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Tag: BTCUSD

  • Why Is The Bitcoin Price Down Today?

    Why Is The Bitcoin Price Down Today?

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    The Bitcoin price is in a decline once more, after seeing some recovery on Wednesday due to the turnaround in the Spot Bitcoin ETFs net flows. However, just one day later, it seems the pioneer cryptocurrency has resumed the downtrend and this decline after the recovery has begun a worrying trend. So, what are the factors that are driving this decline?

    Bitcoin Price Suffers From Sell-Offs

    One of the major factors that have been behind the Bitcoin decline is the major sell-offs that have rocked the digital asset. These sell-offs are not just from any investor, but rather large BTC sells being orchestrated by large governments.

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    One of the major news that rocked the space was the fact that the German government had begun selling coins. In total, the German government sold around 2,786 BTC, which was worth around $$140 million at the time of the sale.

    However, the German government is not the only one that has been selling. News also broke that the US government had begun moving Bitcoin seized from the Silk Road bust once again. On-chain data aggregator Arkham reported that the US government had moved almost 4,000 BTC from its wallets to the Coinbase exchange.

    In total, the US government moved 3,940 BTC to the exchange, which amounted to $241.22 million at the time of the transaction. This transfer is worrying as coins are usually moved to centralized exchanges such as Coinbase for sale as these trading platforms possess deeper liquidity compared to their decentralized counterparts.

    Has BTC Reached Its Bottom?

    While the downtrend looks to have resumed, there are signs that point to the bottom being closed. One of these signs is the return of demand into the market. For example, the Spot Bitcoin ETFs had seen seven consecutive days of outflows, which eventually turned around on Tuesday. Data from Coinglass shows that between Tuesday and Wednesday, inflows into the Spot Bitcoin ETFs have crossed $50 million, ending the brutal week of outflows.

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    Another possible tell is the profit and loss margin for investors. This shows how many Bitcoin investors are currently seeing profit, and the higher the profitability, the higher the likelihood of a sell-off as investors take profit from their positions.

    However, the profitability levels have dropped, meaning that investors are less likely to sell their holdings as they wait for better prices. This often gives demand time to build up and create a possible bounce point for a recovery.

    For now, the Bitcoin price is holding steady at the $61,000 support at the time of writing. But if sell-offs resume, then the pioneer cryptocurrency could fall to the $60,000 level soon.

    Bulls reclaim control of BTC price | 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 Mining Cost At $86,700: Price To Surpass This Soon?

    Bitcoin Mining Cost At $86,700: Price To Surpass This Soon?

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    Data suggests the average cost of mining Bitcoin is standing around $86,700 right now. Here’s what history suggests could happen next for BTC.

    Bitcoin Average Mining Cost Is Currently Notably Higher Than The Price

    In a new post on X, analyst Ali Martinez has talked about how the average mining cost of BTC is looking like right now. The Bitcoin network runs on a consensus mechanism based on the “proof-of-work” in which validators called the miners compete against each other using computing power to get to hash the next block on the chain.

    This computing power naturally has its running cost, with electricity being the most notable expense that the miners have to pay, given that it’s a perpetual cost. The incentive for spending capital on mining operations lies in the block rewards that these validators receive upon successfully adding the next block.

    Obviously, mining expenses are different depending on location, as electricity prices aren’t the same everywhere. As such, the chart that Ali has cited from MacroMicro uses data provided by the Cambridge University on BTC electricity consumption to find out an average value.

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    Below is the chart in question, which shows how the average mining cost on the Bitcoin network has changed over the past few years.

    The value of the metric appears to have gone up in recent months | Source: @ali_charts on X

    As is visible in the above graph, the Bitcoin average mining cost (colored in blue) had been below the price of the cryptocurrency earlier in the year, but recently, the former’s value has spiked and has surpassed the latter’s.

    The reason behind this sudden increase is that there is another variable at play when calculating the average cost of mining Bitcoin: the Issuance, or the number of tokens that the miners are minting daily.

    In general, the block rewards stay fixed both in value and frequency, so the Issuance of the network, which is nothing else than the sum of the block rewards mined in a day, more or less remains fixed as well.

    Specific events, however, don’t abide by this. They are the Halvings. These periodic events that take place approximately every four years permanently slash the block rewards in half.

    The latest such event, the fourth ever in the cryptocurrency’s history, occurred back in April. Naturally, the Halvings mean that the cost of mining 1 BTC drastically goes up, as miners only get half as many rewards as before after doing the same amount of work.

    Thus, it’s not surprising that the cost of production for the coin observed a sharp increase coinciding with the latest Halving. At present, this metric stands at $86,700, meaning that according to MacroMicro’s model, the average miner would be underwater.

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    Based on the past trend of the indicator, Ali has identified a pattern that Bitcoin has always followed. “Historically, BTC always surges above its average mining cost!” notes the analyst.

    As such, if this pattern continues to hold for the current cycle as well, then it may only be a matter of time before Bitcoin surges past the $86,700 mark.

    BTC Price

    Bitcoin has gone through a drawdown of more than 5% recently, which has brought its price under the $66,000 level.

