. In the above price chart, Dominando Crypto pinpointed several instances when the SSR oscillator displayed bearish and bullish sentiment, identifying these periods as heated zones and cold zones, respectively. Recent market movements indicate that the SSR oscillator is in the cold zone, indicating a potential bullish outlook for Bitcoin. More Bullish Signs For BTC On May 18, Blockchain analytics platform, Santiment, revealed a new market trend where small traders are consistently liquidating their BTC holdings, even as the cryptocurrency has shown positive performance lately. Related Reading: This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why The analytics platform noted that historically, when small wallets dump coins into larger wallets, it is considered an encouraging sign for Bitcoin, indicating a potential bullish turnaround for the pioneer cryptocurrency. At the time of writing, Bitcoin’s price is trading at $66,955, according to CoinMarketCap. The cryptocurrency has been on a major bullish momentum recently, witnessing an 8.94% increase in the last seven days and a 4.25% surge over the past month. Featured image created using Dall.E, chart from Tradingview.com
The tides are turning in the cryptocurrency world, with institutional investors making a big splash in Bitcoin exchange-traded funds (ETFs) while retail investors seem content to bob on the sidelines. A recent report by IntotheBlock paints a picture of a two-tiered market, where hedge funds and even pensions are accumulating Bitcoin through ETFs, but the […]
The world of finance is no stranger to colorful characters, and this week, the gloves came off between two titans with opposing views on Bitcoin: Peter Brandt, a crypto bull, and Peter Schiff, a Bitcoin skeptic. Their battleground? Social media, of course. Related Reading: Phony Philanthropy? Notcoin’s $6.8 Million Gift To Telegram Founder Rings Alarm […]
On-chain data shows the Bitcoin adoption rate has slowed to the lowest since July 2018. Here’s what could be behind this trend. Bitcoin New Addresses Count Has Plunged To Multi-Year Lows According to data from the market intelligence platform IntoTheBlock, an interesting trend has appeared in the Bitcoin New Addresses metric. The “New Addresses” indicator […]
For analysts and investors alike, comprehending the variables that influence price action in the complex world of cryptocurrency markets is essential. Ali Martinez, a well-known cryptocurrency expert, has recently provided insights into the fluctuations in the price of Bitcoin by applying the basic economic theory of supply and demand. Understanding Bitcoin Prices Through Supply And Demand It is worth noting that any asset’s price movement, including cryptocurrencies, is determined by the fundamental rules of supply and demand. An asset’s price tends to decrease when supply outpaces demand, while prices typically increase when supply cannot keep up with demand. Related Reading: The Hidden Forces Behind Bitcoin Price: Latest Insights From On-Chain Data Thus, Ali Martinez has deduced the crypto asset’s price and holders’ behaviour by applying the method and other on-chain metrics. Martinez’s analysis demonstrates how fluctuations in the market’s buying interest and the availability of Bitcoin are key factors influencing its price trajectory. According to Martinez, Bitcoin’s Realized Cap witnessed a significant increase mid-way through March when BTC hit a new all-time high of $73,000. This indicated that the majority of BTC’s long-term holders were likely yielding gains at the time. As a result, several investors sold their holdings, which led to a sharp rise in realized profits. Following realized profits in March, long-term holders felt safe adding over 70,000 BTC to their investments at these prices. Meanwhile, when the market’s growing supply of Bitcoin exceeded demand, the coin saw a substantial correction from the $73,000 level to the $57,000 level. Given that short-term holders are more likely to sell their holdings due to price volatility, this decline took Bitcoin below its realized price for short-term holders, inciting fear in the market. However, despite investors’ concerns, the short-term holder’s Realized Price at the $65,500 level acted as an accumulation point. On the basis of this principle, Martinez believes the likelihood of Bitcoin continuing its upward trajectory will only increase when demand for the cryptocurrency starts to exceed the supply of BTC accessible in the market. Using BTC On Exchanges To Support The Principles Martinez has underscored that the available BTC on crypto exchanges can be used to confirm these supply and demand laws. He further noted that over 30,000 BTC have been moved to private wallets for long-term storage in May, indicating confidence among holders in the potential worth of Bitcoin. Related Reading: Bitcoin Long-Term Holders Accumulating Like In 2021: Is BTC Ready For A 15X? Observing Bitcoin’s price using the MVRV Extreme Deviation Pricing Bands, Martinez cited a retracement above the +0.5σ pricing band at $64,600. Such an upswing has historically caused BTC to test the pricing range of 1.0σ, which is backed by increasing demand. Meanwhile, this price range at the moment is roughly lingering at $77,000. Presently, the price of Bitcoin is trading at $66,275, indicating an over 5% increase in the past week. Although prices are up, its trading volume has declined by 24%, while its market cap is up by 0.23%. Featured image from iStock, chart from Tradingview.com
