Toncoin price performance has been one of the brightest spots in the cryptocurrency market in a week that has been rather slow for the large-cap assets. While Bitcoin has struggled to achieve its dream of a $100,000 valuation, tokens like Toncoin (TON), Stellar (XLM), and XRP have continued to soar with double-digit returns. Specifically, TON seems to be finally coming to life after a somewhat sluggish start to the month of November. However, the question that would probably be lingering on several investors’ minds is — how long can the Toncoin price sustain this bullish momentum? Is TON Price Going To Continue Upward Trend? In a Quicktake post on CryptoQuant, an analyst with the pseudonym Darkfost shared an exciting analysis for the price of Toncoin over the next few weeks. According to the pundit, on-chain signals are currently bullish for the altcoin’s price. Related Reading: XRP Price Prediction: Analyst Says History Is Repeating Itself, Here’s How The relevant metric here is the “90-day percent return,” which measures the percentage change in the price of an asset over the last 90 days. It typically tracks the performance of the cryptocurrency within that period while providing insight into its short-term trend and momentum. According to data from CryptoQuant, the TON 90-day percent return recently turned positive following the upward movement of the Toncoin price. From a historical standpoint, when this metric flips to positive, the price action that follows is usually with significant momentum. Ultimately, this shift in the 90-day percent return suggests that investors’ confidence is increasing and are more willing to hold their assets. This is usually in anticipation of higher prices, as investors are expecting the bullish trend to continue. According to the Quicktake analyst, another on-chain signal that supports the bullish prognosis is the percentage change in open interest. Data from CryptoQuant shows that the on-chain metric has also flipped to positive, suggesting a continuation of the current bullish trend. Toncoin Price At A Glance As of this writing, the price of Toncoin stands at around $6.526, reflecting no significant change in the past day. The altcoin is still up by almost 18% on the weekly timeframe, according to CoinGecko data. This recent bullish run pushed the price of TON back above $6.5 for the first time since late August. Following the token’s fall to around $4.5 in September, the price has been moving mostly sideways before climbing the latest high this month. Related Reading: Dogecoin TD Sell Signal Goes Off, But Here’s Why Parabolic Bull Run Can Still Continue Featured image from iStock, chart from TradingView
The call of the Bitcoin price reaching $100,000 cooled off this past week, especially after the premier cryptocurrency slipped beneath $93,000 during the last seven-day span. Fortunately, BTC has somewhat recovered from the slump, climbing as high as $98,500 on Friday, November 29. Following the recent Bitcoin price decline, investors have been left wondering if […]
Ethereum is finally seeing a notable rebound in its price as the second-largest cryptocurrency by market capitalization, which continues to break through significant resistance levels. Following its upward trajectory, seeing a nearly 10% increase in the past week, discussions about Ethereum potentially reaching a new all-time high by the year’s end have gained momentum. Notably, aligning with the ongoing ETH rally is renewed interest in Ethereum futures, with market metrics pointing to a bullish sentiment among traders. Related Reading: Ethereum Price Powers Ahead with a 10% Surge: More to Come? More Room For Growth? A CryptoQuant analyst known as ShayanBTC recently shared insights into the ongoing rally in Ethereum, emphasizing the role of funding rates—a crucial metric in futures trading. Funding rates reflect the sentiment of traders and indicate whether the market is predominantly bullish or bearish. According to Shayan, Ethereum’s funding rates have seen a noticeable uptick in recent weeks, suggesting that demand for long positions is growing. Despite this bullish sentiment, the analyst mentioned that funding rates remain below the peak of Ethereum’s previous all-time high of $4,900, signaling that “it has not yet entered an overheated state.” Meanwhile, while indicative of bullish sentiment, funding rates also act as a warning sign for potential market corrections. Historically, sharp increases in funding rates have been followed by sudden market corrections or liquidation cascades. However, Shayan notes that Ethereum’s current funding rates are still manageable, implying that the market has more room to grow before such risks become critical. Ethereum