ReportWire

Tag: btcusdt

  • On-Chain Data Reveals Critical Support Levels For Bitcoin Price — Details

    [ad_1]

    The Bitcoin price has managed to stay above $110,000 over the weekend, and on-chain data shows that the premier cryptocurrency sits above three crucial support levels. Here are the critical levels to watch out for over the next few weeks.

    Where Are The Next Support Levels For BTC?

    On Saturday, September 6, prominent crypto analyst Ali Martinez took to the social media platform X to offer on-chain insights into the current layout of the Bitcoin price. This price evaluation, which revolves around the BTC UTXO Realized Price Distribution (URPD) metric, shows the next support levels for Bitcoin.

    Related Reading

    The capacity for a price level to act as an on-chain support or resistance zone usually depends on the number of investors who have their cost basis at the given level. An investor’s cost basis refers to the actual price at which they purchased a cryptocurrency (Bitcoin, in this case).

    The relevant indicator here—UTXO Realized Price Distribution—tracks the amount of a particular cryptocurrency that was acquired at a specific price level. Typically, price levels below the current spot value with substantial buying activity are often considered as major support zones. Meanwhile, levels above the current price with significant investor cost bases usually act as major resistance areas.

    Source: @ali_charts on X

    As shown in the chart above, $108,250, $104,250, and $97,050 are the next crucial support levels for the Bitcoin price. Data from Glassnode shows that nearly 432,000 coins were bought in the $108,250 zone, while roughly 401,000 coins were purchased around the $104,250 region. Meanwhile, 404,000 BTC were acquired around the $97,054 area.

    The rationale behind this is that investors with a cost basis around these price levels are likely to double down on their positions and purchase more coins. This increased buying activity will, hence, provide a cushion for the Bitcoin price to stay afloat and potentially bounce back.

    It’s worth mentioning that the next major resistance level for the Bitcoin price based on the URPD metric is around $116,963. Several investors (550,000 coins) around this level are likely to close their positions when the price returns to its cost basis, thereby putting downward pressure on the BTC price.

    Bitcoin Price At A Glance

    As of this writing, the price of BTC stands at around $110,628, reflecting no significant movement in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 1% in the past seven days.

    Related Reading

    Bitcoin price
    The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

    [ad_2]

    Opeyemi Sule

    Source link

  • Bitcoin Holds Key Support Amid Gravestone Doji – $120,000 Hangs In Balance

    [ad_1]

    In his latest daily technical outlook, Cryptowzrd highlighted that Bitcoin closed the day with a gravestone doji, while holding above a critical level. According to the analysis, more bullish candles are needed to sustain momentum and push the price toward the $120,000 resistance, especially as the market contends with ongoing fundamental pressures.

    Fundamentals Support Bitcoin Despite Weak NFP Print

    Cryptowzrd highlighted that the daily candle of Bitcoin closed indecisively, signaling uncertainty as the market evaluates its next move. Despite this indecision, BTC remains above the crucial $110,500 level, which continues to serve as a strong support zone. This level remains critical in determining whether bullish momentum can be sustained in the short term.

    Related Reading

    The analyst noted that Bitcoin has maintained its bullish edge even in the face of a lower-than-expected NFP print, triggered by fundamental commentary. This development suggests that broader market sentiment is still supportive of BTC, and technical strength is being reinforced by macroeconomic factors.

    From a weekly perspective, traditional markets have closed on a bullish note, adding further support to Bitcoin’s potential upside. However, a series of consecutive bullish daily candles is needed to solidify confidence in a rally toward the $120,000 resistance level. Without this confirmation, the market could remain in a holding pattern, leaving room for volatility and short-term swings.

    Source: Chart from CRYPTOWRZD on X

    On the downside, he cautioned that if Bitcoin breaks below the $110,500 level by mid-week, it could open the door for a deeper correction, potentially testing the $100,000 support zone. Such a move would shift market dynamics, increasing selling pressure and creating strategic opportunities for traders to position for short-term downside plays.

    Over the weekend, Cryptowzrd will be closely monitoring lower-time frame charts to identify actionable scalp opportunities while ensuring that the current position above $110,500 remains secure.

    Intraday Volatility Driven By NFP And Market Fundamentals

    Concluding his analysis, the analyst highlighted that the intraday chart of BTC has been volatile, influenced by recent fundamental commentary and the lower-than-expected NFP print. This volatility reflects the market’s uncertainty, as traders weigh both technical and macroeconomic factors.

