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Tag: BTCUSD

  • Bitcoin Daily Close Spurs Caution – $110,500 Breakdown Could Shift Momentum

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    Cryptowzrd, in a fresh update on Bitcoin’s daily technical outlook, noted that the market closed bearish, leaving room for further downside. A decisive close below the $110,500 support could mark a key shift, making lower levels worth watching. 

    Daily Candle Signals Bearish Pressure For Bitcoin

    Cryptowzrd expanded on his outlook by pointing out that Bitcoin’s daily candle closed bearish, with price now trading beneath the $110,500 support zone. This breakdown is significant and could invite further selling pressure in the sessions ahead if buyers fail to reclaim the level.

    He emphasized that holding below this support opens the door for a potential move toward the $100,000 mark. However, a strong bullish candle and a swift recovery could invalidate the bearish setup, restoring confidence for buyers.

    In the analysis, he also highlighted the performance of Bitcoin Dominance (BTC.D), which closed indecisively while displaying weakness. This weakness in dominance is often viewed as a positive signal for altcoins, as it suggests capital is flowing away from Bitcoin and into alternative assets.

    Such a shift in market dominance reflects growing market confidence in altcoins. When Bitcoin dominance stalls or declines, it tends to fuel altcoin rallies, allowing traders to diversify into promising setups across the market.

    Finally, he noted that markets are heading into the monthly transition period, a time often associated with increased volatility and mixed sentiment. Going into the weekend, he emphasized the importance of staying rational and avoiding overextending in either direction, maintaining measured strategies while waiting for clearer confirmation signals.

    BTC Volatility Dominates Intraday Trading

    Cryptowzrd highlighted that today’s intraday chart displayed sharp volatility with a clear bearish tone, as Bitcoin slipped and is currently holding below the $110,400 intraday support. This level has now become critical, as losing it signals weakening buyer strength and raises the risk of further downside pressure. 

    He explained that if Bitcoin retests $110,400 and fails to reclaim it, the level could flip into resistance. Such a scenario would likely trigger a short setup, with price action targeting the $105,500 support area or even extending lower if bearish momentum accelerates. This makes the $110,400 region a decisive battleground for traders closely watching intraday setups.

    On the other hand, Cryptowzrd pointed out that a strong reclaim and hold above $110,400 could shift momentum back in favor of the bulls, opening the door for further upside pressure. However, the crypto analyst emphasized that the market currently lacks clarity, and traders should exercise caution before rushing in.

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    Godspower Owie

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  • Analyst Forecasts Bitcoin Price Will Break This Support Level, Can $100,000 Hold?

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    The Bitcoin price is once again under heavy pressure in the market. An analyst has warned that the coin shows strong bearish signs after being rejected at a resistance level. The price has now fallen to a critical support area, where buyers are trying to hold the line. According to the analyst, if the level fails, the price could drop even lower, raising doubts about whether the key levels will remain safe.

    Analyst Says Bitcoin Price Turned Bearish After $121,000 Rejection

    The analyst explained that the bearish trend began when Bitcoin strongly rejected the $121,000 resistance level. According to the analyst, that rejection forced the coin to break down from its earlier upward channel, which had guided the price during its last rally. Once this breakdown happened, the mood in the market shifted, and a new bearish phase took hold.

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    The analyst added that Bitcoin first moved within a downward channel, but even that structure could not hold. As selling pressure increased, the coin also broke below the support level of this channel. The downward move marked a shift in sentiment, as buyers could not keep the price stable. According to the analyst, Bitcoin’s fall may now follow a steep local trend line, which could cause the coin to decline faster.

    This kind of move shows that sellers are firmly in control for now. The analyst’s view is that the rejection at $121,000 was a turning point, and the coin has been unable to regain strength since then. For many traders, this level has become a clear resistance that won’t break again without strong demand.

    Source: TradingView

    $109,700 Support Under Pressure, Analyst Targets $104,000 Next

    The analyst also pointed out that Bitcoin is now directly testing the key buyer zone at $109,700. The level acts as a horizontal support, and the analyst says that if it fails, the bearish case could only grow stronger. While there may be a short period of sideways movement or a minor retest of the nearby trend line, the analyst believes the dominant force in the market remains downward pressure.

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    In simple terms, the analyst expects the weight of selling to break the $109,700 level. If that happens, the path to $104,000 becomes the next logical target. The analyst explained that this lower zone could be the next support area where buyers might try to fight back.

    However, if $109,700 does not hold, the move to $104,000 could come quickly. Beyond that, the market will begin to ask a bigger question — can Bitcoin hold the critical $100,000 level? Traders are watching closely, because a break below that level would mark a significant shift in the broader trend.