Market Performance And Outlook Ethereum is currently experiencing an upward trajectory, posting notable double-digit gains of roughly 15.6% over the past two weeks. This bullish performance has propelled ETH to break through the critical $3,500 resistance level, setting its sights on the next major resistance at the $4,000 mark. Currently, Ethereum is trading at $3,563, reflecting a 1.3% increase in the last 24 hours. However, this price represents a slight pullback from its 24-hour high of $3,682 recorded earlier today. Additionally, Ethereum’s current price is just 26.78% below its all-time high of $4,878, highlighting its gradual recovery within the market. Related Reading: ETH/BTC’s 8-Year Cycle Chart Shows How High Ethereum Price Can Go This Cycle Regardless of the bullish sentiment, Coinglass data shows that in the past 24 hours alone, 98,389 traders have been liquidated, with the total liquidations coming in at $278.03 million. Out of this total amount of liquidations, Ethereum accounts for roughly $63.33 million, with $40 million of this liquidation coming from short positions and $23.3 million from long positions. Amid the current price performance from Ethereum, the renowned crypto analyst known as Ali on X has reiterated his target for ETH. Ali said the mid-term target remains $6,000 and long-term target $10,000. Our mid-term target for #Ethereum $ETH remains $6,000… Long-term target: $10,000! https://t.co/X4lodGGIVY pic.twitter.com/siQsJzelzE — Ali (@ali_charts) November 27, 2024 Featured image created with DALL-E, Chart from TradingView
While more than 90% of Ether holders are in profit, data shows traders remain cautious about the asset hitting $4,000 anytime soon.
Before its recent price correction, Bitcoin came close to hitting the six-digit milestone, achieving an all-time high of $99,645—a near 170% year-to-date increase. This notable price performance, followed by the recent price dip, has sparked discussions about the state of the market, particularly the profit-taking behaviour observed among investors. An analysis by a CryptoQuant analyst known as Darkfost sheds light on these dynamics, focusing on realized profits and investor behaviour linked to Binance, one of the largest cryptocurrency exchanges globally. Related Reading: Bitcoin’s Price Dip Triggers Alert On NVT Golden Cross—Here’s What To Watch For Are Investors Actively Taking Profits Now? According to Darkfost, tracking the profits realized by investors transferring Bitcoin to Binance can provide “valuable insights into the broader market sentiment and behaviour, especially considering Binance consistently handles higher volumes than any other exchange.” He notes that following Bitcoin’s breakthrough to a new high, there has been a noticeable increase in realized profits among the Binance cohort. This trend reflects a significant level of investor engagement, where users are capitalizing on the price surge to secure gains. However, Darkfost emphasizes that the scale and pace of profit-taking—whether aggressive or steady—could help determine the trajectory the market is headed to next. The analyst highlights that profit-taking activity on Binance has recently subsided after an initial surge. This pause in selling behaviour may suggest growing confidence among investors in Bitcoin’s potential for further gains. However, Darkfost stresses the importance of monitoring these metrics, particularly the realized profits exceeding $10 million. Significant profit-taking could indicate a cooling-off period or even a reversal in an upward trend, while a steady approach may reinforce the strength of the ongoing rally. Bitcoin Sees Rebound After recording a notable correction following its latest achieved all-time high, Bitcoin is finally now seeing a noticeable rebound in its price. Over the past few days, since the week started, Bitcoin has experienced consistent dip which dropped its price to as low as $90,000 levels yesterday for the first time in recent weeks. Related Reading: The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why However, so far, the asset is now gradually regaining its recently shedded gains. At the time of writing, Bitcoin has surged by 2.3% in the past 24 hours with a current trading price of $94,656 which bring BTC’s price to a mere 5.1% decrease away from its all-time high. Along with its price, BTC’s market cap valuation has also seen a surge. Over the past day alone nearly $80 billion has been added to the crypto’s market cap which rose from $1.8 trillion on November 26 to $74 trillion as of today. Featured image created with DALL-E, Chart from TradingView
Despite recent price corrections, Bitcoin's valuation metrics still indicate a bull cycle ahead.
