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GERMAN GOVERNMENT BITCOIN SALES IMPACT CRYPTO MARKET
#Germany #GermanWallets #Bitcoin #BitcoinPrice $BTC
Wallets linked to the German government still hold approximately 23,800 bitcoin, according to Arkham Intelligence data.
Government Moves $500M in Bitcoin
Bitcoin (BTC) dropped on Monday afternoon in Europe as the German government moved $500 million in assets, as shown by blockchain data. According to Arkham Intelligence, a Bitcoin address linked to the German government transferred 8,700 BTC to an intermediate wallet. These assets were then sent to crypto exchanges Bitstamp, Kraken, Coinbase, and market maker Flow Traders.
Bitcoin Price Fluctuations
Following these transactions, Bitcoin's price fell by 3%, reaching a low of $55,000. It later rebounded to slightly above $56,000, marking a 1.2% decline over the past 24 hours.
Market Conditions and Reactions
This price action followed a significant drop last week, reaching the lowest price since February. Market analysts attributed this to an influx of supply during the typically quiet and low-volume summer period. Both the German and U.S. governments appear to be selling seized assets, coinciding with the defunct crypto exchange Mt. Gox issuing repayments.
With the latest asset transfers, the German government's Bitcoin holdings have decreased to 23,800 BTC, valued at $1.3 billion, according to Arkham data.
By moving a large volume of Bitcoin, the German government's actions have notable implications for the crypto market. Keeping an eye on such movements can help investors and enthusiasts better understand market dynamics and price fluctuations.
GERMAN GOVERNMENT BITCOIN SALES IMPACT CRYPTO MARKET
#Germany #GermanWallets #Bitcoin #BitcoinPrice $BTC
Wallets linked to the German government still hold approximately 23,800 bitcoin, according to Arkham Intelligence data.
Government Moves $500M in Bitcoin
Bitcoin (BTC) dropped on Monday afternoon in Europe as the German government moved $500 million in assets, as shown by blockchain data. According to Arkham Intelligence, a Bitcoin address linked to the German government transferred 8,700 BTC to an intermediate wallet. These assets were then sent to crypto exchanges Bitstamp, Kraken, Coinbase, and market maker Flow Traders.
Bitcoin Price Fluctuations
Following these transactions, Bitcoin's price fell by 3%, reaching a low of $55,000. It later rebounded to slightly above $56,000, marking a 1.2% decline over the past 24 hours.
Market Conditions and Reactions
This price action followed a significant drop last week, reaching the lowest price since February. Market analysts attributed this to an influx of supply during the typically quiet and low-volume summer period. Both the German and U.S. governments appear to be selling seized assets, coinciding with the defunct crypto exchange Mt. Gox issuing repayments.
With the latest asset transfers, the German government's Bitcoin holdings have decreased to 23,800 BTC, valued at $1.3 billion, according to Arkham data.
By moving a large volume of Bitcoin, the German government's actions have notable implications for the crypto market. Keeping an eye on such movements can help investors and enthusiasts better understand market dynamics and price fluctuations.
$DOGE
Dogecoin might see a price of $0.20 to $0.30, largely influenced by social media trends and celebrity endorsements, along with developments in its utility and use case
#CryptoPredictions #BlockchainNews #BitcoinPrice #EthereumForecast #AltcoinTrends
Dogecoin might see a price of $0.20 to $0.30, largely influenced by social media trends and celebrity endorsements, along with developments in its utility and use case
#CryptoPredictions #BlockchainNews #BitcoinPrice #EthereumForecast #AltcoinTrends
$XRP
XRP could see a price range of $0.80 to $1.20, depending on the resolution of its legal issues with the SEC and the broader adoption of Ripple's payment solutions
#CryptoPredictions #BlockchainNews #BitcoinPrice #EthereumForecast #AltcoinTrends
XRP could see a price range of $0.80 to $1.20, depending on the resolution of its legal issues with the SEC and the broader adoption of Ripple's payment solutions
#CryptoPredictions #BlockchainNews #BitcoinPrice #EthereumForecast #AltcoinTrends
#Write2earn
Short-Term Bitcoin Holders Face $65,000 Resistance
#Bitcoin #BitcoinPrice #BitcoinAnalysis $BTC
Bitcoin's recent recovery faces a potential obstacle as short-term holders might liquidate their holdings near $65,000, capping the cryptocurrency's upswing.
