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Tag: BTC

  • Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here?

    Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here?

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    Este artículo también está disponible en español.

    Several indicators point to renewed strength in altcoins, suggesting a potential altcoin season on the horizon. However, for confirmation, Bitcoin (BTC) dominance needs to drop further.

    Altcoin Market Cap Crosses 200-Day EMA

    Crypto analysts are closely monitoring various indicators that track altcoin behavior, with one critical metric being the 200-day exponential moving average (EMA).

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    According to the following chart, the OTHERS index – an index that tracks the market cap of cryptocurrencies excluding the top 10 digital assets by market capitalization – has surged past both the 100-day EMA and the 200-day EMA.

    OTHERS index has surged past the 200-day EMA | Source: CRYPTOCAP:OTHERS on TradingView.com

    For the uninitiated, the 200-day EMA is a commonly used technical indicator that shows the average price of an asset over the past 200 days, with more weightage given to recent prices. It’s used to identify long-term trends – when the price is above the 200-day EMA, it suggests the asset may be in an upward trend, while being below it signals a potential downtrend. 

    At present, the OTHERS index sits at $227.5 billion, while the 200-day EMA and the 100-day EMA are at $221.8 billion and $212.9 billion, respectively. According to crypto analyst Caleb Franzen, the last time this occurred was in July 2023. At the time, altcoins established firm support at these EMAs to achieve higher-highs. 

    Another cryptocurrency analyst, Ali Martinez, alluded to the altcoin market cap – excluding BTC and Ethereum (ETH) – breaking out of what appears to be a long downward trend. Although Martinez is not fully convinced of a full-blown altcoin season yet, he dubs the breakout as a “good start.”

    Bitcoin Dominance Must Crash Before Altseason

    While the altcoin market cap breaking out of a sustained downtrend raises hope for an imminent altseason, BTC dominance (BTC.D) must drop significantly from its current levels. 

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    Currently, Bitcoin dominance sits at 57.5%. From the chart below, it is evident that BTC.D has been on a sustained upward trajectory since at least November 2022. According to crypto analyst Yoddha, BTC.D looks poised to crash into the mid-40s, potentially paving the way for a full-blown altseason.

    BTC.D
    Source: BTC.D on TradingView.com

    Negentropic, co-founder at on-chain data platform Glassnode, remarked that the market seems to be on the verge of an altcoin season. Referring to the Bitcoin-Altcoin Cycle chart from Swissblock, Negentropic notes that once BTC breaks its all-time high (ATH) and enters price discovery mode, altcoin should follow suit. 

    The Bitcoin-Altcoin Cycle chart displays the inverse relationship between BTC and altcoin price movements throughout the year. Any reading above 50 indicates the market has entered an altcoin-dominated phase, whereas a reading below 50 signals a BTC-led market.

    altcoin cycle
    Source: Swissblock Technologies

    Despite these promising indicators, it’s important for the leading altcoin, ETH, to rebound against BTC before capital flows into mid-cap and small-cap altcoins. As previously reported, the ETH/BTC trading pair is currently at its lowest since April 2021. At press time, BTC trades at $64,481, up 1.5% in the past 24 hours.

    bitcoin
    BTC trades at $64,481 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, Charts from Swissblock Technologies and Tradingview.com

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    Ash Tiwari

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  • Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears – Bitfinex

    Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears – Bitfinex

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    Bitcoin (BTC), the world’s largest cryptocurrency, has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6. This is the highest level BTC has reached in almost two months.

    Critical Resistance At $65,200 Looms

    According to a recent report from digital asset trading platform Bitfinex, this price increase was largely driven by the Federal Reserve’s (Fed) decision to cut interest rates, which helped propel BTC to a new local high of $64,200 on September 20. 

    However, despite this positive momentum, Bitcoin is still just below a critical resistance level of $65,200, established on 25 August. The report notes that a failure to breach this level could confirm a worrying trend that has characterized BTC’s price action since its all-time high of $73,666 in March.

    Since that peak, Bitcoin has repeatedly struggled to break previous highs before forming new local lows, indicating a persistent downtrend. This pattern of lower and lower highs is evident on the daily Bitcoin chart, suggesting that the cryptocurrency has been on a downward trajectory since mid-March.

    As seen on the daily BTC/USDT chart above, this repeated price action has been characterized by a sustained and continuous downtrend since the March peak. 

    Nonetheless, further volatility fueled by macroeconomic fears triggered another crash on August 5. BTC hit its lowest level in six months, down to the $49,000 level from the $70,000 level it had been trading at since late July.

    What Drove Bitcoin Recent Gains?

    One notable concern that Bitfinex finds is the discrepancy between BTC’s price gains and open interest in future markets. As BTC rose, open interest rose even faster, reaching $19.43 billion – up from $18.93 billion on August 25- while the Bitcoin price remained around $1,000 below its local high. 

