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Tag: Bitcoin Trading

  • Analysts warn of another crypto market crash today

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    Friday, Oct. 10, witnessed the worst wipeout in the crypto market after President Donald Trump threatened to impose a 100% tariff on imports from China to the U.S.

    The total crypto market capitalization fell from $4.1 trillion to $3.6 trillion within hours of the announcement. Bitcoin also fell from above $122,000 to $105,000 during the crash, with other cryptocurrencies following suit.

    On Monday, Oct. 13 there are signs of a recovery. The total market cap has recovered to $3.8 trillion, with Bitcoin trading well above the $114,500 price mark.

    Related: What is Crypto? Cryptocurrency explained

    But crypto analysts say it’s too early to take a sigh of relief.

    A popular crypto analyst, with the handle on X, warned the trading community to exit the market as a “big dump” is coming on Oct. 13 in which both Bitcoin and altcoins will crash.

    Another popular crypto analyst, known as @Prosperous_w_ on X, shared their views on the social media platform.

    While many altcoins hit their “absolute bottom” on Friday, most altcoins are still trading well above their bottoms and will see further correction, they said. For example, SUI will see a 42% correction again, they predicted.

    U.S. President Donald Trump holds up a chart while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as “Liberation Day”, Trump is expected to announce additional tariffs targeting goods imported to the U.S.

    The market will now see strong resistance zones. Early buyers from the crash are accumulating profits and traders who short are entering the fray, they highlighted.

    “This combo usually brings another hard correction. I expect altcoins to pull back 20–50% from current levels.”

    @Prosperous_w_ also predicted “one more leg down” for Bitcoin. They rejected the theory that this is the beginning of a bear market following the 4-year cycle trend. The market now instead follows the liquidity cycle and the business cycle and this cycle will continue well into 2026, they predicted.

    The analyst also shared their own trading plan for the future. They are “accumulating heavily” around current prices and flash crash lows. The future positions range from 5x to25x leverage, with higher leverage reserved for short-term trades and lower leverage for swing trades to hold into the next expansion phase.

    Any trading profits or cash are stored in Bitcoin, @Prosperous_w_ shared with their followers.

    “The USD, EUR, and most fiat currencies will continue to lose value. Bitcoin is the ultimate liquidity base and hedge in this evolving economy.”

    Disclaimer: The information provided here is for general informational purposes only and should not be considered financial advice. You should consult with a licensed financial advisor before making any investment or financial decisions.

    This story was originally reported by TheStreet on Oct 13, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.

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  • Bitcoin Rips Above $70,000: Is The Post-Halving Advance Officially On?

    Bitcoin Rips Above $70,000: Is The Post-Halving Advance Officially On?

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    Bitcoin is on a tear, easing past the psychological round number at $70,000. At press time, the world’s most valuable coin is approaching $72,000, a critical resistance level that marks June 2024 highs.

    Bitcoin Breaks Above $70,000 And Descending Triangle

    As buyers press on, reversing losses of the second half of last week and soaring to print a three-month high, one analyst has also picked out another crucial development. In a post on X, the technical analyst said not only is the price firm at press time, but the explosion over the last two days means the coin is trading above a descending wedge.

    Technically, based on the analyst’s preview, the coin is within a key breakout formation. Accordingly, it signals that the era of discouraging lower lows, seen in the better part of Q3 2024, could be over as buyers take over. Specifically, the series of lower and lower highs seen since prices retraced from all-time highs is likely over.

    As it is, buyers are buoyant. According to the CoinMarketCap poll, over 70% of voters think the coin is heading higher. This preview is crucial, considering the importance of hype in the crypto scene.

    Usually, whenever prices tick higher, traders tend to rush in so as not to miss the leg up by opening leveraged positions on perpetual futures platforms like Binance or Bybit. Meanwhile, the more conservative ones opt to buy at the spot market, aware that though gains could be posted, risks are also mitigated.

    Is The Post-Halving Advance On?

    For the uptrend to continue, the analyst said, it is important gains posted on the last two days are confirmed. In this case, a follow-through will see Bitcoin lift off, breaking $72,000 and even $74,000 printed in March 2024. In that event, bulls could have more headroom to march on as the “post-Halving” advance begins.

    BTC price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

    Looking at past cycles, Halving events are always seen as bullish. Prices rallied in the next few months when the network halved its miner rewards in 216 and 2020. Then, Bitcoin rallied to $20,000 in 2017 and $70,000 in 2021.

    After the April 20 Halving, traders have been looking forward to this phenomenon continuing. Nearly six months later, the recovery of prices amid the rising hash rate could trigger another wave of demand, pushing Bitcoin to new territory.

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    Dalmas Ngetich

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  • A Record $21.77 Billion In Bitcoin Shorts Will Be Liquidated Once BTC Breaks $70,500

    A Record $21.77 Billion In Bitcoin Shorts Will Be Liquidated Once BTC Breaks $70,500

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    Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

    His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
    The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn’t just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

    His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

    Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

    Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

    DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
    Even so, DeFi isn’t a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

    Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
    The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa’s full economic potential.
    This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

    Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

    When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
    You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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    Dalmas Ngetich

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  • Billions Worth Of Bitcoin Pulled From Exchanges: Is BTC Preparing For $72,000?

    Billions Worth Of Bitcoin Pulled From Exchanges: Is BTC Preparing For $72,000?