Bitcoin's Recent Performance
Bitcoin (BTC) aims to bounce back from its July losses. However, on-chain data suggests resistance around the $65,000 mark. As of now, BTC is trading 1% higher at $63,200, recovering from a 7% loss in June. This decline reversed May's gains and was mainly driven by miner selling and concerns over ETF inflows, which may not represent bullish bets.
Short-Term Holders' Cost Basis
June's drop pushed BTC prices below the aggregate cost basis of short-term holders. These wallets, holding Bitcoin for 155 days or less, now face potential losses. According to LookIntoBitcoin, the cost basis for these holders is $65,000. Realized price, reflecting the average price at which coins were last spent, shows short-term holders in the red. This situation may lead to increased selling pressure near $65,000.
Market Analysis
Analysts at Blockware Intelligence highlighted that BTC's price is below the short-term holders' cost basis for the first time since August 2023. They expect resistance around $65,000 as short-term speculators might exit their positions at breakeven levels. Historical data shows that when BTC lost this support level last summer, prices traded sideways for two months before breaking out again.
Long-Term Holders' Perspective
On the other hand, long-term holders are incentivized to maintain or increase their coin stash. Their average cost basis is less than $20,000, significantly lower than BTC's current market price. For long-term holders, the recent 15% pullback from March's high of $73,500 is a normal bull market correction.
Blockware Intelligence noted that during the 2017 cycle, BTC experienced ten drawdowns of 20% or more. Such corrections are healthy and provide opportunities for strategic investments by those with a long-term view.
Short-Term Bitcoin Holders Face $65,000 Resistance
#Bitcoin #BitcoinPrice #BitcoinAnalysis $BTC
Bitcoin's recent recovery faces a potential obstacle as short-term holders might liquidate their holdings near $65,000, capping the cryptocurrency's upswing.
Bitcoin's Recent Performance
Bitcoin (BTC) aims to bounce back from its July losses. However, on-chain data suggests resistance around the $65,000 mark. As of now, BTC is trading 1% higher at $63,200, recovering from a 7% loss in June. This decline reversed May's gains and was mainly driven by miner selling and concerns over ETF inflows, which may not represent bullish bets.
Short-Term Holders' Cost Basis
June's drop pushed BTC prices below the aggregate cost basis of short-term holders. These wallets, holding Bitcoin for 155 days or less, now face potential losses. According to LookIntoBitcoin, the cost basis for these holders is $65,000. Realized price, reflecting the average price at which coins were last spent, shows short-term holders in the red. This situation may lead to increased selling pressure near $65,000.
Market Analysis
Analysts at Blockware Intelligence highlighted that BTC's price is below the short-term holders' cost basis for the first time since August 2023. They expect resistance around $65,000 as short-term speculators might exit their positions at breakeven levels. Historical data shows that when BTC lost this support level last summer, prices traded sideways for two months before breaking out again.
Long-Term Holders' Perspective
On the other hand, long-term holders are incentivized to maintain or increase their coin stash. Their average cost basis is less than $20,000, significantly lower than BTC's current market price. For long-term holders, the recent 15% pullback from March's high of $73,500 is a normal bull market correction.
Blockware Intelligence noted that during the 2017 cycle, BTC experienced ten drawdowns of 20% or more. Such corrections are healthy and provide opportunities for strategic investments by those with a long-term view.
Bitcoin Eyes $42K: Google Trends Predicts Next Bull Wave!
Google Search Interest in 'Bitcoin Price' on the Rise Again
Cryptocurrency heavyweight #bitcoin is locked in a standoff between bulls and bears, holding steady at its current price level. Recent weeks have seen some upward movement for the top cryptocurrency by market capitalization, but as market-wide volatility subsides, the digital asset is now experiencing a period of stability.
Renowned analyst Dylan LeClair noted that Google search volume for the term "#BitcoinPrice " has been on a downward trend since 2023, indicating waning interest in the flagship cryptocurrency.
