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Tag: btcusdt

  • Bitcoin Price In A Trend Shift? Here’s Why $118K Might Be Vital For A Bullish Return

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

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

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

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

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

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

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

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

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    Opeyemi Sule

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  • More Pain For Bitcoin? Open Interest Surpasses $40 Billion As Longs Crowd In

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    After hitting a new all-time high (ATH) of $124,474 on Binance on August 13, Bitcoin (BTC) has tumbled toward $113,000, with the next major support zone around $110,000. Analysts warn that more downside could still be ahead for the top cryptocurrency.

    Bitcoin To Fall More? Crowded Long Trade Gives Hint

    According to a CryptoQuant Quicktake post by contributor XWIN Research Japan, Bitcoin open interest across all exchanges has surged past $40 billion, nearing ATH territory. This rise shows both whales and short-term traders are piling into leveraged positions.

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    The chart below highlights the recent spike in BTC open interest, now hovering at $40.6 billion. Compared to August 2024 levels of $15 billion, open interest has grown by more than 150%.

    Bitcoin open interest has surged past $6 billion | Source: CryptoQuant

    The CryptoQuant contributor added that despite this surge, the funding rate has remained positive, showing a strong long bias. While this reflects market optimism, it also signals a crowded trade, with most participants betting on further BTC appreciation.

    funding rates
    Bitcoin funding rates across all exchanges continue to be positive since the beginning of August | Source: CryptoQuant

    As a result, the risk of a long squeeze – forced liquidations of long positions due to aggressive leverage – has risen. XWIN Research Japan explained in their analysis:

    A sudden price drop can trigger a cascade of forced selling, amplifying volatility. In other words, Bitcoin’s short-term moves remain at the mercy of speculative flows.

    BTC Fund Holding By Institutions Rises

    Despite speculative froth from excessive leverage in the market, BTC fund holdings by Bitcoin exchange-traded funds (ETFs) and institutional investors continue to surge, exceeding 1.3 million according to latest data.

    fund
    Bitcoin fund holdings currently hover around 1.3 million | Source: CryptoQuant

    Spot ETFs and corporate treasuries absorbing BTC provides the digital asset a structural bid that steadily reduces its available supply. According to data from SoSoValue, US-based spot Bitcoin ETFs currently hold $146 billion in net assets – representing 6.47% of BTC’s market cap.

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    That said, this week alone has seen more than $645 million in outflows from spot Bitcoin ETFs, following two consecutive weeks of inflows totaling nearly $800 million. Among the ETFs, BlackRock’s IBIT leads with $84.78 billion in net assets as of August 19.

    Still, not all signals are bearish. For instance, while BTC slipped below $115,000, its spot trading volume surged past $6 billion, giving bulls hope for a potential rebound.

    Similarly, technical analyst AO recently suggested that BTC could be mirroring gold’s trajectory, with an ambitious target of $600,000 by early 2026. At press time, BTC trades at $113,845, down 1.5% in the past 24 hours.

    bitcoin
    Bitcoin trades at $113,845 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, charts from CryptoQuant and TradingView.com

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    Ash Tiwari

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  • Crypto Founder Predicts The Collapse Of Bitcoin In This Timeframe

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

    Bitcoin Forecasted To Collapse Within 7-11 Years

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

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

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

    Source: Justin Bons on X

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

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

    Community Pushes Back Against BTC Crash Claims

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

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

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

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

    Featured image from Pixabay, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin Risks Drop Below $110,000 Despite Bounce – Is A 15% Pullback Coming?

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    Bitcoin (BTC) is attempting to reclaim a crucial level as support after bouncing from the recent drop below $115,000. Nonetheless, some analysts warned that the cryptocurrency is entering a corrective phase with a potential 15%-25% drop.

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    Bitcoin Risks Drop Below $110,000

    On Monday, Bitcoin fell below the $115,000 level for the first time in nearly two weeks, retesting the $114,500 support before bouncing. The flagship crypto has been hovering between its local price range since August 7, hitting its latest all-time high (ATH) of $124,200 before ultimately being rejected from the range highs.