Investors rotate into altcoins along a risk curve, starting with large-cap assets and eventually migrating into riskier low-cap coins.
The likelihood of Bitcoin surpassing $100,000 has risen to 45%, despite its recent pullback, according to recent onchain data.
Bitcoin price momentum has grabbed significant attention as it gradually sheds some of its gains acquired in the past weeks. So far, Bitcoin has plunged 7.6% from its all-time high (ATH) of $99,645 seen last week. Particularly, at the time of writing, the asset trades for $92,476. Marking roughly 4.6% drop in the past day alone. Related Reading: Bitcoin Rally Pauses Before $100K—Here’s What Could Happen Next What To Expect From This Current Bitcoin Decline Amid the ongoing correction in Bitcoin’s price, a recent analysis from CryptoQuant’s BaroVirtual has highlighted the steady decline in Bitcoin reserves across major crypto exchanges. According to the analyst, this pattern indicates a market amid a “bull run.” The analyst drew parallels with the March to November 2020 period, noting that exchange reserves saw a similar decline back then, followed by substantial inflows in December 2020 that fuelled upward buying pressure. The conclusion? The current dip in exchange reserves suggests that participants who missed earlier accumulation opportunities may now be entering the market before the next price surge. BaroVirtual noted: Some market participants who have not properly accumulated Bitcoin earlier are likely doing so now, realizing that this is likely the last downward correction before another upward price surge. Retail Traders Yet to Join The Market Meanwhile, although institutional investors and high-net-worth individuals seem to dominate the current market, retail traders appear to be lagging. Another CryptoQuant analyst known as Woominkyu has shed light on this trend, noting that the Korea Premium Index—a key metric for retail involvement—remains below -0.5. This figure highlights limited activity from retail participants in the ongoing rally. According to Woominkyu, the Korea Premium Index has historically shown spikes to extreme levels preceding Bitcoin’s price peaks. He emphasized that monitoring this index could provide vital insights into identifying potential market tops. It is worth noting that the absence of retail traders in the recent crypto rally is quite noteworthy, as their eventual participation could lead to heightened buying pressure and potentially drive Bitcoin’s price higher. At the time of writing, the crypto market is facing a bloodbath, with the global crypto market cap valuation sipping by nearly 6% in the past day to a current valuation of $3.34 trillion. Related Reading: Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible According to data from CoinGlass, in the past 24 hours, 206,491 traders have been liquidated, with the total liquidation of the crypto market is roughly $624.99 million. Featured image created with DALL-E, Chart from TradingView
Bitcoin recently came close to breaking the $100,000 price mark last week, reaching a high of $99,645 before encountering resistance. According to CryptoQuant analyst Percival, the psychological barrier of round numbers like $100,000 often serves as a point where traders exit positions for “relative safety.” Since climbing from $73,000 to $99,800, Percival highlighted that Bitcoin has recorded a roughly 57% gain, ranking it among the ‘top six exit rallies from consolidation zones.’ Despite this, the CryptoQuant analyst suggests that Bitcoin may enter a consolidation phase. Related Reading: Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation? BTC Faces Resistance Below $100K: What Lies Ahead? Percival emphasized the significance of the Choppiness Index, a metric that gauges market momentum. According to him, the index indicates that Bitcoin’s rally is losing strength weekly. This suggests the cryptocurrency could consolidate for several weeks before another rally begins. Analyzing previous market cycles, particularly in 2020, Percival noted that Bitcoin’s first post-consolidation correction lasted approximately three weeks, with an 18% price drop. If history repeats, the next rally may occur in the latter half of December. The analyst also pointed to Long-Term Holder (LTH) behavior as a critical factor in understanding Bitcoin’s current market dynamics. LTHs are currently seeing 350% in profit and are in a supply distribution phase, with approximately 575,000 Bitcoins (worth around $58 billion) re-entering the market. Despite this, demand has remained strong, driven by inflows into Bitcoin exchange-traded funds (ETFs) and purchases from institutional players like