Bitcoin’s recovery over the past seven weeks has been nothing short of spectacular.
From the $3,700 capitulation low, the lead crypto has gained over 100%, rallying by over $5,000 to $9,300 today. It’s a strong move that has liquidated dozens of millions of BitMEX shorts.
While an impressive rally, on-chain data analysis by a top Bloomberg analyst has found that BTC should be higher than it is trading now.
On-Chain Data Signals Bitcoin Boom
In an institutional Bloomberg report titled “Bitcoin Demand Exceeding Supply,” senior commodities strategist Mike McGlone shared an optimistic outlook for BTC.
Along with noting that the halving and futures adoption should boost prices, the analyst shared that BItcoin’s on-chain indicators “point toward a firming Bitcoin price foundation.” McGlone specifically noted how the number of active addresses is reaching last year’s highs.
Although there isn’t a perfect relationship between addresses and Bitcoin’s price, the Bloomberg analyst wrote that the recent surge suggests the asset is somewhat undervalued:
“On an autoscale basis since the end of 2018, addresses used indicate a Bitcoin price closer to $12,000 vs. about $9,000 on May 4.”
Glassnode, a leading firm in blockchain analysis, has echoed the optimism.
They cited their new “Glassnode On-Chain BTC Index,” or GNI, which is trending higher as prices increase. This indicates that BTC is moving into a “bullish” market regime.
The GNI is derived from a number of indicators such as network growth, Bitcoin transactions, and investor sentiment in an aim to “yield insights” into “where Bitcoin may evolve.”
Chart from Glassnode
Watch Out for a Stock Downturn
Despite these tailwinds, Bitcoin and the rest of the cryptocurrency market will be negatively impacted by a downturn in the stock market.
After all, the Federal Reserve branch of Kansas City found that during periods of economic “stress,” BTC trades with a slight positive correlation to the S&P 500 index. On the other hand, Treasuries and gold trade with a negative correlation to the S&P 500.
Analysts, unfortunately, are charting a downturn in the stock market. Considering the correlation, such a move could spell doom for Bitcoin.
A recent report from Bloomberg indicates that technical strategists at JPMorgan Chase & Co believe that the S&P 500 is forming a medium-term price ceiling around 2,940 points:
“The S&P 500 Index staged a bearish reversal week after moving deeper into the large confluence of resistance levels surrounding 2,900. While the two-day pullback from that key resistance area is only tentative at this point, it at least marks a continuation of the trend deceleration pattern that started in mid-April.”
Goldman Sachs has echoed this tepid outlook, with analysts there noting that U.S. stocks are showing a similar sign to what was seen prior to the Dotcom Crash and the Great Recession.
It’s a fear that could negatively affect Bitcoin as aforementioned. As best put by BitMEX’s CEO in a recent newsletter:
“Bitcoin will be owned unlevered. Could the price retest $3,000? Absolutely. As the SPX rolls over and tests 2,000 expect all asset classes to puke again.
Photo by OC Gonzalez on Unsplash origin »
A new Bitcoin Chicago Mercantile Exchange (CME) gap has just been opened around $78,000 and $80,700. Analysts warn that this price range could act as a magnet for further downturns in the Bitcoin price, making it a critical area to watch in the coming days.
With Bitcoin surging to $66,700, could a new all-time high be on the horizon, fueled by easing U.S. inflation and talk of Fed rate cuts? Bitcoin (BTC) has recently surged in price, reaching as high as $66,700 on May 16,…
Bitcoin has observed a surge towards the $26,700 level in the past day. Here’s what on-chain data says regarding whether this rise would stay. Bitcoin Has Broken The $26,700 Level During The Past Day After a long run of stagnation around and below the $26,000 level, Bitcoin finally seems to be making a steady run above it, as the cryptocurrency has now breached the $26,700 mark.
On-chain data suggests the $28,700 mark, which Bitcoin has yet to hit since the LUNA collapse, could be the next major obstacle to clear for the asset. Bitcoin Has Been Under The $28,700 Level For 310 Days Now According to data from the on-chain analytics firm Glassnode, the $28,700 is the cost basis (that is, the acquisition price) of a specific whale group in the BTC market.
Bitcoin price remained strong above the $16,700 level. BTC formed a base and started a fresh increase above the $17,000 resistance zone. Bitcoin found support near $16,700 and started a decent increase.
Bitcoin miners have successfully mined the 700,000th block of the network. The mining of block 700,000 occurred on September 11th and is regarded by community members as a major historic milestone.
Bitcoin (BTC) has again approached an important support area near $34,700. After revisiting the $30,000 level last weekend, the price is trying to resume the uptrend.
The post Bitcoin (BTC) Attempts to Regain Key Support Area at $34,700 appeared first on BeInCrypto.