    Bitcoin Price Chart
    Looks like the price of the asset has observed bearish momentum recently | Source: BTCUSD on TradingView

    Featured image from Dall-E, MacroMicro.me, chart from TradingView.com

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    Keshav Verma

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  • Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus

    Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus

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    Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge. 

    Bitcoin To Hit $200,000 And Then $1 Million

    Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of $200,000 by 2025 and that the flagship crypto will reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights.

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    The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach $190 billion by 2025, a significant increase from the $60 billion in BTC that funds issuers already have under management. 

    In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting $1 million. 

    MicroStrategy To Benefit From BTC’s Growth

    These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to $2,890 thanks to its BTC exposure. A rise to $2,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around $1,500. 

    The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC). 

    MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around $14.5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer $500 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC. 

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    Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.”

    “We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added. 

    BTC price falls to $66,000 | 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 Turns Weakness Into Strength: Analyst Identifies Major Liquidity Zone At $73,000

    Bitcoin Turns Weakness Into Strength: Analyst Identifies Major Liquidity Zone At $73,000

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    Crypto analyst Dippy has laid a bullish narrative for the Bitcoin future trajectory, suggesting that the flagship crypto could soon hit a new all-time high (ATH). This comes despite Bitcoin’s recent drop below $68,000.  

    Bitcoin Could Experience A Massive Pump Above $73,000

    Dippy suggested in an X (formerly Twitter) post that Bitcoin could enjoy a price pump once it reaches the liquidity zone around $73,000. He noted that many short traders have their stop losses or liquidation levels around that price level, which could be the catalyst for this price pump since liquidations of short positions can easily flush out the bears.

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    Source: X

    The crypto analyst also outlined another scenario that could play out, which presents a bearish outlook for Bitcoin. He claimed that Bitcoin’s surge to this liquidity zone could be a fakeout to take liquidity and then move down again. However, Bitcoin experiencing that pump once it hits $73,000 looks more likely, considering that crypto analyst James Check labeled the $73,000 price level as where Bitcoin could enter an escape velocity phase.

    Crypto analyst Adrian Zduńczyk also suggested that Bitcoin would likely turn that $73,000 zone into support if it climbed to that level. He noted that Bitcoin has continued to consolidate inside its current ATH area for 14 weeks now, which is significant considering that this was an area where it had shown weakness before. Zduńczyk claims this is a “trend-promoting behavior” as resistance becomes the new support, and Bitcoin will continue to go higher. 

    Bitcoin 2
    Source: X

    Meanwhile, crypto analyst Mikybull Crypto suggested that Bitcoin’s long-term consolidation in this range might be good, stating that the “longer the consolidation, the higher it moves when it breaks out.” He also remarked that Bitcoin’s bullish divergence also indicates “strong strength” for the flagship crypto. Mikybull Crypto expects Bitcoin to rise to $85,000 and then $110,000 when this long-awaited breakout happens. 

    Bitcoin 3
    Source: X

    Crypto analyst Rekt Capital also noted that it is only a matter of time before the breakout happens. He had previously stated that a successful breakout for Bitcoin above the $70,000 range would send it into the ‘parabolic uptrend’ phase of this market cycle. 

    Why BTC Dropped Below $68,000

    Bitcoin dropped below $68,000 following the significant outflows the US Spot Bitcoin ETFs recorded on June 10. Data from Farside Investors shows these funds saw a cumulative total of $64.9 million in outflows, the first time these Spot Bitcoin ETFs recorded daily outflows since May 23.  

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    Investors are believed to be waiting on the sidelines ahead of the US Consumer Price Index (CPI) inflation data and the US Federal Reserve interest rate decision on June 12. A lot of volatility is expected in the crypto market ahead of these events, which could determine the future trajectory of crypto assets. 

    Bitcoin price chart from Tradingview.com
    BTC price at $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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  • Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion

    Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion

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    The crypto market is showing signs of a bullish resurgence, with reports of an impressive $2 billion in inflows for May alone. 

    Alongside this positive trend, Ethereum (ETH) has seen a notable turnaround in investor sentiment as the long-awaited spot exchange-traded funds (ETFs) for the market’s second-largest cryptocurrency received approval from the US regulators last week. 

    Record-Breaking Month For Crypto Products

    According to a recent report from research firm CoinShares, digital asset investment products consistently attracted inflows during the four weeks, amassing a total of $185 million. 

    May proved to be particularly fruitful, with inflows surpassing $2 billion. This achievement marks the first time on record that year-to-date inflows have exceeded the $15 billion mark, highlighting investors’ growing interest in the crypto market.

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    Most inflows originated from the United States, with a net inflow of $130 million. However, it is worth noting that ETF issuers experienced outflows amounting to $260 million. 

    Switzerland also witnessed a significant uptick in investor interest, recording its second-largest weekly inflow this year at $36 million. Meanwhile, Canada witnessed a positive turnaround, with inflows of $25 million, despite experiencing a net outflow of $39 million in May.

    Ethereum Rebounds With $200M Inflows

    Per the report, Bitcoin (BTC) continued to dominate the crypto market, attracting inflows totaling $148 million. Conversely, short-Bitcoin products witnessed another week of outflows, amounting to $3.5 million, suggesting that sentiment among ETF investors remains largely positive for the leading cryptocurrency.