    Bitcoin price chart from TradingView.com
    BTC holds tentatively to $108,000 support | Source: BTCUSD on TradingView.com

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

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    Sandra White

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  • Bitcoin Hits 7-Week Low As $540-M In Trades Wiped Out

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    Bitcoin fell to its lowest levels since July 8 after Wall Street opened on Friday, with prices sliding and traders scrambling to reassess short-term plans.

    According to CoinGlass, 24-hour crypto liquidations neared $540 million as selling pressure intensified on major exchanges.

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    Whales And Exchange Distribution Pressure

    Based on reports from market watchers, heavy selling by large holders helped push the drop. Distribution on Binance was highlighted by traders as a key factor that worsened losses.

    Bitcoin lost nearly 5% on the day, and some large accounts were linked to the wave of sales that triggered stop orders and quick exits.

    Source: Coinglass

    Popular trader Daan Crypto Trades pointed to a “key reversal zone” around recent ranges and consolidation levels.

    Some experts had similar price levels on his radar, noting that Bitcoin failed to turn $112,000 into support. Other voices in the market flagged $114,000 as an important weekly close threshold for bulls.

    Source: Coinglass

    Bullish RSI Divergence Keeps A Sliver Of Hope

    Technical watchers found one bright spot. According to crypto commentator Javon Marks, the four-hour chart still shows a bullish RSI divergence — a pattern where the RSI makes higher lows while price makes lower lows. That setup can hint at an early reversal.

    Marks argued Bitcoin could stage a rebound. He suggested a move back toward $123,000 is possible, which would be roughly a +14% jump from current levels. That projection is optimistic, and it rests on momentum flipping quickly in favor of buyers.

    Macro Data, Seasonal Weakness Add Headwinds

    Seasonality and macroeconomic data added pressure. September has historically been one of Bitcoin’s weaker months, and investors were watching US inflation readings closely.

    BTCUSD now trading at $108,226. Chart: TradingView

    The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures index, matched expectations and showed signs of an inflation rebound.

    Still, the CME Group’s FedWatch Tool showed markets pricing in rate cuts in September, a factor that could help risk assets like crypto if it holds.

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    Range Bound For Now, Traders Watch $112,000–$114,000

    Reports have disclosed that traders are focused on a narrow set of price markers. If Bitcoin can reclaim $112,000 and hold a weekly close above $114,000, bulls would gain breathing room.

    If those levels fail, more downside is possible and short-term traders could face further liquidations.

    For now, the market looks tight. Some technical signals point to a rebound, but macro data and big sellers are keeping the mood cautious.

    Traders and investors alike are watching both price action and economic prints closely as the US heads toward key data and the Fed decision window on Sept. 17.

    Featured image from Unsplash, chart from TradingView

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    Christian Encila

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  • Bitcoin Price Struggles to Rebound – Signs of a Bigger Crash Ahead?

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    Bitcoin price is showing bearish signs below $113,000. BTC is struggling to recover and might start another decline below the $110,500 zone.

    • Bitcoin started a recovery wave from the $108,750 zone.
    • The price is trading below $112,500 and the 100 hourly Simple moving average.
    • There was a break above a key bearish trend line with resistance at $111,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair might start another increase if it clears the $113,000 resistance zone.

    Bitcoin Price Attempts Fresh Increase

    Bitcoin price extended losses after close below the $112,000 level. BTC gained bearish momentum and traded below the $111,500 support zone.

    There was a move below the $110,500 support zone and the 100 hourly Simple moving average. The pair tested the $108,750 zone. A low was formed at $108,734 and the price recently started a recovery wave. There was a move above the $112,000 level.

    The price surpassed the 23.6% Fib retracement level of the key drop from the $117,354 swing high to the $110,734 low. Besides, there was a break above a key bearish trend line with resistance at $111,350 on the hourly chart of the BTC/USD pair.

    Bitcoin is now trading below $112,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $112,500 level. The first key resistance is near the $113,000 level or the 50% Fib retracement level of the key drop from the $117,354 swing high to the $110,734 low. The next resistance could be $114,000.

    Source: BTCUSD on TradingView.com

    A close above the $114,000 resistance might send the price further higher. In the stated case, the price could rise and test the $115,000 resistance level. Any more gains might send the price toward the $115,500 level. The main target could be $116,500.

    Another Decline In BTC?

    If Bitcoin fails to rise above the $113,000 resistance zone, it could start a fresh decline. Immediate support is near the $110,600 level. The first major support is near the $109,500 level.

    The next support is now near the $108,750 zone. Any more losses might send the price toward the $107,100 support in the near term. The main support sits at $105,500, below which BTC might accelerate lower.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

    Major Support Levels – $110,600, followed by $109,500.