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    Bitcoin is steady when writing, floating above immediate support levels and inches away from reclaiming the all-important local liquidation line at around $66,000. Even as the broader crypto community expects buyers to step in and push prices higher, there are exciting developments that buttress this outlook.

    Billions Worth Of BTC Pulled From Exchanges

    According to exchange data shared by one analyst on X, BTC holders increasingly pull their coins from exchanges.

    On July 5, when prices tanked, pushing the world’s most valuable coin close to $50,000, a staggering $3.8 billion BTC was moved from exchanges.

    BTC moving from exchanges | Source: @Woo_Minkyu via X

    Once this happened, prices rapidly bounced back, rising from as low as $53,500 to $65,000 recorded earlier this week. Though prices have been moving horizontally above $62,500 recently, more BTC is being withdrawn. On July 16, BTC owners pulled another $3.4 billion of the coin.

    Related Reading

    Even though there is no clear impact on prices, if past performance guides, it is likely that prices will edge higher like they did after the collapse to $53,500.

    Bitcoin price trending higher on the daily chart | Source: BTCUSDT on Binance, TradingView
    Bitcoin price trending higher on the daily chart | Source: BTCUSDT on Binance, TradingView

     

    Usually, analysts interpret exchange outflows as positive for price. Whenever coin holders move assets to non-custodial wallets, they want to take control of their coins. As such, they might be unwilling to sell.

    Their decision helps support prices since they won’t sell on demand if they wish to, like if they held them on crypto platforms like Binance or Coinbase. Moreover, with fewer BTC readily available on exchanges, bulls tend to benefit due to increased scarcity.

    Is Bitcoin Preparing For Another Leg Up Above $72,000?

    Beyond this development, another analyst notes that the Realized Profit and Loss Ratio metric has fallen and stands at multi-month lows. The metric is used to gauge market sentiment, mainly influenced by profit and loss at any point in time.

    Realized profit and loss ratio falling | Source: @AxelAdlerJr via X
    Realized profit and loss ratio falling | Source: @AxelAdlerJr via X

    This decrease suggests that investors who wanted to exit at highs have already taken profit. For now, traders must wait for these metrics to rise, perhaps to multi-month highs, ideally above $72,000 and $74,000, before profit-taking resumes.

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    Bitcoin has also reclaimed its average cost basis of short-term holders (STHs) as prices recover above $62,000. Those who bought within the last 155 days are now in the money. They are likely holding and expecting more gains in the coming sessions before realizing profits.

    In the past, whenever the average cost basis is surpassed, CryptoQuant analysts say prices tend to rise by over 30%.

    Feature image from DALLE, chart from TradingView

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    Dalmas Ngetich

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  • Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying

    Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying

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    Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%. Though there was a relief bounce over the weekend, forcing the world’s most valuable coin up by nearly 11%, BTC remains within a bearish formation.

    Bitcoin Correction Not Over: Will Bears Break $50,000?

    One analyst who took to X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, at least from technical formation, the analyst predicted not only will the coin sink below last week’s lows, but it will likely break the psychological $50,000 mark.

    BTC retracing | Source: @bitcoinmunger via X

    Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high.

    When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend.

    Even so, looking at the analyst’s assessment, the swing high and low anchoring of the Fibonacci retracement tool is subjective. For now, if September 2023 to March 2024 range acts as swing and lows, a 40% drop from local highs places Bitcoin $10,000 lower at around $37,000.

    Bitcoin price trending downward on the weekly chart | Source: BTCUSDT via Binance, TradingView
    Bitcoin price trending downward on the weekly chart | Source: BTCUSDT via Binance, TradingView

    Cracks are beginning to form on the weekly chart. After last week’s losses, the coin firmly closed below the 20-period moving average, placing sellers in control. Confirmation of last week’s losses could set the ball rolling, sparking more losses in the short term, pushing the world’s most valuable coin to $50,000 or even $40,000.

    How High Will BTC Jump After The Correction?

    However, after the cool-off and the depth doesn’t matter, another analyst predicts the coin will bounce off strongly. If BTC finds support at around the $47,000 to $50,000 level, the probability of it floating to at least $102,000 is high.

    This is the first level of the Fibonacci extension. At its high, the coin could soar to as high as $242,000 in the sessions to come.  

    The confidence that BTC will bounce back after the current sell-off, sparked most by Mt. Gox liquidation fears and the constant dump by the German government, is based on history. After the Halving, Bitcoin prices tend to recover steadily.

    BTC rally post Halving | Source: @QuintenFrancois via X
    BTC rally post Halving | Source: @QuintenFrancois via X

    If anything, one analyst said holders shouldn’t panic sell within the first 79 days after the Halving event. Marking the beginning of the fifth epoch, the network reduced its miner rewards on April 20, roughly three months ago.

    Feature image from DALLE, chart from TradingView

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    Dalmas Ngetich

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  • Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%

    Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%

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    The world’s largest cryptocurrency, Bitcoin (BTC), has been consolidating over the past week, trading between $67,000 and $70,000 after experiencing a brief 20% price correction that sent it as low as $56,400 in early May. 

    This consolidation period comes as inflows into the US spot Bitcoin ETF market have reignited, and selling pressure appears to have cooled off, both in the ETF market and among Bitcoin investors more broadly.