    Ethereum, on the other hand, experienced a notable change in investor sentiment following the Securities and Exchange Commission’s (SEC) approval of a spot-based ETF that is expected to launch in July 2024. 

    CoinShares notes that this approval marked a turning point for Ethereum, which had endured ten weeks of outflows totaling $200 million. Interestingly, the positive news for Ethereum had a ripple effect on Solana (SOL), which received an additional $5.8 million in inflows last week.

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    While direct investments in crypto assets have been thriving, blockchain equities faced a different scenario. In the past week alone, blockchain equities witnessed outflows of $7.2 million. 

    The report notes that since the beginning of the year, the sector has suffered outflows totaling $516 million, reflecting a challenging period for blockchain-related stocks.

    The 1-D chart shows ETH’s sideways price action between $3,700 and $3,900 over the past 10 days. Source: ETHUSD on TradingView.com

    At the time of writing, Ethereum has seen a 4% price drop in the last week, resulting in a trading price of $3,770. However, the second-largest cryptocurrency on the market still holds gains of 21%, as recorded in the 30 days. 

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

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    Ronaldo Marquez

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

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

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

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

    Bitcoin Selling Pressure Fades

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

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

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

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

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

    Final Pre-Breakout Consolidation Phase

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

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

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

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

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

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

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

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears

    Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears

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    Bitcoin whales are not backing down from the market and have continued to capitalize on the pump by buying every dip. The most recent dip toward $60,000 saw these large investors gobble up BTC at an alarming rate, with their daily spending coming in at billions of dollars.

    Bitcoin Whales Buy $6.3 Billion Worth Of BTC

    In a stunning discovery, co-founder of Bitcoin-based company Apollo, Thomas Fahrer, revealed that Bitcoin whales have been rapidly buying up the tokens amid price drawdown. More specifically, the daily spend of these whales caught Fahrer’s eye.

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    The report shared by the founder shows that while smaller investors had been selling, Bitcoin whales were buying up billions of dollars worth of coins. In the 24-hour period, these whales holding more than 1,000 BTC on their balances accumulated 8,953 BTC, worth $6.3 billion at the time. This further adds to their weekly accumulation numbers, coming out at 12,058 BTC, which is almost $9 billion worth of BTC bought in one week.

    This accumulation trend comes in light of smaller investors selling their tokens. For example, Fahrer’s screenshot show Sharks, which are investors holding between 100-1,000 BTC on their balances sold 6,746 BTC in one day, worth around $5 billion.

    Other notable sellers include the crabs, which are investors holding 1-10 BTC, selling 1,074 BTC in the same time period. Shrimps – investors holding 0-1 BTC, were also caught selling, with a total of 591 BTC sold. While Fish investors, those holding 10-100 BTC, sold only 95 BTC in the one day period.

    The flow of these investors shows that BTC is flowing out from smaller investors toward larger investors, something that is bullish for the price. The same is the case on the weekly timeframe where Shrimps sold 2,079 BTC, Crabs sold 5,748 BTC, Fish sold 1,155 BTC, while Sharks bought up 60 BTC, with Bitcoin whales buying the majority with 12,085 BTC.

    Time To Buy

    A number of crypto analysts have called for buying and it seems Bitcoin whales are the ones following this advice. One of the analysts who has been vocal about it being the time to buy is Ali Martinez, who shared an interesting formation on the Bitcoin chart.

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    Martinez pointed out that the TD Sequential, which had previously predicted the Bitcoin price movement, had flashed a buy signal. The level at which this analyst presented this buy signal was around the $69,500 level, and since then, the BTC price has since rebounded above $70,000, suggesting the buy signal was correct.

    If the TD Sequential holds like it did the last time it appeared, then the current price push could see Bitcoin reach a new all-time high above $74,000, since the last one saw an almost 15% move. But for now, Bitcoin bulls are fighting to maintain its position above $70,000, with a 12.22% increase in the last week.

    BTC price drops to critical level | 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 Rally Incoming: This Major BTC Metric Just Turned Bullish Once Again

    Bitcoin Rally Incoming: This Major BTC Metric Just Turned Bullish Once Again

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    A crucial Bitcoin metric has just turned bullish, sparking optimism from a crypto analyst regarding an impending rally for Bitcoin. This unique technical pattern suggests that the world’s largest cryptocurrency could see its price ascending further, potentially kick-starting a highly welcomed bull run this cycle. 

    Bitcoin Technical Pattern Flips Bullish

    Bitcoin’s price has often followed distinct historical patterns, with the majority of these indicators preceding significant rallies or bearish trends. One of the most compelling signs that Bitcoin may be turning bullish again is seen as the Stablecoin Supply Ratio (SSR) Oscillator breaks below the lower Bollinger Bands, a technical indicator used to measure a market’s volatility and momentum. 

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    According to a crypto analyst identified as ‘Dominando Cripto’ on X (formerly Twitter), the SSR is a unique technical tool designed to evaluate the market sentiment by comparing the supply of stablecoins to Bitcoin. This tool is used by analysts and traders to identify buying and selling opportunities for Bitcoin. Additionally, it quantifies how the 200-day Simple Moving Average (SMA) of the SSR moves within the Bollinger Bands. 