    Major Resistance Levels – $112,500 and $113,000.

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    Aayush Jindal

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  • Sleepless In Crypto: $900-M Liquidated Amid Bitcoin’s Steep Fall

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    A significant plunge in the crypto market has sent shockwaves across the industry over the last 24 hours, leaving a trail of liquidations in its wake. Around 200,000 traders were forced out of their positions as Bitcoin plunged to a seven-week low, wiping out more than $900 million in liquidations over a single day.

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    According to CoinGlass, most of those losses came from long bets that could not weather the slide.

    Liquidations Hit Retail Traders

    Reports have disclosed that a single large sale helped set off the cascade. Selling pressure intensified as a large holder offloaded 24,000 BTC, triggering a wave of liquidations, said Rachael Lucas, a crypto analyst at BTC Markets.

    On Coinbase, Bitcoin briefly fell below $109,000 — its weakest level since July 9. Market participants felt the shock fast; traders who were long were the ones most exposed.

    Source: Coinglass

    Macro Signals And Market Reaction

    A recent hint from Federal Reserve Chair Jerome Powell at Jackson Hole about potential interest rate cuts changed how some investors priced risk.

    Since August 14, when Bitcoin reached an all-time high just over $124,000, the asset has corrected by over 10%. Based on data, the drop since Powell’s speech is about 7%.

    The single-day move was measured at close to 3% decline for Bitcoin, and total crypto market value slipped back below $4 trillion to about $3.83 trillion as almost $200 billion flowed out of the space.

    Ether Is Holding Up

    Ether traded near $4,340 and, for now, looks steadier than Bitcoin. It did fall, but it did not breach last week’s low. Institutional interest in Ether remains a talking point. According to Lucas, institutions continue to focus on Ethereum, even as traders reassess risk across smaller coins.

    BTCUSD trading at $110,312 on the 24-hour chart: TradingView

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    Altcoins Took Bigger Hits

    Many smaller tokens fell harder than the majors. Solana, Dogecoin, Cardano, Chainlink, and Sui were among the worst hit.

    That pushed losses beyond the headline Bitcoin numbers and left traders in altcoin-heavy positions nursing larger drawdowns.

    Thin weekend liquidity served to enhance the price gyrations, making the action more extreme than it would have been on a more active trading day.

    September’s Track Record And Outlook

    There is also a historical component to the tale. September has a history of strong pullbacks in bull markets, with strong corrections in 2017 and 2021.

    Featured image from Meta, chart from TradingView

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    Christian Encila

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  • What’s Next For Bitcoin? Key Developments After Falling To $112,000

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    The market’s leading cryptocurrency, Bitcoin (BTC), has recently attempted to stabilize around $112,000 after experiencing a sharp decline to $110,000 on Sunday, meaning a 10% drop from all-time high (ATH) levels. 

    Ahead of the Federal Reserve’s (Fed) September meeting, market expert Doctor Profit highlighted on X (formerly Twitter) the upcoming implications and the most important technical indicators that paint a bleak picture for Bitcoin (BTC) and the broader market.

    Fed Rate Cut To Trigger A New Market Correction?

    Doctor Profit emphasized that the current market environment is markedly different from previous cycles. He believes that the anticipated rate cut by the Fed next month could initiate a robust correction in both stocks and cryptocurrencies. 

    According to him, the first significant cut typically brings uncertainty, leading to divergent opinions among investors, and he predicts that this time will be no exception. 

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    Turning to Bitcoin’s technical indicators, the outlook appears bearish. The expert noted a substantial Chicago Mercantile Exchange (CME) gap around the $93,000 mark that needs addressing, with most liquidity concentrated in the $90,000 to $95,000 range. 

    Key levels for Bitcoin in case of a new correction below $100,000. Source: DoctorProfit on X

    The charts indicate a potential correction, highlighted by a double top formation and declining trading volume. Notably, Doctor Profit has asserted that the last price surge that saw BTC reach $124,000, was largely driven by futures rather than spot market activity, reinforcing the bearish sentiment.

    Bitcoin Price Forecast

    Market psychology plays a crucial role in this analysis. On-chain metrics and sentiment indicators reveal that retail investors often buy high and sell low. 

    The expert disclosed that during Bitcoin’s last dip from $110,000 to $98,000 between May and June of this year, it was primarily institutional investors who capitalized on the lower prices, while retail buyers missed out. 

    As prices climbed, retail investors entered the market at higher levels, Doctor Profit added, which could lead to a shakeout as Bitcoin approaches the critical liquidation zone of $90,000 to $95,000.