    Now, some market watchers have affirmed that BTC has entered a corrective phase, which could send the cryptocurrency below other crucial support levels. Ali Martinez noted that the recent rejection “came in the form of a deviation, which often signals weakness and opens the door for deeper pullbacks.”

    According to the analyst, Bitcoin has been trading within the $112,000-$122,000 price range, suggesting that the local bottom is the next key support level to watch as momentum leans bearish.

    BTC targets the range lows after rejection. Source: Ali Martinez on X

    Notably, the cryptocurrency immediately bounced from today’s drop, reclaiming the recently lost $116,500 breakout level, and nearing the $117,000 area again. To the analyst, a confirmed rebound could reset bullish momentum, sending the price to the range highs.

    However, if BTC’s price drops again and the $112,000 support doesn’t hold, the cryptocurrency risks triggering a $4,000 drop to the $108,000 area. Martinez highlighted that on-chain data shows a liquidity grab between these two levels.

    Additionally, the Accumulation Trend Score, which dropped to 0.20, signals that holders are “redistributing their Bitcoin rather than accumulating at these levels.”

    Has The Price Discovery Correction Begun?

    Analyst Rekt Capital pointed out that BTC failed to hold the crucial $119,000 level as support on the weekly chart, closing on Sunday below its weekly bull flag pattern that had been developing since early July.

    According to a previous analysis, turning the pattern’s bottom into resistance would be a bearish retest that would confirm the breakdown from the pattern, and potentially lead to a new retest of the $112,000 area.

    Amid its recent performance, he asserted that Bitcoin has entered its second Price Discovery Correction, which has historically followed the second Price Discovery Uptrend peak, between weeks 5-7.

    “Interestingly, the upside wick that formed last week developed right at the finish line in Week 6 before pulling back. This upside wick was crucial because it came to save the historical cyclicality that we tend to see in price action across cycles,” the analyst explained, as the previous ATH formed in Week 2 of the second uptrend.

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    Rekt Capital suggested that Bitcoin could be transitioning into a corrective period. Nonetheless, he noted that this corrective might not last as long as previous corrections, as at this moment of the 2017 and 2021 cycles, BTC pullbacks lasted between 1-3 weeks and were 25% and 29% deep, respectively.

    “In both cases, these pullbacks were shorter and shallower by the standards of the previous corrections in the respective cycles,” he detailed, concluding that BTC must “ideally resolve this pullback over the next handful of weeks and perform a relatively shallow pullback of -15% to -25%.”

    Bitcoin, btc, btcusdt
    Bitcoin trades at $116,460 in the one-week chart. Source: BTCUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Bitcoin ETFs See Historic Surge – Institutions Go Bullish On BTC With $1.38 Billion Record Inflows

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    Este artículo también está disponible en español.

    Yesterday, Bitcoin had one of its most bullish days in history, skyrocketing past its all-time high to reach $76,990. This new milestone has ignited widespread excitement and confidence among investors, who now see the potential for further gains. 

    Key data from Carl Runefelt reveals that Bitcoin ETFs experienced a historic surge, with $1.38 billion in net daily inflows. This record-breaking figure highlights institutional demand for Bitcoin, as major players like BlackRock are buying BTC in anticipation of long-term growth.

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    The influx into Bitcoin ETFs underscores a broader trend of institutional adoption, with increasing interest from financial giants as they recognize Bitcoin’s potential as a store of value and hedge against economic uncertainty. Runefelt’s analysis suggests that this level of demand is unprecedented, marking a turning point that could sustain Bitcoin’s bullish momentum. 

    The recent surge is not just a technical breakout but also a fundamental shift driven by institutional confidence, setting Bitcoin up for potential further highs as large-scale investors continue to enter the market. 