    Bitcoin Selling Pressure Fades

    According to Julio Moreno, head of research at on-chain market analytics firm CryptoQuant, the current Bitcoin price level of $70,000 differs from when it last reached that mark in March. 

    Moreno notes that traders are now exerting much lower selling pressure, as unrealized profits are only around 3%, compared to 69% in early March. This suggests that much of the “heavy selling” has been exhausted, as seen in the chart below.

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    Unrealized gains for BTC holders are only 3%. Source: Julio Moreno on X

    Santiment data also shows that Bitcoin has once again eclipsed a $70,000 market capitalization, even as the US stock market took a hiatus for the Memorial Day holiday. 

    Market intelligence platform Santiment sees this as an encouraging sign, as it demonstrates BTC’s ability to perform positively on days when it is not closely correlated with the primary stock market, which has been the case for much of 2022.

    Final Pre-Breakout Consolidation Phase

    Despite this positive momentum, crypto analyst Rekt Capital has noted that Bitcoin’s latest weekly candle closed below the range high resistance of its ongoing “re-accumulation” phase, which spans roughly $60,000 to $70,000.

    This likely sentences the leading cryptocurrency to further consolidation within this range, aligned with Rekt Capital’s thesis that two phases remain in the current bull cycle: the post-halving re-accumulation phase and the “parabolic rally phase.”

    Historically, Bitcoin has tended to consolidate around all-time highs before embarking on the most illustrative stretch of its bull cycles. According to the analyst, Bitcoin has indeed been consolidating at these highs for quite some time now, especially by the standards of previous cycles. 

    While there is still room for further sideways trading at these elevated price levels, the time remaining in this phase is slowly running out. This leads to the belief that the long-awaited post-Halving rally, coupled with renewed investor sentiment, is poised to take the largest cryptocurrency on the market to even higher levels than the current $73,700 reached in mid-March.

    Related Reading

    As such, Bitcoin appears to be entering a critical juncture in its current bull cycle. The consolidation and re-accumulation that has dominated the market in recent months could soon give way to the next parabolic surge, should historical patterns hold. 

    Bitcoin
    The 1-D chart shows BTC’s price consolidation. Source: BTCUSD on TradingView.com

    As of now, BTC has gained 2% in the past 24 hours, adding to its 10% positive movement in the past month alone. Bitcoin is currently trading at $70,200. 

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon

    Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon

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    Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action. However, market expert Justin Bennett suggests that Bitcoin’s bottom has yet to be reached. 

    Bennett’s analysis highlights the possibility of further price declines, with Tether’s stablecoin USDT dominance (USDT.D) chart indicating potential downward movements. 

    Tether Dominance Signals Concerns For BTC’s Price

    Bitcoin’s recent price recovery and ability to surpass the $40,000 level have provided optimism among investors. Nevertheless, Bennett believes further price declines could follow a retest of the mid $44,000 range. 

    Bennett highlights the inverse relationship between Tether dominance and Bitcoin. According to his analysis, the levels on the Tether dominance chart since October have been reliable indicators for Bitcoin’s price movements. 

    Tether’s USDT dominance growth. Source: Justin Bennett on X

    According to Bennett’s analysis, as depicted in the chart above, Tether’s dominance may experience a potential increase from its current level of 6%. This increase could bring it closer to the 8% mark. 

    In such a scenario, Bitcoin’s performance would likely move in the opposite direction, indicating potential price declines soon.

    On January 25, Bennett suggested that Bitcoin could drop another 20% from its current levels, which would place it around $30,000. If this scenario plays out, it would be crucial for Bitcoin bulls to defend the $30,000 level to maintain the current bullish structure.

    A drop below $29,000 would give bears a stronger position, with only three major support lines remaining at $28,400, $25,900, and $24,000 before a potential retest of the $20,000 mark. 

    The performance of these support levels and Bitcoin’s ability to withstand increased selling pressure will be key factors to monitor. The future market sentiment will also play a significant role in determining Bitcoin’s price trajectory.

    Bitcoin Witnesses Stellar Accumulation Trend

    Despite the possibility of further price drops, renowned crypto analyst Ali Martinez has shed light on a notable trend in BTC’s recent accumulation streak by investors.

    According to Ali Martinez’s analysis, Bitcoin is experiencing a significant accumulation streak, rivaling some of the most notable periods observed over the past few years. 

    The Accumulation Trend Score, a metric that gauges the buying activity of larger entities, has remained consistently high, hovering near 1 for the past four months.

    Bitcoin
    BTC’s Accumulation Trend Score is trending to the upside. Source: Ali Martinez on X

    This suggests that influential market participants are actively accumulating Bitcoin, signaling their confidence in the long-term potential of the cryptocurrency. 

    Martinez’s observations further indicate that Bitcoin’s price range around $42,560 has emerged as a highly significant interest zone. 

    Within this range, an impressive total of 912,626 BTC has been transacted. This is expected to be a significant support level, potentially preventing further downside movements and fostering increased buying interest.

    These trends collectively contribute to a positive market outlook, suggesting that despite potential price drops, Bitcoin remains an attractive asset for long-term investment.

    Bitcoin
    The daily chart shows BTC’s sideways price action between $42,900 and $43,000 over the past 24 hours. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts

    Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts

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    In a significant development that could potentially impact the Bitcoin price, Arkham Intelligence data reveals that Grayscale, the manager and owner of the Grayscale Bitcoin Trust (GBTC), has been sending a significant amount of Bitcoin to Coinbase since the launch of Bitcoin spot exchange-traded funds (ETFs) on January 12.