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    Beyond Bitcoin’s price action, Doctor Profit warns that the current market sentiment reflects a false sense of optimism, suggesting that the prevalent belief in a sustained altcoin season is misguided. He cautions that as enthusiasm grows, larger players may begin to offload their positions, leaving retail investors exposed.

    Looking ahead, he forecasts a potential surge in Bitcoin prices towards $145,000 to $150,000, which could potentially mean a  34% increase from current levels. The expert also expects Ethereum (ETH) to reach between $7,000 and $8,000 following the September correction.

    Bitcoin
    The daily chart shows BTC’s 10% price retrace. Source: BTCUSDT on TradingView.com

    When writing, Bitcoin trades at $112,560, recording a 6% drop in the fourteen-days time frame. Ethereum on the other hand, has continuously positioned among the market’s top performers with a 5% surge during the same period.  

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

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    Ronaldo Marquez

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  • Analyst Sounds The Alarm—Bitcoin Could Slide Toward $88K

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    Bitcoin’s recovery attempt is drawing attention after a week of steady losses, with one market watcher warning of a deeper fall if the coin fails to push past the $120,000 region.

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    The price of the world’s biggest cryptocurrency has already slipped by over 7% since touching $124,450 last week, raising doubts about the strength of its next move.

    Wave Structure Signals Critical Stage

    According to technical analyst CasiTrades, Bitcoin touched a low of $112,500 earlier today, a level that aligned with multiple timeframe targets.

    The move also came with bullish divergences on momentum indicators, which pointed to a short-term rebound. The analyst framed this drop as part of a corrective pattern, calling it Wave 1 of an A-wave.

    The next stage, labeled Wave 2, is expected to deliver a relief bounce. CasiTrades suggested that this move could carry Bitcoin back into the $119,900 to $121,900 zone.

    If rejection happens there, the decline could intensify into Wave 3, with possible downside reaching as far as $88,000.

    Reports explained that the bearish scenario would be invalidated if Bitcoin could print a new all-time high beyond $124,500. That would necessitate a reset in the corrective setup, which would have bulls with more leverage in the short term.

    Altcoins Show Signs Of Rotation

    As Bitcoin struggles with resistance, bigger-cap altcoins have been exhibiting mixed action. CasiTrades thinks that traders may move into these assets in Bitcoin’s downtime, anticipating that they will make more considerable movements in the meantime.

    BTCUSD now trading at $113,489. Chart: TradingView

    XRP, which dropped to $2.85 earlier in the day, has rebounded slightly and now trades at $2.90. That still leaves it down 1.30% over the last 24 hours. Ethereum is faring better, gaining 1.8% to trade at $4,269, while Solana added 2.5% to reach $183.

    Market watchers say this kind of rotation is not unusual. When Bitcoin stalls at major resistance levels, traders often chase higher returns in altcoins that carry more volatility.

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    Uncertainty Ahead For Traders

    The focus remains squarely on the $120K–$122K area. A clean breakout would indicate that Bitcoin is gaining strength again, while rejection would validate CasiTrades’ expectation of a greater fall.

    They are now considering those possibilities, with some waiting to build up on dips and others opting to remain in wait-and-see mode until the picture becomes clearer.

    For the time being, the market is divided between anticipation of a rebound and fear of further correction. Altcoins are showing some relief with isolated areas of green, but the response of Bitcoin at resistance will tend to dictate the tone for the next few days.

    Featured image from Unsplash, chart from TradingView

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    Christian Encila

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  • Crypto Founder Predicts The Collapse Of Bitcoin In This Timeframe

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    Justin Bons, the founder and CIO of Cyber Capital, has issued a stark warning about Bitcoin’s (BTC) future, predicting that the world’s largest cryptocurrency could collapse in the coming years. The crypto founder has cited Bitcoin’s declining security model and shrinking block rewards as some of the indicators of this seemingly inevitable crash. 

    Bitcoin Forecasted To Collapse Within 7-11 Years

    This week, the crypto community was shaken by a striking prediction from Bons, who warned that Bitcoin could face a catastrophic collapse within the next decade. According to an X social media post released by the Cyber Capital founder, the foundations of Bitcoin’s security model are fundamentally broken, and the decline of mining revenue will eventually leave the network increasingly vulnerable to attacks.

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    Bons projected that Bitcoin’s downfall could occur precisely between 7 and 11 years, when the block rewards diminish to levels that can no longer sustain miner incentives. His reasoning is rooted in the economics of the Bitcoin protocol, which relies on a declining block subsidy over time. By 11 years from now, the reward is expected to fall to just 0.39 BTC per block, translating to roughly $2.3 billion annually at current prices. This figure, the crypto founder argues, is nowhere near enough to protect Bitcoin’s multi-trillion-dollar market capitalization. 