Bitcoin price extended its upward move towards $49,700 before correcting lower against the US Dollar. BTC dipped more than $2,000, but it is likely to remain stable above $45,000. Bitcoin started a sharp downside correction after setting a new all-time high near $49,700.
Bitcoin price struggled to settle above the $13,700 resistance and declined below $13,500 against the US Dollar. BTC is likely to retest $13,000 before it could rise again. Bitcoin started a fresh decline after it faced a strong selling interest near $13,700.
It appears that Bitcoin investors are not fazed by the prospects of a move lower due to the CME futures gap formed at $11,100. The leading cryptocurrency has continued to thrust higher, pushing towards $11,700 just minutes ago as of this article’s writing.
Bitcoin has seen quite the bout of volatility over the past hour or so. After trading at $9,700 for most of Monday, the cryptocurrency suddenly surged as high as $9,900 on the influx of a buying volume.
Since our last market update, Bitcoin hasn’t fared any better; just minutes ago (as of the time of this article’s writing), the cryptocurrency was trading at $7,700 — the lowest the asset has traded at since mid-January, amid the breakout that brought it as high as $10,500.
Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700, which is where BTC was able to find some support that helped it climb higher.
Bitcoin surged over 40 percent in the last few days after Chinese President Xi Jinping said that his administration would embrace blockchain technology. Now, BTC is at a pivotal point that could lead to new yearly highs or a correction to $9,000 or lower.
Bitcoin has bounced back above the $10,000 level, gaining over $700 since Sunday. Here are three of the main drivers for why the dominant cryptocurrency is rallying right now. Binance & Bitfinex Announce Bitcoin Derivatives While Bitcoin started as a decentralized digital currency meant for peer-to-peer transactions, crypto exchanges reshaped the coin’s flow by handling most of the trading.
As mentioned in the crossroads article, Bitcoin has successfully invalidated the support after breaking out of the rising wedge and closing below it in the one hour chart. The short-term prospect for Bitcoin from hereon looks bleak and gloomy as, at press time, the price of Bitcoin was $9,943, after it had collapsed by more […]
The post Bitcoin’s imminent support breached: $9,700 to $9,400 or $10,100 to $10,700? appeared first on AMBCrypto.
After facing some instability in the lower-$9,000 region, Bitcoin (BTC) and the aggregated crypto markets have now been able to climb higher, which signals that the market’s bulls are still in firm control.
Bitcoin is continuing with its impressive climb through the weekend. Today has seen the coin climb up by around 7%, seeing it crossover the $6,700 mark. In the last two days or so, Bitcoin has picked up the pace and seen it quickly establish a very high resistance position.
At press time, the father of cryptocurrency is trading for over $5,700. While this isn’t as high as it was during the first half of the week ($5,800), it’s still far better than where it stood during our previous price article.
The bitcoin price smashed through $3,700 as the cryptocurrency market assembled one of its largest intraday recoveries in recent memory. Bitcoin had entered the US trading session on a minor incline and continued to inch upward throughout the morning.
Monday saw Bitcoin climb from around $3,580 to soar above $3,700. Despite this impressive performance, the coin dropped this position the next day. Frustratingly, the crypto leader has been stuck in between the $3,640 and $3,680 position since.
Following the cryptocurrency market’s recent plunge that sent Bitcoin and most altcoins down 10% or more, the markets have been able to find some levels of stability around their current price levels and are currently trading down slightly.
Earlier today, on Oct. 15, the price of Bitcoin surged from $6,150 to $6,700 on most major fiat-to-cryptocurrency exchanges including Coinbase, Bitstamp, and Kraken. Although the price of the dominant cryptocurrency surpassed the $7,500 mark on Bitfinex, the increase in the value of Bitcoin on Tether-enabled exchanges such as Bitfinex and OKEx were triggered by […]
The post Bitcoin Breaks Downtrend by Surging 10% to $6,700, is the Tether Sell-off a Factor? appeared first on CryptoSlate.
At press time, the father of cryptocurrencies is holding its ground at $6,700, a price it managed to reach during yesterday’s early morning hours. After much speculation about whether bitcoin would be able to jump past $6,600, resistance was finally broken, and many analysts are wondering when bitcoin will strike $7,000. According to one source, […]
At press time, the father of digital currency has leapt to the $ 6,700 mark and conquered its latest plane of resistance. After weeks of analysts going at it (Will bitcoin reach $ 6,700? At the same time, it appears bitcoin isn’t entirely out of the dark just yet. However, the source quoted in that
It’s finally happened! At press time, the father of digital currency has leapt to the $6,700 mark and conquered its latest plane of resistance. After weeks of analysts going at it (Will bitcoin reach $6,700? Will bitcoin reach $6,700?), it appears the currency has defeated its latest obstacle. Now, $7,000 could easily be in bitcoin’s […]
Bitcoin price is gaining momentum above $6,600 against the US Dollar. Bitcoin Price Trend This past week, there was a downside correction below the $6,700 support in bitcoin price against the US Dollar.