    This divergence suggests that much of the recent price movement may be driven by speculative trading in futures and perpetual contracts rather than strong demand in the spot market.

    Earlier this month, Bitfinex observed that Bitcoin’s rise to around $62,000 was largely fueled by robust spot market buying, in stark contrast to the current situation. 

    While this trend in open interest might suggest increased speculative interest in Bitcoin, it does not directly imply bearishness. The report states that open interest is not a definitive measure of leverage in the market; it merely reflects the total value of outstanding contracts.

    Finally, the report suggests that this renewed speculative interest could be beneficial as traders return from their summer holidays and reassess their positions following the rate cut. However, Bitfinex does note that in the absence of clearer indicators of sustained bullish momentum, market participants should remain cautious. 

    Featured image from DALL-E, chart from TradingView.com

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    Ronaldo Marquez

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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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  • Challenges Mount For Bitcoin Miners As Difficulty Surges To Record High

    Challenges Mount For Bitcoin Miners As Difficulty Surges To Record High

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    Este artículo también está disponible en español.

    A recent report by Bloomberg highlights that the difficulty of mining Bitcoin has surged to a record high, reflecting increasing competition among cryptocurrency miners. 

    On Wednesday, mining difficulty rose by 3.5%, as reported by crypto-mining tracker CoinWarz. This metric, which has been climbing steadily, often aligns with market expectations for Bitcoin’s price movements.

    Post-Halving Challenges

    Following the April Halving, which reduced miners’ potential revenue by half, the Bitcoin price has dropped approximately 10% to a current trading price of $57,000. 

    Per the report, this reduction has significantly pressured the profit margins of many mining companies, particularly those operating at higher costs. Christopher Bendiksen, Bitcoin research lead at CoinShares, noted: 

    The effect of the all-time high in difficulty, right on the back of the Halving, is making the outlook extremely challenging for many miners—especially those at the higher end of the cost curve. The researcher added that if current trends persist, some miners may struggle to remain cash flow positive, let alone achieve profitability.

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    Miners play a crucial role in the Bitcoin ecosystem by using specialized computers to validate transaction data on the blockchain, thereby securing the network. In return for their efforts, they earn Bitcoin rewards. 

    However, the financial landscape for miners has been tough this year; shares of major publicly traded mining companies have plummeted, with Marathon Digital Inc. and Riot Platforms Inc. experiencing declines of 31% and 54%, respectively.

    In contrast, Bitcoin’s price has shown consistency despite current challenges, climbing 38% and reaching a record high of $73,798 in March, fueled by optimism surrounding the demand for US exchange-traded funds (ETFs) that hold BTC. 

    Additionally, Bitcoin’s hash rate—the total computing power supporting the network—hit an all-time high in September, indicating strong participation in mining activities.

    Crucial Months Ahead For The Bitcoin Market

    Historically, the Bitcoin price has often dipped following its Halving event, only to rebound several months later, eventually hitting new record highs. Many industry participants are anticipating a potential rally in the fourth quarter, with Bobby Zagotta, CEO of crypto exchange Bitstamp USA, expressing optimism about market movements.

    However, Bendiksen cautioned that many miners appear to be banking on a significant price increase in Bitcoin. “If that fails to materialize, there will be trouble ahead for some operators,” he warned. 

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    The coming months will be crucial in determining the sustainability of mining operations and the broader health of the market, with expectations for further price recoveries increasing in the latter part of the year, with other potential catalysts including easing macroeconomic conditions and the outcome of the US election.

    The 1D chart shows BTC’s sideways price action above $57,000. Source: BTCUSDT on TradingView.com

    As of now, the largest cryptocurrency on the market is down a slight 0.4% in the 24-hour time frame, and nearly 2% in the last seven days, showing BTC’s struggle to regain previously lost levels. 

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles

    Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles

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    Este artículo también está disponible en español.

    Bitcoin market performance has been underwhelming since its peak above $73,000 in March 2024. Instead of building on this rally, the top crypto has faced continued consolidation coupled with a series of declines, frustrating many investors.

    Currently, Bitcoin is down 22.7% from its March high, raising concerns over whether this signals the start of a deeper bear market. The decline has shaken confidence, with market analysts now questioning the near-term outlook for the digital asset.

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    Bitcoin Price Continous To Struggle, Why?

    Analysts from IntoTheBlock, a market intelligence platform, have recently shared insights on X, reflecting the changing sentiment. In a post uploaded earlier today, the analyst noted:

    Bitcoin’s price remains under pressure, with no significant upward momentum. The market, once hopeful for a rally, now faces growing uncertainty as both retail and institutional interest appear to be dwindling.

    The analysts asked, “is this just a quiet phase or the start of a prolonged bear market?”

    To answer this question, IntoTheBlock first assessed Bitcoin price struggles and the factors contributing to the lackluster price movement.