    Related Reading

    He noted that a decisive move above $113,200 would signal stronger bullish momentum, potentially pushing Bitcoin higher and helping to secure the current position. Such a breakout signals that buyers are regaining control of the market.

    On the other hand, a drop below $110,400 could open the door for additional downside. For now, the analyst plans to wait patiently for the market to form a more mature trade setup before taking the next actionable position.

    Bitcoin
    BTC trading at $110,823 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from Getty Images, chart from Tradingview.com

    [ad_2]

    Godspower Owie

    Source link

  • Old Bitcoin Supply Keeps Moving Into ETFs: Data Shows Three Waves So far

    [ad_1]

    On-chain data shows the Bitcoin spot exchange-traded funds (ETFs) have seen three waves of major inflows from the veteran hands in this cycle so far.

    Bitcoin Coin Days Destroyed Shot Up Alongside Earlier ETF Net Inflows

    As explained by CryptoQuant author Maartunn in a new post on X, Bitcoin has been observing major reshuffles related to old tokens and the spot ETFs. The spot ETFs refer to investment vehicles that trade on traditional platforms and allow investors to gain exposure to an underlying asset like BTC without having to directly own the asset.

    The BTC spot ETFs launched in the US in January 2024. Since then, the funds have generally enjoyed growth, with a few periods involving a particularly sharp burst of inflows. The main attraction of the ETFs is that investors unfamiliar with the cryptocurrency world can invest into BTC in a form that’s convenient to them.

    When a trader invests into such a vehicle, the fund buys an equivalent amount of the cryptocurrency on the client’s behalf. This reflects as an on-chain movement into the wallets associated with the ETF.

    Below is the chart shared by Maartunn that shows the trend in the 30-day Bitcoin spot ETF netflow since the start of 2024.

    As displayed in the graph, the Bitcoin spot ETF netflow has seen a few phases of extremely positive values. These naturally correspond to a high amount of demand for the ETFs.

    Interestingly, there is a pattern common among these large waves of inflows. From the chart, it’s visible that the Coin Days Destroyed (CDD) gave distribution signals alongside the netflow spikes.

    The CDD is an on-chain indicator that measures the total number of coin days that are being “destroyed” in transactions across the BTC network. A coin day is a quantity that one BTC accumulates after staying dormant on the blockchain for one day. When a token dormant for some number days is moved, its coin days counter returns back to zero. The coin days that it had previously been carrying are said to be destroyed.

    Generally, spikes in this metric correspond to activity from the diamond hands of the network. These HODLers tend to accumulate a massive amount of coin days with their patience, so when they finally break their silence, large-scale destruction of coin days takes places.

    The three major Bitcoin ETF net inflow waves of Summer 2024, Fall 2024, and Summer 2025 all accompanied a distribution signal from the CDD, which suggests a rotation of coins happened from the veteran hands to new demand coming through these vehicles.

    Since the latest such wave, the ETF netflow has calmed down to the neutral level, meaning demand has gone cold. “ETF inflows are key,” notes Maartunn. “Without strong new demand, selling pressure from new holders could increase.”

    BTC Price

    At the time of writing, Bitcoin is trading around $110,500, up 2% over the past week.

    Bitcoin Price Chart

    [ad_2]

    Keshav Verma

    Source link

  • Bitcoin Market Base Turns Neutral-Bearish As Flows Stay Weak

    [ad_1]

    Bitcoin is entering a fragile stage after days of selling pressure and uncertainty pushed the price into consolidation around the $110,000 level. Bulls are working to defend this key area, but momentum has clearly faded. The market now finds itself in a holding pattern, with investors cautious about whether Bitcoin will stabilize or break lower in the sessions ahead.

    Related Reading

    Despite the weakness, there are no clear signals yet of a deeper correction. Historically, retracements within ongoing bull markets often serve as resets rather than trend reversals, but the pressure on Bitcoin has nonetheless sparked debate about its short-term direction. Holding above current levels is becoming increasingly important, as failure to do so could shift sentiment further in favor of the bears.

    Top analyst Axel Adler described the current environment as a neutral-bearish base, meaning flows and price action lack the conviction needed for a decisive bullish push. Until stronger demand emerges, Bitcoin’s recovery is likely to be limited to technical bounces rather than sustained rallies.