    Grayscale Bitcoin Trust Initiates Substantial BTC Outflow

    According to the data, four days ago, Grayscale initiated the first batch of BTC outflows from their holdings to the US-based exchange in four separate batches, totaling 4,000 BTC, which amounted to approximately $183 million. However, the asset manager resumed outflows from the Trust to the exchange on Tuesday.

    A portion of Grayscale’s transfers to Coinbase. Source: Arkham

    In a recent update, approximately three hours ago, the asset manager sent an additional 11,700 BTC to Coinbase, amounting to $491.4 million. This additional selling pressure could push the Bitcoin price to test lower support levels.

    Furthermore, Bloomberg reports that investors have withdrawn over half a billion dollars from the Grayscale Bitcoin Trust during the initial days of trading as an ETF. 

    According to Bloomberg’s data, outflows from the Grayscale Bitcoin Trust reached approximately $579 million, while the other nine spot Bitcoin ETFs witnessed inflows totaling nearly $819 million.

    Investors Shift Capital To ‘Lower-Cost’ Spot Bitcoin ETFs

    James Seyffart, an ETF analyst at Bloomberg Intelligence, noted that investors may be profit-taking following the ETF conversion. The flow data provides valuable insights into the ETF’s performance following SEC approval. 

    Although over $2.3 billion of GBTC shares were traded on its first day, the outflows indicate that a portion of that volume was due to selling. Seyffart anticipates that a significant amount of capital will enter other Bitcoin exposures.

    The outflows from Grayscale’s ETF were somewhat expected. Bloomberg Intelligence had previously projected that the fund would experience outflows of over $1 billion in the coming weeks. 

    Some of this outflow can be attributed to investors shifting towards more cost-effective spot Bitcoin ETFs. With an expense ratio of 1.5%, GBTC is the most expensive US ETF directly investing in Bitcoin. In contrast, the VanEck Bitcoin Trust, the second-most expensive fund, charges 0.25%.

    On the other hand, other spot Bitcoin ETFs have witnessed net inflows. BlackRock’s IBIT attracted nearly $500 million in the first two days of trading, while Fidelity’s FBTC received approximately $421 million. 

    According to Bloomberg, these inflows suggest strong demand for Bitcoin exposure in physically backed ETFs, even beyond potential seed funding from the fund issuers.

    Bitcoin Price Finds Support At $42,000

    Currently, the Bitcoin price remains unaffected by the news of Grayscale’s transfers to Coinbase. The leading cryptocurrency is trading at $43,100, showing a slight increase of 0.8% over the past 24 hours.

    However, since the commencement of ETF trading, it is important to note that the Bitcoin price has experienced a significant retracement, declining by 8%. This decline can be attributed to profit-taking and selling pressure, with Grayscale’s involvement being noteworthy.

    In the event of a further drop in the Bitcoin price, a significant support level has been established at $42,000. If this level is breached, the next key level for Bitcoin bulls to watch is $41,350, followed by a potential dip below $40,000.

    The market is eagerly observing whether Grayscale and its BTC selloff will continue and how this will impact the Bitcoin price leading up to the scheduled halving event in April, which many consider to be the main catalyst for the year.

    Bitcoin price
    The daily chart shows BTC’s valuation at $43,100. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

    Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

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    The introduction of Bitcoin (BTC) exchange-traded funds (ETFs) has triggered a significant sell-off, leading to a sharp decline in the Bitcoin price.

    After gaining approval and commencing trading on Thursday, the ETFs have prompted a “sell the news” event, causing Bitcoin’s value to plummet from its initial trading price of $46,500 at the time of approval to a low of $43,200 within a matter of hours on Friday.

    Over the past 24 hours, Bitcoin, the largest cryptocurrency by market capitalization, has experienced a 7% drop. Its gains over the past 30 days have been limited to a mere 4%, erasing much of the progress made during that period. 

    Additionally, as selling pressure continues to mount following the approval, there are indications that the Bitcoin price may face further downward pressure.

    Bitcoin Price Under Pressure

    CryptoQuant analyst J.A. Maartunn observed significant sell orders in Bitcoin’s two-week chart on Wednesday. Notably, three clusters of sell orders were positioned between $46,100 and $48,000, comprising stacks of 755, 1,031, and 794 BTC, respectively.

    According to the CryptoQuant analyst, such patterns are typically associated with market tops, unless these orders are later withdrawn or executed.

    This influx of sell orders may help explain the lackluster response to the ETF approvals until now, as it appears that selling pressure has been building up. However, the situation has intensified even further. 

    According to Maartunn, additional sell orders were detected on Friday, indicating that the seller is not yet finished. Two substantial sell orders have been placed just above the current Bitcoin price: one for 894 BTC at $44,000 and another for 1,071 BTC at $45,100.

    Sell orders placed in BTC’s 2-week chart since Wednesday. Source: Maartunn on X

    These developments suggest that market participants are taking advantage of the ETF news to offload their Bitcoin holdings, leading to increased selling pressure and a subsequent price decline. 

    The market’s stabilization following this period of heightened selling pressure remains uncertain. The introduction of ETFs was believed to bring about heightened institutional interest and potentially drive up the Bitcoin price. 