    Source: X

    Dominando Cripto has provided an in-depth explanation of how the SSR oscillator is calculated and how to interpret its signals for identifying bullish trends. 

    “The oscillator is calculated by taking the difference between the current Stablecoin Supply Ratio value and its 200-day Simple Moving Average (SMA), then dividing it by the standard deviation of the SSR over the same period,” the analyst stated. 

    Sharing a price chart depicting movements of the SSR oscillator, the crypto analyst suggests that when the oscillator moves above the upper Bollinger Bands, it suggests that the SSR is significantly higher than normal levels. This indicates that stablecoins are dominating the market, signaling bearish sentiment and a potential downturn for Bitcoin. 

    Conversely, when the oscillator falls below the lower Bollinger Band, it indicates that the SSR is low, highlighting the reduced dominance of stablecoins and signaling bullish sentiment that could potentially trigger an incoming rally in Bitcoin. 

    In the above price chart, Dominando Crypto pinpointed several instances when the SSR oscillator displayed bearish and bullish sentiment, identifying these periods as heated zones and cold zones, respectively. Recent market movements indicate that the SSR oscillator is in the cold zone, indicating a potential bullish outlook for Bitcoin. 

    More Bullish Signs For BTC

    On May 18, Blockchain analytics platform, Santiment, revealed a new market trend where small traders are consistently liquidating their BTC holdings, even as the cryptocurrency has shown positive performance lately. 

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    The analytics platform noted that historically, when small wallets dump coins into larger wallets, it is considered an encouraging sign for Bitcoin, indicating a potential bullish turnaround for the pioneer cryptocurrency. 

    At the time of writing, Bitcoin’s price is trading at $66,955, according to CoinMarketCap. The cryptocurrency has been on a major bullish momentum recently, witnessing an 8.94% increase in the last seven days and a 4.25% surge over the past month. 

    Bitcoin price chart from Tradingview.com
    BTC price recovers above $67,000 | Source: BTCUSD on Tradingview.com

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

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    Scott Matherson

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  • Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K

    Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K

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    Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains at a risk of more losses below the $60,000 level.

    • Bitcoin started a fresh decline after it failed near $62,000.
    • The price is trading below $61,000 and the 100 hourly Simple moving average.
    • There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could gain bearish momentum if there is a close below the $60,000 level.

    Bitcoin Price Signals Breakdown

    Bitcoin price found support near the $60,250 zone and started a recovery wave. BTC was able to recover above the 23.6% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low.

    However, the bears were active near the $61,800 resistance zone. They defended the 50% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. There was a fresh bearish reaction below the $61,200 support zone.

    There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $61,000 and the 100 hourly Simple moving average.

    Immediate resistance is near the $61,200 level. The first major resistance could be $62,000 or the 100 hourly Simple moving average. The next key resistance could be $62,500. A clear move above the $62,500 resistance might send the price higher.

    Source: BTCUSD on TradingView.com

    The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.

    More Downsides In BTC?

    If Bitcoin fails to climb above the $61,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.

    The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,500. Any more losses might send the price toward the $56,650 support zone in the near term.

    Technical indicators:

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

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

    Major Support Levels – $60,500, followed by $60,000.

    Major Resistance Levels – $61,200, $62,200, and $62,500.

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    Aayush Jindal

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  • US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

    US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

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    JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world’s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTC’s price dipping slightly above $60,000. 

    US Financial Banks Expose Spot Bitcoin ETF Holdings

    American financial services companies, Wells Fargo and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent filing. This decision to invest in BTC ETFs marks a notable change from the banks’ previous cautious approach to cryptocurrencies. 

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    Wells Fargo revealed in its new filing to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of Grayscale Bitcoin Trust (GBTC), valued at $121,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195. 

    On the other hand, JP Morgan, which holds about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO). 

    Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, Bitcoin Depot. The investment company also unveiled its exposure to Spot BTC ETFs just hours after Wells Fargo’s announcement.

    Despite the regulatory uncertainty and the market’s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also forecasted that more financial services companies would likely follow JP Morgan and Wells Fargo’s footsteps to unveil holdings in Spot Bitcoin ETFs as market makers or Authorized Participants (APs). 

    BTC Price sUFFERS More Declines

    Despite the increasing interest from traditional financial institutions seeking exposure to BTC, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its halving event on April 20, BTC has been trading sideways, witnessing continuous declines that have pushed its price down to around $57,000 previously. 

    The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap. 

    Blockchain analytics platform, Santiment, revealed that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is getting close to its bottom. 

    BTC price falls below $61,000 | Source: BTCUSD on Tradingview.com

    Featured image from PlasBit, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

    Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

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    Bitcoin price extended its increase above the $64,000 resistance. BTC is now holding gains above $62,800 and might aim for more upsides.

    • Bitcoin traded to a new weekly high at $65,500 before there was a downside correction.
    • The price is trading above $63,500 and the 100 hourly Simple moving average.
    • There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels.