    Bons also shared two charts to reinforce his claims. The first shows mining revenue in sharp decline relative to previous years, demonstrating Bitcoin’s reliance on subsidy rather than transaction fees. The second chart reveals how the annual security budget as a percentage of market cap has fallen consistently over the years, shrinking from over 8% in 2015 to barely above 1% in 2025. 

    Source: Justin Bons on X

    The Cyber Capital CIO also pointed out that while other chains like Ethereum have successfully transitioned toward greater fee-based security, Bitcoin has failed to adapt, leaving its miners increasingly dependent on dwindling rewards. According to his post, the consequences of this are dire. As mining becomes unprofitable, he predicts that the network’s security could simultaneously decline, opening the door to censorship, 51% attacks, and eventual chain splits. 

    If core developers respond by raising the supply cap beyond 21 million, Bons forecasts that this could fracture the community and destroy Bitcoin’s narrative of digital scarcity. He warned that relying on a system that demands perpetual price doubling to maintain its security forever is nothing short of “madness.”

    Community Pushes Back Against BTC Crash Claims

    Unsurprisingly, Bon’s foreboding forecast has sparked intense debate and contrasting views throughout the crypto community. Many members pushed back, acknowledging the concerns about a shrinking security budget but challenging the inevitability of a Bitcoin collapse. 

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    Some argued that BTC has historically adapted to challenges and that transaction fees, along with scaling solutions, could still provide sustainable long-term security. Others suggested alternative mechanisms, such as MEV capture, sidechain fees,  or even institutional miners operating at a loss to keep the network alive. 

    One community member raised the possibility of emergency measures like tail emissions or block size increases, citing Monero’s ongoing debate about similar solutions. Bons conceded that a tail emission might keep the chain alive but insisted it would come at the cost of Bitcoin’s core value proposition, which is fixed scarcity. In his view, such a compromise would leave BTC unable to compete against more adaptive blockchains.

    Bitcoin
    BTC trading at $115,318 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from Pixabay, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin ETFs Hit $3-B Inflows, Retail Investors Lead The Charge

    Bitcoin ETFs Hit $3-B Inflows, Retail Investors Lead The Charge

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    Este artículo también está disponible en español.

    Bitcoin ETFs ended last week on another positive note with $997.70 million in net inflows and demand reaching its highest level in six months. Undoubtedly, these ETFs have marked the turning point for Bitcoin and other cryptocurrencies since the beginning of the year, as it opened up the cryptocurrency to inflows from every side. 

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    Interestingly, data has shown that retail investors are responsible for most of the demand for Spot Bitcoin ETFs, accounting for 80% of the total assets under management.

    Bitcoin ETFs Changing The Narrative

    According to Bloomberg data, Bitcoin ETFs have dominated the ETF landscape in 2024, claiming the top four positions for inflows among all ETFs launched this year. Specifically, out of the 575 ETFs introduced thus far, 14 of the top 30 are new funds focusing on Bitcoin or Ethereum. The standout performer is the BlackRock IBIT fund, which has attracted over $23 billion in year-to-date inflows.

    Last week was another example of the positive performance in Spot Bitcoin ETFs, despite the coin’s consolidation below the $68,000 price level. According to flow data from SosoValue, weekly inflows started on a positive note on Monday, October 21, with $294.29 million entering the funds and ended the week with $402.08 million in inflows on Friday, October 25. 

    Interestingly, Spot Bitcoin ETFs now hold about 938,700 BTC in 10 months since launch and are steadily approaching the 1 million BTC mark. Although these ETFs have opened doors for institutional investors, a recent report from crypto exchange Binance indicates that retail investors are the primary drivers of this surge in demand, accounting for 80% of the holdings in Spot BTC ETFs.

    Originally intended to provide institutional investors access to BTC, Spot Bitcoin ETFs have now become the preferred choice for many individual investors looking to take advantage of the regulatory clarity they offer. Nonetheless, there has been a steady demand from the institutional side, with institutional holdings rising by 30% since Q1.

    BTCUSD is currently trading at $66,720. Chart: TradingView

    Among institutional investors, investment advisers have emerged as the fastest-growing party, with their holdings increasing by 44.2% to reach 71,800 BTC this quarter.

    What’s Next For Spot Bitcoin ETFs?

    Thanks to the rapid growth of Bitcoin exchange-traded funds, an impressive 1,179 institutions, including financial giants such as Morgan Stanley and Goldman Sachs, have joined the crypto’s cap table in less than a year. For comparison, Gold ETFs were only able to attract 95 institutions in their first year of trading. 