    Mentioning “macro landscape,” the market intelligence platform disclosed that the possibility of a global recession looms large, creating a cautious outlook for risk assets like Bitcoin.

    They noted that although many expect rate cuts soon, these measures may take time to affect Bitcoin and other cryptocurrencies positively. Meanwhile, until that happens, the broader macro environment will likely continue to pressure market sentiment and investor confidence.

    Furthermore, IntoTheBlock touched on the interest in cryptocurrencies, which has also been declining sharply in recent months.

    According to the market intelligence platform, search trends related to Bitcoin and other digital assets have significantly decreased, reflecting a drop in public interest.

    Search trend for cryptocurrency plummets on Google. | Source: 0xLoris on X

    Even app rankings for major crypto exchanges like Coinbase have fallen, suggesting fewer users engage with the market. This trend has extended to on-chain metrics, where the number of new Bitcoin addresses remains low, indicating a slowdown in market participation.

    Should You Panic?

    While the current downturn has raised concerns, analysts from IntoTheBlock see potential parallels to Bitcoin’s price action in 2019. They noted:

    Historical Bitcoin halving cycles suggest it could be a post-halving dip, something we’ve seen before. Parallels to 2019: Interestingly, many analysts point out the current phase mirrors 2019, where the market also slowed down after a (local) high. Back then, the market experienced a prolonged consolidation before turning bullish again. Could we be on the same path?

    IntoTheBlock further highlighted that “other cycle data tells a different story.” The market intelligence platform noted that in recent weeks, the balances of long-term Bitcoin holders have hit new lows, echoing post-peak trends from previous market cycles.

    Bitcoin long-term holders.
    Bitcoin long-term holders. | Source: IntoTheBock

    According to IntoTheBlock, this could signal a “prolonged cooldown” phase for Bitcoin, potentially delaying any significant price recovery.

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    The analysts noted that while the market faces uncertainties, there are no definitive answers. They concluded:

    There are no clear-cut answers, but by considering past cycles and current data, we can stay open to possibilities Keep track of both on-chain data and macro factors—they will be critical in determining what comes next

    Bitcoin (BTC) price chart on TradingView
    BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

    Featured image created with DALL-E, Chart from TradingView

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    Samuel Edyme

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  • Data Shows Sellers Have Returned To Bitcoin: Is A Major Price Drop On The Horizon?

    Data Shows Sellers Have Returned To Bitcoin: Is A Major Price Drop On The Horizon?

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    Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

    Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

    Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

    When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

    Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

    In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

    Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”

    PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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    Samuel Edyme

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  • Bitcoin Price Surges Above $64,000 — Here’s The Resistance Level To Watch

    Bitcoin Price Surges Above $64,000 — Here’s The Resistance Level To Watch

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    Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

    Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

    Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

    When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

    Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
    Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

    Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

    Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

    Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.

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    Opeyemi Sule

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  • These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

    These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

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    An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency.

    A Large Number Of Investors Bought Bitcoin Inside These Zones

    In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC. In on-chain analysis, the potential for any price level to behave in this manner lies in the amount of tokens purchased.

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    Below is the chart from the market intelligence platform IntoTheBlock shared by the analyst, which shows how the price ranges near the current one look in terms of the number of coins that share their cost basis.

    It looks like a large number of investors bought between $59,100 and $61,000 | Source: @IT_Tech_PL on X

    In the graph, the size of the dot corresponds to the number of coins purchased at the price range. The dots of two ranges stand out: $59,160 to $60,973 and $64,670 to $66,483.

    Bitcoin had been just above the first of these ranges when the analyst made the post, but now the coin has dipped into it, meaning it’s retesting the zone.

    To any investor, their cost basis is naturally an important level, so they may be more likely to make some move when the cryptocurrency’s price retests it. When many holders share their cost basis inside the same narrow range, this reaction can emerge on a scale that can affect the market.

    Almost 1.7 million addresses purchased 965,239 BTC inside the $59,160 to $60,973 range, and after the pullback in the price, these holders would be sitting at their break-even.

    Generally, when the asset retests an investor’s cost basis from above, they are probably to react by buying more, as they could believe the asset would go up again to put them in profits. The coin can naturally feel support when this reaction is produced on an appreciable scale.

    As the range at hand is quite large, the analyst has called it the biggest support zone for Bitcoin. Since BTC is retesting it now, it remains to be seen whether investors would truly step in and buy the “dip.”

    If BTC feels support and finds a rebound, it will have to retest the resistance levels ahead. As mentioned before, the $64,670 to $66,483 range is host to the acquisition level of many coins.

    Related Reading

    Holders at a loss may look forward to a retest of their cost basis to exit at their break-even and regain the entirety of their capital. So, large demand zones can provide resistance when Bitcoin retests them from below.