In 2020, Bitcoin embarked on a significant bull run, soaring from a low of $3,000 in March to a staggering high of $69,000. During these periods of intense price action, Google searches for "Bitcoin Price" can act as an informal measure of public interest in the digital asset.
Bitcoin's price and the level of mainstream media and non-crypto investor interest have traditionally been directly proportional. The chart suggests that as more attention is directed toward Bitcoin, its price climbs correspondingly. However, the reverse also holds true; when Bitcoin's price falls, so does public interest.
Historically, Google search interest in "Bitcoin Price" has shown a tendency to increase. During the 2017 to 2018 bull run, the volume of monthly searches for this keyword skyrocketed to unprecedented levels. However, since 2019, this interest has consistently decreased until Bitcoin manages to reignite its bullish momentum.
This pattern reveals that since 2017, Bitcoin tends to initiate a bull run only when the interest drops to a certain threshold. LeClair observes that this metric is nearing such levels now.
In his closing remarks, LeClair noted the current tightness of Bitcoin's daily Bollinger Bands, a metric not seen since the start of 2023. The previous instance of such a constricted range resulted in a 40% price surge for the cryptocurrency. He posits that if the pattern persists, Bitcoin could be on the verge of a similar price movement, potentially pushing its value to around $42,000. Such a development would represent a 40% increase from the current level, rekindling investor interest, and possibly sparking the next bull run. These observations underscore the volatile yet intriguing nature of the Bitcoin market, where patterns of interest and price fluctuate in tandem, each influencing the other in an ever-evolving dance of supply and demand.
Cryptocurrency heavyweight #bitcoin is locked in a standoff between bulls and bears, holding steady at its current price level. Recent weeks have seen some upward movement for the top cryptocurrency by market capitalization, but as market-wide volatility subsides, the digital asset is now experiencing a period of stability.
Renowned analyst Dylan LeClair noted that Google search volume for the term "#BitcoinPrice " has been on a downward trend since 2023, indicating waning interest in the flagship cryptocurrency.
In 2020, Bitcoin embarked on a significant bull run, soaring from a low of $3,000 in March to a staggering high of $69,000. During these periods of intense price action, Google searches for "Bitcoin Price" can act as an informal measure of public interest in the digital asset.
Bitcoin's price and the level of mainstream media and non-crypto investor interest have traditionally been directly proportional. The chart suggests that as more attention is directed toward Bitcoin, its price climbs correspondingly. However, the reverse also holds true; when Bitcoin's price falls, so does public interest.
Historically, Google search interest in "Bitcoin Price" has shown a tendency to increase. During the 2017 to 2018 bull run, the volume of monthly searches for this keyword skyrocketed to unprecedented levels. However, since 2019, this interest has consistently decreased until Bitcoin manages to reignite its bullish momentum.
This pattern reveals that since 2017, Bitcoin tends to initiate a bull run only when the interest drops to a certain threshold. LeClair observes that this metric is nearing such levels now.
In his closing remarks, LeClair noted the current tightness of Bitcoin's daily Bollinger Bands, a metric not seen since the start of 2023. The previous instance of such a constricted range resulted in a 40% price surge for the cryptocurrency. He posits that if the pattern persists, Bitcoin could be on the verge of a similar price movement, potentially pushing its value to around $42,000. Such a development would represent a 40% increase from the current level, rekindling investor interest, and possibly sparking the next bull run. These observations underscore the volatile yet intriguing nature of the Bitcoin market, where patterns of interest and price fluctuate in tandem, each influencing the other in an ever-evolving dance of supply and demand.
🕵️♂️🔍Clues to Satoshi Nakamoto's Identity 🧐
🤔
Adding to the excitement, new emails have surfaced, providing "staggering" clues to the true identity of Bitcoin's elusive creator, Satoshi Nakamoto. This revelation has sparked speculation and curiosity within the crypto community.
#CryptoMarket
#Cryptocurrency #IndustryUpdate #BitcoinPrice #Write2Earn
🤔
Adding to the excitement, new emails have surfaced, providing "staggering" clues to the true identity of Bitcoin's elusive creator, Satoshi Nakamoto. This revelation has sparked speculation and curiosity within the crypto community.