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    This upward trajectory of institutional investments in Bitcoin is poised to continue into the foreseeable future, which bodes well for the overall price outlook of Bitcoin. As these ETFs attract more institutional capital, they are likely to produce second-order effects like increased BTC dominance, improved market efficiency, and reduced volatility that could significantly benefit the cryptocurrency ecosystem.

    At the time of writing, Bitcoin is trading at $67,100.

    Featured image from Reuters, chart from TradingView

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    Scott Matherson

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  • Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern

    Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern

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    Este artículo también está disponible en español.

    The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new Cup and Handle pattern. While the pioneer cryptocurrency has been slowly recovering from bearish trends to reach the $70,000 mark, a rally to $200,000 would mark a historical milestone and a new All-Time-High (ATH) for BTC. 

    Technical Pattern Signals $200,000 Rally Ahead

    Popular crypto analyst, Mags has unveiled a new technical pattern in the Bitcoin price chart. According to his post on X (formerly Twitter), Bitcoin is currently forming “a massive cup and handle pattern,” indicating a potential for a major rally. 

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    Mags revealed that the Bitcoin price has just moved past the handle portion in the technical pattern, indicating a positive signal for a breakout that could start a bullish phase. As its name suggests, a Cup and Handle pattern is a key technical chart pattern that resembles a cup and handle. In this chart pattern, the cup is in the shape of a U and is considered a bullish signal, while the handle represents a slight downward drift, which indicates a potential buying opportunity to go long. 

    Source: X

    Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the “neckline” which serves as a resistance point. If Bitcoin can break through the neckline, it’s price could surge dramatically or like the analyst says “go vertical.” This bull rally could see Bitcoin’s price driving towards $200,000, marking a new all time high for the cryptocurrency.

    Currently, the price of Bitcoin is trading at $66,972, reflecting a slight 2.02% decrease in the past seven days, according to CoinMarketCap. While Mags has projected a $200,000 price increase for Bitcoin, the analyst has also forecasted even higher price targets in previous X posts, suggesting that a $200,000 price level may be conservative for the world’s first and largest cryptocurrency. 

    Bitcoin Price Peak Set At $300,000

    In another X post on October 24, Mags disclosed that Bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels. Price discovery is the process by which an asset’s true market value is determined, and for Bitcoin, it suggests when its price could reach fresh highs.  

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    Sharing a historical Bitcoin price chart, the analyst pinpointed instances where the cryptocurrency entered a price discovery before reaching a peak. In 2014, BTC hit a peak, then bottomed out in 2015 before reaching another price high in 2018. A similar price action occurred between 2019 and 2024, with BTC achieving a bottom in 2019 and peaking in 2021. 

    Bitcoin price 2
    Source: X

    Following this historical price trend, Mags indicated that Bitcoin hit its bottom in 2023 and is now about to enter its price discovery. Once the cryptocurrency does, it could signal a surge to a new all-time high, which Mags has set at an impressive $300,000. 

    Bitcoin price chart from Tradingview.com
    BTC price struggles to hold $67,000 | 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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  • Bitcoin ETF Inflow Streak Breaks With Nearly $80 Million Outflows

    Bitcoin ETF Inflow Streak Breaks With Nearly $80 Million Outflows

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    Este artículo también está disponible en español.

    The recent increase in the appeal of spot Bitcoin exchange-traded funds (ETFs) in the United States has temporarily ceased.

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    On Tuesday, these funds underwent a reversal, resulting in net outflows of $79.01 million, following an extraordinary seven-day streak of positive inflows. Farside Investors are the source of this data, a company that specializes in the analysis of ETF flows.

    A Brief Obstacle

    The $79 million outflow represents a significant shift in sentiment among investors who had previously demonstrated a strong interest in Bitcoin ETFs. Over the span of two days last week, the market attracted around $1 billion in inflows, implying a robust demand for these financial products.

    The main cause of this negative change was Ark and 21Shared’s ARKB, which resulted in a substantial $134.7 million outflow.

    Source: Farside Investors

    BlackRock’s IBIT, the best-performing bitcoin ETF by net assets, drew $43 million. Fidelity’s FBTC and VanEck’s HODL, which received $8.8 million and $3.8 million, respectively, also helped. There were no new flows on the remaining eight funds, including Grayscаle’s GBTC, during the day.

    Nevertheless, Bitcoin ETFs could bring in more than $21 billion to date. This number clearly signifies the rising use of Bitcoin as a new asset class and it is only going to see more hedge funds take larger positions.

    US-traded spot Bitcoin ETFs have also seen significant interest from institutional investors, with 20% of the market owned by them as of October 22.

    Institutional Demand Is Still Strong

    Regardless, while the latest ETF flow swings have been significant in themselves, they can not distract from what is an ongoing push towards institutional Bitcoin adoption. Among the main companies who have made large investments in these funds are Goldman Sachs and Millennium Management.