    The $64,670 to $66,483 range could prove a significant challenge for the cryptocurrency because of this.

    BTC Price

    At the time of writing, Bitcoin is trading at around $60,200, up 1% over the past week.

    Bitcoin Price Chart
    The price of the coin appears to have been on the way up over the last few days | Source: BTCUSD on TradingView

    Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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    Keshav Verma

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  • Bitcoin Funding Rates Turn Negative: Shorts’ Turn To Get Squeezed?

    Bitcoin Funding Rates Turn Negative: Shorts’ Turn To Get Squeezed?

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    Data shows the Bitcoin funding rates on exchanges have turned negative, a sign that the shorts have now become the dominant force in the market.

    Bitcoin Funding Rates Have Turned Negative After Market Crash

    As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin funding rates have seen a sharp decline recently. The “funding rate” refers to a metric that keeps track of the periodic fee that derivatives contract holders are currently exchanging with each other.

    When the value of this indicator is positive, it means the long investors are paying a premium to the short ones in order to hold onto their positions. Such a trend implies a bullish sentiment is shared by the majority in the sector.

    On the other hand, the metric being negative implies a bearish mentality could be the dominant one in the market as the short holders outweigh the longs.

    Now, here is a chart that shows the trend in this Bitcoin indicator for all exchanges over the past few months:

    As displayed in the above graph, the Bitcoin funding rate had been positive throughout the year 2024, save for a couple of small dips into the negative region, until this latest crash, which finally took the indicator to notable red values.

    The earlier positive values were naturally due to the fact that the market had a bullish atmosphere to it, so the average investor was trying to bet on the price to rise. From the graph, it’s visible that this positive sentiment was the strongest during the rally to the all-time high (ATH) price fueled by the spot exchange-traded fund (ETF) demand.

    During the consolidation period that had followed this rally, BTC had seen a couple of notable drawdowns, but they weren’t enough to shake off the bullish mood. The recent sharp crash, though, appears to have finally caused investors to have a bearish outlook on the cryptocurrency.

    The Bitcoin crash had resulted in a huge amount of long liquidations in the market, triggering what’s known as a squeeze. In a squeeze event, a sharp swing in the price causes mass liquidations, which in turn fuels the price move further. This then unleashes a cascade of more liquidations.

    Since the latest such event involved the longs, it would be called a long squeeze. In general, an event of this kind is more likely to affect the side of the derivatives market that is more dominant. As this power balance has shifted towards the shorts now, it’s possible that the market could instead see a short squeeze in the near future.

    Naturally, it’s not necessary that a short squeeze should take place, but if the price ends up witnessing some volatility, it’s possible it may end up punishing the short-heavy market.

    BTC Price

    Bitcoin has been steadily making recovery from the crash as its price has now climbed back to $57,500.

    Bitcoin Price Chart

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    Keshav Verma

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  • Bitcoin Crash Over? Veteran Trader Predicts Rebound To $90,000

    Bitcoin Crash Over? Veteran Trader Predicts Rebound To $90,000

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    The Bitcoin crash may be over, as a crypto trader has predicted a significant rebound for the pioneer cryptocurrency, foreseeing Bitcoin soaring to new all-time highs of $90,000. This bullish projection comes amid the recent downtrend in the price of Bitcoin, which saw a dramatic crash below $50,000 at some point over the past few weeks. 

    $90,000 Rebound Target Set For BTC

    In an X (formerly Twitter) post on August 5, crypto analyst, Peter Brandt made a bold prediction, suggesting that Bitcoin could witness a significant rebound to $90,000 this bull cycle. Sharing a price chart depicting a series of pumps and dumps in Bitcoin’s value since the beginning of the year, Brandt foresees the pioneer cryptocurrency hitting $90,000 before the end of 2024. 

    Related Reading

    Source: X

    During his post, Brandt emphasized the importance of focusing on what could potentially happen (possibilities), rather than what is likely to happen (probabilities) or what is believed to be certain (certainties). This unique approach to analyzing the market avoids over-dependence on assumptions and remains flexible to various market results. 

    Seeking Brandt’s opinion on the current state of the market, a crypto community member shared that they have been forecasting a bull flag for Bitcoin over the past few months. They inquired if Brandt concurred with this prediction and if a Bitcoin has reached a golden pocket, a key Fibonacci retracement level that often signals the next potential resistance level.

    Responding to the crypto community member, Brandt negated the possibility of a Bitcoin bull flag, citing various technical analytical authorities such as Schabacker, Edwards, and Magee, who state that bull flags should not last longer than two months. This ultimately suggests that if a supposed bull flag pattern has persisted for more than two months, then it does not meet the criteria for a bull flag. 

    Additionally, when asked by another crypto member if a possibility was just a type of probability, Brandt clarified that possibilities could not be described as a probability because probabilities involve assigning numbers and making assumptions. Brandt has disclosed that he strictly avoids trades based on assumptions to remain open to all possible outcomes without bias. 

