Despite The Bitcoin Price Dip, This Week Was Incredibly Bullish

2021-2-28 20:00

I know that this advice is easier said than done, but don’t get distracted by the price of bitcoin. 

We closed last Friday at $56,000 and saw the price reach and all-time high over the weekend, yet the market decided to pull back. This is a feature, not a bug. Remember that bitcoin is a mature asset and the market is in price discovery mode 24/7. 

If you look beyond the charts and read the headlines from this week, you would think a dramatic price rise would be taking place. 

Tuesday, February 23

In a deceptively lackluster announcement, Cash App parent company Square announced a purchase of $170 million worth of BTC that now puts 5 percent of its reserves in bitcoin. If it wasn’t for the insanely bullish headlines from Tesla and MicroStrategy in the past weeks, this announcement might have made bigger waves. Musk set the bar and this move from Square left many Bitcoiners wondering, “What is this, a treasury reserve allocation for ants?”

Wednesday, February 24

In their never-ending quest to buy all the sats, MicroStrategy announced it’s purchase of $1.026 billion of bitcoin. This headline made waves through Bitcoin Twitter and MicroStrategy CEO Michael Saylor made appearances on mainstream media justifying the move and making the case for bitcoin as a necessary treasury reserve asset. Every time he made an appearance, he furthered the Bitcoin meme and no doubt left viewers questioning their worldview. 

Thursday, February 25

Coinbase announced it’s S-1 filing to go public on NASDAQ. This announcement did not signal any big purchases of bitcoin, but shared some very interesting insights into Coinbase’s users and its current BTC holdings. 

We learned that the exchange has more than 43 million KYC-compliant users and holds approximately $130 million in BTC. We’ve long speculated about how many HODLers are out there, and now that we know Coinbase has 43 million users, we have a line in the sand. The big head scratcher is how a company that was founded in 2012 only has $130 million in BTC to it’s name.

But I believe that the key piece of information here is that this was an incredibly bullish week, despite price dips that might suggest otherwise. These are all massive headlines that further support the idea that the herd is coming, and this time it’s being led by institutions. 

The question you should be asking yourself is: What’s my personal treasury reserve strategy?

The post Despite The Bitcoin Price Dip, This Week Was Incredibly Bullish appeared first on Bitcoin Magazine.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 69952.36 (+1.04%)
Îáúåì 24H $29.884b
Èçìåíåèÿ 24h: 4.33 %, 7d: 9.89 %
Cåãîäíÿ L: $66031.14 - H: $69952.36
Êàïèòàëèçàöèÿ $1363.804b Rank 1
Öåíà â ÷àñ íîâîñòè $ 46592.88 (50.14%)

bitcoin incredibly despite week bullish price dip

Èñòî÷íèê: bitcoinmagazine.com

bitcoin incredibly → Ðåçóëüòàòîâ: 126


Ôîòî:

A Storm is Brewing: Bitcoin to See Massive Volatility Due to These Factors

Bitcoin has seen some mixed price action as of late that has made it incredibly confusing as to where it will trend in the mid-term The crypto is seeing some signs of strength today, with its price rebounding off of its recent lows as bulls look to target its $33,000 resistance The bear case for BTC has grown stronger throughout the past few days, but it remains unclear as to whether or not this low […]

2021-1-29 21:00


Ôîòî:

Bitcoin Enters Consolidation Phase as Analysts Set Their Sights on This Major Crypto

Bitcoin has seen some mixed price action as of late, with bulls and bears largely reaching an impasse as the crypto consolidates Following its recent plunge to below $29,000, the crypto has been seeing some sideways trading that has made it incredibly unclear as to where it will trend next One analyst noted that Bitcoin is showing few signs of clear strength or weakness, which likely means that it is bound to see some sideways […]

2021-1-24 23:00


Ôîòî:

Bitcoin Sets New All-Time High on Heels of OTC Buying Frenzy

Bitcoin and the aggregated cryptocurrency market are caught within another leg higher, with bulls staying in full control of the market This uptrend comes shortly after an intense selloff seen yesterday evening, which came as a result of incredibly high funding rates on margin trading platforms The move lower reset these funding rates and cleared out “late longs” – which laid the groundwork for a move higher One analyst explained in a recent tweet that […]

2021-1-9 22:35


Ôîòî:

Ìýð Ìàéàìè íàçâàë áèòêîèí ñòàáèëüíîé èíâåñòèöèåé â 2020 ãîäó

Ìýð Ìàéàìè Ôðýíñèñ Ñóàðåñ ïðèâëåê âíèìàíèå ñîîáùåñòâà ñâîåé ïîçèöèåé ïî îòíîøåíèþ ê ïåðâîé êðèïòîâàëþòå. Îí íàçâàë áèòêîèí ñòàáèëüíîé èíâåñòèöèåé â òåêóùåì «íåñòàáèëüíîì ãîäó». Great insight into how @Bitcoin has been a stable investment during and incredibly unstable year.

2020-12-27 12:25


Bitcoin Continues Struggling to Set Fresh All-Time Highs: What Analysts are Saying

Bitcoin has been struggling to break above the mid-to-upper $19,000 region throughout the past few days and weeks, with the selling pressure here being significant Until bulls can shatter the resistance region that begins at $19,400, it may continue seeing a prolonged consolidation phase The cryptocurrency’s latest weekly close, however, was incredibly bullish and happened to mark the highest one ever posted by the crypto on many exchanges This could boost its mid-term outlook, but […]

2020-12-8 02:00


Ôîòî:

Bitcoin’s Low-Time Frame Chart is “Getting Interesting” — Here’s Why

Bitcoin has been holding strong above $19,000, which is a positive sign for its short-term outlook The strength seen by the cryptocurrency as of late comes despite it seeing multiple strong rejections at its all-time highs The selling pressure laced throughout the mid-to-upper $19,000 region has been too much for bulls to handle However, buyers have been able to set a series of higher-lows following each rejection here, which is an incredibly bullish sign One […]

2020-12-7 21:00


Bitcoin Faces Harsh Rejection as Analysts Eye Potential Consolidation Phase

Bitcoin faced an incredibly harsh rejection earlier this morning that caused its price to plummet This came about directly following another test of the cryptocurrency’s all-time high, which was broken and tested on multiple occasions over the past day The resistance here is still significant and should not be overlooked Whether or not this level can be flipped into support anytime soon will offer serious insights into the entire market’s near-term outlook One trader is […]

2020-12-2 21:00


Bitcoin Pushes Towards Highs as Spot Market Gains Full Control

Bitcoin has seen some incredibly strong price action throughout the past few days and weeks, with the selling pressure seen at its key resistance levels not slowing it down Overnight it was able to rally up towards its previous all-time highs, stopping just short of them when bears stepped up the selling pressure at $19,500 The rejection here was quite intense and caused it to briefly break below $19,000 It does appear to be entering […]

2020-11-26 21:22


Ôîòî:

These 3 Factors Suggest Bitcoin is Ready to Explode Higher in Coming Days

Bitcoin has firmly broken above $16,000, with the cryptocurrency flashing signs of immense strength as buyers move to shatter this incredibly strong resistance level Analysts believe that this ongoing rally may just be getting started, as there are a multitude of different factors currently working in bulls’ favor One trader explained in a recent tweet that funding rates and premiums have both been diving, signaling that margin traders are flipping short This trend, coupled with […]

2020-11-12 21:00


Ôîòî:

Indicator Shows Bitcoin is “Overbought” as Average Investor Profit Hits 115%

Bitcoin may be forming a mid-term top around its recent highs, with the multiple rejections posted at $13,800 not bearing too well for its short-term outlook The cryptocurrency remains caught within a potent uptrend, but this level is proving to be incredibly difficult for bulls to break If they continue failing to find any stability around this level despite the bullish monthly candle close, it could point to weakness amongst buyers One analytics firm is […]