MicroStrategy. Using the STH Realized Profit and Loss metric, Percival further explored Short-Term Holder (STH) activity. He noted that short-term holders account for 30.2% of the profits recorded during this phase. Additionally, Bitcoin’s Market Value to Realized Value (MVRV) ratio has exceeded 1.33σ, signaling that the average token is approaching the 1.4σ zone, corresponding to 40% unrealized profits. Historically, this zone aligns with the first correction following a significant rally, as observed in late 2020. What to Expect Next for Bitcoin Looking ahead, Bitcoin’s trajectory may depend on several factors, including the pace of its consolidation phase and the behavior of institutional and retail investors. If the current consolidation period mirrors the patterns of previous cycles, Bitcoin could stabilize before attempting another push beyond $100,000. However, short-term corrections may still occur with LTHs continuing to take profits and STHs remaining active. Related Reading: Bitcoin Attempt To Dip Below $96K ‘Led To Nothing’ – Analyst Expects $100K Soon The cryptocurrency market also sees strong demand from institutional players, as evidenced by significant ETF inflows. This suggests that, despite short-term volatility, Bitcoin’s long-term outlook remains promising. When writing, BTC trades for $96,353, up slightly by 0.3% in the past day, with a current market capitalization of $1.9 trillion. Featured image created with DALL-E, Chart From TradingView
Interest in Ethereum, the second-largest cryptocurrency asset, is gaining momentum once again among retail and institutional investors, as evidenced by a robust increase in its net staking inflows in the past week in tandem with recent improvements in the price of ETH. Consistent Growth In Ethereum’s Staking Net Inflows In a positive development, Ethereum’s staking has […]
The ongoing Bitcoin bull market has sparked renewed interest in on-chain metrics to fully understand the bullish trend behind the scenes. Earlier today, Avocado Onchain, a CryptoQuant analyst, shared his perspective on Bitcoin’s market performance, focusing on the widely-used Market Value to Realized Value (MVRV) ratio. This indicator is often used to assess Bitcoin’s valuation about its realized cap, which represents the aggregated value of all Bitcoin based on its last movement price. Related Reading: Bitcoin Hits S2F Threshold: Should You Hold Tight Or Take Profits? What Bitcoin MVRV Metric Currently Signals According to Avocado Onchain, the MVRV ratio provides key insights into market cycles. Historically, when the MVRV ratio dips below 1, it signals a market bottom, while values above 3.7 have coincided with potential market tops. As Bitcoin approaches new all-time highs, the MVRV ratio’s behavior suggests a shift in market sentiment from skepticism to optimism. This raises critical questions about how investors should interpret these metrics during a bull cycle. The MVRV ratio, calculated by dividing Bitcoin’s market cap by its realized cap, offers insights into whether the asset is undervalued or overvalued relative to its historical averages. Avocado Onchain emphasized that the ratio might not necessarily reach 3.7 in this cycle, as seen in prior bull markets, but could still signal overvaluation at lower levels. He noted that the ratio’s peaks and troughs have shown a narrowing trend, with higher lows and lower highs. MVRV Historical Patterns Drawing from historical patterns, the CryptoQuant analyst noted: In past cycles, detailed analysis of historical charts shows that in 2017, the MVRV ratio first reached 3.7, but Bitcoin’s price didn’t peak until six months later. Similarly, in 2021, the peak followed about three months after the ratio hit 3.7. Avocado Onchain suggested that while the MVRV ratio signals “overvaluation,” it does not guarantee an imminent price peak. Instead, the ratio often lingers around the overvaluation range, reflecting ongoing bullish sentiment with price fluctuations. Related Reading: Bitcoin Officially In Overheated MVRV Zone, Rally End Near? To mitigate risks, Avocado Onchain advises against relying solely on the MVRV ratio for investment decisions. He advocates for a gradual selling strategy as the ratio rises, allowing investors to balance potential gains with reduced exposure to market corrections. The analyst particularly concluded, stating: Asset prices often enter phases of extreme overvaluation that cannot be fully explained by numerical data alone. During a bull market, it’s essential to use not only on-chain metrics but also factors like investor sentiment, macroeconomic trends, and government policies to develop a well-rounded. Featured image created with DALL-E, Chart from TradingView