    Bitcoin Price Aims Higher

    Bitcoin price remained well-bid above the $62,500 support zone and extended its increase. BTC was able to clear the $64,500 resistance. It even cleared $65,000 and tested $65,500.

    A high was formed at $65,550 and the price is now correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high.

    However, the bulls are active near the $63,000 zone. There is also a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair.

    Bitcoin is now trading above $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500.

    Source: BTCUSD on TradingView.com

    A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $67,200. If there is a clear move above the $67,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,800.

    Another Drop In BTC?

    If Bitcoin fails to rise above the $65,500 resistance zone, it could start another decline. Immediate support on the downside is near the $63,350 level and the trend line.

    The first major support is $62,800. If there is a close below $62,800, the price could start to drop toward the 50% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high at $60,800. Any more losses might send the price toward the $60,000 support zone in the near term.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

    Major Support Levels – $63,350, followed by $62,800.

    Major Resistance Levels – $64,500, $65,000, and $65,500.

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

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    Aayush Jindal

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  • Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here

    Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here

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    Crypto research platform 10x Research recently noted that the Bitcoin Relative Strength has jumped to 40%. In line with this, they provided insights into what major moves the flagship crypto might make soon enough. 

    What Next For Bitcoin?

    In their newsletter titled “Fake Dip?” 10x Research drew the crypto community’s attention to the fact that Bitcoin has historically experienced potential rallies whenever its relative strength index (RSI) drops to 40%. As such, there is the possibility that BTC could again rally following its recent decline. 

    The research platform warned that a “line in the sand” at the $62,000 mark could keep the flagship crypto from rallying. However, Bitcoin has already broken above that level, which could mean there is still a bullish sentiment around the crypto token. 

    Meanwhile, the research hinted that BTC would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run soon after breaking a vital support level. These events included Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance, BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton also filing for a Spot Bitcoin ETF, and when US Core PCE dropped below 3.0%.

    This echoes the sentiment of Andrey Stoychev, Head of Prime Brokerage at Nexo, who previously mentioned that Bitcoin would need a catalyst to make a significant move to the upside. He predicts that Bitcoin will only continue to trade around the $67,000 range without this catalyst. 

    10x Research didn’t sound optimistic about BTC enjoying a sustained rally, as their trend model indicates that the flagship crypto is in a downtrend. Despite that, they are not ruling out the possibility of BTC experiencing a bullish reversal. The research firm also revealed that they would look to buy the dip if Bitcoin drops significantly or rallies from here. 

    BTC Still Destined To Hit New Highs

    Crypto analyst Mikybull Crypto recently suggested that Bitcoin will still hit new highs. He stated that Bitcoin’s current price action is meant to create “more fear across the market and then bottom for upward continuation.” Crypto analyst Ali Martinez also recently suggested that the bull run was far from over, bearing in mind that Bitcoin consolidated around this period in the last two bull runs. 

    He claimed that BTC might be over 500 days away from hitting its market top for this cycle. As to how BTC could rise, Martinez mentioned that it could hit a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150. It is also worth noting that crypto analyst PlanB stated that Bitcoin hitting $100,000 this year is “inevitable.”

    At the time of writing, BTC is trading at around at around $63,500, up over 7% in the last 24 hours, according to data from CoinMarketCap.

    BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com

    Featured image from BBC, chart from Tradingview.com

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

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    Scott Matherson

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  • Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

    Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

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    Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold. 

    This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger.

    Bitcoin Bulls Eye $68,000

    According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance.

    Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory. 

    The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation.

    In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment. 

    BTC whales buying spree in the past 24 hours. Source: Ki Young Ji on X

    According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price.

    Bitcoin Price Poised For Bullish Surge

    Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory. 

    This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure.

    Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement. 

    Bitcoin Price
    BTC’s supertrend buy signal. Source: Titan of Crypto on X

    The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend.

    Bitcoin price
    The daily chart shows BTC’s price recovery over the past 24 hours. Source: BTCUSD on TradingView.com

    Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends.

    Featured image from Shutterstock, chart from TradingView.com

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

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    Ronaldo Marquez

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  • Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch

    Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch

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    The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market. 

    With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States.

    HK Bitcoin ETF Market Poised For Record-Breaking Debut

    Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day.

    This volume exceeded the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars. 

    Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia. 

    Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market. 

    According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF.

    Unprecedented Investment Options

    One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings. 

    Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold. 

    Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest.

    Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang. 

    Mainland Chinese Investors Restricted

    Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support. 

    Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May.

    On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race. 

    Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future.

    The daily chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

    Currently, BTC is trading at $63,000 after failing to consolidate above the key $66,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact the price of BTC in the long run. 

    Featured image from Shutterstock, chart from TradingView.com 

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

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    Ronaldo Marquez

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  • Bitcoin Forms Death Cross & TD-9 Sell Signal: Brace For Impact?

    Bitcoin Forms Death Cross & TD-9 Sell Signal: Brace For Impact?

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    An analyst has explained how Bitcoin is forming both a death cross and TD sell signal, which may lead to potential dips in these targets.

