btcusd price Archives - Page 6 of 6

21st October 2023

Coinbase Bullish: Bitcoin ETF Approval Expected After SEC’s Defeat

In a recent CNBC report, Coinbase, the largest cryptocurrency exchange in the United States, expressed confidence in the approval of a US-based Bitcoin (BTC) exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).

Paul Grewal, Coinbase’s Chief Legal Officer, highlighted that the SEC’s recent court setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for a potential approval in the coming months.

Coinbase Eyes Bitcoin ETF Approval

Grewal emphasized that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing laws governing financial services. Grewal noted that prominent financial institutions have submitted robust proposals, indicating progress in the regulatory landscape.

The recent court ruling against the SEC stated that the regulator lacked a valid basis to deny Grayscale’s request to convert its GBTC Bitcoin fund into an ETF.

The SEC chose not to appeal the ruling within the specified deadline, further increasing the likelihood of a BTC-related ETF gaining approval shortly.

However, Grewal acknowledged that the ultimate decision rests with the SEC, and he refrained from providing a specific timeline for the approval process.

Nevertheless, Grewal expressed confidence in the SEC’s obligation to fulfill its responsibilities, particularly in light of the court’s decision and the requirement to apply the law impartially.

The introduction of a Bitcoin ETF would offer investors an alternative means to gain exposure to BTC without directly purchasing the cryptocurrency from an exchange.

This could be particularly attractive to retail investors seeking Bitcoin exposure without the complexities of owning the underlying asset.

Per the report, Coinbase, being the largest crypto exchange in the United States, stands to benefit from the potential approval of a BTC ETF. The company’s common stock is held in portfolios designed to provide investors with crypto exposure.

Legal Troubles Mount For Grayscale’s Parent Company

While the recent court ruling has bolstered prospects for a BTC ETF, it is important to note that Grayscale’s bid to convert GBTC into an ETF is not without its challenges.

Digital Currency Group (DCG), Grayscale’s parent company, along with crypto exchange Gemini and DCG subsidiary Genesis, face a lawsuit from the New York Attorney General, accusing them of defrauding investors of over $1 billion.

Despite the ongoing legal issues, Grewal remained positive about the approval of additional Bitcoin ETFs in the future as the SEC adheres to the law and evaluates pending applications neutrally.

The report also touched upon the recent performance of BTC, which has experienced a resurgence in 2023. With a 72% year-to-date increase, Bitcoin has rebounded from significant declines in 2022.

Bitcoin

Factors such as anticipation surrounding the upcoming BTC halving event and investor reactions to the Federal Reserve’s potential interest rate policy changes have contributed to increased demand for the digital currency.

Ultimately while trading volumes have declined recently, attributed partly to retail investors’ reduced engagement in response to low volatility and industry players’ challenges, Grewal expressed optimism that various developments, including criminal trials and rigorous regulatory actions, will restore investor and consumer interest in the crypto market.

As the landscape for Bitcoin ETFs evolves, market participants will closely monitor the SEC’s stance and any potential regulatory developments that shape the future of cryptocurrency investment products.

Featured image from Shutterstock, chart from TradingView.com

19th October 2023

Bitcoin ETF Approval Anticipated To Trigger Fiat Influx Of $24-50 Billion

In a recent report released by Matrixport, a digital assets financial services platform, the spotlight shifts beyond Bitcoin (BTC) as the eagerly anticipated approval of a Bitcoin spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) could have far-reaching effects.

According to the analysis, not only could the Bitcoin market experience a significant boost, but Tether (USDT) and the broader crypto market could also see positive outcomes.

Potential Impact On Bitcoin

Matrixport’s foresight, outlined in their 2023 outlook report published on December 9, 2022, projected a substantial crypto rally driven by factors such as lower US inflation and favorable macroeconomic conditions.

Bitcoin

This projection anticipated strong rebounds for Bitcoin and Ethereum (ETH), along with a notable decrease in volatility.