    Bitcoin Hits New ATH

    Bitcoin has surged into uncharted territory, breaking its previous all-time highs once again to reach a new peak that has captivated the crypto community. This historic rally comes on the heels of the U.S. election, which saw Donald Trump emerge victorious.

    Market sentiment suggests that Trump’s pro-crypto stance could have played a role in driving renewed confidence among U.S. investors, who are looking to Bitcoin as a hedge amid changing economic policies.

    Adding to this momentum, traditional investors increasingly pour into Bitcoin through ETFs, marking a significant shift in institutional interest. According to key data from SoSo Value, shared by prominent analyst Carl Runefelt on X, Bitcoin ETFs experienced record-breaking daily inflows yesterday, totaling an astounding $1.38 billion.

    Bitcoin ETFs Daily Total Net Inflows hit a record $1.38B | Source: Carl Runefelt on X

    This historic inflow underscores the growing appetite from institutional players who are viewing Bitcoin as a critical asset for their portfolios.

    The recent bullish shift among institutions follows a prolonged 7-month accumulation phase that had cast shadows of doubt over Bitcoin’s potential to break new highs this year. Many investors remained cautious, with market volatility and uncertainty testing their confidence. 

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    With institutional backing at record levels, Bitcoin’s recent rally could signify the beginning of an extended bullish phase. As big players like BlackRock buy-in through ETFs, the market sees this as a signal of renewed strength. All eyes are now on Bitcoin’s next moves, with analysts suggesting the recent price action may only be the beginning of a larger bull run for the world’s largest cryptocurrency.

    BTC Pushing Up: Strong Price Action

    Bitcoin is trading at $76,000 after reaching new all-time highs. BTC is entering a strong consolidation phase above the previous record level of $73,800. This price zone is crucial for bulls, as holding above it could provide stability for Bitcoin’s rally to continue. Analysts are closely watching this level; if BTC can respect it, the bullish momentum may persist, encouraging further gains.

    BTC tags $76,990 after breaking previous ATH
    BTC tags $76,990 after breaking previous ATH | Source: BTCUSDT chart on TradingView

    However, the recent euphoria could lead to a consolidation phase just below $77,000—a level some experts identify as a short-term local top. This resistance could take time to overcome as the market digests recent gains and awaits fresh catalysts for another breakout.

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    Despite potential consolidation, demand remains robust, and on-chain data reflects strong buying pressure that could continue driving the price upward. The technical outlook suggests further upside potential if Bitcoin can stay above $73,800 over the coming days. Bulls are optimistic, as it could establish a solid foundation for the next leg up in Bitcoin’s ongoing rally.

    Featured image from Dall-E, chart from TradingView

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    Sebastian Villafuerte

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  • Mt. Gox Stirs Market with 500 Bitcoin Transfer to Unknown Wallets—What’s Next for BTC?

    Mt. Gox Stirs Market with 500 Bitcoin Transfer to Unknown Wallets—What’s Next for BTC?

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

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

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

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

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

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

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

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

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    Samuel Edyme

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

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

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

    Bitcoin Breaks Above $70,000 And Descending Triangle

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

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

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

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

    Is The Post-Halving Advance On?

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

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

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

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

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    Dalmas Ngetich

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  • Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon

    Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon

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    Bitcoin (BTC) has recently shown renewed strength in its market stance, with positive signals emerging from key market indicators.

    This emerging positivity in BTC’s market indicators comes on the heels of the asset seeing a gradual recovery in price over the past weeks.

    Earlier today, BTC again came closer to the $70,000 mark with a 24 hour high of $69,217. However, the asset has since retraced with a current trading price of $68,644, up 1.6% in the past 24 hours.

    Bitcoin Hash Ribbons Flash Buy Signal

    According to an analysis by CryptoQuant analyst Darkfost, the “Hash Ribbons” indicator has flashed a buy signal, historically aligning with strong long-term performance for BTC. This signal follows an earlier occurrence during the summer, indicating strong prospects for Bitcoin’s growth.