    Bitcoin Stuck In Neutral-Bearish Base

    According to top analyst Axel Adler, Bitcoin’s current structure remains fragile as both price and derivative flows sit below 50, signaling weakness across critical indicators. Adler emphasizes that while short-term rebounds are possible, the market lacks the conviction required for a sustained uptrend. With taker flows still negative and weak, any recovery from present levels is likely to be a mean-reversion bounce toward $113K, aligning with the Fair Value and mid-30-day range, rather than the beginning of a new bullish phase.

    Bitcoin Integrated Market Index | Source: Axel Adler

    This environment suggests that risk appetite remains absent, leaving the market vulnerable to further tests of lower boundaries. Adler notes that unless flows shift meaningfully, price rallies will likely remain capped and quickly fade as selling pressure reemerges. The nearest bullish setup would require stabilization of flows that could push BTC toward the $113K–$115K region, a technical recovery zone that would ease immediate bearish sentiment but still fall short of confirming a regime shift.

    For a true change in market structure, Adler points to two key thresholds: Flow >55 and Price Index >50. Only when both conditions are met will Bitcoin have the foundation for a stronger, trend-confirming rally. Until then, the market faces an elevated risk of repeated retests of support zones, with traders closely monitoring whether BTC can hold above $110K or slip further into correction territory.

    Related Reading

    BTC Holding the Line Above $110K

    Bitcoin continues to consolidate around the $110K–$111K zone, showing resilience after weeks of sharp selling pressure. The chart highlights how BTC has bounced from recent lows near $108K but still struggles to reclaim higher momentum. The 50-day moving average now acts as resistance, capping the upside attempts and reflecting waning bullish strength.

    BTC consolidates around key levels | Source: BTCUSDT chart on TradingView
    BTC consolidates around key levels | Source: BTCUSDT chart on TradingView

    Despite the pullback from the $123K all-time high, the structure remains intact above the 200-day moving average near $101K, which has consistently served as a long-term support. The current price action shows a market caught in balance: bulls are defending demand, but bears maintain pressure as rallies face rejection around the $112K level.

    Related Reading

    The flat trajectory of the 100-day moving average reinforces the consolidation phase, suggesting that a decisive breakout is needed to confirm direction. If Bitcoin closes above $113K in the short term, it could set up a retest of $118K, the mid-range level that has acted as both support and resistance.

    Failure to hold the $110K level could expose BTC to repeated tests of $108K and, ultimately, the psychological $105K zone. For now, Bitcoin’s fate hinges on whether buyers can stabilize flows and absorb ongoing selling pressure.

    Featured image from Dall-E, chart from TradingView

    [ad_2]

    Sebastian Villafuerte

    Source link

  • Bitcoin Whales Cut Back: Average Holdings At Lowest Since 2018

    [ad_1]

    On-chain data shows the size of the average Bitcoin whale has dropped to the lowest level since 2018, a sign that may be bearish for BTC’s price.

    Average Bitcoin Whale Is Holding Just 488 BTC Now

    In a new post on X, on-chain analytics firm Glassnode has discussed about the latest trend in the average supply held by Bitcoin whales. Glassnode defines “whales” as entities holding between 100 and 10,000 BTC. At the current exchange rate, the range’s lower bound converts to $11.2 million and upper one to $1.1 billion.

    Related Reading

    Thus, the only investors who would qualify for the cohort would be the big-money traders. These holders can carry some degree of influence in the market, so their behavior can be worth keeping an eye on.

    The behavior of the cohort as usually gauged from their total holdings, however, can provide a skewed picture about the sentiment among them, as the investors toward the larger end of the range have more of a weightage in it.

    One way to pinpoint the behavior of the average whale is by looking at the size of the holdings of the average member of the group. Below is the chart shared by Glassnode that shows the trend in this metric for Bitcoin over the last few years.

    The value of the metric appears to have plunged over the past few months | Source: Glassnode on X

    As is visible in the graph, the average Bitcoin supply per whale peaked back in early 2022, but switched to a decline as the bear market took over the sector. This suggests the whales reduced their exposure to the cryptocurrency during this period.

    With 2023 starting a recovery run for BTC, the average whale started loading up again, albeit at a slower pace than in the previous cycle. This accumulation continued until mid-2024, at which point it once more witnessed a reversal.

    Interestingly, instead of backing the rallies that have occurred between then and now, the whales have only accelerated their selling alongside them. The late 2024 run, especially, saw these humongous investors shed their holdings at a rapid pace.

    Related Reading

    Today, the amount of Bitcoin supply held by the average whale sits at just 488 tokens, which is the lowest that it has been since December 2018, almost seven years ago.

