While Bitcoin has faced strong bullish momentum in recent weeks, achieving new all-time highs consistently for days, Ethereum has been an underperformer, unable to catch up with BTC’s bullish pace. Even compared to other crypto assets (altcoins) in the market, Ethereum has failed to make a major rally that melts faces. Instead, as Bitcoin achieved a peak above $93,000, leading the overall crypto market in a bullish market, Ethereum has only been able to surge to just $3,396 over the same period BTC broke multiple resistances to achieve consistent new highs. Related Reading: Ethereum Price at $3,000: Can Support Prevent Further Losses? So far, ETH remains roughly a 37.5% decrease away from its all-time high of $4,878, seen 3 years ago in November 2021. At the time of writing, the asset faces a correction alongside the rest of the crypto market, including Bitcoin. ETH has declined by 2.3% in the past day, currently trading at $3,023. Why is Ethereum Struggling to Catch Up? The underperformance of Ethereum relative to Bitcoin has caught the attention of market analysts. One key observation comes from a CryptoQuant analyst known as Darkfost, who provided a possible explanation for Ethereum’s price stagnation. According to Darkfost, the taker buy-sell ratio is a crucial metric to consider, particularly on the Binance exchange. This ratio is an indicator of short-term market sentiment, and when it remains below 1, it suggests there is more selling pressure than buying interest. It can also indicate a hesitation among traders to accumulate ETH at current levels, which could contribute to a lagging price performance. Darkfost noted: The taker buy-sell ratio on Binance remains bearish, as it has been below 1 most of the time over the past month. This indicates that traders are more willing to sell than buy ETH, which could explain why ETH is currently underperforming compared to BTC. Is There Still Hope For ETH? Despite Ethereum’s struggle to match Bitcoin’s gains, some analysts remain optimistic about the long-term potential of ETH. For example, a well-known crypto analyst, Kingpin Crypto, expressed a bullish sentiment regarding ETH at its current price levels. In a recent post on X, Kingpin Crypto suggested that ETH trading around the $3,000 mark presents a notable buying opportunity. $ETH – Buy with conviction around the orange line and retire. I know the BTC pair is underwhelming and feels like it will be down only forever. However, I am telling you… Ethereum will make a NEW ATH this cycle. pic.twitter.com/T2r2TDmkb7 — Kingpin Crypto (@Kingpincrypto12) November 15, 2024 Similarly, another crypto analyst, Yoddha, shared an analysis indicating a potentially bullish pattern for Ethereum. According to the chart shared by Yoddha, ETH’s historical price movements often include a phase of retesting followed by a sharp surge in value. Yoddha highlighted that Ethereum may have already completed its retest phase, suggesting that a strong price rally could be on the horizon. Related Reading: Ethereum’s Positive Funding Rates Push Price Near $4K—Are There Any Downsides? The chart labelling “we are here” points out the current position of ETH within this pattern, implying that a significant upward move may soon follow. Featured image created with DALL-E, Chart from TradingView
The Bitcoin market appears to have taken an intriguing turn as the asset’s reserves on centralized exchanges have hit the lowest levels since November 2018. This development, highlighted by a CryptoQuant analyst known as G a a h, points out a notable change in BTC’s investor behavior within the crypto space and also suggests quite an interesting trend for Bitcoin. Related Reading: Bitcoin Crosses $93,000 – Is There More Room for Gains or Are We Nearing a Peak? Bitcoin Reserves On Exchanges Reach Five-Year Low According to the analyst, Bitcoin reserves on exchanges have diminished significantly throughout 2024, reflecting a shift towards long-term holding strategies among market participants. This trend suggests that investors increasingly transfer their assets to private wallets, reducing the supply available for immediate sale and contributing to buying pressure in a market already constrained by supply. According to G a a h, this behavior indicates a broader sentiment shift, with market participants displaying increased confidence in Bitcoin as a store of value amidst “economic uncertainty and rising inflation.” By moving Bitcoin away from exchanges, investors reduce the likelihood of sudden sell-offs, which can lead to increased price stability. However, the reduced supply on exchanges may also lead to heightened volatility, especially if demand continues to grow or remains consistent. The CryptoQuant analyst noted: With that said, this scenario signals a potentially more volatile but more resilient Bitcoin market, with less selling pressure and a growing dominance of long-term holders, which could open up space for new price peaks. BTC’s Upward Momentum Cools Off Following an all-time high (ATH) of $93,477 on Wednesday, November 13, BTC has faced quite a noticeable correction, now down by 4% from this peak. So far, the asset has been unable to continue its upward momentum and appears to be seeing more sell-offs. When writing, Bitcoin trades below $90,000 with a current trading price of $89,779, down by 1.4% in the past day. This price decline resulted in roughly $49 billion subtracted from its market capitalization valuation on Wednesday. For context, as of today, BTC’s market cap sits at $1.775 trillion, a nearly 5% decrease from the $1.835 trillion valuation two days ago. Bitcoin’s daily trading volume dropped from over $100 billion earlier this week to below $85 billion. Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally Besides the implications on its market cap and trading volume, BTC’s decline has significantly impacted a handful of traders. According to data from Coinglass, in the past 24 hours alone, roughly 170,215 traders have been liquidated, bringing the total liquidations in the crypto market to $510.13 million. Out of these total liquidations, Bitcoin accounts for $132.43 million, with the majority of the liquidations coming from long positions—those who bet that the upward momentum would continue. Featured image created with DALL-E, Chart from TradingView
Bitcoin has continued its bullish momentum streak, reaching a new all-time high on November 13 and triggering a wave of activity across the crypto market. In particular, the futures market has been significantly impacted, with a surge in trading volume for the BTC/USDT pair. This increase has highlighted an intense period of market engagement, with leading exchanges, particularly Binance, at the forefront of this trading frenzy. Related Reading: Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80% Record Trading Volumes And Market Volatility Risks A CryptoQuant analyst known as Crazzyblockk shared insights into the trading frenzy phenomenon, noting that the futures market for Bitcoin has become “exceptionally overheated.” According to the analyst’s recent post on the CryptoQuant QuickTake platform, trading volume has surged across both spot and futures markets on major centralized exchanges. The cumulative trading volume for BTC/USDT across all major platforms has reached an amount of roughly $129 billion, with Binance contributing a substantial $50.2 billion to this figure. The surge in futures trading activity has raised important questions about market stability and the potential for heightened volatility. As Crazzyblockk explained, when Bitcoin’s derivatives market experiences rapid growth, particularly in the futures segment, there is often a tendency for heightened market fluctuations. The CryptoQuant analyst added: While this can briefly boost demand, it often leads to minor pullbacks and sharp fluctuations. The