Bitcoin (BTC) and the cryptocurrency market had a shakeout this week as the fake news surrounding Litecoin (LTC) caused a spike in volatility. However, the structure of the market didn’t change. In fact, Bitcoin’s price might be bottoming out as a golden cross is starting to form. Next to that, the exchange reserves are hitting record lows, which is a massive signal of strength, suggesting that most investors are taking their Bitcoin from exchanges, reducing the overall supply that can be sold on the market. Will Bitcoin break out due to the golden cross? The daily chart for BTC/USD shows …
Bitcoin (BTC) has been seeing some consolidation below $50,000 as a psychological barrier. However, during this pullback, several big altcoins have been surging in price, suggesting that the alt season isn’t over yet. Meanwhile, Bitcoin’s price faces a crucial resistance to break through, while Ether (ETH) is already cracking that resistance, hitting a three-month high versus BTC and facing a run toward the next resistance around the all-time high. The primary question is now whether this Ether breakout is a signal for Bitcoin to follow suit and break through the resistance barriers in September. Historically, September has been a corrective …
For the crypto faithful who have been in the space since 2017, the market moves over the past few days have caused flashbacks for some, stirring up long-repressed memories of Bitcoin’s (BTC) fall from $20,000 to $3,000 at what was the start of a long, two-year "crypto winter." The 50% plunge in Bitcoin's price from just shy of $60,000 on May 10 to a low of $30,000 during the worst part of the May 19 sell-off has prompted many to say the top is in for the 2021 bull market, but a recent article by Chainalysis chief economist Philip Gradwell …
Institutions have not left the Bitcoin (BTC) market even in the face of a 50%-plus bearish correction earlier this year, shows data provided by Glassnode. The blockchain analytics platform reported on Monday that the dominance of Bitcoin transactions exceeding $1 million has surged twofold since September 2020 — from 30% to 70% of the total value transferred. Since retail investors do not typically engage in large-volume transactions, Glassnode guesses that the institutional investors might have been behind the spike in the $1 million–$10 million transaction group. Moreover, the platform noted that the Bitcoin network processed the said bulky transactions as …
Despite the market downturn and the widespread negative sentiment in the industry in the wake of the FTX collapse, on-chain data still show reasons to be bullish on Bitcoin. As pointed out by on-chain analyst Will Clemente, it’s enough to look at the long-term holders’s Bitcoin positions: they reached an all-time high despite their profitability being at an all-time low. “Long-term holders buy heavily into the bear market. They set the floor[...] and then those long-term holders distribute their holdings to new market participants in the bull market”, he told Cointelegraph in an exclusive interview. Another positive trend worth noticing …