Surrounding the approval of these pending applications, a standout performer in the market has been Grayscale Investments’ Bitcoin Trust (GBTC), with its share prices surging by an impressive 167% year-to-date, outpacing Bitcoin’s 71% growth.

While GBTC’s net-asset-value (NAV) discount marginally narrowed from -45% to -43% at the beginning of the year, the game-changing moment arrived when BlackRock announced its ETF application on June 15, 2023.

Matrixport’s earlier reports analyzed the US registered investor advisor (RIA) community, comprising approximately 15,000 advisors overseeing around $5 trillion.

Recognizing the potential of this group, the report suggests that even a modest 1% allocation recommendation for Bitcoin would result in approximately $50 billion in inflows.

$56,000 BTC Price Projection

Drawing a parallel with precious metals ETFs boasting an estimated $120 billion in market capitalization, and assuming that between 10-20% of precious metal ETF investors explore a Bitcoin ETF as a diversification tactic against monetary debasement and inflation hedges, the potential influx into the Bitcoin ETF could reach a significant $12-24 billion.

The report speculates on the implications for Tether’s market capitalization by looking at the potential impact of BlackRock’s Bitcoin ETF approval.

Acting as a proxy for potential ETF inflows, a $24 billion increase in Tether’s market cap could conservatively push Bitcoin’s price to $42,000. With an even larger influx of $50 billion resulting from a 1% allocation by RIAs, Bitcoin could rally to $56,000.

Overall, Matrixport’s analysis sheds light on the potential ripple effects of Bitcoin ETF approval, extending beyond Bitcoin’s immediate market and encompassing Tether and the wider cryptocurrency landscape.

As market participants eagerly await regulatory decisions, the industry remains poised for potential growth and transformation.

Bitcoin

As of the time of writing, the leading cryptocurrency in the market, Bitcoin (BTC), is trading at $28,700, reflecting a 1.8% increase over the past 24 hours.

It is worth noting that BTC has successfully maintained the gains it has made since mid-September. During this period, the cryptocurrency broke its short-term downtrend structure after reaching its peak for the year at $31,800 on July 13.

Featured image from Shutterstock, chart from TradingView.com

18th October 2023

Bitcoin Thief’s Decade-Long Heist: Solving The Mystery Of The Stolen Silk Road BTC

In 2012, a staggering 50,000 Bitcoin (BTC) were stolen from the infamous Silk Road, an illicit dark web marketplace. Over the years, the value of the stolen BTC skyrocketed to $3 billion, making it one of the most significant mysteries in cryptocurrency.

However, nearly a decade later, a critical mistake by the thief led to a breakthrough in the case, allowing the IRS-CI (Internal Revenue Service Criminal Investigation) to crack the puzzle.

CNBC has obtained exclusive footage that reveals how investigators meticulously connected the dots, ultimately leading to the unmasking of the perpetrator behind the Bitcoin heist.

Silk Road Bitcoin Heist Unraveled

The story begins in Athens, Georgia, an unsuspecting college town familiar with typical misdemeanors. On the night of March 13, 2019, 28-year-old Jimmy Zhong, a local computer expert, made an unusual 911 call to report the theft of hundreds of thousands of dollars’ worth of Bitcoin from his home.

Per the report, the investigation into the theft from Zhong’s residence initially yielded no suspects. The Athens-Clarke County Police Department, inexperienced in crypto-related cases, struggled to make headway.

In a quest for answers, Zhong sought the assistance of local private investigator Robin Martinelli. Although not well-versed in cryptocurrencies, Martinelli was determined to crack the case.

Martinelli meticulously examined Zhong’s extensive home surveillance system and stumbled upon a crucial piece of evidence—a slender figure captured in the footage from the night of the crime.

Little did Zhong know that while reporting his stolen Bitcoin, a team of IRS agents worked tirelessly to solve the 2012 Silk Road hack.