analyst emphasized that the “overheated” state of the market warrants caution from investors and traders. In his words: Given the current climate, it would be wise for investors and traders to exercise caution, refrain from rushed speculation, and await a period of price stability before making further moves. Outlook On Bitcoin Bitcoin is facing a noticeable decline in price, dropping by 6.1% in the past day to a current trading price of $87,977. This ongoing drop in price comes after it recently achieved an all-time high above $93,000, as recorded yesterday. With BTC back to trading below the $88,000 region, the asset has now decreased 5.9% away from its peak. While the reason behind this ongoing correction is not certain, renowned crypto analyst Ali has recently highlighted an interesting BTC trend behind the scenes. Related Reading: Short-Term Bitcoin Holders Move Millions To Binance—Is A Market Correction Imminent? In a post uploaded earlier today on X, the analyst reveals that roughly $5.42 billion of Bitcoin profits has now been realized, pushing the asset’s sell-side risk ratio to 0.524%. Ali warned to “stay alert and proceed with caution.” Meanwhile, another analyst known as Javon Marks has also noted in one of his recent posts that while further upward momentum is still being witnessed with Bitcoin hitting a peak yesterday, “target now continues to be at $116,652 which is visioned to come at even greater speeds and with greater power than the first.” Some of the greatest, most precise, and simplistic analysis that you will probably see on #Bitcoin (BTC) and Crypto ♟️! December 2022 @ ≈$16,782, we noticed bullish signals as well as a price breakout holding which signaled to us the $67,559 target which at the time was over… https://t.co/qrJv2WPwnG pic.twitter.com/7ZkeUV13UY — JAVON⚡️MARKS (@JavonTM1) November 13, 2024 Featured image created with DALL-E, Chart from TradingView
Bitcoin has reached a major milestone by surpassing the $90,000 price mark, marking a significant moment in its ongoing bullish rally. The price surge has drawn the attention of existing investors and attracted a new wave of market participants. This influx is evidenced by the increase in UTXO (Unspent Transaction Output) Age Bands. This metric tracks the distribution of Bitcoin holdings by age, according to an analysis shared by CryptoQuant analyst Shiven Moodley. This development reflects heightened interest and engagement in the Bitcoin market. Moodley’s analysis revealed that a high percentage of market participants are currently profitable, as indicated by the UTXO profit percentage metric. However, despite this strong market performance, long-term holders appear to maintain their positions even as the derivatives market becomes increasingly leveraged. Related Reading: Short-Term Bitcoin Holders Move Millions To Binance—Is A Market Correction Imminent? Samuel Edyme Profitability Metrics Signal Market Momentum One of the key insights highlighted by Moodley is the positive Spent Output Profit Ratio (SOPR). This indicator suggests that many Bitcoin transactions are occurring at a profit, reflecting an optimistic market sentiment and providing a foundation for potential further price increases. However, Moodley pointed to a developing “mania phase” in the market, evidenced by the growing number of options market call contracts set to expire over the next two months. This surge in call contracts indicates that many traders are betting on continued upward momentum, potentially driving further speculative activity. The CryptoQuant analyst also discussed the implications of probability models that track Bitcoin’s price movements over time. According to these models, with a lag of 500 days, Bitcoin has breached two standard deviations at the $90,000 level. The next significant price marker, represented by the third standard deviation, according to Moodley is currently projected to be around $101,000. This suggests that, while Bitcoin’s current upward trajectory is notable, the potential for further price gains remains. Bitcoin Market Performance Bitcoin appears to be now seeing a cool off in its recent bullish momentum. Particularly, following a consistent week of new highs reaching a peak of $93,477 yesterday, BTC has since faced a major pullback in price, bringing its price to trade as low as below $89,000, as of today. At the time of writing, the asset currently trades for $88,878, down by 2.9% in the past day. Regardless, BTC seems to still be in an uptrend with a past week performance of nearly 20%. Notably, while the market environment still reflects strong bullish sentiment, there are risks to be aware of. As highlighted by Moodley, the increased leverage in the derivatives market, combined with rising call options activity, could lead to heightened volatility in the BTC market. Related Reading: Bitcoin Crosses $93,000 – Is There More Room for Gains or Are We Nearing a Peak? Overleveraged markets are historically prone to corrections, especially when market sentiment shifts rapidly. Therefore, while many market participants may currently be in profit, maintaining caution is worth considering. Featured image created with DALL-E, Chart from TradingView
Data suggests Bitcoin’s all-time high rally to $93,400 is far from over.
Ethereum has recently climbed to a major high above $3,400, reigniting enthusiasm among market participants and signaling a potential upward trend that may lead to a push above $4,000 toward a new all-time high. This optimism has been met with major speculation of ETH’s price from the crypto community and analysts, who are observing key indicators within the market to assess the asset’s trajectory. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Ethereum Rise and Market Sentiment According to a report shared by a CryptoQuant analyst known as ‘ShayanBTC,’ Ethereum’s recent price performance, up by 35% in the past week, has been accompanied by positive sentiment in the futures market, providing a detailed look into potential short-term fluctuations. Shayan pointed out that the funding rates for Ethereum futures have remained positive, demonstrating strong demand and bullish sentiment among investors. Notably, positive funding rates typically indicate buyers are willing to pay a premium to hold long positions, which signifies market confidence. The analyst highlighted that this surge in positive sentiment was especially evident when Ethereum surpassed the $3,000 mark, reflecting a similar pattern observed during the March 2024 rally that culminated in a yearly peak. This pattern now raises questions about whether the current momentum can be sustained or if the market is vulnerable to sudden reversals, just as it did following a major rally earlier this year. What Is Expected While positive funding rates are a favorable sign of market interest, they can also indicate heightened risk when they become too elevated. Shayan particularly noted: Although positive funding rates generally signify healthy demand in a bullish market, elevated funding rates can be a red flag. The analyst cautioned that high funding rates may point to an “overheated” market, which could increase the likelihood of a long liquidation cascade if the price faces significant resistance or experiences even a modest correction. Elevated rates suggest that traders may be over-leveraged, creating conditions where a sharp pullback could trigger a wave of sell-offs as leveraged positions are liquidated. The CryptoQuant analyst further revealed that with Ethereum experiencing high funding rates in the current market climate, investors may need to “exercise caution and adopt strategies to mitigate potential risks.” Related Reading: Ethereum Could Be Set To Explore New Highs As On-Chain Metrics Light Up The analyst emphasized that with heightened funding rates comes an increased chance of market volatility. Rapid price movements could lead to liquidations, particularly if profit-taking or minor corrections unsettle the market. Meanwhile, Ethereum has breached the $3,400 price mark to trade as high as $3,424 earlier today. However, at the time of writing, the asset appears to have seen a slight correction with a current trading price of $3,289, albeit still up by 2.2% in the past day. Featured image created with DALL-E, Chart from TradingView