    The Hash Ribbons indicator tracks shifts in Bitcoin’s hash rate, an important metric that reflects the overall health of the mining ecosystem.

    As Darkfost explains, this indicator has consistently proven accurate in predicting Bitcoin price rallies, with only one notable exception during the COVID-19 pandemic, creating a unique market disruption.

    By analyzing Hash Ribbons chart, Darkfost noted: “This suggests that another BTC rally could potentially occur over the middle-term.”

    Miners’ Position Signals Market Optimism

    Adding to the bullish outlook, another analyst, Avocado onchain, has pointed out a notable trend in miners’ behavior, which may also contribute to an optimistic price outlook for BTC. Miners play a critical role in Bitcoin’s cyclical market patterns, often influencing price volatility with their buying and selling actions.

    According to Avocado, miners tend to hold onto their Bitcoin rather than sell during periods of price stagnation, which can create favorable conditions for a price surge when demand picks up.

    The Miner Position Index (MPI) shows that miners still hold onto their Bitcoin with minimal movement toward exchanges, indicating limited selling pressure from these influential market participants.

    Historically, a rebound in the MPI has been associated with Bitcoin price increases, suggesting miners are holding onto assets in anticipation of higher prices.

    Additionally, the block rewards per block—a measure of transaction activity on the network—are increasing, signaling greater activity on the Bitcoin blockchain, which often correlates with price appreciation.

    Bitcoin (BTC) price chart on TradingView

    Featured image created with DALL-E, Chart from TradingView

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    Samuel Edyme

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

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

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    Este artículo también está disponible en español.

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

    Technical Pattern Signals $200,000 Rally Ahead

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

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

    Source: X

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

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

    Bitcoin Price Peak Set At $300,000

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

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

    Bitcoin price 2
    Source: X

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

    Bitcoin price chart from Tradingview.com
    BTC price struggles to hold $67,000 | Source: BTCUSD on Tradingview.com

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

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    Scott Matherson

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

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

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    Este artículo también está disponible en español.

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

    Bitcoin Cup And Handle Cascade

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

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

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

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

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

    BTC To $230,000

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

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

    Related Reading

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

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

    BTC bears still pushing for control | Source: BTCUSD on Tradingview.com

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

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    Scott Matherson

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  • Crypto Investment Products See Record $2.2 Billion Inflows—Is The Bull Run Here?

    Crypto Investment Products See Record $2.2 Billion Inflows—Is The Bull Run Here?

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    Este artículo también está disponible en español.

    The latest weekly digital asset fund flow report from CoinShares has revealed that last week, crypto asset investment products saw roughly $2.2 billion in net inflows globally, marking the largest inflow since July.

    This rise in inflows comes amid the gradual recovery of top crypto assets last week, with the majority now reclaiming major highs and registering nearly double-digit gains over the past 7 days.

    Related Reading

    Who Led the Charge?

    Bitcoin-based products were the standout beneficiaries of last week’s inflows. US spot Bitcoin exchange-traded funds (ETFs) added $2.1 billion, with BlackRock’s IBIT ETF alone generating over $1.1 billion.

    The cumulative inflows for these Bitcoin ETFs, which began trading in January, now stand at $21 billion. These funds have grown to manage a record $66 billion in assets under management, highlighting their significant role in the market.

    BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

    Notably, the renewed confidence in Bitcoin products mirrors earlier this year’s positive sentiment. Last week’s inflows were the largest since March, when US spot Bitcoin ETFs saw $2.6 billion as Bitcoin reached its all-time high above the $73,000 price mark.

    This strong demand suggests that investors remain bullish on Bitcoin’s long-term prospects, despite recent market fluctuations. While Bitcoin stole the spotlight, other cryptocurrencies also experienced inflows last week although way lesser than that of BTC.

    Crypto asset fund flows.
    Crypto asset fund flows.