    The SEC’s approval of options trading on 11 Bitcoin ETFs will help investors manage their Bitcoin exposure, boosting interest.

    Through more efficient position hedging made possible by options trading, investors can help to steady the market and lower volatility over time. Analysts argue that this would draw more institutional money to the industry, therefore supporting Bitcoin’s reputation as a credible investment tool.

    BTCUSD trading at $67,156 on the daily chart: TradingView.com

    Bitcoin ETF: Looking Ahead

    Although outflows may cause concern, many analysts are positive about Bitcoin ETFs. Options trading’s SEC approval is a turning point that could improve market efficiency and liquidity.

    More institutional players coming into the space are likely to change the dynamics. The current pause in inflows could be a temporary phenomenon only; investors are repositioning their strategies given the shift in market conditions.

    Related Reading

    The outlook for spot Bitcoin ETFs, looking into the long term, appears quite positive with the current uptick in adoption from the institutional space and trading of Bitcoin at or near three-month highs.

    The recent outflows from spot Bitcoin ETFs may indicate a temporary setback; however, the prevailing trend of heightened institutional interest and regulatory support indicates that this asset class is here to stay. Investors will be intently monitoring the rapid evolution of this market for any new developments.

    Featured image from The Rio Times, chart from TradingView

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    Christian Encila

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  • Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

    Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

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    Este artículo también está disponible en español.

    A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000. 

    Bitcoin Cup And Handle Cascade

    According to a technical analysis, Bitcoin appears to be forming a textbook cup and handle pattern on the largest timeframe, which is a bullish continuation pattern that often leads to a major price rally. This formation typically indicates a period of consolidation followed by a breakout to the upside, and if the pattern fully plays out, Bitcoin could surge to new heights. 

    Related Reading

    In a recent analysis shared on the social media platform X, technical analyst Gert van Lagen compared Bitcoin’s ongoing cup and handle formation to similar patterns observed in Gold and the S&P 500. Van Lagen pointed out that Gold experienced a comparable setup of the formation of the cup and handle, which ultimately led to a full-scale bull rally in 2023. This breakout pushed Gold to new highs which has continued up until the time of writing, with Gold now trading above $2,730 in its history.

    Similarly, the analyst highlighted a similar cup and handle pattern in the SP500, which eventually led to a rally that kickstarted in late 2023 and culminated in new peaks for the index.

    Van Lagen emphasized that Bitcoin has been tracing out a similar pattern since the 2022 bear market. The “cup” portion of the formation was completed when Bitcoin reached its all-time high back in March. Now, Bitcoin is in the process of forming the “handle” part of the pattern, as the cryptocurrency has yet to revisit its all-time high over the past seven months. 

    Should the handle formation conclude and a breakout occur, Bitcoin could be on the verge of a strong rally, much like Gold and the S&P 500 experienced during their respective runs. 

    BTC To $230,000

    According to van Lagen, Bitcoin is “poised to follow the structural path of SP500 & Gold.” In terms of a price target, he predicted a target of $230,000 for Bitcoin.

    At the time of writing, Bitcoin is trading at $67,350. Reaching the $230,000 price level would necessitate a 197% price increase from the current price.

    Related Reading

    Interestingly, van Lagen’s forecast is just one of several bullish outlooks resurfacing as Bitcoin’s price has shown positive momentum since the second week of October. Bitcoin is up by about 13.5% from $59,500 on October 10, which has prompted a return of bullish sentiment.

    According to a report, this has caused a rise in Bitcoin accumulation by long-term holders, who now hold about 2.9 million BTC. Another analyst noted that Bitcoin is on track to double in value and reach $130,000 by January 2025 

    BTC bears still pushing for control | 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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  • Bitcoin Breaches $67k After Spot ETFs See Highest Inflows

    Bitcoin Breaches $67k After Spot ETFs See Highest Inflows

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    They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

    Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

    Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

    So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

    Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

    Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

    Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

    Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

    So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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    Christian Encila

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  • Bitcoin Price Hits $63,000, Is The Market Set For Takeoff?

    Bitcoin Price Hits $63,000, Is The Market Set For Takeoff?

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    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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    Semilore Faleti

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  • Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows

    Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows

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    Este artículo también está disponible en español.

    The Bitcoin price is still recovering from a major dip to $60,000 in the first three days of October. As the bulls and long-term holders continue to capitalize on the dip, analysis of on-chain data has revealed that the selling pressure has been eased massively as the majority of short-term holders have exited the market. Interestingly, these short-term holders are accountable for the drop to $60,000, as the data shows many of them exiting the market during the initial decline, further exacerbating the price drop. 