A recent analysis from BaroVirtual, a CryptoQuant analyst, offers a nuanced perspective on the current state of the Bitcoin market. According to the analyst, fluctuations in the Coinbase premium—a key metric that tracks the price difference between Bitcoin on Coinbase and other exchanges—can offer significant insights. Related Reading: Bitcoin ETFs See Historic Surge – Institutions Go Bullish On BTC With $1.38 Billion Record Inflows Retail Leverage And Premiums: A Double-Edged Sword Rising or elevated Coinbase premiums typically suggest intense buying pressure, indicating strong medium-term sentiment for Bitcoin. However, BaroVirtual warns that in the short term, these high premiums may present a double-edged sword, as they often precede a localized downward movement in Bitcoin’s price. This phenomenon stems from market dynamics, as high premiums reflect surges in demand that can lead to overheating. When this occurs in combination with a high volume of leveraged retail positions and an excessive number of long contracts, the risk of a market pullback increases. Notably, BaroVirtual pointed out that this scenario has been evident in some Asian exchanges, where traders’ aggressive positions and leveraged setups further amplified market vulnerabilities. The analyst’s observations extend beyond the Coinbase premium to the broader market context. When premiums soar, they signal strong demand and positive sentiment among investors. This can provide a floor for Bitcoin’s price, strengthening support levels and creating a bullish sentiment over the medium term. However, in the short run, the influx of highly leveraged retail positions can destabilize market balance, leading to sharp corrections. High leverage implies that even minor price swings can force liquidations, exacerbating downward price movements. The CryptoQuant analyst emphasized leverage dynamics’ major role in determining bullish trends’ sustainability. Retail traders’ aggressive positioning on some Asian exchanges reflects a growing risk appetite, which may lead to sudden market shifts if sentiment turns or if premiums dip. Bitcoin Nears $100,000 After previously trading just above $83,000 earlier today, Bitcoin’s price has now pushed further. So far, BTC has achieved a latest all-time high of (ATH) of $84,929 less than an hour ago. However, the asset has seen a slight correction with a current trading price of $84,929, at the time of writing. Regardless of this slight pullback, with the current bullish momentum in Bitcoin, it is evident that the asset could continue this rally and rise above $85,000 soon, bringing it closer to a six digit ATH of $100,000 and beyond. Related Reading: Bitcoin Stock To Flow Model Reveals $500,000 Price Target Renowned crypto analyst known as Javon Marks on X has highlighted that Bitcoin still has “more upside coming” especially since it recently broke above a descending broadening wedge pattern. Prices of $BTC (Bitcoin), after breaking out of this descending broadening wedge pattern, have been climbing MAJORLY, moving roughly +24% since but there can still be much more upside coming! The measured breakout target is another near 20% away just around the $100,000 mark and… https://t.co/F01HbCd1kv pic.twitter.com/k0bv9xqUwK — JAVON⚡️MARKS (@JavonTM1) November 11, 2024 Featured image created with DALL-E, Chart from TradingView
Amid Bitcoin’s pursuit to hit the six figures all-time high (ATH), a CryptoQuant analyst known as aytekin, has shared a comprehensive analysis on tools to assess Bitcoin’s market temperature, focusing on distinguishing useful from potentially misleading metrics. According to aytekin, investors’ concerns often center around Bitcoin’s ability to reach new peaks and when it might experience a market top. To navigate these questions, he highlighted two charts he pays less attention to for gauging market sentiment: “open interest” and the “supply in profit” metric. Related Reading: Analyst Reveals Bitcoin Key Support Levels For Reaccumulation – Details Challenges With BTC Key Metrics The analyst elaborated that establishing a causal link between price and open interest remains challenging, as historical data indicates that price fluctuations tend to drive changes in open interest levels rather than the reverse. Furthermore, the analyst reveals that with the growth of futures markets and Bitcoin’s adoption, higher levels of open interest are anticipated in the coming years. Another metric aytekin views as potentially misleading is the “supply in profit,” which measures overall network profitability. This metric correlates with Bitcoin’s nominal price, often leading to extreme spikes above 95% in profitability during ATH periods. However, aytekin suggests that reaching new highs would be problematic if extreme profitability consistently triggered major sell-offs. Instead, he recommends considering how long these high-profitability levels persist, noting that historically, such conditions have lasted up to a year within broader market cycles. Credible Metric Suggests Overheating Bitcoin? In contrast, the analyst emphasized two metrics he finds valuable for tracking Bitcoin’s market sentiment: the funding rate and the Spent Output Profit Ratio (SOPR). The funding rate, which tracks the cost paid between long and short positions in futures markets, serves as a tool to identify “overzealous” market optimism. Aytekin believes monitoring this metric offers better insights than open interest for assessing market conditions. As of now, he notes that funding rates are not signaling extreme market behavior. The analyst reveals that the SOPR metric clarifies profitability trends, particularly when smoothed using a 30-day moving average. Aytekin highlights that profitability alone is not inherently risky unless it coincides with supply movements within the market. The CryptoQuant analyst reveals that current SOPR levels indicate a market that, while showing signs of profitability, does not exhibit symptoms of overheating. Related Reading: Bitcoin Could Be Ready For ‘Phase 2’ Of This Historical Bull Pattern Meanwhile, Bitcoin has been trading for $81,838, up by 2.4% in the past day. This trading price marks a 0.6% decline from the asset’s ATH of $82,379 created earlier today. When writing, the asset’s market capitalization sits above $1.6 billion with a 24-hour trading volume of $90.6 billion. Featured image created with DALL-E, Chart from TradingView