    In another X post, the analytics firm has also talked about how Ethereum whales have been doing recently. In particular, Glassnode has shared the trend in the holdings of the “mega whales,” holders carrying more than 10,000 ETH ($44.6 million).

    Bitcoin Mega Whales
    How the supply held by the ETH mega whales has changed over the last few months | Source: Glassnode on X

    As displayed in the above chart, the Ethereum mega whales participated in buying during the recent price surge, but their accumulation has now stopped with the 30-day change in their balance dropping to zero.

    BTC Price

    At the time of writing, Bitcoin is trading around $111,900, up more than 1% over the past day.

    Bitcoin Price Chart
    The trend in the BTC price over the past five days | Source: BTCUSDT on TradingView

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

    [ad_2]

    Keshav Verma

    Source link

  • Bitcoin Price Recovery Hopes Rise – Can Bulls Push It Past Resistance?

    [ad_1]

    Bitcoin price is attempting a recovery wave above $110,000. BTC is now rising and might gain pace if it clears the $112,000 resistance level.

    • Bitcoin started a recovery wave above the $110,000 zone.
    • The price is trading above $111,000 and the 100 hourly Simple moving average.
    • There is a short-term rising channel forming with support at $110,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair might start another decline if it stays below the $112,000 zone.

    Bitcoin Price Starts Recovery

    Bitcoin price started a fresh recovery wave above the $108,500 zone. BTC was able to climb above the $108,800 and $110,000 resistance levels.

    The price cleared the 50% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low. The upward move was such that the price spiked above the $111,200 level. Besides, there is a short-term rising channel forming with support at $110,500 on the hourly chart of the BTC/USD pair.

    However, the bears are still active near $111,500. Bitcoin is now trading above $110,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $111,500 level. The first key resistance is near the $112,000 level or the 76.4% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low.

    Source: BTCUSD on TradingView.com

    The next resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,450 resistance level. Any more gains might send the price toward the $114,500 level. The main target could be $115,500.

    Another Decline In BTC?

    If Bitcoin fails to rise above the $112,000 resistance zone, it could start a fresh decline. Immediate support is near the $110,400 level. The first major support is near the $109,500 level.

    The next support is now near the $108,500 zone. Any more losses might send the price toward the $107,350 support in the near term. The main support sits at $105,500, below which BTC might decline sharply.

    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 above the 50 level.

    Major Support Levels – $110,400, followed by $109,500.

    Major Resistance Levels – $111,500 and $112,500.

    [ad_2]

    Aayush Jindal

    Source link

  • Bitcoin Mirrors Historical Pullback Ranges – Healthy Correction Or Trouble Ahead?

    [ad_1]

    Bitcoin is facing renewed volatility after losing the $110,000 level just a few days ago, a breakdown that has fueled uncertainty across the market. Bulls are attempting to reclaim this crucial support, but fear of a deeper correction continues to weigh heavily on sentiment. With every failed rebound, traders are left questioning whether this pullback is simply a pause within the broader uptrend or the beginning of a larger downtrend.

    Related Reading

    Crypto analyst Darkfost has shared new data providing context for the current environment. Since Bitcoin’s most recent all-time high near $123,000, the asset has retraced by roughly -12%. According to Darkfost, this move remains well within the boundaries of a normal correction, especially when compared to historical pullbacks in previous bull cycles.

    Such corrections are often healthy, serving to reset leverage, cool overheated sentiment, and create fresh entry points for long-term investors. While uncertainty remains in the short term, history suggests that Bitcoin’s current retracement does not necessarily signal the end of the cycle. Instead, it may represent a period of stabilization before the next major move.

    Bitcoin Correction Aligns With Historical Patterns

    According to Darkfost, Bitcoin’s current retracement should be viewed within the broader context of this cycle rather than as a sign of structural weakness. Looking more closely, since the first all-time high in March 2024, the largest drawdown recorded so far reached 28%. Importantly, Bitcoin has not corrected more deeply than that throughout the ongoing bull market.

    Bitcoin Price Drawdown from ATH | Source: Darkfost

    Historically, the most severe pullbacks in bullish phases have averaged between -20% and -25%, placing the present move well within the expected range. With Bitcoin now down roughly 12% from its latest all-time high of $123,000, the retracement is still modest compared to prior cycle corrections. Darkfost emphasizes that this behavior is not unusual and could even extend further without breaking the underlying bull trend.