2020-11-3 02:00


Analyst Claims Bitcoin Unlikely to Gain a Trend Until 2 Key Events Occur

It has been a rocky past week for Bitcoin, as the cryptocurrency has primarily been subjected to a bout of sideways trading Its inability to gain any trend is likely due to the stock market’s consolidation phase For better or worse, BTC has grown incredibly tied to the traditional market Its near-term trend may depend almost entirely on that seen by equities That said, one analyst is now pointing towards two key events currently taking […]

2020-10-20 21:00


Ôîòî:

Ethereum Posts a Pristine Technical Breakout as Analysts Target $400+

Ethereum’s price action has been closely correlated to that of Bitcoin, which has caused it to see a bout of consolidation It was able to post an incredibly strong move higher yesterday that allowed it to break its $380 resistance This level has been a pivotal one for Ethereum for the past several months, and the break above it holds serious technical significance That said, it is now imperative that the cryptocurrency stabilizes above this […]

2020-10-14 23:00


Bitcoin Likely to Reach $12,000 Following Robust Weekly Close, Claims Trader

Bitcoin’s price has been sliding lower throughout the past few hours due to its stalling momentum This decline is occurring directly following an incredibly bullish weekly candle close posted by the cryptocurrency Analysts believe that this close will provide it with some serious strength going forward, potentially putting a firm end to its recent downtrend It is important to note that there is a CME gap that exists around $11,100, which may act as a […]

2020-10-13 21:00


The Clock is Ticking for Bitcoin to Make a Massive Move; What Analysts are Saying

Bitcoin’s price has been caught within an incredibly tight consolidation phase over the past few weeks Multiple trend catalysts – both bearish and bullish – have arisen during this time, yet none of them have been able to provide BTC with any notable momentum Analysts are now noting that this won’t last for too much longer, with many expecting a large movement in the coming days and weeks One trader also believes that the next […]

2020-10-9 02:00


Here’s the Reason Why Bitcoin’s Price is Stable Despite Macro Turbulence

Bitcoin’s price has been incredibly stable throughout the past couple of weeks Even bearish news developments that would have – in years past – catalyzed far-reaching selloffs have done little to shake its present strength Analysts are now widely noting that the traditional markets will be a guiding force for BTC going forward Which direction they begin trending mid-term will likely influence the benchmark crypto One on-chain analyst is now putting forth an interesting observation […]

2020-10-8 21:00


Bitcoin Could be Coiling Up for a Move Past $11,000 Due to These Events

Bitcoin’s price has been seeing an incredibly tight bout of consolidation throughout the past 24-hours, forming a $50 trading range as it stays within the mid-$10,500 region This has created an air of uncertainty regarding where it may trend next, as it could easily see a swift move in either direction That being said, the cryptocurrency’s ability to find stability in the face of a barrage of multiple bearish news developments is positive One trader […]

2020-10-4 19:00


Ôîòî:

Bitcoin’s Push to $11,000 Comes Following Intense Accumulation from Whales

Bitcoin is currently in the process of pushing towards $11,000, although it is facing some slight selling pressure at this level The cryptocurrency now appears to be positioned to rally higher in the near-term, as it was able to post an incredibly bullish weekly candle close yesterday Within one minute of this candle closing, BTC’s price rocketed by hundreds of dollars One interesting trend that appears to be backing this move is a pattern of […]

2020-9-29 02:00


Ôîòî:

This Pattern Suggests Bitcoin May Soon Reel Lower and Tap Fresh Lows

Bitcoin is currently caught within an incredibly tight bout of sideways trading, with its price mainly hovering around $10,500 for the past couple of days Overnight, bears did attempt to spark a sharp downside move when they pushed the crypto as low as $10,400 This dip was fleeting, as bulls quickly propelled it back up to its current price level BTC’s inability to form a decisive trend comes as it trades between two crucial levels […]