The price of Bitcoin has turned in an impressive performance, forging successive all-time highs over the past week. Similarly, other large-cap assets, such as Ethereum, Solana, and Cardano, have been experiencing massive upside movement in the past few days. Interestingly, the latest on-chain observation suggests that the crypto market — particularly Bitcoin — may not be done just yet. This projection is as investors seem to be doubling down on their positions rather than selling off their assets for some short-term gains. Bitcoin Investors Continue To Load Their Bags Popular crypto pundit Ali Martinez took to the X platform to reveal that Bitcoin accumulation addresses have been witnessing significant inflows over the last few days. This on-chain revelation is based on the spike in CryptoQuant’s “Inflows to Accumulation Addresses” metric. Related Reading: Ethereum Jumps 10% As DeFi Sentiment Rebounds With Trump’s Victory Accumulation addresses can be defined as addresses, excluding miners’ and exchange addresses, that have zero outgoing transactions or at least haven’t spent their holdings over a period. Moreover, these addresses must have received at least two incoming transfers and hold more than 10 BTC. These Bitcoin addresses are usually controlled by major entities, including whales, institutional players, and so on. According to data from CryptoQuant, a whopping 57,800 BTC (equivalent to approximately $4.16 billion) has made its way to these accumulation addresses since November 3. As shown in the chart below, inflows into the Bitcoin accumulation addresses have been on the rise in recent weeks. Typically, this positive trend is a favorable sign for the price of BTC, which has been on a ride of its own in the past few days. The choice to “hodl” rather than sell for profit also indicates the increased faith in the long-term success of Bitcoin, implying that major investors expect the flagship cryptocurrency to keep rising. As of this writing, the Bitcoin price stands at around $76,550, reflecting a measly 1% increase in the past 24 hours. However, the market leader is up by more than 10% on the weekly timeframe. USDT Netflow On Exchanges Surpasses $2 Billion According to a recent Quicktake post on the CryptoQuant platform, there has been a significant inflow of the USDT stablecoin into centralized exchanges. On-chain data shows that the stablecoin’s net inflows have crossed $2 billion, its highest level since December 2022. Related Reading: Cardano Price Prediction: Analyst Sounds Alarm Of Break Through Key Resistance, Why A Rally Could Follow Higher stablecoin balances (which are often used as an indicator of increased liquidity) suggest a high amount of buying power for investors, leading to elevated investor demand. If this rising liquidity on exchanges is correlated with the growing accumulation, it could positively impact the Bitcoin price. Featured image from iStock, chart from TradingView
Bitcoin recent price movement of continuous uptrend has drawn the attention of market participants and analysts as it edges closer to creating a new all-time high, blasting through critical resistance levels. Amid this, a CryptoQuant analyst known as TraderOasis provided an in-depth analysis of Bitcoin’s market earlier today, suggesting the trajectory the asset could head to next. Related Reading: Analyst Predicts Bitcoin Bull Run: MVRV Metric Hints At $95K To $120K Target Analysis On Bitcoin Oasis explained that his previously outlined bullish scenario for the Range 0.5 structure had played out successfully, emphasizing the importance of Bitcoin’s previous all-time high (ATH) level as potential support. This level, represented by the blue line in his chart analysis (shown above), could be a critical marker for Bitcoin’s next phase, the analyst reveals. The analyst also highlighted the significance of the Coinbase Premium Index, which often indicates strong buying demand on Coinbase relative to other exchanges. Oasis noted that the bullish shift in this indicator was accompanied by an upward price move, marking an important resistance zone that Bitcoin needs to overcome to sustain its momentum. Furthermore, he pointed out that the open interest indicator, which tracks the total number of outstanding derivative contracts, was moving alongside the price. According to him, this is a positive signal indicating that market participation remains strong without signs of instability or excessive leverage. Rising Funding Rates And Exchange Netflow Observations TraderOasis also delved into another key metric: funding rates. These rates reflect the cost of holding long positions in perpetual futures contracts and can signal market sentiment. The analyst observed that funding rates had begun to rise again, suggesting that market participants are increasingly confident about further upward movement. However, he cautioned that this sentiment had not yet reached extreme levels that could indicate overheating or a potential correction. The analyst mentioned monitoring these levels is essential, as excessive funding rates often signal market tops or heightened volatility. Another aspect of analysis was the activity observed in exchange netflow for spot exchanges. According to Oasis, a significant sell-off was reflected in this indicator, which measures the net flow of Bitcoin into and out of exchanges. Given the potential for increased volatility, the analyst interpreted this as a signal to consider taking profits on long trades. This aligns with previous market patterns where high net inflows or outflows often foreshadow shifts in market sentiment and price direction. Related Reading: Bitcoin Path To $85K: Analysts Say It’s Behaving ‘As Predicted’ Meanwhile, Bitcoin so far appears to have found stability above $75,000 price mark following its latest ATH of $76,872 yesterday. At the time of writing, the asset currently trades for $75,820, up by 0.9% in the past day. Featured image created with DALL-E, Chart from TradingView
Bitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst Percival. Percival described Bitcoin’s current phase as “chopsolidation,” a term used to describe a period of minimal directional movement where price consolidation occurs without a clear trend. This period, he suggests, may be drawing to a close, with an imminent market movement expected in the coming weeks. The Chopsolidations metric, as Percival notes, doesn’t predict the direction of Bitcoin’s next move. Related Reading: Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next? Instead, it assesses the exhaustion level of the current trend, helping to determine whether Bitcoin’s price is due for a reversal or continuation. Percival’s analysis highlights that while there are indicators of strength at various points, the market remains divided on Bitcoin’s next direction. So far, some investors believe that recent accumulation is sufficient to push Bitcoin past its all-time high, while others expect a more cautious upward movement or even a potential correction. Assessing Bitcoin’s Support Levels And Potential Price Rebound Percival’s analysis further points to two key periods in September and October where Bitcoin established notable support levels, marked by brief but significant price stability zones. These areas, which he identified as orange zones on his chart (shared above), served as points where Bitcoin’s price “reloaded” — essentially, zones where demand was strong enough to halt price declines temporarily. With the current price hovering near these support levels, Percival suggests that the market may find a new bottom if Bitcoin faces any short-term downward pressure. This support could create a foundation for upward movement in the weeks ahead. The Chopsolidations indicator, according to the CryptoQuant analyst’s breakdown, is showing signs of readiness for a strong trend based on weekly and monthly readings. Although he did not specify a particular directional bias, he noted that the current market strength could be enough to drive Bitcoin’s price upwards if additional demand or a favorable macroeconomic environment aligns with market sentiment. This trend could play out over the short term, where sufficient market activity might lift Bitcoin’s price. Bitcoin Continuous Struggle To Make A Major Move So far, Bitcoin’s price has continued to face a struggle to make a significant move, especially to the upside. Instead, the asset has seen a form of calmness in volatility following its recent decline below the $70,000 price mark. Particularly, at the time of writing, the asset currently trades for $68,721—a price region BTC has remained quite stable for the past 3 days since its most recent decline. Featured image created with DALL-E, Chart from TradingView
One market analyst said there's “no reversal in sight” for Ethereum’s value against Bitcoin.