    In fact, such drawdowns are often healthy and necessary in long-term uptrends. They serve several functions: flushing out excessive leverage in the derivatives market, cooling down overheated sentiment, and shaking out short-term speculators. At the same time, they create new entry opportunities for investors who may have missed earlier stages of the rally.

    For long-term holders and institutions, these phases are less about panic and more about preparation. Historically, similar corrections have preceded renewed strength, as Bitcoin stabilizes before resuming its upward trajectory. If the current pattern holds, this retracement may ultimately strengthen the market foundation, setting the stage for the next leg of growth.

    Related Reading

    Testing Recovery Level After Deep Pullback

    Bitcoin is attempting to recover after a sharp correction that took the price down to the $108K region. As shown in the chart, BTC recently bounced back above $110K but continues to struggle to sustain momentum. The rejection from the $123K zone marked the cycle’s most recent all-time high, and the market has since been in a retracement phase.

    BTC showing bearish structure | Source: BTCUSDT chart on TradingView
    BTC showing bearish structure | Source: BTCUSDT chart on TradingView

    The 12-hour chart highlights how BTC dipped below its 200-day moving average (red line) but quickly rebounded, signaling that bulls are still defending this crucial support. The 50-day (blue) and 100-day (green) moving averages, however, are trending downward, suggesting that pressure remains in the short term. BTC will need to reclaim the $112K–$115K zone to shift sentiment back toward bullish momentum.

    Related Reading

    On the downside, losing the $108K level could open the door to a deeper correction toward $105K or even the $101K region, where the 200-day MA sits as the last line of defense.

    Bitcoin is consolidating in a fragile position. A decisive move above $115K could reignite bullish momentum, but failure to hold current support may confirm a prolonged correction phase before any attempt at a new all-time high.

    Featured image from Dall-E, chart from TradingView

    [ad_2]

    Sebastian Villafuerte

    Source link

  • Bitcoin Price Stabilizes – Is This the Start of a Comeback?

    [ad_1]

    Bitcoin price is still showing bearish signs below $112,000. BTC is now attempting to recover and might face hurdles near the $110,500 level.

    • Bitcoin started a fresh decline below the $112,000 zone.
    • The price is trading below $110,500 and the 100 hourly Simple moving average.
    • There was a break above a short-term contracting triangle with resistance at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair might start another decline if it stays below the $110,500 zone.

    Bitcoin Price Starts Consolidation

    Bitcoin price attempted a fresh recovery wave from the $107,350 zone. BTC was able to climb above the $108,200 and $108,400 resistance levels.

    The price cleared the 23.6% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low. Besides, there was a break above a short-term contracting triangle with resistance at $108,800 on the hourly chart of the BTC/USD pair.

    However, the bears are still active near $109,500. The price is now consolidating near $109,500. Bitcoin is now trading below $110,000 and the 100 hourly Simple moving average.

    Immediate resistance on the upside is near the $109,500 level. The first key resistance is near the $110,200 level. The next resistance could be $110,500 or the 50% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low.

    Source: BTCUSD on TradingView.com

    A close above the $110,500 resistance might send the price further higher. In the stated case, the price could rise and test the $111,650 resistance level. Any more gains might send the price toward the $112,500 level. The main target could be $113,500.

    Another Decline In BTC?

    If Bitcoin fails to rise above the $110,500 resistance zone, it could start a fresh decline. Immediate support is near the $108,800 level. The first major support is near the $108,200 level.

    The next support is now near the $107,350 zone. Any more losses might send the price toward the $106,500 support in the near term. The main support sits at $105,500, below which BTC might decline sharply.

    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 above the 50 level.

    Major Support Levels – $108,800, followed by $108,000.

    Major Resistance Levels – $109,500 and $110,500.

    [ad_2]

    Aayush Jindal

    Source link

  • Is The Bitcoin Price Bottom In? Here’s What Social Sentiment Says

    [ad_1]

    On-chain analytics platform Santiment has weighed in on whether the Bitcoin price has reached its bottom, following its drop to the $108,000 range. The platform alluded to the current social sentiment, suggesting that a further drawdown may be looming. 

    Bitcoin Price Bottom Not Yet In Amid Spike In Social Dominance

    In a research report, Santiment indicated that the Bitcoin price bottom may not yet be in, considering the surge in the social dominance of ‘buy the dip’ mentions. The platform explained that a true bottom is often marked not by price but by a shift in social narrative from ‘buy the dip’ optimism to widespread fear. This creates a strong bearish case that discourages buying. 