    Short-Term Holders Exit The Market

    According to an analysis of Bitcoin holder cohorts using data from the CryptoQuant platform, the supply of Bitcoin held by short-term holders has declined substantially since the beginning of the month. Although this contributed to a Bitcoin price decline during this timeframe, it is not necessarily bad for the crypto moving forward. This notable decline is visible in purple bars in the chat below, with every period of price downturns highlighted by an increase in short-term holder selloffs. 

    Related Reading

    The Bitcoin price, which ended September around $65,000, kicked off October with a price dip amidst broader market tensions. This, in turn, led to a 7.5% Bitcoin price dip until it bottomed at $60,100. Notably, the chart highlights that this most recent decline to the $60,000 level coincided with the emergence of more purple bars, revealing that the selloff by short-term holders played a significant role in the price decline.

    What Does This Mean For Bitcoin?

    Moving forward, the selloff from short-term holders and the price decline has given rise to more accumulation by long-term holders. This, in turn, gives rise to the creation of a price floor around $60,000 in the coming weeks and months. It also marks the shift of more bitcoins to stronger hands who would rather hold than sell.

    Related Reading

    Notably, the exit of many short-term holders has given rise to a better average cost for the cohort. According to on-chain metrics revealed by a verified CryptoQuant analyst, the average cost of one to three-month holders is now around $61,633, and the average cost of three to six-month holders is around $64,459. 

    At the time of writing, Bitcoin is trading at $62,130, which positions it right in the middle of these two key holder cohorts. According to analyst Burak Kesmeci, a decisive close above the $64,500 level would significantly strengthen the bullish momentum, giving both short and long-term holders more confidence to continue holding. On the other hand, if Bitcoin falls below $61,600, it could trigger a wave of additional selling pressure from more short-term holders, potentially leading to further price declines to revisit $60,000 again.

    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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  • Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long?

    Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long?

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    Este artículo también está disponible en español.

    Popular crypto analyst Il Capo of Crypto has returned to social media platform X after over two months of hiatus to drop an interesting outlook for Bitcoin and Ethereum in the coming months in light of the recent correction since the beginning of October. The analyst, which has been so big on a looming altseason since the beginning of the year, has revealed a bearish outlook for Bitcoin and even Ethereum (king of altcoins) in the short term.

    Known for his sometimes controversial and often contrarian predictions, Capo returned just as the market experienced a notable correction in October, sharing his bearish outlook for both Bitcoin and Ethereum. His latest prediction is that Ethereum could plummet as low as $1,800 before seeing any substantial recovery.

    ETH’s Predicted Decline

    Ethereum has already dropped by 10% in the past seven days and is currently trading around around $2,330, but according to Capo, this decline could worsen. He predicted that ETH might fall further into the $1,800 to $2,000 range, which is a possible 23% dip from its current price, before eventually rebounding. However, he believes an altcoin season will still materialize. 

    Related Reading

    Capo’s track record of analysis since the beginning of the year shows a consistent belief in the upcoming dominance of altcoins. Throughout 2024, he has repeatedly emphasized the potential for altcoins, particularly Ethereum, to outperform Bitcoin as profits generated from BTC flow into smaller assets. However, the altcoin season has yet to materialize, and Bitcoin has continued to dominate the crypto investment scene.

    Time To Go Long On Ethereum?

    It’s worth noting that Crypto Capo’s predictions often have a certain lore attached to them. There is a running joke among some investors that whenever Capo makes a prediction, the market tends to do the opposite. This goes as far back as his prediction of Bitcoin falling to $12,000 last year, but the crypto eventually broke past resistance levels. Now, with Capo predicting the possibility of continued decline for Ethereum and Bitcoin amid October’s bullish market sentiment (often dubbed “Uptober”), it raises the question from many investors if his bearish call is far-fetched.

    Related Reading

    Only time will tell if the market plays out according to Capo’s analysis. However, given the current inflow of investments and the crypto market, which has mostly rallied in October, it wouldn’t be surprising if Ethereum rebounds rather than experiences the significant drop Capo is forecasting.

    Naturally, many savvy whales and traders have seen the current decline as an opportunity to “go long” and accumulate more Ethereum in expectation of the resumption of inflows. This sentiment is reflected through the US Spot Ethereum ETFs, which witnessed $14.45 million in inflows yesterday despite the price correction.

    Interestingly, it is important to note that Capo’s analysis is only talking about a possible case and remains bullish for Ethereum in the long term. 

    ETH price drops sharply | Source: ETHUSDT on Tradingview.com

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

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    Scott Matherson

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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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  • Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment

    Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment

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    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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    Semilore Faleti

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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.

    Related Reading

    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. 

    Related Reading

    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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  • 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.

    Related Reading

    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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