The Bitcoin price action has sparked renewed interest among analysts and investors as the cryptocurrency approaches a major event (the US election) later in November. A CryptoQuant analyst known as CoinLupin recently provided an analysis on the CryptoQuant QuickTake platform, focusing on Bitcoin’s Market Value to Realized Value (MVRV) ratio, a metric often used to gauge Bitcoin’s value compared to its on-chain fundamentals. With macroeconomic factors creating uncertainty in the crypto markets, CoinLupin shared insights on the significance of MVRV for evaluating Bitcoin’s current market position. Related Reading: Mt. Gox Stirs Market with 500 Bitcoin Transfer to Unknown Wallets—What’s Next for BTC? MVRV And Historical Cycle Peaks The MVRV ratio, currently around 2, indicates that Bitcoin’s market value is approximately double its on-chain realized value, reflecting the average price paid by all asset holders. CoinLupin explained that the key lies in observing trend changes within the MVRV ratio over time rather than fixating on this absolute value. Using the 365-day Bollinger Band for MVRV along with the 4-year average—a common reflection of Bitcoin’s cyclical trends—the analyst noted that the MVRV ratio is currently above the long-term average and recently exceeded its 365-day moving average. According to CoinLupin, this suggests that Bitcoin’s upward trend remains intact. CoinLupin elaborated on the potential significance of Bitcoin’s MVRV levels, particularly regarding historical cycle peaks. In previous cycles, Bitcoin has typically peaked when the MVRV ratio is between 3 and 3.6. While Bitcoin’s current MVRV of 2 does not yet approach this peak range, the upward trend in the MVRV indicates that the market may still have room for growth if historical patterns hold. Should the Realized Value (RV) remain constant, CoinLupin’s analysis projects that Bitcoin would need a price increase of around 43% to 77% to reach an MVRV level between 3 and 3.6. This translates to a potential price target range of $95,000 to $120,000, provided market conditions support upward momentum. However, the analyst also noted that the Realized Value could increase as new buying interest emerges, potentially pushing peak valuations beyond these estimated levels. Bitcoin Market Performance After several weeks and days of building momentum to surge past the $70,000 resistance, Bitcoin has again fallen below this price mark, indicating that there might not be enough momentum yet to move further to the upside. So far, the asset has declined by nearly 1% in the past week. However, BTC currently trades for $68,306, recording a slight increase in price by 1% as its 24-hour high remains at $69,317. Interestingly, despite the slight dip in price in the past weeks, Bitcoin’s daily trading volume has registered an increase over this period. Related Reading: Tracking Bitcoin’s Profit Cycles: Could A New Market High Be Near? Particularly, data from CoinGecko shows that BTC’s 24-hour trading volume has increased from below $30 billion last Monday to currently above $38 billion as of today. Featured image created with DALL-E, Chart from TradingView
A seasoned market expert has shed light on Bitcoin’s current bearish performance, noting that the small price correction that has led to a significant liquidation of BTC positions is “healthy and reasonable,” addressing worries about its future potential. Bitcoin’s Bearish Move Not A Thing To Worry About? Bitcoin’s recent upward rally witnessed earlier last week […]
The TRON network has been making a notable impact across altcoin ecosystems, regaining its position as the leading blockchain for transaction volume among major altcoin chains. According to a CryptoQuant analyst known as ‘Maartuun,’ TRON has shown substantial transaction dominance recently, handling roughly 43% of transactions across major altcoin blockchains as of October 30. This recent spike has pushed TRON to the top position for transaction processing in October, surpassing other major altcoin networks and highlighting its relevance in the current crypto market. Related Reading: Expert Picks 5 Altcoins To Watch, Declaring Arrival Of The Altseason After Three Years Deciphering TRON’s Transaction Dominance Data shared by maartuun reveals that in October alone, TRON processed approximately 230 million transactions, marking a significant activity surge. On October 24, the network peaked, handling 10.46 million transactions, around 25% higher than its 30-day average. This activity level reflects TRON’s increased usage, aligning with its performance in 2024, when it frequently led in transaction volume. However, between late August and early October, TRON’s transaction dominance slightly waned, with other networks experiencing temporary spikes in activity. TRON’s return to the forefront suggests the asset is reclaiming its crown and maintaining its status as a “highly utilized” blockchain network for altcoin transactions. The CryptoQuant analyst’s observations suggest that TRON’s current dominance in transaction volume is likely to persist. This trend is supported by historical data, showing that TRON has maintained strong transaction levels over extended periods. It is worth noting that the network’s current transaction share indicates a broader shift within the blockchain industry toward networks that offer scalability and low fees, essential factors for sustaining high transaction rates. TRON’s ability to handle many transactions daily sets it apart from many other altcoin platforms, adding to its appeal and supporting its adoption within various blockchain-based applications and projects. TRON Market Performance While TRON’s on-chain fundamentals appear to be doing well, the network’s native token (TRX) market price performance can also be said to have seen positive movements in recent weeks. Particularly following the ubiquitous price increase in the crypto market led by Bitcoin, TRX has followed the overall bullish trend, increasing by 5.6% in the past fortnight and 3.1% in the past week. Related Reading: Crypto Expert Discloses ‘Hidden Altcoin Gem’ With 1,900% Upside However, the asset’s price performance in the past day isn’t all that positive. Over this period, TRX has faced a slight correction, falling from its 24-hour high of $0.1705 to a price of $0.1684 at the time of writing. While TRX’s price has seen an uptick, its daily trading volume seems to be recording an opposite trend. In the past few days, this metric has decreased from over $600 million seen last weekend to below $500 million. Featured image created with DALL-E, Chart from TradingView
Bitcoin on-chain activity is gaining momentum as a CryptoQuant analyst, known as ‘Yonsei Dent,’ recently pointed to a potential golden cross within the active addresses metric. This indicator tracks the number of unique addresses engaging with the Bitcoin network, providing insights into the network’s overall activity, investor involvement, and possible market directions. Related Reading: Stablecoins Signal Strong Bitcoin Demand: Could BTC Renew Its ATH Soon? Golden Cross On Bitcoin Active Addresses According to Dent’s analysis, applying a monthly and annual moving average to this number of active addresses metric could indicate a shift toward bullish momentum. A high number of active addresses generally suggests strong participation, while fewer addresses may indicate reduced interest. Dent noted that when the 30-day moving average of active addresses crosses above the 365-day moving average—a phenomenon known as a “golden cross”—it often correlates with upward price momentum in the Bitcoin market. This alignment between short-term and long-term trends can suggest renewed interest among both retail and institutional investors, which could potentially sustain or even increase Bitcoin’s value. Furthermore, the concept of the golden cross in active addresses is significant in light of previous market cycles, Dent pointed out. According to the CryptoQuant analyst, the last notable shift in Bitcoin’s active addresses occurred post all-time high (ATH) levels, leading to what is called a “dead cross,” where the short-term average fell below the long-term average. This pattern typically signals bearish sentiment or market stagnation. However, the current reversion to a golden cross shows a different scenario. Transaction volumes are almost double what they were during Bitcoin’s 2021 price cycle, a favourable sign of increased market engagement and potential upward momentum. The analyst concluded that a weaker or inconclusive golden cross could lead to a repeat of mid-2021 trends, where price gains faced strong resistance without maintaining upward movement. BTC On Track For $100k Rally? In the past weeks, Bitcoin has seen quite a noticeable rebound in price, reclaiming price levels it once faced resistance in. So far, the asset has recorded double digit gains in the slightly higher time frames suggesting that a positive momentum has begun. Particualry, in the past 30 days, BTC has increased by 13% and nearly 10% in the past 7 days. This increase has brought the asset price to currently trade above $72,000 as of today. This price zone not only equals 2.3% decrease from its ATH registered in March 2024 but also marks a vital level that makes the increase above $100,000 more likely. Related Reading: “Time To Get Ready For Another Bull Run,” Bitcoin Analyst Says— Here’s Why Highlighting this, renowned crypto analyst, Javon Marks noted that with Bitcoin so far holding above $67,559, the rally to $116,652 is in play. #Bitcoin (BTC) has just recently marked its highest 3 Day close EVER, and is currently holding above a vital level at $67,559. Being above this level means the target at $116,652 is, according to technicals, in play, implying room for another +61.2% upside from here! https://t.co/R483X5gC5J pic.twitter.com/rBKjwXdPft — JAVON⚡️MARKS (@JavonTM1) October 30, 2024 Featured image created with DALL-E, Chart from TradingView
Over-the-counter desks hold 416,000 bitcoin ($30 billion), a level that has remained stagnant for the past month.