    Bitcoin Regains Strength After 23% Market Crash

    Before Brandt predicted a rebound to $90,000 for Bitcoin, the cryptocurrency had experienced a sharp decline in its price. Over the past week, Bitcoin’s price had fallen to around $52,000, marking a significant drop of more than 23%, according to CoinMarketCap. 

    Related Reading

    Despite the recent price crash, Bitcoin has seemingly regained positive momentum, recording a price increase of 11.77% in just 24 hours. Based on CoinMarketCap’s reports, Bitcoin’s daily trading volume has also surged by 30.65%. 

    The cryptocurrency appears to be breaking out of its previous bearish trends, steadily approaching previous price highs around the $60,000 mark. At the time of writing, Bitcoin is trading at $55,903. 

    Bitcoin price chart from Tradingview.com
    BTC price reverses gains from $56,000 | Source: BTCUSD on Tradingview.com

    Featured image from Skilling.com, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?

    Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?

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    The Relative Strength Index (RSI) is an important indicator for any cryptocurrency, and Bitcoin is no different. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline from here.

    Analyst Says RSI Is Turning Bearish For Bitcoin

    Crypto analyst Alan Santana took to the TradingView website to share a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further.

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    The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline over the the year 2024 after reaching a local peak at the start of the year.

    Bitcoin’s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator.

    This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year.

    How Low Will The BTC Price Drop?

    At the time of the analysis, the Bitcoin price had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline.

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    Going by the chart, Alan Santana expects that the Bitcoin price will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000.

    Source: Tradingview.com

    If this forecast were to materialize, it would mean the price would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that “This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.”

    Bitcoin price chart from Tradingview.com
    BTC tug of war continues | Source: BTCUSD on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Wondering When To Buy Bitcoin? Here Are The Levels To Watch

    Wondering When To Buy Bitcoin? Here Are The Levels To Watch

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    Due to market volatility and Bitcoin (BTC) price fluctuations, identifying the best times to buy the pioneer cryptocurrency can be challenging. Taking this into consideration, a crypto analyst has pinpointed key price levels for investors to monitor for potential buying opportunities. 

    Buy Levels To Watch For The Bitcoin Price

    A crypto analyst identified as ‘Stockmoney Lizards’ took to X (formerly Twitter) on August 1 to discuss Bitcoin’s recent price movements, highlighting key buy levels and the cryptocurrency’s propensity for a price increase. The analyst notes that Bitcoin’s current price actions indicate a classic 5-wave uptrend followed by an ABC correction with an overarching wave B. 

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    An ABC correction is a continuous pattern that occurs during uptrends or downtrends. It is a pattern within the Elliott Wave Theory that reflects a three wave correction and helps identify a trend continuation. 

    Sharing a Bitcoin price chart illustrating each wave (A, B, and C), the analyst disclosed that Wave B ended at the Value Area High (VAH) around the $69,885 mark. According to the analyst, this price level historically acted as  a resistance. This means that Bitcoin’s price may face difficulty moving above this point.    

    Source: X

    The analyst further revealed that the $66,745 price point also acted as a resistance level for Bitcoin. He highlighted this critical level on the BTC price chart, emphasizing that the red line represents a Point Of Control (POC) for the cryptocurrency. 

    Moreover, the 1.618 Fibonacci extension level for Bitcoin is identified as a potential support area for a new uptrend. The analyst disclosed that this crucial level coincides with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), which are all important support levels. 

    Concluding his analysis, the crypto analyst suggested that the support area between $61,800 and $62,300 was an important buying level to watch out for. He noted that on the higher timeframe, Bitcoin’s potential uptrend was still intact, adding that if the cryptocurrency’s price breaks below the $61,800 mark, then a further decline to test the 2.618 Fibonacci extension at $56,800 should be expected. 

    Overall, the crypto analyst is leaning towards a bullish outlook for the short term and mid term timeframes in Bitcoin’s price. At the time of writing, Bitcoin is trading at $61,594, reflecting a 4.21% decline in the last 24 hours, according to CoinMarketCap. 

    BTC Poised To Breakout In September

    Other analysts have also remained relatively bullish on Bitcoin’s price, predicting rallies to new all-time highs for the pioneer cryptocurrency. According to a crypto analyst identified as ‘TOBTC’ on X, Bitcoin experienced a significant decline in its price, falling below the $63,000 price mark. 

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    Bitcoin 2
    Source: X

    The analyst revealed that despite Bitcoin getting rejected at the $70,000 resistance, a potential breakout is expected by September. This bullish sentiment is shared by a different crypto analyst, Michael van de Poppe, who predicts that if Bitcoin holds above $60,000 to $61,000, the cryptocurrency could witness an upward movement to new all time highs in September or October 2024. 