2020-9-24 21:00


Ôîòî:

Here’s How High Bitcoin Could Run Before Facing Immense Selling Pressure

Bitcoin has seen some incredibly strong price action throughout the past few days After establishing the region between $9,900 and $10,000 as a baseline support level, bulls have now stepped up and propelled it back up towards $11,000 This current strength has struck a blow to bears, although BTC hasn’t reached the clear just yet One analyst is noting that the region between $11,100 and $11,200 is where he is expecting Bitcoin to face some […]

2020-9-16 02:00


These 3 Factors Suggest Bitcoin May Soon Push Towards $11,250

Bitcoin has seen some incredibly strong price action throughout the past few days Bulls have stepped up to the plate and propelled the crypto up towards its $11,000 resistance, marking a notable surge from recent lows of $9,900 These lows were visited throughout the past couple of weeks, with bears ardently attempting to invalidate Bitcoin’s macro strength Their failure to do so has now opened that gates for further upside, with one analyst pointing to […]

2020-9-15 21:00


Ethereum Still Likely to Dive to $360 Support as Funding Stays Neutral

Ethereum and Bitcoin have both posted notable rebounds after facing some intense weakness throughout the early morning hours ETH was able to rally from lows of $380 to highs of well over $390, while Bitcoin pushed back above $11,500 after dipping to $11,200 This strength is an incredibly positive sign for the market, as it shows that buyers still have underlying strength Despite this strength, analysts are still short on Ethereum, with one trader noting […]

2020-8-28 23:00


Ôîòî:

This Fractal Suggests Ethereum May Rally Past $500 Before Plunging Lower

Ethereum is struggling to maintain the slight momentum it found yesterday after its price reeled down to lows of $370 After bouncing up towards $390, bulls started facing faltering momentum that ultimately led the asset’s price back down towards sub-$380 Because Bitcoin is currently expressing signs of weakness, it remains incredibly unclear as to where the market may trend in the near-term One analyst is pointing to a strikingly accurate fractal for guidance, which shows […]

2020-8-27 23:00


Ôîòî:

Institutional Traders are Shorting Bitcoin Now More Than Ever Before

Institutional traders are growing incredibly bearish on Bitcoin, widely betting that its price is poised to see a strong near-term pullback This sentiment is a far depart from that seen by retail traders, which are more bullish than ever on the cryptocurrency This data comes from the latest Commitment of Traders Report, which details an interesting trend in the dynamic between retail investors and so-called “smart money” From a technical and fundamental standpoint, there are […]

2020-8-23 19:00


Ôîòî:

Here are the Levels Analysts are Watching That Will Determine Bitcoin’s Future

Bitcoin has been trading within a large  range throughout the past several weeks This has done little to offer investors with insights into the cryptocurrency’s mid-term trend That being said, bulls are now striving to break above the upper boundary of this range, with a confirmed and sustained break being an incredibly bullish sign for BTC Top traders are still expressing caution when it comes to the cryptocurrency’s short-term outlook One trader is noting that […]

2020-8-18 02:00


Analyst: Bitcoin Just Posted the “Most Important Breakout” in BTC History

Bitcoin has been seeing some incredibly bullish price action throughout the past several days and weeks The cryptocurrency is now consolidating at just below $12,000 as its buyers attempt to catalyze another leg higher Despite facing resistance at this level, the crypto has yet to see any type of harsh breakdown here One recent technical development is creating a new source of bullishness amongst traders The cryptocurrency just broke out of a multi-year bull pennant, […]

2020-8-7 02:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

What to Expect From Bitcoin in 2024

Expectations that U.S. regulators will approve spot bitcoin ETFs next year are driving prices higher. History suggests we might see a slowdown as we approach the halving in April 2024, says Path Crypto's David Liang.