Bitcoin has so far continued to level up in terms of price performance, hitting new highs consistently for the past week. As a result of this, investors seem to be curious about whether it’s time to secure profits or stay bullish for the next leg of the cycle. A recent analysis by a CryptoQuant analyst, known as Darkfost, sheds light on this and the current market sentiment, offering insights into potential strategies for navigating the current phase of Bitcoin’s cycle. Related Reading: Analyst Reveals Bitcoin’s Hidden Price Zones: Key Levels Investors Need To Watch Time to Secure Profits? Darkfost’s observations center around the S2F reversion metric, a tool used to gauge market conditions and identify strategic moments for buying or selling Bitcoin. According to the analyst, this metric has reached 2.5, a historical indicator that signals the market is “heating up.” While this doesn’t suggest Bitcoin has reached its cycle peak, it indicates that the asset is entering a phase where profit-taking could be a wise strategy. Darkfost wrote: Currently, the S2F reversion has reached the 2.5 level, which historically suggests that starting to take some profits may be prudent. This doesn’t indicate we’ve reached the cycle’s top, but it means that the market is beginning to heat up but stay bull. Notably, the S2F (Stock-to-Flow) reversion metric is derived from Bitcoin’s stock-to-flow model, which compares the asset’s existing supply with its annual production rate. This model has historically provided insights into Bitcoin’s valuation and potential price movements. The S2F reversion specifically measures deviations from this model, with higher levels typically indicating overbought conditions in the market. While the S2F metric for Bitcoin has now reached 2.5 level, Darkfost has pointed out when to take profit, noting: The next target for further profit-taking would likely be when the S2F reversion metric reaches the 3.0 level. Bitcoin Market Performance Bitcoin remains in a bullish trend. Earlier today, the asset reached a new all-time high (ATH) of $98,310 bringing its year-to-date price performance to over 160%. Related Reading: Crypto Analyst Warns of Potential Bitcoin Market Shift as Exchange Reserves Decline However, at the time of writing, BTC has faced a little price correction from its peak as it trades for $97,236, down by 1.2% from its ATH but still up by 3.1% in the past day. Analysts say the asset is primed for a further rally to the six-figure price mark. Ali, one of the prominent crypto analysts in the space, for instance has recently highlighted that with Bitcoin breaking out of a bullish flag on the lower time frames, the asset could reach $100,000 as soon as today. #Bitcoin $BTC could reach $100,000 today as it appears to be breaking out of a bull flag on the lower timeframes. pic.twitter.com/UKKcXilHO4 — Ali (@ali_charts) November 21, 2024 Featured image created with DALL-E, Chart from TradingView
The Ethereum (ETH) market may now be heading for a significant shift in momentum as its derivatives market continues to exhibit unprecedented growth. Particularly, while Bitcoin’s price action remains a dominant force in the market, Ethereum’s derivatives activity suggests that it could be gearing up for notable upward momentum. Related Reading: Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise New Highs In ETH Open Interest And Leverage Ratios According to a recent analysis by CryptoQuant’s EgyHash, the open interest in Ethereum has surpassed its previous all-time high, marking a 40% increase in just four months and exceeding the $13 billion threshold. The surge in open interest, which represents the total number of outstanding derivative contracts, reflects a growing engagement among traders and institutions in Ethereum’s market. Alongside this, EgyHash also mentioned that funding rates have turned moderately positive, signalling that long-position traders are currently dominant. This aligns with a sentiment favouring further price increases for ETH in the short term. The rise in open interest is not the only indicator of Ethereum’s increasing activity in derivatives markets. The CryptoQuant analyst pointed to Ethereum’s estimated leverage ratio. EgyHash disclosed that this metric which is calculated as the ratio of open interest to the exchange’s coin reserves, has also reached a new all-time high of +0.40. Commenting on what these rising metrics means for market participants, the CryptoQuant analyst wrote: While these trends underscore positive market sentiment toward ETH, it would be prudent to remain mindful of potential risks. The elevated leverage and