Despite its recent price rally, search interest for “Bitcoin” on Google is still generating only a fraction of the traffic that “AI” has over the last week.
Toncoin, which is one of the best-performing cryptocurrencies in 2024, has also been affected in recent months by the widespread bearish climate of the market. The price of the altcoin seems to be recovering nicely after suffering an abrupt decline on Friday, October 26. As of this writing, the value of Toncoin stands around $4.92, reflecting an almost 3% upswing in the past day. However, this single-day action has had minimal impact on the token’s performance on the weekly timeframe. According to data from CoinGecko, the TON price is down by nearly 7% in the past week. What Does The Declining Sharpe Ratio Mean? In a recent Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Darkfost explained the relevance of the “Sharpe Ratio” metric to cryptocurrency price. According to the crypto pundit, the Sharpe Ratio for Toncoin has been in decline in recent weeks, signaling a period of decreased risk. Related Reading: Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means The relevant metric here is the Sharpe Ratio, which assesses the risk-adjusted returns of an investment. This indicator basically measures how much profit an investment offers per unit of risk (considering risk is quantified by volatility). Typically, a rising Sharpe Ratio signals a higher risk-adjusted performance. On the other hand, when this metric is in a downward trend, it implies that the coin is in a “lower-risk zone” and profits are becoming less significant. According to Darkfost, it appears that both volatility and risk are decreasing for Toncoin, as its Sharpe Ratio continues to fall. With the altcoin showing reduced sensitivity to price fluctuations, it offers a more favorable risk-return balance and a less risky market for investors. A less volatile market condition may be ideal for Toncoin investors to accumulate tokens with less exposure to abrupt price movements. The Quicktake analyst, however, warned investors to approach the market with caution as the “lower-risk zone” may not be completely safe. Darkfost specifically advised investors to still watch out for Bitcoin’s price movements, as the market tends to respond to swings from the premier cryptocurrency. Toncoin To Overtake Ethereum In This Metric Before 2025 In a separate Quicktake post, an analyst has projected Toncoin to overtake Ethereum in terms of adoption before the end of 2024. According to Maartunn, the number of TON holders, which currently stands at 112 million, is expected to surpass ETH holders by December 20, 2024. This projection is based on Toncoin’s recent growth spurt, which has seen the network gain an average of 500,000 new holders daily over the past month. According to the Quicktake analyst, the number of TON holders could exceed that of Ethereum (currently 137 million) if this trend continues. Related Reading: Would Bitcoin Reclaim $70,000 Soon? Key Data Suggests New Investors Hold the Key However, Maartunn noted that this prediction doesn’t account for the potential of a slowdown in TON’s growth rate and the continuous growth of ETH holders. The analyst acknowledged that while these two factors are only variables, they may still influence the projected dates. Featured image from Unsplash, chart from TradingView
Following its bearish start to October, Bitcoin has since shifted momentum, rising as high as $69,000 in the last two weeks. Despite this significant price rally, Bitcoin retail investors remain hesitant to engage the market. In its weekly crypto report on Friday, blockchain analytics firm CryptoQuant shared an interesting insight into this low retail activity in the Bitcoin market. Related Reading: Bitcoin Price To See 70%+ Powerful Bull Wave To Push It Over $100,000, How High Can It Go? Bitcoin Retail Investors’ Holding Grows At Historically Slow Pace – Report According to CryptoQuant, retail investors’ holdings have grown by 18,000 BTC valued at $1.2 billion over the last four months reaching a total new value of 1.753 million BTC worth $112.7 billion. While this development demonstrates a rising market interest by these small investors, the analytic firm notes the pace of accumulation is significantly slow compared to historical data as retail investors only acquired a net 1,000 BTC valued at $66.31 million, in the last 30 days. Notably, the retail investor accumulation rate has been on a consistent decline since May 2023, when their holdings rose by 27,000 BTC worth $1.79 billion Therefore, CryptoQuant reports that these Bitcoin individual investors have only increased their investments by 30,000 BTC valued at $1.99 billion in 2024, which pales in comparison to the whale investors whose holdings have grown by 173,000 BTC worth $11.50 billion in the same period. During periods of price gain, low retail investor activity as discussed above can be concerning as it represents decreased market liquidity or even a lack of market confidence in the asset’s ability to sustain its current bullish trajectory. Alternatively, this lack of interest from small-scale investors also presents positive indications. For example, CryptoQuant reports that low retail activity includes these small investors holding onto their Bitcoin rather than selling. The analytics firm notes that Bitcoin transfer to exchange in January 2023 has decreased from a daily average of 2,700 BTC to 1,400 BTC in 2024, thus there is reduced selling pressure on the token. In addition, transfer activity among retail investors remains low, with transaction volume dropping to $326 million on September 21, the lowest level recorded since 2020. While reduced transfer activity may indicate limited market volatility, CryptoQuant states that low retail activity has historically preceded significant price gains for Bitcoin. Bitcoin Price Overview At the time of writing, Bitcoin trades at 66,896 following a 1.11% decline in the last day due to reports of an alleged investigation into Tether, the issuer of stablecoin USDT, and conflict in the Middle East. However, Bitcoin’s daily trading volume is up by 34.29% and is valued at $42.10 billion. Related Reading: Bitcoin As National Reserve Asset: Key Insights From Forbes On Central Banks Interest Featured image from Shuttershock, chart from Tradingview