However, the hacker’s identity remained concealed until a tiny slip-up occurred. In September 2019, the hacker mistakenly transferred around $800 worth of BTC to a cryptocurrency exchange that adhered to established banking regulations, including “know your customer” procedures.

To the investigators’ surprise, the account used for the transaction was registered in Jimmy Zhong’s name, linking him to the stolen Silk Road funds. The IRS contacted the Athens-Clarke County Police Department, seeking collaboration to build a solid case against Zhong.

United by a shared objective, Lt. Jody Thompson, IRS-CI special agent Trevor McAleenan, and Shaun MaGruder, CEO of cyber intelligence company BlockTrace, formed a team.

Armed with evidence, they obtained a federal search warrant for Zhong’s residence. On November 9, 2021, a large team of officers raided Zhong’s home, delivering the shocking news that he was the prime suspect.

From Creator To Thief?

Investigations revealed that Zhong, an early coder allegedly involved in the development of Bitcoin since its inception in 2009, had played a role in perfecting the technology.

In an ironic twist, a hacker involved in the creation of Bitcoin had transformed into one of the most prominent BTC thieves in history. Zhong was charged with wire fraud, pleaded guilty, and received a sentence of one year and a day in federal prison, starting on July 14, 2023.

Zhong could not retain the illicit funds despite his immense fortune in stolen BTC. The US government seized the assets, initiating a process for victims of the Silk Road hack to reclaim their lost Bitcoin.

However, no claimants came forward, and the government sold the seized Bitcoin, with the proceeds likely to be shared with the Athens-Clarke County Police Department as a token of appreciation for their assistance.

In his statement to the judge, Zhong admitted that the stolen Bitcoin had made him feel important, but ultimately, his actions had only benefited the government financially.

While the original crime of the Bitcoin theft from Zhong’s Athens residence remains unsolved, the arrest and conviction of Zhong have brought closure to one of the most significant cryptocurrency crimes of our time.

Bitcoin

Featured image from Shutterstock, chart from TradingView.com

17th October 2023

Time To Cash Out? Bitcoin’s 4-Hour RSI Triggers Sell Indicator

Bitcoin (BTC) has retraced to the $28,400 level following a failed breakout above $30,000, resulting in a high rate of liquidations for both long and short positions.

Additionally, the recent fake news surrounding the approval of Blackrock’s spot Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission has disrupted the upward trend and introduced new bearish indicators in the Bitcoin market.

RSI Screams Sell

Renowned trader and crypto analyst Ali Martinez suggests selling BTC based on its 4-hour chart Relative Strength Index (RSI) indicator. His simple trading strategy advises selling BTC when the RSI exceeds 74.21 and buying when the RSI dips below 30.35.

Bitcoin

As seen in the chart above, BTC’s RSI stands at the 74 level, which is notably high considering that on October 16, after the spread of the fake news on various platforms, including X (Formerly Twitter), the RSI reached as high as 82.83.

While this indicator may seem straightforward, it has proven effective on BTC’s 4-hour chart. For instance, on October 1st, Bitcoin peaked at $28,500, but after the RSI climbed above 80, the leading cryptocurrency swiftly dropped to $27,150 within hours.

Although the effectiveness of these indicators is not always guaranteed, the combination of the recent false pump, the ongoing retrace evident in all BTC charts, the lack of bullish momentum, and the prevailing market sentiment of fear, doubt, and uncertainty could create the perfect storm for BTC to retest lower support levels before potentially embarking on another upward movement.

Bitcoin Pre-Halving Retracements Sound Alarm Bells

To further support Ali Martinez’s bearish thesis, renowned crypto analyst Rekt Capital recently shed light on Bitcoin’s historical retracements approximately 180 days before halving events.

According to Rekt, in 2015/2016, approximately 180 days before the halving, Bitcoin experienced a retracement of -25%. Similarly, in 2019, around the same timeframe before the halving, Bitcoin retraced by -38%.

While Rekt Capital identifies as a macro bull, he acknowledges that historical data favors bearish trends before halving events.