dominance of long positions could increase the likelihood of a long squeeze if sudden price volatility occurs, potentially leading to market corrections. Ethereum Market Performance Regardless of the positive key metrics, Ethereum has continued to be one of the underperforming crypto in the market especially when compared to Bitcoin. Particularly, while Bitcoin has consistently being breaching major resistance to hit new highs, ETH still remains 36.2% decrease away from its all-time high of $4,878 registered in 2021. However, as of today, the asset seems to be gearing up for an uptrend. At the time of writing, Ethereum has surged by 0.9% in the past day with a current trading price of $3,112. Renowned analyst known as Ali on X has recently shared his outlook on the asset noting that Ethereum could outperform Bitcoin soon. The analyst backed this statement citing several key metrics and trends. Related Reading: Ethereum Price Faces Challenges: Will It Find Traction Soon? According to Ali, the altseason indicator is flashing buying opportunity and ETH’s MVRV momentum nears a key moving average suggesting significant upside potential. The analyst also mentioned the spot exchange-traded flows (ETF) Inflows and increasing whale Activity. Ali then suggested that Ethereum could test $4,000 and $6,000 levels based on an ascending parallel channel. He also highlighted a bullish theory on ETH’s potential to hit $10,000. But there is another bullish theory!#Ethereum could be mirroring the price action of the S&P500, which puts a $10,000 target on $ETH.https://t.co/ifn1zGnn9x — Ali (@ali_charts) November 19, 2024 Featured image created with DALL-E, Chart from TradingView
Ethereum has experienced a noticeable surge in its price recently, trading above the psychological $3,000 price mark, which has reignited interest in the crypto market. According to on-chain analysis, retail investors appear to be adopting a “hold” strategy, resisting the urge to sell despite the increase in ETH’s value. Market analysts view This holding behavior as significant, especially considering the broader market sentiment influenced by the so-called “Trump Trade,” which has contributed to easing risks and enhancing market conditions. Related Reading: Ethereum Price Readies for a Fresh Climb: Will Momentum Build? Limited Ethereum Deposits To Exchanges According to the onatt, the CryptoQuant analyst behind the analysis, this trend of holding ETH without significant profit-taking suggests that many investors still perceive the cryptocurrency as “undervalued,” even at its elevated levels. Another factor onatt mentioned supporting this observation is the limited inflow of ETH to major exchange deposit addresses such as Binance and OKX, indicating that traders are not moving their assets to sell. Generally, large volumes of ETH flow into exchanges typically signal impending selling pressure. However, this has not been the case, reflecting a cautious but optimistic outlook among retail market participants. Key Metric Highlighting Investor Sentiment Another major metric the CryptoQuant analyst highlighted reinforcing this “hold” sentiment is the Spent Output Profit Ratio (SOPR), which tracks the profitability of spent coins. onatt reveals that this metric remains close to 1, indicating that most Ethereum transactions are happening near breakeven levels. This data indicates a lack of significant profit realization among ETH holders, highlighting a strong “buy and hold” sentiment. According to the analyst, when paired with low exchange inflows, this metric also suggests that investors are maintaining confidence in Ethereum’s long-term growth potential. Furthermore, onatt’s analysis suggests that as long as ETH maintains levels above $2,800, it could pave the way for a swift move toward the $4,000 range. So far, Ethereum is currently still trading above just above $3,000. While the asset’s price increase is nowhere near that of BTC, it has managed to maintain stability above the crucial psychological price level. Related Reading: Ethereum Price Confronts Barriers to a New Surge—Can Bulls Prevail? At the time of writing, ETH has surged by 0.2% in the past day with a current trading price of $3,100—a price mark that brings Ethereum a 36.4% decrease away from its all-time high (ATH) of $4,878 registered in 2021. Analysts have suggested that the current market price of ETH is a notable buying opportunity for the asset. A crypto enthusiast known as venturefounder has particualry predicted a “conservative” $10k-$13k price target for ETH. $ETH: road to $13k This could be a transformative cycle for #Ethereum. $10k-$13k is conservative. pic.twitter.com/q3Er9EG9gS — venturefounder (@venturefounder) November 19, 2024 Featured image created with DALL-E, Chart from TradingView