An analyst has explained how the data of an oscillator for Bitcoin could suggest the cryptocurrency still has plenty of room to run in this rally. Bitcoin VWAP Oscillator Could Imply Potential For Further Upside In a new post on X, analyst Willy Woo discussed what the latest trend in the Volume-Weighted Average Price (VWAP) Oscillator for BTC might suggest regarding what could be next for the cryptocurrency. The VWAP is an indicator that calculates the average price for any asset by taking into account the price fluctuations themselves and weighing the values against the trading volume. Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally? This means that the prices of the assets where there was a higher volume of trading have a higher weightage in the average than those with only a low amount of volume. Traditionally, the VWAP is a technical analysis indicator that considers the information available through spot exchanges. In the context of the current topic, the VWAP uses the on-chain volume of Bitcoin instead, which is readily viewable by anyone thanks to the blockchain’s transparency. The indicator of interest here isn’t the VWAP but rather the VWAP Oscillator, as mentioned earlier. This metric keeps track of the ratio between the BTC spot price and the VWAP and presents it as an oscillator of around zero. The chart below shows the trend of this Bitcoin indicator over the past couple of years. The above graph shows that the Bitcoin VWAP Oscillator has been in negative territory for the past couple of months. However, the metric’s value has been rising recently, so if it continues on this trajectory, it might approach the neutral mark shortly. In the chart, Woo has highlighted a trend that the indicator and the cryptocurrency’s price have historically shown. It seems that whenever the metric has formed a bottom in negative territory and rebounded back to the upside, the asset has enjoyed some bullish momentum. The resulting price surge may last until the indicator reverses into the positive territory and forms a top. That hasn’t happened for the VWAP Oscillator this time yet. “Still a lot of room to run before reversal or consolidation,” says the analyst. “Hate to be a trapped Bitcoin bear right now.” Related Reading: Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns In other news, as CryptoQuant author Axel Adler Jr. pointed out in an X post, retail investors have bought $135.7 million worth of the asset over the past month. BTC Price At the time of writing, Bitcoin is floating around $65,000, up 5% over the last week. Featured image from Shutterstock.com, woocharts.com, chart from TradingView.com
According to the Financial Times, the Chicago Mercantile Exchange (CME) Group, the world’s largest futures exchange, is reportedly in discussions to introduce spot Bitcoin (BTC) trading. The move aims to tap into the growing demand among Wall Street money managers seeking exposure to the crypto sector. The move marks a significant step for major Wall […]
In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets. The latest momentum shift in Bitcoin’s price action has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs. Bitcoin Breaks Out The co-founders of Glassnode believe this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so. Related Reading: Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise They believe the trigger was the recent lower-than-expected US inflation figures and weaker retail sales data, which could prompt a more “dovish stance” from the Federal Reserve. According to the Glassnode co-founders, this opens the door to a more dovish stance from the Fed. They explain that Bitcoin and the market liked this, and now they expect the price to reach $66,000 before $69,000 and then up towards $84,000. They also believe the altcoins will follow this move strongly. However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett suggests that Bitcoin needs to hold the $65,000 level as new support, cautioning that the $68,000 and $73,000 price levels could act as resistance and liquidity pockets. He warns that if Bitcoin loses the $65,000 support, it’s back to the “chopfest” – further consolidation and volatility. Andrew Tate Considers Dumping Fiat For BTC In a surprising move, popular internet personality and self-proclaimed “Top G” Andrew Tate has announced his intention to abandon fiat currency and invest over $100 million into Bitcoin. In a post on social media platform X, formerly known as Twitter, Tate declared, “I’m about to leave fiat completely and ape over 100M into BTC.” Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the traditional banking system and fiat currency as the driving force behind this potential decision. “I’m done with the banks. I’m done with their money. Done with the scams,” he wrote in the post. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish In a follow-up post, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio. However, he hinted that he might “leave fiat completely,” suggesting that his preference for Bitcoin and other digital assets is growing. As of press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels. Featured image from Shutterstock, chart from TradingView.com
On-chain data shows the Coinbase exchange has just seen a massive Bitcoin outflow, a sign that some large-scale buying might be going on. Over 16,000 BTC Left The Coinbase Platform In The Past Day As pointed out by an analyst in a CryptoQuant Quicktake post, Coinbase has observed a huge outflow for the seventh time […]
El Salvador has once again made headlines as it announced its ownership of 5,750 Bitcoin (BTC), which is valued at approximately $353 million based on current market prices, according to Bloomberg. This revelation comes after the National Bitcoin Office launched a tracking website, developed in collaboration with mempool.space, to provide transparency regarding the treasury’s BTC […]