This observation raises the question of whether history will repeat itself in 2023. Will Bitcoin witness a significant retracement similar to previous cycles, or will the market dynamics 2023 deviate from historical patterns?

What is certain is that as the crypto community eagerly anticipates the 2023 halving, uncertainty looms regarding Bitcoin’s price behavior leading up to the event.

Bitcoin

As of the current market conditions, BTC is trading at $28,400, indicating a profitable position across all time frames. In the past 24 hours, Bitcoin has experienced a modest increase of 1%.

Over the seven, fourteen, and thirty-day periods, BTC has recorded profits of 3.7%, 4%, and 7%, respectively, despite the earlier bearish factors. The sustainability of Bitcoin’s current price level remains uncertain, as it remains to be seen whether it will withstand potential retracements soon.

Featured image from Shutterstock, chart from TradingView.com

16th October 2023

Bitcoin Bloodbath: Fake Spot ETF Approval Sparks BTC Surge, Obliterates $78M Shorts At $30,000

In a flurry of market activity, false news surrounding the approval of a Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) sent shockwaves through the cryptocurrency community.

False Rumors of BTC Spot ETF Approval Trigger Volatility

Initially reported by Cointelegraph, the news claimed that BlackRock’s iShares Bitcoin Spot ETF had received regulatory approval.

However, Bloomberg analyst James Seyffart promptly cast doubt on the report’s authenticity, stating that he could not find any confirmation of the news at the time. Seyffart stated:

I believe this to be fake news. While this would be positive for the things we’ve been saying. I can’t find anything that would confirm this at the moment.

Subsequently, BlackRock confirmed to FOX reporter Eleanor Terret that the application was still under review, rendering the initial report false.

The repercussions of this misinformation were immediately evident in the market. BTC experienced a brief surge from $27,800 to $30,000 within minutes as traders reacted to the purported ETF approval news. However, as the truth emerged, the market corrected itself, causing a wave of liquidations.

According to data from Glassnode, the aftermath of the surge saw a significant increase in liquidations. Within four hours, $113.75 million in long positions and $78.87 million in short positions were liquidated, reflecting the volatility and sudden reversal prompted by the false news.

The incident also prompted Cointelegraph to apologize for a post that had disseminated inaccurate information regarding the BlackRock Bitcoin ETF.

The media outlet announced that an internal investigation is underway to determine the source of the misinformation. Cointelegraph stated:

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF. An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.

False Breakout Fails To Dampen Bitcoin Profitable Streak

Despite the false breakout above $30,000, Bitcoin has retained significant profits within 24 hours. Currently trading at $28,100, it remains $1,000 higher than the initial price before disseminating the fake news across all platforms. This marks a 5.1% profit during this period.

Consequently, this positive turn of events has caused Bitcoin to shift from negative to positive figures across various time frames. In the past 7 days, Bitcoin has recorded a 2.6% profit, while over 30 days, it has seen a 6.4% increase. Only in the 14 days was a slight decrease of 0.4%.

Bitcoin

Furthermore, a closer examination of BTC’s 1-day chart reveals its ability to surpass significant resistance levels. Notably, Bitcoin successfully overcame two critical moving averages: the 50-day MA at $27,150 and the 200-day MA at $27,030.

These moving averages posed major obstacles for Bitcoin’s price after initially dropping below this threshold.

In addition, Bitcoin managed to break through the $28,000 resistance level, which had previously acted as a significant barrier following the false breakout above this mark.

Moving forward, the sustainability of Bitcoin’s current price level and bullish momentum remains to be seen amidst the circulating rumors surrounding the long-awaited ETF decision by the applicants and the US SEC.

Featured image from Shutterstock, chart from TradingView.com

11th October 2023

Bitcoin Dominates 2023: Surges Past Stocks And Bonds With 63% YTD Growth

Bitcoin (BTC), the world’s leading cryptocurrency, continues to face challenges in reclaiming the $28,000 level amid rising US treasury yields, a stronger dollar, and geopolitical uncertainties.