Bitcoin price movements often correlate with large-scale investors’ actions, commonly called “whales.” These individuals or entities hold between 1,000 and 10,000 BTC, and their trading behavior is a critical indicator of market trends. With that being said, recent data indicates that these whales have been increasing their Bitcoin holdings, which has fuelled momentum in the Bitcoin market thereby capturing the interest of more investors. Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why BTC Whales Continue Accumulation: Implications and Risks A CryptoQuant analyst known as Datascope recently highlighted the trend of increasing BTC whale accumulation, noting that a positive 30-day percentage change supports the accumulation of Bitcoin by whales. This trend according to the analyst, represents a shift that can significantly impact Bitcoin’s price trajectory. When these major players accumulate, it often signals more liquidity in the market and a likely impending price surge. Datascope discloses that the correlation between whale balances and Bitcoin’s price “highlights the growing dominance of these investors in the market.” The CryptoQuant analyst added: Whale Accumulation and Its Impact on Price Whales accumulating Bitcoin is seen as a significant signal of an upward price trend. It indicates a period of market confidence and sufficient liquidity. Additionally, the 30-day Simple Moving Average (SMA30) helps analyze the long-term tendencies of whale behavior. A positive slope in the moving average suggests potential for upward price momentum. However, datascope mentioned that there are potential caveats to this accumulation trend. He noted that the accumulation phase can lead to upward momentum, but it inherently carries the risk of a sharp reversal when these large holders decide to sell their assets. Selling pressure from whales, especially if executed suddenly, could lead to rapid price declines, reversing gains during accumulation. The analyst concluded by noting: Thus, monitoring whale accumulation and selling cycles is critical. Understanding the current market phase and timing exits correctly are key success factors for investors. Bitcoin Market Performance While the accumulation of BTC from whales continues, the asset appears to be gearing up for another rally. It is worth noting that prior to today’s price performance, Bitcoin has remained just above $90,000 following its sharp decrease away from its all-time high (ATH) of $93,477 registered last week. Related Reading: Bitcoin Exchange Reserves Hit 5-Year Low—What Does This Signal? However, today, the asset is beginning to see a return of upward momentum. Particularly, at the time of writing, Bitcoin has increased by 1.9% to a current trading price of $91,635, bringing it to a 1.7% decrease away from its ATH. Featured image created with DALL-E, Chart from TradingView
Last week, Bitcoin saw consistent upward momentum, leading to the asset breaching multiple resistances to achieve a peak of $93,477 finally. However, ever since, BTC has seen a price decrease and appears to maintain stability above $90,000 while showing signs of controlled market sentiment. Amid this price performance, a CryptoQuant analyst known as G a a h recently shared his perspective on Bitcoin’s current market behavior, focusing on an important metric such as the Short-Term Holders Spent Output Profit Ratio (STH SOPR) to reveal whether the asset still has more room for growth. Related Reading: Bitcoin Exchange Reserves Hit 5-Year Low—What Does This Signal? What The STH SOPR Metric Suggest For Bitcoin The Short-Term Holders Spent Output Profit Ratio metric, which tracks the profitability of Bitcoin held by short-term holders, has revealed a trend of moderate optimism in the market, according to G a a h. The analyst elaborated that unlike past cycles marked by euphoric price spikes, the STH SOPR remains within a “middle region,” far from indicating extreme greed. This suggests that while some investors are taking profits, the current market environment remains stable, with room for further upward movement. The relationship between the SOPR indicator and Bitcoin’s 30-day moving average further emphasizes this point. According to the CryptoQuant analyst, short-term holders take measured profits without overwhelming the market with sell pressure, signaling “healthy growth.” Historical data shows that when the SOPR enters the extreme greed range, Bitcoin often encounters significant market resistance, leading to corrections. Conversely, accumulation tends to occur when the indicator