    Related Reading

    Santiment suggested that the Bitcoin price typically rebounds when the sentiment is bearish and when investors least expect an uptrend. However, for now, market participants are still getting “antsy and trying to find some entry spots now that prices have cooled down a bit, Santiment analyst Brian Quinlivan explained. 

    The analyst opined that the cooldown in the Bitcoin price so far is not a huge one, while noting that BTC has detached from the S&P 500. Quinlivan predicted that BTC and other crypto assets could play catch-up to the stock market when the crowd stops getting too optimistic about buying the dip. He added that the true ‘buy the dip’ opportunities happen when the crowd stops believing there is an opportunity. 

    Source: Chart from Santiment

    In the research report, Santiment noted that the current ‘buy the dip’ chatter needs to be suddenly replaced by discussion of the narrative that supports the bearish case. In line with this, the platform advised market participants to pay close attention to the dominant social narrative. According to the report, when the conversation shifts from hopeful buying to widespread fear, it can be a stronger bottom signal than the Bitcoin price alone.

    Another Metric To Keep An Eye On

    The Santiment report indicated that BTC whale transfers are another key metric to watch for, as they can help determine if the Bitcoin price has reached its bottom. These whales, wallets holding 10 to 10,000 BTC, have not been selling off in any significant way despite the market dip. 

    Related Reading

    According to Maksim, who joined Santiment analyst Brian on the podcast, whenever these wallets do decrease their holdings, it can lead to “postponed price suppression weeks thereafter.” Therefore, Santiment advised market participants to monitor the holdings of large Bitcoin wallets. A lack of selling from whales could indicate underlying strength, while a significant drop can be a warning of future price weakness. 

    At the time of writing, the Bitcoin price is trading at around $107,800, down in the last 24 hours, according to data from CoinMarketCap.

    Bitcoin
    BTC trading at $109,600 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from Pixabay, chart from Tradingview.com

    [ad_2]

    Scott Matherson

    Source link

  • Pundit Calls Bitcoin Price Crash Below $93,000, Reveals Bear Targets From Here

    [ad_1]

    After hitting a new all-time high last month, the Bitcoin price has since retraced by more than 10%, crashing below $110,000 once again. This bearish pressure has continued into the new month, with sell-offs being the order of the day, especially as investors move to secure their profits. Despite calls for a possible bottom, a crypto analyst has suggested that the Bitcoin crash is far from over. In fact, going by the analysis, the decline may just be starting as Bitcoin is expected to tumble further.

    Why A Crash To $93,000 Is Imminent

    In the analysis, crypto analyst MMBTtrader acknowledges the fact that the Bitcoin price is already under immense pressure. This is shown by the fact that the cryptocurrency has been rejected from $120,000 and has now fallen back to the next major support zone.

    Related Reading

    So far, the $108,000 level has acted as a support, preventing further decline. However, with sellers still being in charge of the market, it is possible that this level does not hold for long. Looking at the broader picture, the crypto analyst calls for further price decline, and this could trigger a cascading effect.

    As the analyst explains, this is happening because the market needs some rest. There is also the trendline that began back in 2024, shown by the line in green, suggesting where the Bitcoin price could fall next. A retest of this trendline suggests that Bitcoin could dump back to $93,000, where the trendline makes its next contact.

    Naturally, the next retest of the trendline in this case would mean that it is hitting support. But there is also the fact that momentum doesn’t point to a possible Bitcoin price recovery. Even after hitting $93,000, the analyst expects a further breakdown and a move to as low as $70,000.

    Source: TradingView

    Why Bitcoin Price Could Still Jump

    In the case of bulls being able to maintain support and triggering a bounce, the crypto analyst shows there is still a possibility of a price jump. Here, the price would have to reclaim the trendline above $117,000 to complete the upward continuation.

    Related Reading

    A price jump from this support level could end in another 30% price increase, pushing the price above the $137,000 level. However, the analyst remains adamant that there is more possibility of a breakdown. “I am thinking of breakout to the downside and more dump after that like red arrows maybe now with higher possibility,” MMBTtrader stated.

    Bitcoin price chart from TradingView.com
    BTC pushes down toward $100,000 | Source: BTCUSD on TradingView.com

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

    [ad_2]

    Scott Matherson

    Source link

  • Bitcoin Price Closes Below STH Realized Price For The 2nd Time In 2025 — Details

    [ad_1]

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

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

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

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

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

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

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

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

    [ad_2]

    Opeyemi Sule

    Source link

  • BTC Traders Remain Far From -12% Capitulation Zone – What Does This Mean?