    However, it is important to note that the impact of these ETFs is expected to unfold over the long term, rather than being evident within days, weeks, or even months. It will likely take years to fully gauge the effects and consequences of ETF integration on the Bitcoin market.

    Bitcoin’s Bullish Structure Remains Intact

    Amidst the ongoing selling pressure, several support lines may potentially halt the downtrend and bring positive news for the Bitcoin price and BTC bulls.

    Although Bitcoin has already lost its $44,000 support level, there is another crucial threshold at $42,700 that could prevent further decline. If this level holds, there is a chance for Bitcoin to regain the $43,000 mark and reverse the downward momentum.

    Bitcoin price
    The daily chart shows BTC’s price drop. Source: BTCUSDT on TradingView.com

    If the $42,700 support is breached, additional support lines come into play. These include $42,300, $41,700, and $41,200, which act as the last barriers before a potential test of the $40,000 support level. The $40,000 mark holds significance as it represents the final support before a potential dip towards $38,000.

    However, there is a positive aspect for Bitcoin bulls to consider. The current bullish structure of the cryptocurrency remains intact as long as the dip does not breach the $29,900 mark.

    This level marked the beginning of the current bullish uptrend, and its preservation would ensure the maintenance of the overall positive market structure.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

    Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

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    As anticipation builds around the potential approval or rejection of spot Bitcoin (BTC) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 5, the Bitcoin price has witnessed a notable 2.7% recovery in the past 24 hours. 

    This development comes amidst growing speculation about the patterns that could drive the Bitcoin price to reclaim the highs lost during the bear market in 2022. 

    Notably, crypto analyst Ali Martinez has identified an ascending parallel channel as the governing pattern behind the Bitcoin price action since September 2023.

    Bitcoin Price Faces Crucial Test At $48,000

    According to Ali Martinez’s analysis, Bitcoin prices have exhibited a consistent pattern known as an ascending parallel channel. 

    This technical formation suggests that the BTC’s price has been trading within the confines of a channel characterized by an upper and lower boundary, as seen in the chart below.

    BTC’s ascending parallel channel pattern targets. Source: Ali Martinez on X

    BTC could experience further price movement within the defined boundaries if the ascending parallel channel pattern holds. 

    The price is expected to advance toward the upper boundary, which currently resides around $48,000. However, the Bitcoin price is anticipated to face resistance at this level and retrace towards the lower boundary at approximately $34,000. 

    Following the retracement, a rebound toward the upper boundary, potentially reaching around $57,000, could be expected.

    The upcoming decision by the SEC regarding spot Bitcoin ETF applications adds a layer of significance to Bitcoin’s price movement. The approval of Bitcoin ETFs has been a subject of great interest within the cryptocurrency community, as it can enhance liquidity and provide greater legitimacy to the cryptocurrency market. 

    While the outcome of the SEC decision remains uncertain, the ascending parallel channel pattern reveals a compelling technical perspective that could impact Bitcoin’s price trajectory.

    Critical Moment For BTC? 

    Supporting the upside potential of the Bitcoin price in Martinez’s analysis, crypto analyst Rekt Capital highlights the importance of BTC’s ability to establish a strong support level at $43,900.

    According to Rekt Capital’s analysis, Bitcoin is exhibiting promising signs as it strives to reclaim the top of the pattern at $43,900 as a support level. 

    Bitcoin
    Bitcoin’s price currently surpassing its nearest $43,900 resistance. Source: Rekt Capital on X

    This level holds importance in determining the cryptocurrency’s ability to sustain upward momentum. Rekt Capital suggests that a daily candle close above this resistance is essential for Bitcoin to make another attempt at moving higher.

    The successful establishment of $43,900 as a support level and a daily candle close above this resistance would signify a positive development for Bitcoin’s upside potential. 

    It would indicate a renewed bullish sentiment and potentially pave the way for further price appreciation. However, failure to overcome this resistance level and ending up as an upside wick could hinder Bitcoin’s ability to sustain upward momentum in the short term.

    Bitcoin price
    The daily chart shows BTC’s price recovery. Source: BTCUSDT on TradingView.com

    On Wednesday, Bitcoin trades at $44,000, followed by a news-driven dip toward the $40,800 level.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

    Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

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    The recovery of the overall crypto market this year has spurred a surge in the digital-asset derivatives market as institutional investors seek exposure to the crypto space. 

    According to a recent Bloomberg report, the deadline for US regulators to approve or reject Bitcoin (BTC) exchange-traded funds (ETFs) has prompted traditional investors to turn to crypto options and futures, leading to unprecedented trading volumes.

    Crypto Options Trading Hits Record High

    Before the options expiry on Friday morning, crypto options trading volume reached a new all-time high, with options worth a notional value of $11 billion, as highlighted by Bloomberg. Of this total, Bitcoin contracts accounted for $7.7 billion, while Ethereum (ETH) options represented $3.5 billion.

    Despite the expiration of many options, the impact on the major cryptocurrencies has been limited.  With its strong support floor at $42,000, Bitcoin has maintained its position for a potential uptrend once bullish momentum returns and buying pressure increases. 

    Over the past 24 hours, Bitcoin has traded within the same range as the previous day, at $42,200, experiencing only a 0.4% decline. Nevertheless, Bitcoin has yet to fully recover from its 3.4% drop over the past seven days.