#CryptoMarket
#Cryptocurrency #IndustryUpdate #BitcoinPrice #Write2Earn
#Write2earn #Bitcoin Price Resurgence: Navigating Market Sentiments and Technical Trends #BTC🔥🔥🔥🔥🔥 $BTC
#BitcoinPrice
As we entered the latter part of last week, there was significant buying activity driving up the price of $BTC , defying expectations of a larger correction for the leading cryptocurrency.
Starting from a low of $56,600 last Wednesday, Bitcoin's bull market has reignited, with the price now exceeding $64,000.
Emotions have been on a rollercoaster ride for investors and traders, transitioning from despair when Bitcoin dipped to $56,600, to euphoria as it climbs above $65,000. This wide range of sentiments reflects the volatility inherent in trading the premier cryptocurrency.
Even renowned trader Peter Brandt expressed uncertainty on April 30, suggesting concerns about Bitcoin's failure to surpass previous highs despite factors like halving and ETFs. However, in more recent posts, Brandt seems to have shifted his stance, emphasizing Bitcoin's role as a long-term hold compared to other cryptocurrencies.
Examining the daily chart, it's evident that Bitcoin narrowly held onto the $59,000 support level, with a daily candle barely avoiding a close below it. Friday saw a sharp upward movement, pushing the price above the support level towards relative safety.
The resistance at $64,000 may now serve as support, with Bitcoin's price potentially confirming this shift. Additionally, the downward trend has been broken, raising the possibility of Bitcoin forming a bullish W pattern.
Taking a broader perspective on the weekly timeframe, Bitcoin's rebound from what appears to be the bottom of its correction is remarkable.
A massive buying wick, dwarfing previous corrections, propelled the price up by over $8,000 in just five days. Furthermore, the stochastic RSI on the weekly timeframe is poised to cross up from the bottom in the coming days, signaling significant upward momentum.
This suggests a potential resurgence of the Bitcoin bull market.
#BitcoinPrice
As we entered the latter part of last week, there was significant buying activity driving up the price of $BTC , defying expectations of a larger correction for the leading cryptocurrency.
Starting from a low of $56,600 last Wednesday, Bitcoin's bull market has reignited, with the price now exceeding $64,000.
Emotions have been on a rollercoaster ride for investors and traders, transitioning from despair when Bitcoin dipped to $56,600, to euphoria as it climbs above $65,000. This wide range of sentiments reflects the volatility inherent in trading the premier cryptocurrency.
Even renowned trader Peter Brandt expressed uncertainty on April 30, suggesting concerns about Bitcoin's failure to surpass previous highs despite factors like halving and ETFs. However, in more recent posts, Brandt seems to have shifted his stance, emphasizing Bitcoin's role as a long-term hold compared to other cryptocurrencies.
Examining the daily chart, it's evident that Bitcoin narrowly held onto the $59,000 support level, with a daily candle barely avoiding a close below it. Friday saw a sharp upward movement, pushing the price above the support level towards relative safety.
The resistance at $64,000 may now serve as support, with Bitcoin's price potentially confirming this shift. Additionally, the downward trend has been broken, raising the possibility of Bitcoin forming a bullish W pattern.
Taking a broader perspective on the weekly timeframe, Bitcoin's rebound from what appears to be the bottom of its correction is remarkable.
A massive buying wick, dwarfing previous corrections, propelled the price up by over $8,000 in just five days. Furthermore, the stochastic RSI on the weekly timeframe is poised to cross up from the bottom in the coming days, signaling significant upward momentum.
This suggests a potential resurgence of the Bitcoin bull market.
BTC Brief Recovery: 📈 Bitcoin sees a temporary bounce, reaching $30,000, and currently trading at $29,986 USDT on Binance. Market volatility persists. 💹🚀 #BitcoinPrice #CryptoUpdate
Will Bitcoin ($BTC ) Price Surpass $55000 Next Week?
#Bitcoin! 📈 Over the past weeks, it's been a rollercoaster, tied to the anticipation of spot Bitcoin ETF approval. 🤔 The channel pattern suggests a potential shallow recovery.