    [ad_1]

    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.

    [ad_2]

    Semilore Faleti

    Source link

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

    [ad_1]

    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.

    Bitcoin

    [ad_2]

    Godspower Owie

    Source link

  • Crypto Tumbles Hard: Google Search Trends Call Last Local Market Top

    [ad_1]

    The crypto market succumbed to a significant amount of bearish pressure starting on Thursday, August 28, with most large-cap assets tumbling to new lows on Friday, August 29. The price of Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to a new low of $107,850 at the start of the weekend.

    Unsurprisingly, the latest data shows that this latest price decline seen across the digital asset market could have been predicted. This conclusion is based on recent crypto activity on the world’s largest search engine, Google.

    Is The Crypto Bull Cycle Over?

    In an August 29 post on social media platform X, Alphractal founder and CEO Joao Wedson revealed that crypto-related searches on Google have surged to new highs in recent days. According to the on-chain data expert, this recent spike in Google searches suggests that Bitcoin and the broader crypto market might have reached a new local top.

    Related Reading

    This revelation is based on the Google Trends chart, which allows investors to assess the social engagement of different crypto-related topics on the search engine. As shown in the chart below, the metric compares various subjects, including cryptocurrency, Bitcoin, altcoins, centralized exchanges, and data aggregation platforms.

    Source: @joao_wedson on X

    As observed in the highlighted chart, the Google Trends metric recently witnessed a significant surge, suggesting increased public attention across multiple crypto topics. According to Wedson, spikes of this kind have historically coincided with whales entering the market to sell while “everyone is obsessed.”

    Moreover, the cryptocurrency market has often shown in the past its tendency to move in the crowd’s opposite direction. These trends explain the price decline witnessed by most digital assets in the past few days, as the market has seemingly reached a new local top.

    Wedson, however, noted that other on-chain signals say that the latest euphoria-driven market downturn doesn’t necessarily spell the end of the current bull cycle. “Think back to BTC hitting $124K—euphoria peaked online, whales sold aggressively, and we went short,” the Alphractal founder added.

    Wedson then advised investors to exercise caution when euphoria hits the crypto market, as it could hint at the imminence of a local top. The crypto analyst said that a better strategy would be to smartly exit the market at a high price and reenter at a cheaper rate later.

    Total Crypto Market Cap At $3.7 Trillion

    As of this writing, the total crypto market capitalization sits just above $3.7 trillion, reflecting an almost 4% decline in the past day. According to data from TradingView, more than $142 billion has been drained out of the crypto market in the last 24 hours.

    Related Reading

    crypto
    The total crypto market cap on the daily timeframe | Source: TOTAL chart on TradingView

    Featured image from Shutterstock, chart from TradingView

    [ad_2]

    Opeyemi Sule

    Source link

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

    [ad_1]

    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.

    Related Reading

    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.

    Related Reading

    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

    [ad_2]

    Sandra White

    Source link

  • Bitcoin’s Next Stop $183K? On-Chain Data Points to Explosive Cycle Peak

    [ad_1]

    Bitcoin remains under pressure after sliding from its all-time high above $124,000 earlier this month. At the time of writing, the asset trades at $110,219, reflecting a weekly decline of about 2% and a broader drop of more than 10% from its peak.

    Despite the correction, analysts continue to examine on-chain data for signs of the market’s next direction. Among the latest insights, CryptoQuant contributor CryptoOnchain highlighted the significance of the MVRV (Market Value to Realized Value) Price Bands, a long-observed metric used to assess market cycles.

    According to the analyst, Bitcoin’s current positioning above key support bands suggests the uptrend remains intact, but with room for both continued growth and potential volatility.

    Related Reading

    MVRV Price Bands Point to Potential Cycle Top

    The MVRV Price Bands model has historically been used to identify both bottoms and tops in Bitcoin’s long-term cycles. CryptoOnchain noted that the model’s lower band, often referred to as the “floor price,” reliably marked market lows in 2018 and 2022, while the upper band highlighted cycle peaks such as 2017 and 2021.

    Bitcoin realized value price model. | Source: CryptoQuant

    Currently, Bitcoin’s trading price is positioned well above the model’s floor price of around $52,300 and its median support level of approximately $91,600. This indicates what the analyst referred to as a “healthy uptrend” with persistent activity from long-term holders.

    Importantly, the model’s projected ceiling price suggests that Bitcoin could reach as high as $183,000 by August 2025, assuming historical trends remain consistent.