    In contrast, ETH was hit by the expiration of options contracts. Ethereum, the second-largest cryptocurrency on the market, fell more than 2%. EHT dropped to $2,316 after hitting an annual high of $2,445 on Thursday.

    However, while heightened trading activity may accompany the expiration of options, it is unlikely to impact spot market prices, according to Luuk Strijers significantly, Deribit’s chief commercial officer. 

    Strijers notes that clients are rolling their positions to 2024 expiries, and additional activity is anticipated after the expiry. The focus of attention and trading activity will primarily be on the impending ETF decision, Bloomberg notes.

    Surge From Traditional Asset Managers 

    The cryptocurrency market has undergone a strong rally this year, with Bitcoin surging nearly 160% following a turbulent 2022 marked by industry scandals and price declines. 

    The recovery has been fueled partly by the optimism surrounding the potential approval of spot Bitcoin ETFs, which would attract a broader range of investors to the asset class.

    Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX, highlights the growing participation from crossover macro accounts, referring to large traditional asset managers allocating a small percentage of their portfolios to cryptocurrencies and crypto-focused hedge funds.

    In addition, according to Bloomberg, perpetual futures, a favored tool for leveraging crypto trades, are trading at a significant premium compared to spot prices, indicating rising demand for such products.

    Overall, the surge in the cryptocurrency derivatives market, driven by options expiry and the pending decision on Bitcoin ETFs, reflects the growing interest of institutional investors in the crypto space. 

    The record-breaking trading volumes and increased participation from traditional asset managers highlight the evolving landscape of digital assets. 

    As the market awaits the regulatory verdict on Bitcoin ETFs, it remains to be seen how these developments will shape the future trajectory of the crypto market and its integration with traditional financial systems.

    Crypto

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Bitcoin Price Surges On Positive News: FASB's Fair Value Recognition Reignites $42,000 Support Recovery

    Bitcoin Price Surges On Positive News: FASB's Fair Value Recognition Reignites $42,000 Support Recovery

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    The Bitcoin price experienced a notable downturn as selling pressure intensified, resulting in a decline of over 4% from its annual peak of $44,500. This downturn was further exacerbated by the loss of the crucial $42,000 support level. 

    However, the largest cryptocurrency in the market received a substantial uplift from the US Financial Accounting Standards Board (FASB), which has spurred a rapid 1.8% surge in BTC’s value within the past two hours. As a result, Bitcoin has successfully recovered the $42,000 support level.

    FASB’s Fair Value Recognition Brings Clarity To BTC?

    In a significant development for the cryptocurrency industry, the FASB has announced new accounting rules that require companies, including prominent entities like MicroStrategy, Tesla, and Block, to measure their cryptocurrency holdings at fair value. 

    These rules, set to go into effect in 2025, allow businesses to capture the real-time highs and lows of their Bitcoin and Ethereum (ETH) assets, providing a more accurate representation of their holdings.

    Under the previous accounting practices, companies were only allowed to record the lows, resulting in a one-sided accounting treatment that often led to reduced valuations and diminished earnings for businesses holding cryptocurrencies. The highly volatile nature of crypto values further exacerbated the issue.

    The FASB’s new rules address these concerns by mandating the recording of cryptocurrencies at fair value, a measurement technique aimed at reflecting the most up-to-date value of these assets. 

    Changes in fair value will now be recorded in net income, allowing companies to account for fluctuations in the value of their crypto holdings more comprehensively.

    The positive news for BTC lies in the fact that the new FASB rules provide greater transparency and accuracy in assessing the true value of cryptocurrency assets. By capturing fluctuations in fair value, companies will have a more realistic representation of their holdings, enabling better decision-making and financial reporting.

    Bitcoin, being the most widely recognized and valuable cryptocurrency, stands to benefit significantly from these changes. The recognition of its fair value allows companies to showcase the true worth of their BTC holdings, potentially boosting investor confidence and attracting further institutional interest.

    Turbulent Times Ahead For Bitcoin Price

    Following these recent developments, the Bitcoin price has successfully rebounded to previously lost levels, demonstrating heightened volatility after a brief consolidation phase just below $42,000.

    However, according to CoinGlass’ liquidation heatmap, Bitcoin’s price may be facing further volatility that could lead to a significant amount of liquidation of both long and short positions. 

    BTC’s 3-day liquidation heatmap. Source: CoinGlass on X.

    The liquidation heatmap from CoinGlass highlights substantial indications of liquidation leverage exceeding $200 million both above and below the current Bitcoin price. 

    Of particular concern is the thick liquidation leverage below $41,000, as seen in the chart above, which, combined with the prevailing trend, could become a probable target for the Bitcoin price in the coming days.

    Conversely, following BTC’s correction, additional liquidation leverage has emerged in CoinGlass’s heatmap, particularly in the $42,000 and $43,000 range of short positions. This added selling pressure has contributed to the retracement of the Bitcoin price.

    This potential scenario suggests a potential price swing up and down before a stable continuation of either the downward or upward momentum. The outcome remains uncertain as to which side will give way first and what prevailing trend will shape the latter part of the year.