    Bitcoin price chart from Tradingview.com
    BTC price drops below $62,000 | Source: BTCUSD on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Trump Floats Bitcoin Payments As Solution To $35 Trillion US Debt Crisis

    Trump Floats Bitcoin Payments As Solution To $35 Trillion US Debt Crisis

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    In a recent interview with Fox News, former President Donald Trump voiced support for using Bitcoin as a tool to help pay down the United States’ $35 trillion national debt as he positions himself for a potential 2024 presidential re-election, while also signaling a notable shift in the Republican party’s stance on digital assets.

    Trump’s Strategy To Tackle $35 Trillion Debt With Bitcoin

    “Crypto is a very interesting thing, very high level in certain ways, intellectually very high level,” Trump said. The former president acknowledged the rapid growth and adoption of cryptocurrencies globally, warning that if the US does not embrace the technology, countries like China will move ahead and seize the initiative.

    Trump’s recent comments echo proposals from Republican figures such as Wyoming Senator Cynthia Lummis and former House Speaker Paul Ryan, who have floated the idea of the US government investing in Bitcoin holdings to help pay down the national debt. 

    While Trump didn’t offer any new specifics, he did hint at the possibility of the government simply “handing out a little crypto check” or “handing them a little Bitcoin” as a way to pay down the $35 trillion debt.

    Genesis Triggers $1.6 Billion In BTC And ETH Transfers

    Bitcoin, the largest cryptocurrency by market capitalization, briefly dipped below the $63,000 level, reaching a weekly low of $62,440 as news of the Genesis distributions hit the market. According to the announcement made by Genesis on August 2, the firm has commenced making distributions to creditors pursuant to its Chapter 11 bankruptcy plan. 

    As part of the initial distribution, BTC creditors will receive 51.28% of their holdings in-kind, while ETH creditors will receive 65.87% of their ETH holdings. On the other hand, creditors of other altcoins, excluding Solana (SOL), will receive an average of 87.65% of their holdings, while Solana creditors will receive 29.58% of their holdings.

    The distributions have already begun, with wallets linked to Genesis Trading moving 16.6K BTC ($1.1 billion) and 166.3K ETH ($521.1 million) in the past hour, according to market intelligence platform Arkham.

    Interestingly, billionaire investor and crypto supporter Mark Cuban has reportedly received $19.9 million in ETH from the Genesis Bankruptcy, further highlighting the implications of the firm’s downfall.

    The firm also disclosed that creditors have established a $70 million litigation fund to pursue claims against various third parties, including Digital Currency Group (DCG), Genesis’ parent company. 

    At the time of writing, the largest cryptocurrency on the market has managed to regain the $63,100 level after falling towards the $62,000 zone on Friday. BTC is currently down 0.8% in the 24-hour time frame.

    Featured image from DALL-E, chart from TradingView.com

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    Ronaldo Marquez

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  • Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?

    Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?

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    On-chain data shows a particular Bitcoin whale who accumulated almost $400 million between July 30 and 31. This whale is believed to have purchased the flagship crypto, having seen an opportunity to profit massively thanks to Bitcoin’s recent price action. 

    Bitcoin Whale Purchases Almost $400 Million Worth Of BTC

    On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance in the past two days. This purchase suggests the whale anticipates higher prices from the flagship crypto soon enough and is looking to profit from such a price rally when the time comes. 

    Interestingly, this purchase comes amid a decline in Bitcoin’s price, meaning that the whale sees this as a ‘buy the dip’ opportunity. Bitcoin dropped to as low as $63,500 on July 31, having rebounded to almost $70,000 days ago. This price drop can be attributed to several factors, including concerns over reports that Iran had ordered a retaliatory attack against Israel for killing Hamas leader Ismail Haniyeh in Tehran. 

    The Federal Open Market Committee (FOMC) meeting was held on July 31, and the Federal Reserve left interest rates unchanged. Fed Chair Jerome Powell also said little to suggest that an interest rate cut could come in September, another factor contributing to Bitcoin’s recent decline. 

    Despite its recent decline, Bitcoin is expected to enjoy another rebound soon enough and possibly break above the $70,000 range on its next leg up and rise to an all-time high (ATH). Crypto analyst Michael van de Poppe recently mentioned that Bitcoin looks good to continue toward a new ATH next month as long as the flagship crypto stays above $60,000 to $62,000.

    Whales Heavily Accumulated BTC In July

    Data from the market intelligence platform IntoTheBlock shows that Bitcoin whales, holding at least 0.1% of BTC’s circulating supply, bought over 84,000 BTC in July. This represents these whales’ largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the price dips that Bitcoin suffered in July. 

    Bitcoin’s price crashes in June extended into the beginning of July, as the flagship crypto dropped to as low as $55,000. However, this BTC accumulation from these whales paid off, as the crypto token enjoyed a massive rebound in the latter parts of July and a monthly close in the green. 