    Bitcoin Looking In Trouble As 12-Hour Chart Forms Two Bearish Signals

    In a new post on X, analyst Ali discussed two signals that have recently formed in Bitcoin’s 12-hour chart. The first of these is a “death cross,” which occurs when an asset’s short-term simple moving average (SMA) dips below its long-term SMA.

    Regarding the death cross, the 50-day and 100-day SMAs make up for the short-term and long-term trend lines. Historically, such formations have been considered bearish signals, with the price potentially suffering once the pattern is confirmed.

    The other signal that has appeared for the cryptocurrency involves the Tom Demark (TD) Sequential. This indicator is popularly used for finding locations of probable tops and bottoms in any asset’s price.

    The TD Sequential has two phases: the “setup” and “countdown.” The first phase, the setup, is said to be complete once the asset has gone through nine candles of the same polarity. After these nine candles, the price may have reached a likely reversal point.

    Naturally, if the candles in the setup’s formation were red, then the signal would be a buy one, while if the prevailing trend were bullish, the reversal would be towards the downside.

    Once the setup is complete, the countdown phase begins. This phase works much like the setup, except that candles are counted up to thirteen instead of nine. After the countdown’s completion, the commodity may be assumed to have reached another potential top/bottom.

    Now, here is the chart shared by Ali that highlights how signals about both of these technical analysis patterns have been witnessed in the 12-hour price of Bitcoin recently:

    The two signals that the 12-hour BTC price has formed in recent days | Source: @ali_charts on X

    As is visible in the graph, the 12-hour price of Bitcoin first saw a death cross form with the 50-day SMA moving under the 100-day SMA. Then, it observed the completion of a TD Sequential setup, with the indicator suggesting a reversal to the downward direction.

    Since this double bearish pattern has appeared, BTC has been heading down, suggesting that these signals may already be in effect. “If BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000,” says the analyst.

    From the current price of the cryptocurrency, a potential drawdown to the first of these targets would mean a decline of 4.6%, while one to the latter level would suggest a drop of nearly 8%.

    BTC Price

    So far, Bitcoin has managed to prevent falls under the $63,300 target listed by the analyst, as it currently floats around $64,000.

    Bitcoin Price Chart

    Looks like the price of the coin has lost its earlier recovery during the past 24 hours | Source: BTCUSD on TradingView

    Featured image from Shutterstock, charts from TradingView.com

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

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    Keshav Verma

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  • Analysts Identify Key Scenario For Bitcoin Hitting $100,000

    Analysts Identify Key Scenario For Bitcoin Hitting $100,000

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    Prior to the Bitcoin Halving event, BTC’s price saw considerable instability, but it has since rebounded, reaching the $66,000 level, triggering bullish predictions from top crypto analysts regarding the coin’s future path.

    Captain Faibik, a crytocurrency analyst and trader, has emerged with an intriguing prediction, underscoring a narrative that could potentially propel the price of Bitcoin to the coveted $100,000 mark in the upcoming months.

    Bitcoin Poised For A Notable Rally To $100,000 

    According to Captain Faibik, Bitcoin has managed to hold the $60,000 support level in the wake of bullish investors in the market. As a result, the largest crypto asset by market cap is currently making a strong comeback.

    These bullish investors, according to Faibik must reclaim the crucial $72,000 resistance level in order to see a major rally to the $100,000 price level. This scenario acts as a ray of hope for the cryptocurrency community, igniting speculations and influencing projections about Bitcoin’s potential for future growth. Given the anticipated impact of the Bitcoin Halving and bulls, the $72,000 level could be realized in the short term.

    Possible rally to $100,000 | Captain Faibik on X

    The expert previously highlighted that the Bitcoin weekly candle closed above the Exponential Moving Average (EMA) 10, demonstrating that the bulls are still very much in charge of the market. Following the Descending Channel break out in October last year, BTC Bulls has firmly secured the weekly EMA10, prompting the crypto analyst to put his next price target for the digital asset at $100,000.

    Faibik also noted that the daily Relative Strength Index (RSI) for Bitcoin has emerged from a falling wedge pattern. This breakout suggests that a 15% to 20% bullish rally in Bitcoin’s value is on the horizon.

    Meanwhile, in the daily timeframe, a bullish flag formation is underway, and in the event of an upward breakout from the bullish flag, Faibik anticipates a new all-time high for Bitcoin by May.

    Is A $1.5 million Price Level Possible For BTC?

    One of the most bullish predictions for Bitcoin this year came from Ark Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees the digital asset to rise by over 2,000% reaching a whopping $1.5 million by 2030.

    During an interview in Hong Kong, Wood reiterated her projections for BTC, which were supported by a thorough investigation that included institution surveys and evaluations of market volatility.

    She stated:

    I have been asked this question from different angles, and our analysis from multiple perspectives indicates that by 2030, Bitcoin could rise to $1.5 million. This price prediction is based on a survey of institutions, using a discount rate and volatility analysis.

    Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in the next six years. However, considering the effect of the Bitcoin Spot Exchange-Traded Funds (ETFs), she now believes the coin has the potential to hit $1.5 million.