    Bitcoin price
    The daily chart shows BTC’s $42,000 support recovery. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Crypto Market Cap Soars: $1.5 Trillion Milestone Achieved, Bitcoin Sets New Record

    Crypto Market Cap Soars: $1.5 Trillion Milestone Achieved, Bitcoin Sets New Record

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    Bitcoin (BTC) and the cryptocurrency market have seen a significant uptrend, hitting a new annual high and surpassing $1.45 trillion, paving the way for potential gains in the final days of November.

    Notably, BTC, the largest cryptocurrency in the market, has achieved a remarkable milestone, approaching the $40,000 level with a price surge to $38,400. 

    The catalysts behind this recent surge include the anticipated acceptance of the BlackRock Bitcoin Spot exchange-traded fund (ETF) within the next 45 days and speculation that BlackRock itself may influence Bitcoin’s price through significant buying pressure on Coinbase.

    BlackRock Driving BTC’s Recent Price Surge? 

    According to CoinGecko, the global cryptocurrency market cap currently stands at $1.5 trillion, reflecting a 2.05% change in the last 24 hours and an impressive 72.26% change compared to the same period last year. 

    This surge in market capitalization has not only boosted Bitcoin but has also contributed to gains in other major cryptocurrencies within the Top 100, such as Blur (BLUR), which soared a staggering 27%, Mina Protocol (MINA), which gained 9%, and Bittensor (TAO), which has seen a 14% surge in the last 24 hours, to name a few.

    Regarding the recent surge of BTC to a new yearly high, crypto expert known by the pseudonym “Crypto Rover” has shed light on potential catalysts driving the recent surge. According to Rover, the BlackRock Bitcoin Spot ETF launch is expected to occur within the next 45 days.

    In this regard, Rover’s analysis suggests that BlackRock, the world’s largest asset manager, may play a role in Bitcoin’s recent surge. The speculation is based on the observation that a significant amount of Bitcoin buying pressure appears to be coming from Coinbase, the largest cryptocurrency exchange in the United States, with the platform serving as BlackRock’s custodial partner. 

    Promising Bitcoin Price Targets For Late 2025

    Renowned crypto analyst Crypto Con has unveiled what he claims to be the most accurate Log Regression Curves for Bitcoin to date. These curves have provided insights into the future cycle top, an elusive aspect of Bitcoin analysis. 

    According to projections derived from the curve matching technique, late 2025 could witness two potential price targets for Bitcoin: $130,000, referred to as Layer 6, and Layer 7, with a target price of $180,000.

    BTC’s price targets for late 2025. Source: CryptoCon on X.

    The analyst says several models and projections support the $130,000 target, adding to its credibility. According to Crypto Con, even the most conservative estimate, known as Layer 5 at $94,000, seems less likely. 

    Based on historical trends, it is improbable that the entire red band, representing potential price ranges, would fail during this cycle. Therefore, one of the projected targets is expected to be accurate.

    Based on the available information, Crypto Con favors layer 6 at $130,000 as the more likely target for Bitcoin’s late 2025 price surge. This projection aligns with the Halving Cycles Theory, suggesting a timeframe of approximately 21 days from November 28th, 2025.

    Bitcoin
    BTC is reaching a new yearly high on the daily chart. Source: BTCUSDT on TradingView.com

    Bitcoin has undergone a recent pullback within the last hour following its attainment of a new yearly high. As of now, it is trading at $37,800.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target

    Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target

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    Bitcoin (BTC), the largest cryptocurrency on the market, has again failed to consolidate and reach the $38,000 level for the third time, as it is currently experiencing a 3% pullback. This has led the community to speculate that a significant retracement may occur before the bullish momentum resumes and the next uptrend begins. 

    However, renowned crypto analyst Adrian Zduńczyk has recently shed light on Bitcoin’s potential next target of $50,000. Zduńczyk’s analysis considers several crucial factors, including the prevailing bullish market sentiment, the ongoing uptrend, the short-term outlook, miner sentiment, and seasonal trends. 

    Evidence Of Dominant Bull Market

    Zduńczyk notes that the cryptocurrency industry is in a bull market, with Bitcoin reaching a new 52-week high close and experiencing the third wave of the bullish cycle. The correlation between Bitcoin and the S&P 500 has risen, indicating a favorable environment for Bitcoin. High time frame trends are also rising.

    Zduńczyk identifies key macro support levels for Bitcoin at $29,000 and $27,000, highlighting growing demand fueled by the anticipation of the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming halving event expected in April 2024.

    Notably, the daily chart for BTC remains in an uptrend, according to Zduńczyk. He points to a target of $40,000, supported by the appearance of a “golden cross” pattern.

    Furthermore, Zduńczyk believes that the rising Simple Moving Average (SMA) 200 serves as “irrefutable evidence” of a dominant bull market since January. These indicators suggest a continuation of the upward trajectory for Bitcoin.

    Zduńczyk also identifies key support levels at $35,000 to $35,800, emphasizing that a bullish sentiment prevails as long as Bitcoin remains above these levels. 

    Zduńczyk Eyes Bitcoin November Target Of $50,000

    Currently, Bitcoin is ranging between $35,500 and $38,000, Zduńczyk notes that the momentum bands are widening, indicating an increase in volatility. The rising 50-day Average True Range (ATR) trend supports this observation.

    Fear & Greed Index stands at 69, indicating a mixed sentiment among market participants. Miners, on average, are enjoying a profit increase of 23%. Zduńczyk maintains a positive outlook based on these factors. 