📊 Current stats: $44333 with a 0.4% intraday gain. 📈 SEC progress on U.S. spot Bitcoin ETFs adds intrigue. Will the breakout lead to $52,100 or even $60,000? 🌐 Long-term HODLing trend reveals investor confidence.
📉 Bollinger bands hint at uncertain sentiment, while RSI signals a potential weakening of bullish momentum. 🕵️♂️ Keep an eye on the charts!
🔍 Dive into the details:
- [Link to TradingView Chart]
- [Related Articles]
#Crypto #BitcoinPrice #ETF #Investing #blockchain #MarketAnalysis 🌐💰
#Bitcoin! 📈 Over the past weeks, it's been a rollercoaster, tied to the anticipation of spot Bitcoin ETF approval. 🤔 The channel pattern suggests a potential shallow recovery.
📊 Current stats: $44333 with a 0.4% intraday gain. 📈 SEC progress on U.S. spot Bitcoin ETFs adds intrigue. Will the breakout lead to $52,100 or even $60,000? 🌐 Long-term HODLing trend reveals investor confidence.
📉 Bollinger bands hint at uncertain sentiment, while RSI signals a potential weakening of bullish momentum. 🕵️♂️ Keep an eye on the charts!
🔍 Dive into the details:
- [Link to TradingView Chart]
- [Related Articles]
#Crypto #BitcoinPrice #ETF #Investing #blockchain #MarketAnalysis 🌐💰
Bitcoin's dominance has surged beyond 50% as altcoins face a period of dormancy in the market. This comes after setbacks in August and early September. Currently, Bitcoin holds a market cap of $521 billion and is trading at $26,814, marking a 3.79% increase over the past week.
Despite the recovery in Bitcoin's dominance, its price remains 17% lower than its June peak. However, since mid-summer, Bitcoin's dominance has continued to surpass the records of 2021.
Benjamin Cohen, the head of ITC Crypto, commented, "You know what would be better than 50% Bitcoin dominance? 60% Bitcoin dominance." According to Root analyst data, the portion of Bitcoin held by long-term holders is at 75.8%, nearly reaching an all-time high.
The total cryptocurrency market capitalization is at $1.09 trillion, reflecting a 4.7% increase over the past week, according to CoinGecko. However, on September 12, the market experienced a significant outflow of $50 billion following Bitcoin's drop below $25,000.
While Bitcoin exhibits mild volatility, altcoins appear to be in a state of hibernation. Over the past seven days, the prices of major altcoins have remained relatively stable or dipped into the red. The only notable exception is Toncoin (TON), which has rapidly climbed to the tenth position in market capitalization due to its integration with the Telegram crypto wallet.
Previously, BitMEX co-founder Arthur Hayes suggested the possibility of a brief drop in Bitcoin's price below $20,000, followed by a new bullish impulse. However, he later pointed to positive prospects for the leading cryptocurrency despite the policies of the Federal Reserve.
#Bitcoin #CryptocurrencyDominance #Altcoins #MarketAnalysis #BitcoinPrice $BTC
Despite the recovery in Bitcoin's dominance, its price remains 17% lower than its June peak. However, since mid-summer, Bitcoin's dominance has continued to surpass the records of 2021.
Benjamin Cohen, the head of ITC Crypto, commented, "You know what would be better than 50% Bitcoin dominance? 60% Bitcoin dominance." According to Root analyst data, the portion of Bitcoin held by long-term holders is at 75.8%, nearly reaching an all-time high.
The total cryptocurrency market capitalization is at $1.09 trillion, reflecting a 4.7% increase over the past week, according to CoinGecko. However, on September 12, the market experienced a significant outflow of $50 billion following Bitcoin's drop below $25,000.
While Bitcoin exhibits mild volatility, altcoins appear to be in a state of hibernation. Over the past seven days, the prices of major altcoins have remained relatively stable or dipped into the red. The only notable exception is Toncoin (TON), which has rapidly climbed to the tenth position in market capitalization due to its integration with the Telegram crypto wallet.
Previously, BitMEX co-founder Arthur Hayes suggested the possibility of a brief drop in Bitcoin's price below $20,000, followed by a new bullish impulse. However, he later pointed to positive prospects for the leading cryptocurrency despite the policies of the Federal Reserve.