    Bitcoin
    BTC trading at $66,567 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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

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    Godspower Owie

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  • Bitcoin Market Dynamics Still Positive Post-Halving – Bitfinex Analysis

    Bitcoin Market Dynamics Still Positive Post-Halving – Bitfinex Analysis

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    In the midst of the dramatic changes that have occurred in the cryptocurrency space after the Bitcoin halving event, Bitfinex provides a perceptive analysis that reassures investors that the market dynamics of BTC have remained positive in the post-halving period. Bitfinex examines the on-chain data and finds encouraging signs for Bitcoin in spite of the United States economy’s current state of uncertainty in its most recent Alpha report, which was released on April 22.

    Bitcoin Market Dynamics Remains Bullish

    According to the Hong Kong-based crypto platform, exchange withdrawals of Bitcoin are currently at levels not seen since January 2023. This simply indicates that a lot of investors are putting their assets in cold storage in expectation of price rises.

    Also, the exchange noted that long-term investors’ aggressive selling has not yet caused the usual pre-halving price decline, which suggests that new market participants are absorbing the selling pressure quite well, highlighting the tenacity of the present market structure of Bitcoin.

    The Bitfinex Alpha report revealed that the average daily net inflow from spot Bitcoin Exchange-Traded Funds (ETFs) is $150 million. Given the ETFs’ inflows far exceeding the $30 and $40 million daily issuance rate of BTC following the halving, this significant supply and demand imbalance could encourage further price appreciation.

    Bitfinex further claims the massive purchases of spot Bitcoin ETFs, which have dominated the entire year’s market narrative, may decline. However, recent ETF outflows have shown that ETF demand may be starting to stabilize.

    It is important to note that the recently concluded Halving cut down miners’ reward from 6.25 BTC to 3.125 BTC. As a result, miners are now modifying their operating tactics in order to sustain their activities against the decline in reward following the Halving.

    Thus, the amount of Bitcoin that miners are sending to exchanges has significantly decreased, which may indicate that they are selling ahead of time or collateralizing their holdings to upgrade infrastructure. Consequently, this could possibly lead to a gradual increase in selling pressure rather than a sudden drop in value at the Halving.

    New BTC Whales Surpassed Old Whales

    Since the conclusion of the fourth Halving, on-chain data shows a significant rise in new Bitcoin whales. CryptoQuant Chief Executive Officer (CEO) Ki Young Ju, reported the development, noting that the initial investment made by the new whales in Bitcoin is nearly twice that of the old whales combined.

    According to the data, the total holding by these new whales, which are short-term holders, is valued at $110.6 billion. Meanwhile, the old whales, which are long-term holders, own a whopping $67 billion worth of BTC. This change in whale demographics may impact Bitcoin’s future course and the dynamics of the cryptocurrency landscape as a whole.

    BTC trading at $66,002 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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

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    Godspower Owie

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  • Bitcoin Price Approaches Breakout, Can BTC Pump Above $66K?

    Bitcoin Price Approaches Breakout, Can BTC Pump Above $66K?

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    Bitcoin price recovered and climbed above the $64,000 resistance zone. BTC is now facing hurdles near the $65,500 and $66,000 levels.

    • Bitcoin is now struggling to gain pace for a move above the $65,500 resistance zone.
    • The price is trading above $64,000 and the 100 hourly Simple moving average.
    • There is a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a fresh surge if it clears the $65,500 resistance zone.

    Bitcoin Price Starts Increase

    Bitcoin price found support above $60,000 and started a fresh increase. BTC climbed above the $62,500 and $63,500 resistance levels. The bulls even pushed the price above the $65,000 level.

    However, the bears seem to be active near the $65,500 zone. The recent high was formed at $65,598 and the price is now consolidating gains. There was a drop below the $65,000 level, but the price is still above the 23.6% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low.

    Bitcoin price is trading above $64,000 and the 100 hourly Simple moving average. Immediate resistance is near the $65,100 level. There is also a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair.

    The first major resistance could be $65,500. The next resistance now sits at $66,000. If there is a clear move above the $66,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,500.

    Source: BTCUSD on TradingView.com

    The next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.

    Downside Correction In BTC?

    If Bitcoin fails to rise above the $65,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $64,500 level.

    The first major support is $64,000. If there is a close below $64,000, the price could start to drop toward the 50% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low at $62,500. Any more losses might send the price toward the $61,200 support zone in the near term.

    Technical indicators:

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

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

    Major Support Levels – $64,500, followed by $64,000.

    Major Resistance Levels – $65,100, $65,500, and $66,000.

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

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    Aayush Jindal

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  • Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

    Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

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    With Bitcoin finally completing its fourth-year halving cycle, many users are aggressively competing for halving blocks, paying exorbitant amounts of fees to mine a single block. 

    Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees

    Earlier today, the 840,000th block was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. While the price of BTC did not witness a dramatic change following the halving, transaction fees spiked to unprecedented highs. 

    Amidst the massive competition, a mining pool identified as ViaBTC had successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users had spent a staggering $37.7 BTC in mining fees, equivalent to $2.4 million, recording the highest fee ever paid for a Bitcoin block. 