    Ethereum-based products attracted $58 million in net inflows, while Solana, Litecoin, and XRP-based funds saw smaller inflows of $2.4 million, $1.7 million, and $700,000, respectively.

    However, multi-asset investment products did not fare well, experiencing net outflows of $5.3 million, ending a 17-week streak of consecutive inflows.

    What Prompted The Surge In Crypto Inflow?

    According to CoinShares, this surge in inflows is tied to growing optimism about the upcoming US elections, with a potential Republican victory driving investor sentiment.

    Many believe that a Republican administration would favor the digital asset market more favorably, leading to an increase in investor confidence and positive price momentum. James Butterfill, Head of Research at CoinShares, particularly noted:

    We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets.

    Notably, Butterfill, reiterated these views, adding that trading volume for these investment products surged by 30% last week. Total assets under management (AUM) for crypto funds are now nearing the $100 billion mark on a global scale, highlighting the substantial interest in digital assets.

    Related Reading

    However, while US-based funds thrived, investment products in other countries such as Canada, Sweden, and Switzerland experienced net outflows, indicating a more polarized global market.

    Crypto asset fund flows by region. | Source: CoinShares
    Crypto asset fund flows by region.

    Featured image created with DALL-E, Chart from TradingView

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    Samuel Edyme

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    Semilore Faleti

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

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

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    Este artículo también está disponible en español.

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

    Short-Term Holders Exit The Market

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

    Related Reading

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

    What Does This Mean For Bitcoin?

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

    Related Reading

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

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

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

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

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    Scott Matherson

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  • Bitcoin Whales Set Profit-Taking Record In Bull Cycle — What’s Happening?

    Bitcoin Whales Set Profit-Taking Record In Bull Cycle — What’s Happening?

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    The price of Bitcoin has not had the most straightforward performance in 2024 despite a strong start to the year. The flagship cryptocurrency has spent most of the last two quarters in consolidation, fluctuating within the $50,000 and $70,000 range.

    This uninspiring performance has sparked conversations about the current cycle, with several analysts and experts predicting whether the bull run is still on. Amongst the latest to comment is the CryptoQuant CEO, who offered an interesting on-chain insight into the cycle.

    Why Are Whales Taking Less Profit This Cycle?

    In a post on the X platform, CryptoQuant CEO Ki Young Ju revealed that the Bitcoin whales have held onto their assets this cycle. As a result, the large investors have set the record for the least profit-taking compared to other cycles if the current bull run ends now.

    This on-chain revelation is based on the Realized Profit Ratio by Balance Cohort metric, which measures the ratio of coins sold at a profit by an investor class relative to the total coins sold at a given time. It basically evaluates the profitability of different cohorts of Bitcoin holders.

    Typically, when the Realized Profit Ratio of whales is high, it implies that a sell-off is likely ongoing, with the large investors believing that prices have peaked. On the other hand, a low Realized Profit Ratio often indicates a low level of profit-taking, meaning that investors are not cutting their losses or expecting further price gains.

    The current on-chain data points to a trend where the large holders have taken the least amount of profits across any bull cycle. This could mean that the Bitcoin whales still have faith in Bitcoin’s long-term potential. Ultimately, this suggests that the current bull run is far from the end, and there is the possibility of the Bitcoin price uptrend resuming.

    Bitcoin ‘Dolphin’ Addresses On The Rise Again: Santiment

    In a post on X, Santiment revealed that the Bitcoin’s “Dolphin” cohort, holding between 0.1 to 10 BTC, have been growing steadily over the past few months. The analytics reported that this tier of investors mostly sold for profit in the first half of the year.

    However, addresses holding between 0.1 and 10 BTC have been on the rise since early July. Specifically, the 0.1 – 1 BTC wallets have increased by 25,671 more addresses, while the 1 – 10 BTC wallets have climbed by about 4,000 addresses.

    This indicates that small-scale investors might be returning to the market, which could be positive for the Bitcoin price over the coming months. As of this, the premier cryptocurrency is valued at $61,94, reflecting a 1.7% increase in the past day. 