However, according to a report by the digital asset research firm Reflexivity, despite these obstacles, Bitcoin remains the standout performer among asset classes in 2023, with an impressive year-to-date (YTD) return of 63.3%.

This exceptional performance has surpassed returns from US large-cap growth stocks (28%), US large-cap stocks (13%), bonds, commodities, and REITs, according to a report from New York-based Bitcoin investment firm NYDIG.

ETH/BTC Ratio Reflects Risk Appetite And BTC’s Strength

According to the firm’s latest analysis of the current state of the Bitcoin market, there is a notable importance in monitoring Bitcoin’s market cap dominance, which measures Bitcoin’s market capitalization as a percentage of the total crypto market capitalization.

Market participants often view this metric as a risk gauge for the broader crypto market. Just as traditional markets experience cycles, with early stages marked by capital concentration in a select few high-quality assets that gradually disperse into riskier assets, the crypto market follows a similar pattern.

The cycle commences with capital concentrated in Bitcoin, then dispersion into Ethereum (ETH) and eventually other altcoins. The cycle concludes with capital flooding into high-risk assets, as witnessed in the memecoin frenzy of 2021.

Bitcoin

The report’s chart illustrates the rising dominance of Bitcoin, indicating a healthy concentration of capital into the leading asset. Bitcoin’s sustained dominance suggests that the crypto market is stable, with significant capital still flowing into Bitcoin.

Alongside monitoring Bitcoin dominance, another key indicator of risk-taking behavior in the crypto market is the ETH/BTC ratio, which compares Bitcoin’s performance to Ethereum, the second-largest cryptocurrency by market capitalization.

Bitcoin

The chart demonstrates a downward trend in the ETH/BTC ratio since the Merge in September 2022, which, according to the report, both Bitcoin dominance and the ETH/BTC ratio will be crucial to watch for any potential shift from a Bitcoin-dominated market regime into higher-risk assets.

Bitcoin Eyes Bullish Momentum

After a two-month consolidation period between the $26,000 and $27,000 range, BTC finally experienced a surge of bullish momentum, breaking the pattern and climbing to the upside.

However, the cryptocurrency’s upward trajectory was halted as it encountered a formidable resistance wall in the mid-term, reaching $28,600 on October 2nd and facing a significant hurdle at $28,700.

This resistance level poses one of the final challenges preventing BTC from revisiting the $30,000 mark, last seen in August.

Despite the setback, Bitcoin currently trades above its crucial 50-day and 200-day moving averages (MAs), indicating the potential for another attempt to breach previously lost levels.

Market analysts and enthusiasts are closely watching the $27,700 mark, as a successful break could signal the formation of a perfect ‘W’ pattern, with a target set at $28,100.

On this matter, renowned crypto YouTuber and founder of Crypto Sea, known as ‘Crypto Rover,’ highlights the significance of the $27,700 level as a potential catalyst for Bitcoin’s next move.

According to the analyst’s latest post on X (formerly Twitter), a successful breakthrough could reignite bullish sentiment and pave the way for a push toward the $28,100 target.

Bitcoin

BTC is trading at $27,300, experiencing a modest decline of 0.6% over the past 24 hours. However, the cryptocurrency has recorded notable gains of 4.4% and 6% over fourteen and thirty days, respectively.

Featured image from Shutterstock, chart from TradingView.com

9th October 2023

Bitcoin And XRP Set To Shine: Shock $8 Trillion Predicted Amid US Dollar ‘Collapse’

Despite initial expectations of a robust rally, major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and XRP have encountered a slowdown in momentum following a promising start in 2023. However, a prominent tech company’s leaked disclosure can alter this trajectory.

With the Federal Reserve (Fed) grappling with a staggering $33 trillion US “debt death spiral,” investment banking firm Jefferies analysts have warned that the Fed may be compelled to restart its money printing presses.