    According to reports from mempool, after ViaBTC had produced the 840,000th block, the protocol had initiated an automated reduction of miners’ reward by half, from 6.25 BTC to 3.125 BTC per block. In addition to the fees, ViaBTC had received a total payout of 40.7 BTC, valued at approximately $2.6 million, for mining the historic block.  

    While it may seem that Bitcoin miners had thrown caution to the wind by spending over $2.4 million on a single block, the 840,000th block had a major significance within the cryptocurrency space. The historic Bitcoin block is said to hold the first Satoshis, ‘sats,’ the smallest units of BTC following the halving. 

    There are several of these “epic sats,” that appear after the halving event, coveted as a rare collector’s item among cryptocurrency enthusiasts. Some even speculate that these Bitcoin fragments could be potentially worth millions of dollars. 

    Including the hype surrounding these fragmented BTC, much of the competition for the Bitcoin blocks, following the halving has been attributed to the new Runes Protocol which launched at the same time as the Bitcoin halving. 

    Degens Rush To Secure Infamous Rune Tokens

    The Runes Protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves through the cryptocurrency community, as degens are avidly competing to etch and mint tokens directly on the Bitcoin network. 

    While mining pools were mining new Bitcoin blocks, degens had paid over 78.6 BTC valued at $4.95 million to mint the rarest Runes. This exponential surge in fees has been an unprecedented event, highlighting the increased adoption and participation of the Bitcoin network.

    According to reports from Ord.io, a Rune labeled as ‘Decentralized’ was acquired for a fee of 7.99 BTC, equivalent to $510,760. While another titled ‘Dog-Go-To-The-Moon’ was obtained for a fee of 6.73 BTC, worth approximately $429,831.

    Leonidas, protocol developer and host of the groundbreaking Ordinals, a system for numbering “epic sats,” has declared the Runes Protocol a remarkable success as degens have “single-handedly offset the drop in miner rewards from the halving.” He concluded that Runes have significantly impacted Bitcoin’s security budget, potentially playing a major role in ensuring the network’s sustainability.

    BTC price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com

    Featured image from Watcher Guru, chart from Tradingview.com

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

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    Scott Matherson

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  • The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

    The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

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    The cryptocurrency market has undergone a substantial downturn, with many of the top 100 cryptocurrencies experiencing sharp price drops. Bitcoin, the leading digital asset, hit a low of $61,600 on Tuesday. 

    However, industry experts suggest a potential rebound to higher highs may be on the horizon as the highly anticipated Halving event draws near. 

    Adrian Zduńczyk, a crypto trader and technical analyst, provides valuable insights into the market dynamics, highlighting key factors such as bull market indicators, ETFs, and the imminent Halving event.

    Mixed Signals For BTC

    According to Zduńczyk’s analysis, the market exhibits bullish signs, with the 200-week and 50-week moving averages (MAs) at $33,700  and $39,900, respectively. 

    The Net Unrealized Profit/Loss (NUPL) ratio is 0.55, indicating a favorable trading environment. Additionally, the 7-week correlation with the S&P 500 (SPX) remains firm at 0.71. 

    In terms of daily trends, Zduńczyk notes that Bitcoin is currently in a choppy range between $59,000 and $74,000, with the 200-day Simple Moving Average (SMA) rising at $46,600 and the 200-day Bitcoin Production Cost (BPRO) rising at $57,700. 

    However, the analyst notes that the medium-term momentum is declining, and the 50-day Average True Range (ATR) volatility has increased to $3270. This suggests that Bitcoin’s overall price trend is losing strength or momentum in the medium-term timeframe.

    Bitcoin Aims For $86,500

    Zduńczyk highlights the market sentiment. The Fear & Greed Index is at 65, indicating a state of greed among market participants. The analyst notes that the current phase of the market cycle is characterized by belief. 

    Moreover, miners are still profitable at prices above $41,800, and as mining difficulty rises post-Halving, a price spike is expected. 

    Notably, previous Halving events have triggered substantial price rallies, with Bitcoin experiencing significant gains of 90X, 30X, and 7X. Importantly, Bitcoin has never returned to Halving prices after these rallies.

    Examining seasonality trends, the monthly opening price for April stands at $71,000, suggesting a positive outlook for the month. The average gain for April is estimated at 21.95%, implying an end-of-month target of $86,500, according to Zduńczyk. 

    Moreover, the period from April 16 to 30 has historically seen average gains of 14.69%, further reinforcing positive expectations and further price gains for BTC during the upcoming weeks. According to Zduńczyk, this timeframe could attract investors seeking to buy the dip. 

    The 1-D chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

    Despite the overall positive outlook, BTC is trading at $62,600, reflecting a consistent decline over the past month. In the last 30 days, BTC has experienced a 9% drop from its mid-March all-time high of $73,700.

    Moreover, in its quest for new highs and surpassing the $80,000 threshold, BTC has encountered a significant obstacle at the $70,000 level. Despite surpassing its all-time high, BTC has struggled to consolidate above this level for over a week.

    Nonetheless, as emphasized by Zduńczyk, the potential synergy between the success of the ETF market in the United States and the upcoming Halving event may hold the key to revitalizing BTC’s price trajectory. 

    Featured image from Shutterstock, chart from TradingView.com

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

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    Ronaldo Marquez

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