#Bitcoin #CryptocurrencyDominance #Altcoins #MarketAnalysis #BitcoinPrice $BTC
🚀 #BitcoinUpdate 📈
📊 Time Frame: 3D
📈 Pattern: Channel
🔍 Interpretation: Bitcoin is riding the channel! 🌊 Brace for potential fireworks when it breaks out in the next 5-10 weeks! 🚀💥
#CryptoNews #BitcoinPrice #crypto2023 #CryptoTalks #BTC
📊 Time Frame: 3D
📈 Pattern: Channel
🔍 Interpretation: Bitcoin is riding the channel! 🌊 Brace for potential fireworks when it breaks out in the next 5-10 weeks! 🚀💥
#CryptoNews #BitcoinPrice #crypto2023 #CryptoTalks #BTC
Bitcoin's Chart Signals Positive Momentum Towards $50,000 –Caution Zone at $44,000! 📈💰
The current outlook for $BTC remains optimistic, with the potential for the price to surpass the $50,000 mark. However, a crucial cautionary zone is identified at $44,000 that must be vigilantly avoided.
The chart below illustrates the dynamic trajectory, indicating a positive momentum that could propel Bitcoin's value to new heights. 🚀💹
Crypto enthusiasts, keep a close eye on the market movements and potential price fluctuations. As Bitcoin continues its journey, staying informed is key.
For more insights and real-time updates, follow @MeMeLauncher
Like, share, and be part of the crypto conversation as we navigate the exciting world of digital currencies! 🌐🔍 #BitcoinPrice #CryptoInsights #BTC #BTCto1M #BTCbitcoin
What do you think?
The current outlook for $BTC remains optimistic, with the potential for the price to surpass the $50,000 mark. However, a crucial cautionary zone is identified at $44,000 that must be vigilantly avoided.
The chart below illustrates the dynamic trajectory, indicating a positive momentum that could propel Bitcoin's value to new heights. 🚀💹
Crypto enthusiasts, keep a close eye on the market movements and potential price fluctuations. As Bitcoin continues its journey, staying informed is key.
For more insights and real-time updates, follow @MeMeLauncher
Like, share, and be part of the crypto conversation as we navigate the exciting world of digital currencies! 🌐🔍 #BitcoinPrice #CryptoInsights #BTC #BTCto1M #BTCbitcoin
What do you think?
📈 Cryptocurrency service provider Matrixport predicts that "macroeconomic conditions will drive the rise in Bitcoin (BTC) prices next year." The report anticipates a 2% decrease in the U.S. Consumer Price Index (CPI) and a 75bp interest rate cut by the Federal Reserve in the coming year. These factors, along with rising expectations for the approval of a BTC spot ETF in January, are expected to contribute to the increase in BTC prices. The ETF approval decision is anticipated to be announced between January 8-10. 🌐📊 #Matrixport #BitcoinPrice #BTCETFApproval 🚀📢
📈 BTC Price Alert! 📈
Bitcoin surges, up 3.41% in the past 5 minutes on Binance's USDT market! Now trading at $28,915.05. Market's heating up—stay tuned!
#BTC #BitcoinPrice #Binance #CryptoNews
Bitcoin surges, up 3.41% in the past 5 minutes on Binance's USDT market! Now trading at $28,915.05. Market's heating up—stay tuned!
#BTC #BitcoinPrice #Binance #CryptoNews
**Just In 🚨**: Investors are anticipating a traditional October bullish trend, known as "Uptober" (up+October), for BTC. Since October 2013, BTC has shown negative monthly returns only in 2014 and 2018. According to Cointelegraph, if the BTC/USDT pair successfully breaks the $28,143 resistance line, it may surge to $30,000; however, failure to break through could lead to a retest of $26,630. #BTC #Uptober #Cryptocurrency #BitcoinPrice
📈 Bitwise's Chief Investment Officer (CIO), Matt Hougan, suggests that the long-term impact of Bitcoin spot ETFs has been underestimated. He believes that despite the lack of significant price fluctuations upon approval, Bitcoin could follow a trajectory similar to gold, which grew from a $2 trillion market to $15 trillion with the introduction of gold ETFs. Hougan anticipates tens of billions of dollars flowing into Bitcoin spot ETFs, significantly boosting Bitcoin's price over time. 🚀💰 #BitcoinETFapproved #CryptoMarketRecovery #BitcoinPrice
♦️#BitcoinPrice Prediction*🤑🤑
: Bitcoin, the largest cryptocurrency market cap traded sideways this week, resonating between the horizontal level of $71600 and $68400. This consolidation with a short body candle reflects no clear initiation from buyers or sellers towards this asset. However, an analysis of the 4-hour time frame chart revealed this price fluctuation as the formation of a bullish pennant pattern, indicating a post-rally correction preparing for the next leap.