This move could trigger the collapse of the US dollar and ignite a significant price boom for Bitcoin, rivaling the value of gold.

Expert Advocates For Bitcoin As An Inflationary Safeguard

A recent Forbes report indicates that Bitcoin’s highly anticipated halving event, expected to cause price volatility, is imminent.

Christopher Wood, Jefferies’ global head of equity strategy, emphasized in a note to clients seen by CNBC that G7 central banks, including the Federal Reserve, are unlikely to withdraw from unconventional monetary policies smoothly. Notably, Wood considers Bitcoin and gold as “critical hedges” against the resurgence of inflation.

Since spring of 2022, the Federal Reserve embarked on reducing its ballooning balance sheet of nearly $9 trillion, which expanded significantly during the COVID-19 pandemic and subsequent economic downturn.

This process, known as quantitative tightening, involves draining liquidity from the financial system and shifting the burden of newly issued debt onto the private sector.

US Dollar Caught In ‘Death Spiral’

In addition to balance sheet reductions, the Fed has implemented rapid interest rate hikes to rein in soaring inflation. However, this approach has raised concerns about a potential counterproductive “death spiral” for the US dollar, potentially bolstering the value of Bitcoin.

Wood suggests that the Fed may be forced to adopt a more accommodating stance in response to a US recession. This shift would occur due to a larger-than-usual lag in the Fed’s interest rate hikes aimed at curbing inflation following the significant expansion of the money supply in 2020 and 2021.

Wood further explains:

Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the US dollar paper standard to the benefit of both gold bullion owners and also owners of Bitcoin. Meanwhile, Bitcoin, along with Ethereum and XRP to a lesser extent, has witnessed a surge in institutional interest, driven by the world’s largest asset manager, BlackRock.

The CEO of BlackRock, Larry Fink, who had previously expressed skepticism towards Bitcoin, made a notable shift in June. Fink’s endorsement of Bitcoin sparked a rush among Wall Street investors toward cryptocurrencies.

With custodian arrangements in place for digital assets, Bitcoin has gained credibility as an investable option for institutional investors, presenting itself as an alternative store of value to gold.

In conclusion, the Federal Reserve’s monetary policy challenges and the growing institutional interest in Bitcoin and other major cryptocurrencies have created a perfect storm, propelling their prices to new heights.

Per the report, investors increasingly turn to digital currencies as potential hedges against inflation and storehouses of value as the US dollar faces uncertainty.

Bitcoin

When writing, the leading cryptocurrency in the market is trading at $27,300, reflecting a decrease of over 2% in the past 24 hours. This decline follows an overall downtrend in the market since the beginning of the new trading week.

Notwithstanding the recent drop, BTC is positioned above its critical 50-day and 200-day Moving Averages (MAs). This favorable positioning may support a rebound in the cryptocurrency’s value and prevent further decline, helping it maintain the crucial $27,000 milestone.

Featured image from Shutterstock, chart from TradingView.com

6th October 2023

Bitcoin Price Projection Soars: BTC-Gold Ratio Indicator Proposes $120,000 Price Target

Over the past week, Bitcoin price has displayed a notable bullish momentum. This comes after a prolonged consolidation phase during which the leading cryptocurrency remained stagnant below the $27,000 mark for an entire month.

However, with the recent breakout and the resurgence of bullish sentiment in the market, experts are now predicting a potential surge that could propel Bitcoin’s price above $30,000.

Bitcoin Price Bullish Momentum Continues

Technical analyst Gert Van Lagen highlights a significant breakout from a long-term descending channel, signifying the end of a corrective wave and paving the way for a parabolic surge in Wave 5.

Gert Van Lagen emphasizes the monumental breakout of a 2.25-year descending channel, marking the end of an expanded flat corrective wave 4.

Bitcoin price

The channel, determined by the green dots, has contained the ABC correction of wave 4. With wave five on the horizon, breaking 10% above the channel, around $30,000, is expected to trigger a parabolic surge.