Ethereum (ETH) has experienced a lackluster phase in recent weeks, with the asset seeing small price surges but still struggling to hold near or above the $3,000 mark after a brief rally in August. According to a recent analysis from a CryptoQuant analyst, the behind the scenes of this price struggle for ETH has been quite interesting, with the asset seeing a significant shift in its netflow. This shift in Ethereum’s netflow could have significant implications for ETH, potentially influencing the market’s reaction positively or negatively. Related Reading: Ethereum ‘Verge’ Upgrade To Simplify Running Nodes On Phones And Wearables Dissecting The Ethereum Netflow The CryptoQuant analyst Amr Taha revealed in a recent post on the CryptoQuant QuickTake platform that Ethereum has recently experienced a spike in netflows, with approximately 96,000 ETH moving into derivative exchanges. According to Taha, this influx could indicate that traders are positioning for potential price shifts, as large transfers to derivatives platforms have historically preceded periods of increased volatility or even corrections. Taha’s analysis, backed by previous spikes in May and early July, suggests that Ethereum’s current activity might foreshadow a heightened period of market movement. The analyst wrote: The latest spike in netflow could signal another period of heightened market activity, potentially a price correction or a sharp move based on trader positioning. Market Sentiment Drawn From Bitcoin In addition to Ethereum’s netflows, Taha delved into Bitcoin’s Futures Sentiment Index, observing that this metric shows peaks in sentiment that may serve as indicators of broader market behavior. He pointed out three instances where the sentiment index spiked, marked by red-circled peaks (in the chart above), each time coinciding with a local market top. This trend implies that, following peaks in trader sentiment, Bitcoin’s price typically experiences a decline. The sentiment index, thus, can serve as a “contrarian indicator”—when optimism peaks, price corrections often follow. These sentiment patterns may signal that investors should brace for potential volatility for Ethereum, which is highly correlated with Bitcoin. Related Reading: Ethereum Price Faces Key Hurdles: Can It Break Through? Meanwhile, Ethereum has continued to hover somewhere below $3,000. So far, the asset has registered a correction in the past week, dropping by 3.1%. However, the past day performance is attempting to be more positive. Over this period, Ethereum has seen a slight increase of 0.9%, rising to as high as $2,559 earlier today before now trading for $2,541, at the time of writing. Despite the notable fluctuation the asset has seen in the past week alone, rising to above $2,700 and dropping below $2,500, Ethereum daily trading volume seems to have maintained composure. Data from Coingecko shows that this metric has remained between $15 billion and $19 billion in the past week with no major spike or decline. Featured image created with DALL-E, Chart from TradingView
Spot Bitcoin ETF demand soars to a six-month high, but BTC futures contract volumes “remain somewhat subdued” and could be a reason why the price is constrained.
Bitcoin recent decline has led to a slight pushback in investor confidence and increased anticipation within the crypto community, with many now craving a rally back above $70,000 more than before. Amid this, a new analysis suggests that although the Bitcoin market could be on the brink of a major breakout, it hinges on a major indicator that concerns new investors. Related Reading: Bitcoin’s Network Fundamentals Turn Bullish—Here Are The Details New Investors Hold the Key According to a CryptoQuant analyst, Avocado Onchain, new market investors could drive the next significant upward price movement. The analyst shared these insights on the CryptoQuant QuickTake platform, highlighting key data trends that point to a potential price surge. Avocado Onchain’s analysis focuses on “Unspent Transaction Outputs (UTXOs),” specifically those under six months old. UTXOs represent the amount of cryptocurrency that remains unspent after a transaction, and they can provide valuable insights into market sentiment. According to the analyst, the decline in UTXOs under six months has stopped and is now leveling off. Currently, only 8.6% of Bitcoin investors are at a loss based on the present price of the cryptocurrency. In past market cycles, when the decline in UTXOs halted and showed an increase, Bitcoin’s price often surged, marking the beginning of a new bull run. Bitcoin Historical Patterns And Market Sentiment The CryptoQuanat analyst further highlighted that the data from previous Bitcoin market cycles reveals a pattern in which the percentage of investors holding losses converged toward zero before significant price increases occurred. Avocado points out that in those instances, as the number of investors in loss diminished, new investors entered the market in large numbers, driven by rising optimism. This influx of new participants tends to trigger a sharp price rise as new buyers increase demand for Bitcoin and fuel further upward momentum. For Bitcoin’s price to reach new heights, the analyst suggests that market sentiment must shift more favorably. This positive sentiment is typically fuelled by the entry of new investors who tend to buy in when market conditions are improving. Related Reading: Bitcoin Profitability Index Hits 202%: Is This Enough For A Top? Avocado also highlights that these new investors often show increased interest when Bitcoin nears or breaks through its previous all-time high, leading to an “explosive influx” of new buyers. If Bitcoin’s current market conditions align with historical patterns, the cryptocurrency could be on the verge of a significant breakout. The CryptoQuant analyst further notes that while Bitcoin’s price has recently been in a downtrend, this leveling off of UTXO data is a key sign that could indicate a reversal. The analyst noted: If history repeats itself, the current price of Bitcoin could be seen as being on the verge of an explosive breakout. Featured image created with DALL-E, Chart from TradingView
Bitcoin, the largest cryptocurrency asset, could be set for positive movement once again. Recent developments around Coinbase Premium spark the potential for a short-term rally, suggesting a positive outlook for BTC in the upcoming weeks. Short-Term Rally For Bitcoin On The Horizon The Coinbase Premium, a key indicator that measures BTC’s price differences on the […]
Bitcoin mining difficulty has surged by 378% over three years, signaling the potential for institutional-driven BTC stability by 2030.