Is BTC Price Heading to $75000?
Price Prediction| Tradingview
The Bitcoin price rebounded from its last correction in March’s fourth week as buyers witnessed notable support at the 38.2% Fibonacci retracement level. A bullish reversal propelled the coin price 17.7% to challenge resistance at $71500
However, the price shifted sideways below this resistance creating a narrow range formation in 4 hours. This lateral movement also hints at a pre-halving consolidation, as the BTC price stabilizes in anticipation of future events that could lead to heightened volatility.
Moreover, the technical chart shows this range formation as the development of a bullish pennant pattern. This structure allows buyers to regain strength before resuming a recovery trend.
Bitcoin Accumulation Trend Flashes Strong Signals Amid Consolidation
In the latest analysis from the respected trader @alicharts, the Bitcoin Accumulation Trend Score indicates a robust pattern of accumulation, even as the cryptocurrency consolidates near its all-time highs.
The Bitcoin price currently trades at $70576 with an intraday gain of 1%. With a higher potential of renewed recovery, the BTC price is likely to breach the pattern’s upper trendline, the post-breakout rally is likely to hit $73800, followed by $81700.
Technical Indicator
Exponential Moving Average: the rising 20 and 50 EMA reflect a short-term trend aligned with the long-term uptrend.
Moving Average Convergence Divergence: A MACD and signal nearing a bullish crossover would accelerate the recovery sentiment among market participants.
$BTC
: Bitcoin, the largest cryptocurrency market cap traded sideways this week, resonating between the horizontal level of $71600 and $68400. This consolidation with a short body candle reflects no clear initiation from buyers or sellers towards this asset. However, an analysis of the 4-hour time frame chart revealed this price fluctuation as the formation of a bullish pennant pattern, indicating a post-rally correction preparing for the next leap.
Is BTC Price Heading to $75000?
Price Prediction| Tradingview
The Bitcoin price rebounded from its last correction in March’s fourth week as buyers witnessed notable support at the 38.2% Fibonacci retracement level. A bullish reversal propelled the coin price 17.7% to challenge resistance at $71500
However, the price shifted sideways below this resistance creating a narrow range formation in 4 hours. This lateral movement also hints at a pre-halving consolidation, as the BTC price stabilizes in anticipation of future events that could lead to heightened volatility.
Moreover, the technical chart shows this range formation as the development of a bullish pennant pattern. This structure allows buyers to regain strength before resuming a recovery trend.
Bitcoin Accumulation Trend Flashes Strong Signals Amid Consolidation
In the latest analysis from the respected trader @alicharts, the Bitcoin Accumulation Trend Score indicates a robust pattern of accumulation, even as the cryptocurrency consolidates near its all-time highs.
The Bitcoin price currently trades at $70576 with an intraday gain of 1%. With a higher potential of renewed recovery, the BTC price is likely to breach the pattern’s upper trendline, the post-breakout rally is likely to hit $73800, followed by $81700.
Technical Indicator
Exponential Moving Average: the rising 20 and 50 EMA reflect a short-term trend aligned with the long-term uptrend.
Moving Average Convergence Divergence: A MACD and signal nearing a bullish crossover would accelerate the recovery sentiment among market participants.
$BTC
#Write2earn #BITCOIN OPTIONS MARKET REFLECTS BULLISH SENTIMENT: ANALYSTS EYE $100K TARGET #BitcoinOptions #BitcoinPrice #BTC🔥🔥🔥🔥🔥 $BTC
The surge in active bitcoin call contracts outweighs puts, signaling a bullish market sentiment.