    Regarding seasonal trends, October demonstrated a gain of 27%, exceeding the average performance. Historically, November has been the best month for Bitcoin, which has an average gain of 43%, with a target of around $50,000. Notably, December typically adds 7% to November’s closing price.

    BTC’s price drop on the daily chart. Source: BTCUSDT on TradingView.com

    Currently, BTC is trading at $36,400, reflecting a 5% and 22% profit over the past fourteen and thirty days, respectively. The focus now shifts to whether BTC’s price can maintain its crucial support levels and sustain its bullish uptrend, potentially reaching the $50,000 milestone supported by historical patterns.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Coinbase Bullish: Bitcoin ETF Approval Expected After SEC’s Defeat

    Coinbase Bullish: Bitcoin ETF Approval Expected After SEC’s Defeat

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    In a recent CNBC report, Coinbase, the largest cryptocurrency exchange in the United States, expressed confidence in the approval of a US-based Bitcoin (BTC)  exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). 

    Paul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s recent court setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for a potential approval in the coming months.

    Coinbase Eyes Bitcoin ETF Approval 

    Grewal emphasized that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing laws governing financial services. Grewal noted that prominent financial institutions have submitted robust proposals, indicating progress in the regulatory landscape.

    The recent court ruling against the SEC stated that the regulator lacked a valid basis to deny Grayscale’s request to convert its GBTC Bitcoin fund into an ETF. 

    The SEC chose not to appeal the ruling within the specified deadline, further increasing the likelihood of a BTC-related ETF gaining approval shortly.

    However, Grewal acknowledged that the ultimate decision rests with the SEC, and he refrained from providing a specific timeline for the approval process. 

    Nevertheless, Grewal expressed confidence in the SEC’s obligation to fulfill its responsibilities, particularly in light of the court’s decision and the requirement to apply the law impartially.

    The introduction of a Bitcoin ETF would offer investors an alternative means to gain exposure to BTC without directly purchasing the cryptocurrency from an exchange. 

    This could be particularly attractive to retail investors seeking Bitcoin exposure without the complexities of owning the underlying asset.

    Per the report, Coinbase, being the largest crypto exchange in the United States, stands to benefit from the potential approval of a BTC ETF. The company’s common stock is held in portfolios designed to provide investors with crypto exposure.

    Legal Troubles Mount For Grayscale’s Parent Company

    While the recent court ruling has bolstered prospects for a BTC ETF, it is important to note that Grayscale’s bid to convert GBTC into an ETF is not without its challenges. 

    Digital Currency Group (DCG), Grayscale’s parent company, along with crypto exchange Gemini and DCG subsidiary Genesis, face a lawsuit from the New York Attorney General, accusing them of defrauding investors of over $1 billion.

    Despite the ongoing legal issues, Grewal remained positive about the approval of additional Bitcoin ETFs in the future as the SEC adheres to the law and evaluates pending applications neutrally.

    The report also touched upon the recent performance of BTC, which has experienced a resurgence in 2023. With a 72% year-to-date increase, Bitcoin has rebounded from significant declines in 2022. 

    BTC’s 3% uptrend on the daily chart over the past 24 hours. Source: BTCUSDT on TradingView.com

    Factors such as anticipation surrounding the upcoming BTC halving event and investor reactions to the Federal Reserve’s potential interest rate policy changes have contributed to increased demand for the digital currency.

    Ultimately while trading volumes have declined recently, attributed partly to retail investors’ reduced engagement in response to low volatility and industry players’ challenges, Grewal expressed optimism that various developments, including criminal trials and rigorous regulatory actions, will restore investor and consumer interest in the crypto market.

    As the landscape for Bitcoin ETFs evolves, market participants will closely monitor the SEC’s stance and any potential regulatory developments that shape the future of cryptocurrency investment products.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Crypto Trading Platform Paxful Delists Ethereum In ‘Integrity’ Move: CEO

    Crypto Trading Platform Paxful Delists Ethereum In ‘Integrity’ Move: CEO

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    Peer-to-peer (P2P) cryptocurrency trading platform Paxful is delisting Ethereum.

    Paxful CEO Ray Youssef took to Twitter on Wednesday to announce the news, confirming a move he had hinted at ten days prior.

    “We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue,” Youssef said in a tweet, calling on fellow exchange runners to follow suit.

    A screenshot of Youssef’s statement to clients accompanied the tweet. The text provided more details as to why the CEO chose to remove ETH from his P2P exchange. Youssef mentioned three overarching reasons for kicking Ethereum out: its move to proof-of-stake (PoS), a lack of decentralization, and the ever-growing dissemination of scams in its ecosystem.

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    Namcios

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  • $9 Billion European Digital Bank N26 Enables Bitcoin Trading

    $9 Billion European Digital Bank N26 Enables Bitcoin Trading

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    N26, a $9 billion European digital bank, is launching bitcoin and cryptocurrency trading services, per a report from CNBC.

    N26 Crypto, the bank’s newly formed service, is set to roll out to Austrian clients over the next few weeks and initially include bitcoin and a number of cryptocurrencies. Following its initial release, N26 plans to expand its service offering to clients in other markets over the course of the next six months.

    However, users looking to leverage N26’s service should note that the bank does not support custodial wallet transfers, meaning users will not be able to move their bitcoin off of the platform.

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    Shawn Amick

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