Bitcoin has recently seen an uptick in retail investor activity following months of subdued participation, according to a report by CryptoQuant analyst caueconomy. The analyst highlighted this in a post on the CryptoQuant QuickTake platform, disclosing how this return in retail demand could be one of the signs of a bull market. Related Reading: Bitcoin Investors Watch Out: Miners Showing Unusual Exchange Inflow Activity Bitcoin Retail Activity Returns After 4-Month Decline The CryptoQuant analyst noted that on-chain transaction volumes of up to $10,000—a key indicator of retail investment—have increased by approximately 13% in the past 30 days. This marks a shift after four months, during which smaller investors were largely inactive. caueconomy wrote: Note that in the last 4 months we have seen a decrease in the activity of these small investors, while whales maintained a high amount of transactions and absorption of coins. The analyst further explained that the increase in small investor activity is typically more sensitive to market sentiment and news than fundamental factors. Additionally, it provides an early indicator of capital flows into the Bitcoin network. As mentioned by caueconomy, this rise in retail demand, which hasn’t been observed since March, could signal the beginning of a trend toward “lower risk aversion” among non-institutional market participants. Notably, this increase in small investor activity comes at a time when Bitcoin’s price has seen constant increase in the past week, with the cryptocurrency recently attempting to reclaim the $70,000 mark. An Outlook On BTC’s Price—72% Rally Next? While retail demand appears to be returning, Bitcoin faces a minor retracement after its recent attempt to break the $70,000 price mark earlier today. The crypto asset reached a high of $69,431 earlier today but has since fallen by 2.4% in the past 24 hours, bringing the current price down to $66,951. Despite this slight dip, market sentiment among analysts remains optimistic about Bitcoin’s future potential. One notable analyst, Javon Marks, recently took to X to express his bullish outlook for Bitcoin. Marks highlighted a potential 72% price increase that could push Bitcoin to $116,000 or higher. Related Reading: Bitcoin Whales ‘Grew Substantially’ During Last Dip, Data Shows Large-Holder Accumulation According to his analysis, Bitcoin has been working around a key price level of $67,559. Despite the recent pullback, several bullish patterns—such as Hidden Bullish Divergences—suggest that Bitcoin may soon break above this level. If Bitcoin successfully crosses this threshold, it could increase price movement toward $116,652. Back to the basics for #Bitcoin (BTC) again and a >72% move to $116,000+ still looks likely ⚡️! In this setup, we see Bitcoin working on a key level at $67,559, after a monumental, more than 333% climb to reach + break above it before pulling back since March. Now, during this… https://t.co/iocZrLlRGx pic.twitter.com/XCrjd56w3W — JAVON⚡️MARKS (@JavonTM1) October 21, 2024 Featured image created with DALL-E, Chart from TradingView
A crypto analyst highlighted a 65% increase in Ethereum held in accumulation wallets since the start of 2024, arguing that it's no longer just for "tech enthusiasts."
In a bullish trading week, Ethereum (ETH) surged by over 8% as its market price returned above the $2,600 price mark. However, amidst this rally, certain market developments have occurred which raises questions over Ethereum’s future price movements. Related Reading: Ethereum Price Consolidates: Preparing for the Next Move Higher? 50,000 ETH Flow Into Derivative Exchange – Price To Rise Or Fall? In a Quicktake post on CryptoQuant, an analyst with username Amr Taha reported there has been a positive net flow of over 50,000 ETH valued at $132.12 million on derivative exchanges. In this context, net flow measures the difference between the amount of ETH deposited and the amount of ETH withdrawn from derivative exchanges, which are standard trading platforms for products such as options and futures contracts. Therefore, a positive net flow indicates a higher amount of ETH has been deposited than withdrawn on the last day. Analyzing the implications of this development on Ethereum’s price, Amr Taha has postulated two situations. First, the analyst states that a positive net flow to derivative exchanges could indicate a potential rise in selling pressure as traders may be looking to offload their ETH either by opening a short position or selling through a futures contract at a predetermined price. Alternatively, a positive net flow may indicate that traders are depositing ETH to use as collateral for margin or future contracts betting that the price of ETH will rise, thus expressing confidence in the token’s profitability. Essentially, this massive positive ETH net flow holds significant potential to swing Ethereum’s price either way based on traders’ actions. Related Reading: Survey Finds Almost 70% Of Ethereum Institutional Investors Engaged In ETH Staking Ethereum Prepares For Encounter With Crucial Resistance In other news, Ethereum continues to trade at $2,636 reflecting gains of 1.11% and 12.89% in the last one and 30 days respectively. Meanwhile, the token’s daily trading volume is up by 12.89% and is valued at $17.06 billion. However, despite these positive metrics, data from CoinMarketCap shows that market sentiment towards the altcoin is largely bearish as investors perhaps anticipate a price retracement following the ETH’s recent gain in the last week. Interestingly, the Ethereum daily chart shows the token is approaching a key resistance level at $2,700 which has served as a strong rejection zone over the last two months. Albeit, the relative strength Index is still some significant distance away from the overbought zone indicating Ethereum’s price rally may be far from over and may break past this resistance level. In addition, analysts have observed an ascending triangle pattern on the ETH hourly chart indicating strong bullish potential to surge past $2,700 reaching as high as $2,870 in the coming days. Featured image from Bernard Marr, chart from Tradingview
The Bitcoin price and the bull run appear to be back on the right track after recording its best weekly performance in the past month. Despite starting the week quietly and hovering around the $63,000 level, the premier cryptocurrency received fresh bullish momentum mid-week, pushing its value to almost $69,000 on Friday. The latest on-chain observation has revealed that the activity level of the Bitcoin network has been on the rise over the past few weeks. While this development might have contributed to the recent price surge, the question is — how far can it push the value of the flagship cryptocurrency? Golden Cross Could Push Bitcoin Price Past $73,737 In a recent Quicktake post on the CrypoQuant platform, an analyst with the pseudonym Yonsei_dent revealed that Bitcoin price might be forming an upward structure. This bullish prognosis is based on the growth rate of active addresses, which represents the number of unique addresses showing significant activity on the Bitcoin network. Related Reading: Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon? An increase in the number of these active addresses offers insight into the network activity, investor behavior or sentiment, and general market trends. Hence, observing the growth momentum of these unique addresses using moving averages (MAs) of various timelines can be quite useful in assessing current price trends. In their latest analysis, the CryptoQuant analyst utilized a 30-day moving average (30DMA) and a 365-day moving average (365DMA) to capture the growth momentum of the Bitcoin active addresses. As shown in the chart below, the 30-day moving average has witnessed a sharp spike over the past month and appears to be approaching the 365DMA. According to Yonsei_dent, the Bitcoin price could experience a positive shift in bullish momentum if the 30DMA eventually reaches the 365DMA and crosses it to the upside (making a golden cross.) In crypto terms, a golden cross refers to a bullish chart that is characterized by a relatively short-term moving average crossing above a long-term moving average. Typically, a golden cross indicates the potential of a long-term bull market starting or resuming. Ultimately, this indicates that the price of Bitcoin could be readying for a charge towards its all-time high of $73,737. ‘Bitcoin Is Establishing An Upward Structure’ — Here’s How As of this writing, the Bitcoin price is about 7% adrift of its record-high level. According to data from CoinGecko, the premier cryptocurrency is valued at $68,540, reflecting an over 2% increase in the past day. According to Yonsei_dent, the price of Bitcoin has been forming progressively increasing highs and lows since July, suggesting an “upward market structure.” Related Reading: BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here’s What It Means For Bitcoin Price However, It is worth noting that these highs and lows appear to be printing a “rising wedge” pattern, which could be bearish for the Bitcoin price. Featured image created by Dall.E, chart from TradingView
Amid the recent renewed upward price movement in Bitcoin, the demand for the largest cryptocurrency asset among short-term holders has witnessed a notable rise, suggesting strong optimism about BTC’s potential for growth in the near term. Short-Term Holders Demand For Bitcoin Rebounds Axel Adler Jr., a macro researcher and author at leading on-chain firm CryptoQuant, […]