Options traders are eyeing a potential rise to $100,000 this year, especially after Federal Reserve Chairman Jerome Powell's comments last Wednesday, which spurred a 12% jump in BTC to $63,470. This optimism is reflected in increased demand for call options targeting new highs, potentially surpassing $75,000 and reaching $100,000.
QCP Capital notes bullish momentum in volatility and rates post-Friday rebound, with positive BTC risk reversals and rising demand for September expiry $75,000 and $100,000 calls. Paradigm, an OTC trading network, observes a similar trend, highlighting increased interest in out-of-the-money calls.
Deribit data shows substantial commitments to $100,000 strike call options, with over $688 million in total notional open interest, the highest among all listed options. With more than 150,000 active call option contracts worth $9.5 billion, bullish sentiment prevails, supported by both fundamental and technical analysis.
Analysts foresee further upside potential for Bitcoin, especially amid factors like the U.S. election cycle and ongoing deficit spending. Swissblock Insights anticipates a defensive stance for the dollar index, favoring risk assets like cryptocurrencies. Elliot wave analysis suggests a potential rise to $92,000, reinforcing the bullish outlook.
The surge in active bitcoin call contracts outweighs puts, signaling a bullish market sentiment.
Options traders are eyeing a potential rise to $100,000 this year, especially after Federal Reserve Chairman Jerome Powell's comments last Wednesday, which spurred a 12% jump in BTC to $63,470. This optimism is reflected in increased demand for call options targeting new highs, potentially surpassing $75,000 and reaching $100,000.
QCP Capital notes bullish momentum in volatility and rates post-Friday rebound, with positive BTC risk reversals and rising demand for September expiry $75,000 and $100,000 calls. Paradigm, an OTC trading network, observes a similar trend, highlighting increased interest in out-of-the-money calls.
Deribit data shows substantial commitments to $100,000 strike call options, with over $688 million in total notional open interest, the highest among all listed options. With more than 150,000 active call option contracts worth $9.5 billion, bullish sentiment prevails, supported by both fundamental and technical analysis.
Analysts foresee further upside potential for Bitcoin, especially amid factors like the U.S. election cycle and ongoing deficit spending. Swissblock Insights anticipates a defensive stance for the dollar index, favoring risk assets like cryptocurrencies. Elliot wave analysis suggests a potential rise to $92,000, reinforcing the bullish outlook.
Bitcoin halving, a significant event in the cryptocurrency world, is the process by which the rewards given to Bitcoin miners for processing transactions are halved. This event occurs approximately every four years, reducing the rate at which new Bitcoins are created. The most recent halving took place in May 2020, reducing the reward from 12.5 to 6.25 Bitcoins per block.
Bitcoin halving is important for several reasons. Firstly, it helps control the supply of Bitcoin, ensuring that it remains a deflationary asset. This scarcity is one of the factors driving its value. Secondly, the halving event has historically been associated with an increase in the price of Bitcoin. This is due to the reduced supply and increased demand as investors anticipate future price increases.
In conclusion, Bitcoin halving is a crucial event in the cryptocurrency world, impacting the supply, demand, and value of Bitcoin. Investors and enthusiasts closely monitor these events for their potential effects on the market.
#HotTrends #Bitcoin #Cryptocurrency #HalvingEvent #DigitalCurrency #Blockchain #BitcoinMiners #BitcoinSupply #BitcoinValue #BitcoinHalving #CryptoHalving #BitcoinPrice
Bitcoin halving is important for several reasons. Firstly, it helps control the supply of Bitcoin, ensuring that it remains a deflationary asset. This scarcity is one of the factors driving its value. Secondly, the halving event has historically been associated with an increase in the price of Bitcoin. This is due to the reduced supply and increased demand as investors anticipate future price increases.
In conclusion, Bitcoin halving is a crucial event in the cryptocurrency world, impacting the supply, demand, and value of Bitcoin. Investors and enthusiasts closely monitor these events for their potential effects on the market.
#HotTrends #Bitcoin #Cryptocurrency #HalvingEvent #DigitalCurrency #Blockchain #BitcoinMiners #BitcoinSupply #BitcoinValue #BitcoinHalving #CryptoHalving #BitcoinPrice