Notably, Gert believes that wave 5, a “blow-off wave,” may exhibit steep growth, with the final impulse indicating a significant upward movement.

While the potential for further upside gains is promising, remaining aware of key considerations and potential invalidation points is crucial. In this context, paying attention to $13,800 would be essential, as the invalidation point lies when wave four falls below wave 1.

Bitcoin-Gold Ratio Indicator

Prominent figures in the crypto analytics industry, the co-founders of Glassnode, have expressed their belief in Bitcoin’s potential to reach six figures. Drawing attention to the BTC-Gold ratio, they suggest that Bitcoin could rise to approximately 98 times the price of Gold.

The BTC-Gold ratio serves as a critical metric for understanding the relative performance and value of Bitcoin compared to Gold. Analyzing this ratio, the Glassnode analysts note several positive indicators suggesting a Bitcoin price surge.

Bitcoin price

The rising RSI (Relative Strength Index) and its position above 50 indicate increasing buying pressure and positive momentum. Additionally, the bullish MACD (Moving Average Convergence Divergence) crossover and a rising trend reinforce the bullish sentiment surrounding Bitcoin.

Using Fibonacci extensions provides further insight into potential price levels for Bitcoin. These extensions, derived from mathematical ratios, are often used to identify price targets during upward trends.

Based on the analysis, the Fibonacci extensions suggest that Bitcoin could reach valuation levels around $120,000, while Gold maintains a price of around $1,200.

The Glassnode co-founders’ analysis fuels optimism within the crypto community. Bitcoin’s potential for six-figure valuations could attract more investors and solidify its status as a digital store of value.

The predicted surge in Bitcoin’s price would likely have a ripple effect, generating increased interest and investment in the broader cryptocurrency market.

Bitcoin price

When writing, BTC is trading at $27,900, just below the significant psychological level of $28,000. This level currently represents a crucial threshold for bearish sentiment towards BTC.

BTC must maintain support at the $27,000 level to sustain its bullish momentum. By surpassing the current resistance line at its current trading level, BTC can reclaim the $30,000 mark and set its sights on the annual high of $31,800.

This upward movement could position the cryptocurrency to challenge the 1-year resistance level at $39,000, with the potential for consolidation above the $40,000 mark.

Featured image from Shutterstock, chart from TradingView.com

29th July 2022

Bitcoin Eyes $28k With A One-day Breakout

Bitcoin eyes $28,000 after a major breakout from the 1D 50 EMA resistance with a good volume. The Crypto market looks bullish on the low timeframe as major cryptocurrencies and altcoins gain relief bounces.

Market Dumps Ahead Of FOMC Meeting

The major buzz around the financial market over the past few days was focused on the FOMC. This has led to major cryptocurrencies dropping from key supports and resistance, with the likes of Bitcoin trading at around $20,700 and Ethereum going down to $1,376.

Related Reading: Bitcoin Slips To 1-Week Low Ahead Of Fed Hike Rate Decision

Before the FOMC meeting, rumors of a hike in rate led to the crypto market bouncing, with BTC rising to $22,000.

On Wednesday, the Federal Open Market Committee (FOMC) raised its interest by 0.75% marking the highest rate increase since the 1980s. The Federal Reserve Chairman Jerome Powell stated, “unusually large increase could be ideal in future meetings and a period of economic slowdown will be vital to bring back price stability.”

Major cryptocurrencies in the market after the news have seen a good response, with BTC trading above $23,100 and approaching a crucial 1D 50 EMA resistance. Leading to many discussions in the market applauding the rally as it could signal more upsides and relieve bounces for altcoins.

Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

“If 75bps gave us this pump, 100bps would send us to ATH surely,” @Livercoin

“Ideal ingredients for a Summer Relief Rally are there:

Powell becoming dovish on policy and more data-dependent.
$ETH merge is coming up in September.
Serious impact on 3AC, Celsius, and more already priced in.
I’m seeing $ETH to $2,400 and $BTC to $28,000-30,000.” @CryptoMichNL

Bitcoin Breaks One-day 50 EMA With Good Volume

Bitcoin rallies with good volume, surging to a 10% increase earlier today, and if bulls can breakout above $24,300, then we would be up for a relief bounce up to $28,000.

This is a region that BTC has had a tough time breaking after trading for more than a month in a range.

BTC 1D 50 EMA Breakout | Source: Tradingview.com

If BTC fails to break this major resistance, bulls would likely revisit the $21,000 – $20,700 to build more momentum for a potential breakout. If BTC fails and falls below $20,000, this will be invalidated as bears will have more power over the bulls.

The State Of Bitcoin On The 4H Chart

BTC on the 4H timeframe looks good as it needs to break above a minor resistance of $24,200 to soar higher to the region of $26,800 – $28,000.

BTC On The 4H Chart Approaches $24200 Resistance | Source: Tradingview.com

The overall market sentiment is improving after months of downtrend and loss of interest in the crypto market. The crypto market is in high expectation of the Ethereum merge that will come up soon.

As BTC recovers with other major altcoins, more relief and belief would return to the market.

29th July 2021

8 Green Candles: Here’s What Happened The Last Time In Bitcoin

Bitcoin has now had 7 consecutive daily green candle closes this month. There have been a couple of 7 consecutive daily candle closes. But so far there has been no eight. The last time there were 8 consecutive daily candle closes, bitcoin price saw a price run-up that saw the price moving out of the $20,000 price range into the $30,000.

BTC price movements after 8 consecutive daily candlesticks | Source: Twitter

The chart above outlines the movement of the market the last time this happened. The run-up had started last year in 2020 and continued into 2021 before tapering off in January. Showing a very The market continues to watch to see what happens if bitcoin does hit those 8 consecutive candle closes.

Bitcoin Price Movements

This week continues to show interesting price movements in the digital asset. The close of the weekend ushered in a bullish run for bitcoin that saw the coin price adding over $5,000 to its price in the span of a day.

Bitcoin had lost momentum following this run, losing over 3% to drop down from its $39,000 position, back into the $37,000 territory. But has since picked that momentum back up, now trading at over $40,000 at the time of this writing. This is the first time that the asset has gone above $40,000 in the past month. Following a month-long struggle to recover from the continuous dips that have been experienced in the market.

Right now, bitcoin movements continue to show bullish indicators, as bulls continue to maintain a hold on the price. Over the course of this week, the digital asset has added over $100 billion to its market cap, bringing its total to over $750 billion.

Bitcoin market cap chart from TradingView.com

BTC market cap adds over $100 in three days | Source: Market Cap BTC on TradingView.com

The movements have been attributed to circulating rumors of Amazon’s crypto integration. But according to Fast Money’s Brian Kelly, this was mostly due to a combination of factors. And not just one rumor circulating around the e-commerce giant.

Massive amounts of short squeezes during the weekend, a time when the market is usually less liquid than usual, saw the price of the asset shoot up. And short positions over $1 billion were liquidated in the span of a day.

Where Does Bitcoin Go From Here?

With the current movements, bitcoin closing green for the past week, it continues to indicate that another bullish rally might be imminent. The market was thought to have already arrived in a bear market. But the current price surges might tell a different story.

This would most likely mean that the bull market was not over as was thought before. Because if bitcoin sees 8 consecutive green closes and history is anything to go by, then the digital asset might be on track to a rally that sees the market hitting new all-time highs. Bitcoin could be poised to break its $64K record following another bull run.

Individual and institutional investors alike continue to stay bullish on the digital asset. Investors who have never been involved in cryptocurrencies are showing more interest. A Gallup poll showed that the number of investors who were holding bitcoin had now tripled since 2018. And in that time frame, the number of investors who were interested in digital assets has now gone up.

Featured image from Bitsgap, charts from Twitter and TradingView.com