    These whales will still hope Bitcoin can record more impressive gains in August. Data from Cryptorank shows that Bitcoin has historically not enjoyed the best price action in August, ending the month in the red on eight occasions since 2011. 

    At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the last 24 hours, according to data from CoinMarketCap. 

    BTC price falls below $65,000 | Source: BTCUSD on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Is Bitcoin Poised for a September Price Surge? What Traders Need to Know

    Is Bitcoin Poised for a September Price Surge? What Traders Need to Know

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    Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

    Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

    Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

    When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

    Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

    In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

    Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”

    PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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    Samuel Edyme

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  • Bitcoin ‘Back On Radar’ To Hit $80,000, Then New ATH, Analyst Says

    Bitcoin ‘Back On Radar’ To Hit $80,000, Then New ATH, Analyst Says

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    The most often used cryptocurrency worldwide, Bitcoin, has had an impressive price rise over the past few weeks, considerably raising trader confidence.

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    The bigger cryptocurrency market still exhibits volatility even with Bitcoin’s recent rallies. Thanks to Ethereum ETFs, which have created conditions perfect for significant price movements, the market is today far more liquid. As Ethereum ( ETH) and Bitcoin (BTC) negotiate these difficult waters, their mechanics as well as the risk of trend reversals are impacting each other.

    BTC up in the last month. Source: Coingecko

    According to Santiment statistics, since March 2023 the proportion of positive to negative comments about Bitcoin has climbed to its highest level. Seeing an all-time high within reach once more, investors are becoming more hopeful about the future of cryptocurrencies as they stay at $66,882.

    Market Dynamics: Ripple Effect Of Ethereum ETFs

    Ethereum exchange-traded funds (ETFs) have greatly raised market liquidity, therefore affecting overall stability. Not just Ethereum but also unintentionally Bitcoin has been impacted by this influx. Having a market valuation of $1.32 trillion and a 55% market domination, traders are closely watching how these events might change market dynamics.

    Bitcoin is now trading at $66,845. Chart: TradingView

    Though it recently surged, the price of Bitcoin has declined by 1.36% during the previous day. This fall underlines how erratic the crypto sector is. Given changing opinions and uncertain circumstances, investors find it challenging to precisely predict short-term swings. However, the growing hope for Bitcoin suggests a revival of virtual currency interest and confidence.

    Forecasts By Analysts: Breaking Limits, Scaling New Heights

    Renowned bitcoin guru Captain Faibik has given a positive future price estimate for the coin. According to Faibik, Bitcoin is poised to test once more the crucial $70,000 resistance level. Historically a major barrier, this level seems to be becoming simpler with every test that comes around. Faibik says this declining resistance suggests a potential upward breakthrough shown as a broadening wedge.

    A spreading wedge technical chart pattern suggests that the price of an asset could be poised to break out. A breakthrough is looking more plausible as Bitcoin approaches the $70,000 barrier level. According to Faibik, should Bitcoin be able to pass this obstacle, by August it might be valued beyond $80,000. This hopeful forecast is based on the trend of declining resistance, which generally indicates an approaching breakout and consequent price rise.

    Path Of Development Of Bitcoin

    Source: CoinCheckup

    Bitcoin seems to be going to have a notable increase in the following weeks. Although the price of the alpha coin is now 31% below the projection for the next month, short-term indicators show a positive trend that may cause the price to rise. Investors are preparing themselves for a probable resurgence as the market responds to several positive signals and increasing demand.

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    Based on CoinCheckup data, major resistance levels might be challenged soon; support is concentrated around the current trading price. For the expected climb, this projection provides a strong basis. Forecasts show a notable upward trend as Bitcoin will increase by 45% during the next three months.

    Featured image from Pexels, chart from TradingView

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    Christian Encila

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  • Crypto Analyst Charts Bitcoin Course To New $77,604 All-Time High

    Crypto Analyst Charts Bitcoin Course To New $77,604 All-Time High

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    After hitting an all-time high of $73,400 in March 2024, the Bitcoin price has since retraced, remaining below its all-time high for the last four months. Nevertheless, expectations remain high that the Bitcoin price will eventually recover and hit a new all-time high, with crypto analyst “Melikatrader94” on TradingView predicting another run to $77,600.

    Bitcoin Turns Bullish On The Charts

    In the analysis that was shared on the TradingView website, crypto analyst Melikeatrader94 revealed her thesis for why the Bitcoin price could be headed to a new all-time high. The major reason behind the prediction is bullish chart patterns.

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    The crypto analyst pointed out that the Bitcoin price had successfully broken out of a descending trend line. This is important because such a break indicates a return of bullish pressure, causing the price to go up. From here, Bitcoin could push toward its current all-time high price.