Bitcoin price is holding the key support at $60,000. BTC could start another increase and rise toward the range resistance at $63,500. Bitcoin is still trading in a range between $60,000 and $63,500. The price is trading above $61,500 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears $62,200 and $62,500. Bitcoin Price Remains Steady Bitcoin price started another decline from the $63,500 resistance zone. BTC traded below the $62,500 and $62,200 support levels. A low was formed at $61,000 and the price started a recovery wave. There was a move above the $61,250 and $61,500 levels. Besides, there was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair. There was a move above the 23.6% Fib retracement level of the recent decline from the $63,400 swing high to the $61,000 low. Bitcoin is still trading above $61,500 and the 100 hourly Simple moving average. Immediate resistance is near the $62,200 level or the 50% Fib retracement level of the recent decline from the $63,400 swing high to the $61,000 low. The first major resistance could be $62,500. The next key resistance could be $63,000. A clear move above the $63,000 resistance might send the price higher. The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. Another Drop In BTC? If Bitcoin fails to climb above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $61,550 level and the 100 hourly Simple moving average. The first major support is $61,000. If there is a close below $61,000, the price could start to drop toward $60,400. Any more losses might send the price toward the $60,000 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 – $61,550, followed by $61,000. Major Resistance Levels – $62,200, $62,500, and $63,500.
The Oost-Brabant district court in the Netherlands has sentenced Alexey Pertsev, co-developer of Tornado Cash, to 64 months in prison for his involvement in creating and maintaining the crypto mixing tool. The court alleges that Tornado Cash enables “criminal activity and terrorism.” Pertsev, along with two other individuals, developed Tornado Cash, a tool for concealing […]
Mike Novogratz, the CEO and founder of Galaxy Digital, shared his insights on the current state of the cryptocurrency market. According to Bloomberg, Novogratz predicts that Bitcoin (BTC) will likely remain within a relatively narrow trading range for the current quarter as the adoption of cryptocurrencies in traditional finance continues to evolve. Stagnant Crypto Market Per the report, Novogratz described the current phase in the crypto market as a consolidation period. He emphasized that Bitcoin, Ethereum (ETH), and other cryptocurrencies, including Solana (SOL), are expected to consolidate. This consolidation phase suggests that the Bitcoin price will likely trade within a range of approximately $55,000 to $75,000 until significant market events drive prices higher. Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz The crypto market has experienced a period of stagnation following the historic bull run witnessed in the past two quarters. This surge was fueled by the launch of spot US Bitcoin exchange-traded funds (ETFs) and the Bitcoin Halving, which reduced the supply of new BTC. However, Bitcoin’s price trend reversed due to diminishing optimism surrounding interest rate cuts by the Federal Reserve (Fed), amid consistently strong economic indicators. According to Novogratz’s analysis, if his predictions hold, Solana could continue to consolidate within its current trading range of $120 to $150. This consolidation has been observed over the past month, indicating a period of stability for the cryptocurrency. Similarly, Ethereum’s price has closely mirrored Bitcoin’s movements and has traded between the $2,870 and $3,200 levels. Ethereum recently failed to consolidate above the significant $4,000 mark reached in mid-March. As a result, Ethereum has experienced a period of price consolidation within the range above. Bitcoin Volatility Persists Novogratz acknowledged the tailwinds that propelled the market during the fourth quarter of 2023 and the first quarter of 2024. Galaxy’s CEO believes that these tailwinds will likely persist throughout the current quarter and possibly the next unless there are significant developments, such as the Fed initiating rate cuts due to an economic slowdown or until the regulatory landscape becomes clearer after the upcoming election. Moreover, Novogratz noted a significant shift in counterparties’ willingness to lend crypto for extended periods without collateral, a trend that was not prevalent just six months ago. He emphasized that engagement in the crypto space has reached a new level, with growing interest from individuals and institutions alike. Related Reading: CPI Preview: Bitcoin Price Poised To Surge If Projections Hold True On Tuesday, Bitcoin experienced a 2.7% decline, trading at $61,400. Since achieving a record high of $73,700 on March 14, the largest cryptocurrency in the market has undergone a 16% decline. Despite this, Galaxy Digital reported notable first-quarter results, with net income more than tripling to $421.7 million. Featured image from Shutterstock, chart from TradingView.com
Crypto analyst Rekt Capital recently suggested that the worst might be over for Bitcoin. If so, the flagship crypto may be primed for a move to the upside, rising to as high as $100,000, which some other crypto analysts have predicted would be the case. Bitcoin Is Out Of The “Danger Zone” Rekt Capital mentioned […]