reflects extreme fear, often marking key price bottoms. The analyst’s observations suggest that Bitcoin remains in a transitional growth phase, with investors carefully adjusting their positions as the price trends upward. G a a h wrote: At the moment, the behavior of the SOPR suggests a phase of healthy growth, with moderate optimism. This intermediate position may reflect a market in transition, where investors continue to adjust their positions as the Bitcoin price advances. Key Indicators to Watch in Bitcoin’s Market Behaviour While the SOPR currently suggests a balanced market, as reported by the analyst, he also advised investors to monitor the movements of the indicator closely in the coming weeks. The analyst noted: If it quickly approaches the extreme greed range, it could be a sign of more aggressive profit-taking and a possible trend reversal. G a a h also added that this phase of moderate optimism, if sustained, could create opportunities for continued upside potential, but risk management remains a crucial aspect of navigating this market environment. Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally The CryptoQuant analyst concluded: While the SOPR indicates that the top has not yet been reached, the balance between optimism and caution is key to maximizing gains and protecting capital from high price volatility. Featured image created with DALL-E, Chart from TradingView
The Bitcoin price continued its red-hot form over the past week, printing successive all-time highs in less than five days. While Donald Trump’s success at the United States elections might have kickstarted the recent rally, the growth of the premier cryptocurrency — and the general crypto market — seems to have developed a life of its own. Interestingly, the market has been left wondering where the next market top is, with some pundits and commentators believing that the BTC price rally has come to an end. However, a prominent on-chain analytics firm has come forward to say that the Bitcoin price still has room for some upside movement. Four Reasons Why $100,000 Is Possible For Bitcoin Price: CryptoQuant In its latest weekly report, CryptoQuant revealed that Bitcoin, the world’s largest cryptocurrency by market capitalization, is yet to be overvalued despite its recent positive momentum. According to the blockchain platform, the market leader could soon reach the highly-coveted price level of $100,000. Related Reading: Dogecoin Explodes 112% – Is $1 The New Target After This Historic Rally? The rationale behind this projection is based on valuable metrics, such as the MVRV (market value to realized value) ratio. As the name suggests, this indicator measures the ratio between the market value and the realized value of a cryptocurrency. As such, the MVRV helps to assess the tops and bottoms of the Bitcoin market. CryptoQuant noted that Bitcoin is not yet overvalued at the current price levels, as the MVRV metric is still outside the overvalued region. This ultimately means that the bullish price action is not overheated, and the Bitcoin price could still make a play for higher prices. What’s more, the Trader On-chain Realized max band is pointing to $100,000 as the next target for the Bitcoin price. According to CryptoQuant, the last time the max band reached its current level was in March 2024 when the premier cryptocurrency surpassed the $70,000 level for the first time. Another on-chain observation that supports the continuous Bitcoin price rally is the demand growth. CryptoQuant highlighted that investor demand in the United States has returned since the presidential election, with Coinbase Premium remaining positive in the past few days. Finally, crypto market liquidity has continued to increase over the past few weeks, as stablecoins make their onto exchanges. For context, more than $3.2 billion in USDT has flowed into exchanges since the US election, signaling the potential of a sustained Bitcoin price rally. Tread With Caution However, CryptoQuant sounded a warning in its report, saying that some selling action could follow the recent price rally. While some Bitcoin miners have started offloading their assets for profit, the blockchain firm also noted that the Bitcoin selling seen so far is still insignificant but could rise quickly soon. Related Reading: How Low Can Dogecoin Go Before Rallying Again? Expert Forecast As of this writing, the Bitcoin price stands around $91,270, reflecting a 4% increase in the past 24 hours. According to CoinGecko, the flagship cryptocurrency is up by more than 19% in the past week. Featured image from iStock, chart from TradingView
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.