    Furthermore, there have been multiple confirmations on the chart, suggesting that the resulting rally from this descending trend line break could be incredibly strong. The crypto analyst points out that there will be corrections along the way. But ultimately, the direction for the Bitcoin price from here is up.

    Targets For The BTC Price

    With the Bitcoin breakout from the descending trend line, the crypto analyst believes that the price will rise to a new all-time high of $77,604. However, this is not going to be a completely easy path for Bitcoin as major resistance levels lie ahead.

    For starters, the crypto analyst believes that the BTC price risks a downward correction when it eventually gets to $70,000. This makes it the first major level to clear in the road to a new all-time high before encountering another resistance.

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    If Bitcoin is able to beat $70,000, then it is expected to reclaim its current all-time high above $73,400. However, it faces major resistance just a short distance away. The analyst’s next resistance level lies at $73,612. Due to this, the analyst believes that both $70,000 and $73,612 could serve as possible re-entry points.

    Going by the crypto analyst’s prediction, the Bitcoin price could see a notable 15% jump in price from its current level. Furthermore, the BTC price hitting a new all-time high would be positive for the crypto market given that the pioneer cryptocurrency is the established market mover and altcoins follow its path.

    BTC price recovers from lows | Source: BTCUSD on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Technical Indicators Show Strong Bitcoin Bullishness

    Technical Indicators Show Strong Bitcoin Bullishness

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    Bitcoin has definitely performed on the bullish side for the past three weeks. Many investors are now convinced of the full return of bullish price actions, and various technical indicators support this surge in optimism. One such indicator is the hash ribbon, which highlights a positive price momentum for Bitcoin.

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    The hash ribbon provides a compelling view of on-chain activity by tracking the behavior of miners, who are known to have a direct influence on the cryptocurrency’s price.

    Price Momentum Flips Positive

    Crypto analyst Ali Martinez highlighted an intriguing phenomenon with the hash ribbon indicator on social media platform X. As noted by the analyst, the hash ribbon is signaling the end of miner capitulation, which suggests that the BTC price momentum has shifted from negative to positive. 

    The hash ribbon indicator analyzes Bitcoin’s hash rate using the 30-day and 60-day moving averages to gauge miner activity and network health. When the 30-day moving average drops below the 60-day, it indicates miner capitulation; when it crosses back above, it signals recovery and potential bullish price action.

    As shown by the price chart below, the last miner capitulation began on June 17 after the 30-day moving average crossed below the 60-day moving average. Recent market dynamics have seen the 30-day moving average crossing back up, suggesting that miners are now at a bullish outlook. 

    Bitcoin miners have faced challenges since the April 2024 halving, which reduced their daily revenue from an average of $70 million pre-halving to $30 million post-halving. This revenue drop forced many miners to sell their BTC holdings to cover operational costs. However, recent data indicates that miner capitulation may be nearing its end, as increased activity on the Bitcoin network pushed daily miner revenue back above $40 million.

    Bitcoin is now trading at $67,492. Chart: TradingView

    Positive Bitcoin Comments Reach Highest Level In 16 Months

    Still in the spirit of bullishness, crypto on-chain intelligence platform Santiment noted Bitcoin’s bullishness among market participants is now at its peak. Santiment’s data reveals that the ratio of positive versus negative comments about BTC on social media has surged to its highest level since March 2023 as investors become increasingly optimistic about a new all-time high.

    This surge in positive sentiment can be attributed mainly to the favorable mentions of Bitcoin at the recently concluded Bitcoin conference. During the conference, Republican presidential candidate Robert F. Kennedy Jr. reiterated his bullish stance on Bitcoin.

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    Additionally, former president and current Republican nominee Donald Trump altered his previous stance on Bitcoin and expressed support for the cryptocurrency. Trump also promised to fire SEC Chairman Gary Gensler, who is known for his very strict approach towards Bitcoin and other cryptocurrencies, if elected president.   

    The combination of political support and positive sentiment on social media has fueled mentions of Bitcoin reaching a new all-time high in August. At the time of writing, Bitcoin is trading at $67,500.

    Featured image from Vecteezy, chart from TradingView

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    Scott Matherson

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  • Bitcoin Quiet Buildup: Analyst Predicts Major Inflows Yet to Come—Here’s Why

    Bitcoin Quiet Buildup: Analyst Predicts Major Inflows Yet to Come—Here’s Why

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    Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

    Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

    Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

    When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

    Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

    In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

    Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”

    PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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    Samuel Edyme

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  • Bitcoin Mining Giant Marathon Digital Makes Major $100M BTC Acquisition

    Bitcoin Mining Giant Marathon Digital Makes Major $100M BTC Acquisition

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    Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

    Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

    Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

    One of Ronaldo’s defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

    Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo’s writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

    Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

    However, Ronaldo’s aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

    Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

    With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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    Ronaldo Marquez

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