    The analyst emphasized that while the ceiling level offers a potential target, traders should monitor the mid-price band for signs of weakening momentum. A decisive move below this level could indicate a shift in trend, raising the possibility of deeper corrections even within a bullish cycle.

    Bitcoin Cost Basis Trends Reflect Market Behavior

    A separate analysis by CryptoQuant contributor BorisD provided additional context by examining the cost basis of Bitcoin investors on Binance. Data shows that the average deposit address cost basis on Binance has risen from $44,000 earlier this year to $62,000.

    This suggests that investors are actively accumulating at higher price zones, particularly around Bitcoin’s recent peaks. New whale investors, defined as large-scale buyers with significant holdings, currently hold an average cost basis of $108,000, which is emerging as a key support level.

    Bitcoin cost-basis comparison.
    Bitcoin cost-basis comparison. | Source: CryptoQuant

    According to BorisD, this level could serve as the foundation for the next leg of upward momentum if demand persists. At the same time, miner-linked wallets showed a slight reduction in their average cost basis from $58,000 to $54,000, hinting at modest selling pressure from mining operations.

    Related Reading

    Long-term holders, meanwhile, remain well positioned, with a cost basis near $40,000. This region has historically been considered a strong accumulation zone, providing resilience during broader market corrections. BorisD pointed out that cost basis levels often track closely with price behavior and can act as both support and resistance during volatile swings.

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

    Featured image created with DALL-E, Chart from TradingView

    [ad_2]

    Samuel Edyme

    Source link

  • Bitcoin Rally Over? CryptoQuant’s Bull Score Index Turns Bearish

    [ad_1]

    CryptoQuant’s Bitcoin Bull Score Index has dropped to a value of 20, hinting that a potential bearish transition could have occurred for the asset.

    Bitcoin Bull Score Index Is Now In “Extra Bearish” Territory

    In a new post on X, CryptoQuant community analyst Maartunn has shared how the analytics firm’s “Bull Score Index” has changed for Bitcoin after its recent price drawdown. The Bull Score Index is an indicator that tells us about the market phase the cryptocurrency is currently going through. It determines this by referring to a bunch of key on-chain metrics.

    Below is a chart that shows the trend in the indicator over the past year.

    As is visible in the graph, Bitcoin entered into the “bullish cooldown” phase at the start of August. This signal interestingly persisted even when its price set a new all-time high (ATH) later in the month, a potential sign that the breakout was always gonna be short-lived.

    In the market downturn that has followed this peak, the Bull Score Index first dipped into the “getting bearish” zone, and now, it has plunged right into “extra bearish” levels. “This is something to take serious,” notes Maartunn.

    Here is another chart, this one breaking down the individual signals contributing to the Bull Score Index’s value:

    Bitcoin On-Chain Signals

    As displayed in the graph, almost all of the indicators are giving a bearish signal at the moment. Perhaps the most popular metric on the list is the “Market Value to Realized Value (MVRV) Z-Score,” which relates to investor profitability. It would appear the current market conditions are bad enough to force it to turn red.

    Last time the MVRV Z-Score and Bull Score Index turned bearish was back in February of this year. What followed the signal was an extended phase of negative price action for Bitcoin. Given that the Bull Score Index is once again giving an extra bearish indication for the cryptocurrency, it remains to be seen whether its price will now see another transition.

    Replying to Maartunn’s post, analyst Ali Martinez has agreed with the caution and shared another signal that could point to a similar outcome for Bitcoin.

    Bitcoin Supply in Profit

    The indicator cited by Martinez is the net position change of the 90-day exponential moving average (EMA) Bitcoin Supply In Profit. From the chart, it’s apparent that the metric has turned negative recently, which is something that also happened before the bearish market phase earlier in the year.

    BTC Price

    While on-chain metrics may be pointing at a bearish conclusion for Bitcoin, its price has made a recovery to $113,000 for now.

    Bitcoin Price Chart

    [ad_2]

    Keshav Verma

    Source link

  • Bitcoin & Ethereum Whale Populations Quietly Growing, On-Chain Data Reveals

    [ad_1]

    Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

    Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

    In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

    Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

    Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

    Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

    Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

    As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

    Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

    Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

    [ad_2]

    Keshav Verma

    Source link

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

    [ad_1]

    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.

    [ad_2]

    Aayush Jindal

    Source link

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

    [ad_1]

    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. 

    Related Reading

    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.

    Related Reading

    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 

    [ad_2]

    Ronaldo Marquez

    Source link