    Bitcoin

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    Opeyemi Sule

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

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

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    Este artículo también está disponible en español.

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

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

    ETH’s Predicted Decline

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

    Related Reading

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

    Time To Go Long On Ethereum?

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

    Related Reading

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

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

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

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

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

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    Scott Matherson

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  • Bitcoin Set For Biggest September Gains In A Decade: Here’s Why

    Bitcoin Set For Biggest September Gains In A Decade: Here’s Why

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    Este artículo también está disponible en español.

    Bitcoin (BTC) looks poised to record its best September in a decade, surging past $65,000. This uncharacteristic price appreciation could be attributed to several key factors.

    Reasons Behind Bitcoin’s Impressive September Gains

    Historically, September has consistently been the worst month for BTC in terms of price performance. However, the apex cryptocurrency is now on track to post its best September in at least a decade, driven by several macroeconomic developments.

    Related Reading

    On September 18, the US Federal Reserve (Fed) initiated its interest rate cut cycle for the first time in four years, slashing rates by 50 basis points (bps) in response to slowing inflation and rising unemployment. 

    The rate cut immediately impacted risk-on assets, including BTC, which has appreciated by over 10% since the cut. In comparison, Bitcoin’s average price decline in September over the past decade has been 3.45%, according to the chart below from CoinGlass.

    September has typically been the worst month for BTC price | Source: CoinGlass.com

    According to the Fed’s decision, the European Central Bank (ECB) and the People’s Bank of China (PBoC) lowered borrowing costs to stimulate their respective economies. This further propelled BTC’s price towards its previous highs.

    Bitcoin halving is another key factor that could now be starting to show its effect on the digital asset’s price action. Bitcoin underwent its halving earlier this year in April, reducing block confirmation rewards for miners from 6.25 BTC to 3.125 BTC.

    Past data indicates that halving has typically been a bullish trigger for Bitcoin due to the resulting supply scarcity. For instance, in May 2020, BTC price rose from roughly $8,900 before the halving to more than $64,000 by April 2021 – an 8x price surge in less than a year.

    Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue to witness rising interest from retail and institutional investors alike, as they recorded $365.57 million in total net daily inflows on September 26, the largest since late July. Since their launch, the cumulative net inflow for Bitcoin ETFs now totals $18.31 billion.

    Cautious Optimism Key To Riding The BTC Wave

    While BTC appears to have shaken off its typical September slump, it’s worth highlighting that the leading digital asset still needs to overcome certain important price levels before hitting a new all-time-high (ATH).

    Related Reading

    As previously reported, Bitcoin’s relative strength index (RSI) fell below 80 on the monthly chart, signaling that the cryptocurrency’s bullish momentum might fade after an enthusiastic buying spree.

    In addition, a recent report by crypto exchange Bitfinex noted that despite Bitcoin’s recent upward movement, it must decisively overcome a strong resistance level of $65,200 to continue its positive momentum. The good news for bulls is that BTC is holding steady at $65,674, up 2% in the last 24 hours.

    bitcoin
    Bitcoin trades at $65,674 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, Charts from CoinGlass.com and Tradingview.com

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    Ash Tiwari

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

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

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    Este artículo también está disponible en español.

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

    Altcoin Market Cap Crosses 200-Day EMA

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

    Related Reading

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

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

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

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

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

    Bitcoin Dominance Must Crash Before Altseason

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

    Related Reading

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

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

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

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

    altcoin cycle
    Source: Swissblock Technologies

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

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

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

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    Ash Tiwari

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

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

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

    Critical Resistance At $65,200 Looms

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

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

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

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

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

    What Drove Bitcoin Recent Gains?

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

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

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

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

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

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

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    Ronaldo Marquez

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

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

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

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

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

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

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

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

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

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

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

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    Dalmas Ngetich

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    Semilore Faleti

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