Key Points Bitcoin cash price found support around the $700 handle and recovered against the US Dollar. There is a major bullish trend line formed with support at $730 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
Europe’s biggest exchange-traded funds [ETF] trader that has handled close to $700 billion in ETF trading in the past year, has now started market making on Ethereum and Bitcoin Exchange traded notes [ETNs].
BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,500, $6,600, $6,700 Support levels: $6,300, $6,200, $6,100 Yesterday, July 5, price of Bitcoin was in a bullish trend. Our intention was to continue to trade the support levels as the bullish trend lasted.
The biggest exchange-traded funds (ETF) trader in Europe, handling some $700 billion in ETF trading last year, is buying and selling ethereum and bitcoin ETN listed in Sweden’s Nasdaq by XBT.
Key Points Bitcoin price remained well supported, but it struggled to break the $6,700-6,800 resistance against the US Dollar. There is a major bullish trend line formed with support at $6,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Amidst the recent cryptocurrency price gains, Bitcoin has managed to pass the $6,700 price mark. The number one cryptocurrency based on market capitalization has reached a new two-week high in the process.
BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,500, $6,600, $6,700 Support levels: $6,300, $6,200, $6,100 Yesterday, July 3, the price of Bitcoin was in a bullish trend. In view of that a Fibonacci retracement tool was attached to determine the support levels of Bitcoin price.
BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,700, $6,800, $6,900 Support levels: $6,500, $6,400, $6,300 Yesterday, price of Bitcoin was in a sideways trend. However, the MACD line and the signal line indicated a buy signal for the price of Bitcoin.
Key Points Bitcoin cash price is positioned nicely above the $700 support with positive signs against the US Dollar. There is a new declining channel formed with resistance near $740 on the hourly chart of the BCH/USD pair (data feed from Kraken).
On the last day of June, Bitcoin has managed a minor rally by gaining more than $500 in 24 hours. Unless a significant market downturn occurs, the top-ranked cryptocurrency may end the first half of the year trading at $6,500.
BCH/USD Long-term Trend – Bearish Distribution territories: $1,500. 00, $1,700. 00, $1,900. 00. Accumulation territories: $500. 00, $400. 00, $300. 00. The USD dollar has been considerably appreciated against the Bitcoin Cash, this week.
Technologist and Apple Inc. co-founder Steve Wozniak played contrarian at the NEX technology conference in late June, comparing the hype around blockchain to the fervor he witnessed just before the implosion of the dot-com bubble.
By Ben Marks, CEO and Founder, Blocktrade Capital In 2013, New York was the center of the US cryptocurrency space. BitInstant, a bitcoin exchange in New York that allowed customers to purchase BTC from 700,000 stores, was booming.
Tether is a cryptocurrency with a growing reputation. Very recently, Tether has been noted to have some impact on the value of Bitcoin, in fact research has recently found that Tether has been used to manipulate the price of Bitcoin, bringing into question a whole host of problems and questions.
Key Points Bitcoin cash price moved a few points above $700, but it failed to gain momentum against the US Dollar. This week’s highlighted important bearish trend line was broken with resistance at $708 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The current cryptocurrency market situation looks no better than it did late last night. In fact, the current market conditions are even worse than they were less than 24 hours ago. All currencies remain in the red, and it remains to be determined if the Bitcoin Cash price can remain above $700 for much longer. […]
Irys has successfully concluded a strategic funding round led by Lemniscap in an effort to improve on-chain management and combat misinformation. Irys, previously known as Bundlr Network, is a storage layer innovator dedicated to scalable on-chain data solutions. It has…
Traders believe that Bitcoin’s low volatility is a bull market signal, but their bias could be preventing them from acknowledging potentially negative macro outcomes.
Binance's on-chain holdings have reached a staggering $64 billion, as revealed by blockchain analytics firm Nansen, showcasing the cryptocurrency exchange's sustained dominance in the digital asset market.
The decreasing outflow volumes across short-Bitcoin products could be an indication of improving fundamentals as opportunistic investors rush to buy the dip. On the other hand, digital asset investment products (mostly comprising short products) saw outflows totalling $7.
Mastercard is launching a system to assess the risk of criminal association with cryptocurrency exchange on its payment network.
The post Mastercard Adopts Artificial Intelligence In Fight to Tackle Crypto Crime appeared first on BeInCrypto.
The recent market upheaval has not just affected top cryptocurrencies but the larger ecosystem, taking a toll on the growth and adoption of non-fungible tokens (NFTs) as well.
The post 00NFT Trade Volume Down by 97% as ENS Overshadows CryptoPunks and BAYC appeared first on BeInCrypto.
