Bitcoin (BTC) has rebounded by more than 25% after bottoming out at $30,000 during the May 19 crash. But the cryptocurrency continues to tread ahead under the possibility of facing another period of strong sell-offs owing to a classic technical indicator pattern. Bitcoin price in a “bearish pennant” Dubbed a “bearish pennant,” the pattern forms when an asset consolidates after a strong move downward and forms a small symmetrical triangle-like price range. It breaks below the range support and continues moving lower. Traders usually estimate the size of the negative breakout move by measuring the height of the earlier move. …

The amount of Bitcoin (BTC) held by whales increased by around 14% after Tesla announced its foray into the cryptocurrency sector in early February 2021. The latest data from on-chain analytics platform Glassnode shows an inflow of roughly $19.5 billion worth of Bitcoin — according to current exchange rates — into wallets that hold at least 100 BTC and a maximum of 1,000 BTC. The deposits spiked right after Tesla revealed in its January securities filings that it had added $1.5 billion worth of BTC to its balance sheet. The news hit the wire on Feb. 8 when the cost …

The price of Bitcoin surged higher on May 26, breaching the $40,000 level for the first time in five days as traders brushed aside concerns about China's crypto ban and the United States' crypto tax proposal. The benchmark cryptocurrency reached an intraday high of $40,855 before turning lower owing to profit-taking sentiment. In the meantime, analysts such as Cheds and Korous AK expect BTC/USD to hit $42,000 in the short term but advised caution on extended upside positions unless the spot market confirms a clear bullish breakout. Cheds, particularly, showed a bullish conviction if Bitcoin reclaims its 200-day simple moving …

The current cryptocurrency market scenario is only for traders who have an extremely high appetite for risks. But for the faint of heart, analysts advise patience and caution ahead. The outlook stands tall for Bitcoin (BTC) and Ether (ETH), the top cryptocurrencies by market capitalization that more or less behave as locomotives for the rest of the crypto market. As of Wednesday, the ETH/USD Realized Volatility on a 30-day timeframe has reached near its 2017 peak levels, according to data provided by Skew. Meanwhile, Bybt.com shows Bitcoin’s 30-day volatility at its yearly high, suggesting that the benchmark asset remains at …

As the price of Bitcoin (BTC) is attempting to establish support at $37,000 on Tuesday, the recent $30,000 lows may have been the bottom, suggests one derivatives market indicator that has a history of accurately predicting BTC/USD cyclical lows following its bear cycles. The last time it predicted a bottom was on Nov. 1, following which the cost to purchase one Bitcoin surged from $13,771 to as high as $64,899 on Coinbase. Anatomy of a bullish indicator Dubbed as “rolling basis,” the indicator mathematically represents the relative difference between the price of the futures contract and the spot rate on …

On Thursday, the price of Ether (ETH) surged from $2,443 to almost $3,000 — a 13.55% climb, according to Coinbase data. The strong intraday upside move appeared a day after ETH’s 27.61% price crash. It thus raised hopes that the second-largest cryptocurrency by market capitalization would eventually recover in the days ahead. But the prices declined nevertheless, leaving an impression that the upside recovery in the Ether market on Thursday was a mere “dead cat bounce” — a small, brief rebound in the price of a falling asset that acts as a bearish continuation pattern despite beginning like a bullish …

Bitcoin bulls should brace for aggressive downside market corrections in the sessions ahead, especially as the benchmark cryptocurrency breaks below a critical support level. Dubbed the 20-week exponential moving average (EMA), the wave has historically served as a primary downside target for bulls to accumulate Bitcoin (BTC). For instance, the BTC/USD exchange rate maintained its bullish bias all across 2020 while trading above the 20-week EMA wave. It eventually closed the year up more than 400%. Similarly, the 20-week EMA wave supported massive bullish rallies in the April–June 2019 session. Meanwhile, the price floor overstayed its welcome in the 2015–2017 …

Asset management giant Fidelity is delving deeper into the digital asset space with the announcement of its analytics platform called Sherlock. In an announcement on Thursday, Fidelity Investments, which has $10 trillion assets under management, unveiled a digital assets data and analytics solution to assist institutional investors and fund managers. The platform, dubbed Sherlock, will be similar to Bloomberg’s Terminal and will collate data on fundamental and technical analysis, blockchain data, market data, social sentiment analysis and industry news into one portal. It will include research on crypto assets from some of the leading institutional data providers in addition to …

On Nov. 2, the Axion Network launched its new token, known as AXN. The project touted the asset as a new investment vehicle, claiming that it would be the most profitable blockchain of its kind to date. During the interim leadup to AXN’s airdrop, five separate teams allegedly examined the token’s code; industry darlings such as CertiK and Hacken were among those who conducted the audits. A few short hours after the protocol’s freeclaim event, however, it became clear that something had gone awry. An unauthorized actor unexpectedly minted 79 billion AXN and unloaded them on the market. The price …

Bitcoin (BTC) turned 10 years old recently, and if someone were to tell its founder, Satoshi Nakamoto, in 2008 that the new decentralized currency would still be thriving in 2019, he/she/they may assume that the experiment succeeded. However, an idea like Bitcoin is capable of existing even if it isn’t very effective at delivering on its promises, and it just so happens that a decade later, everyone is still knocking their heads against the very first criticism made in response to its white paper. After Satoshi published Bitcoin’s white paper in 2008, the first person to comment on it publicly …

Recently, new materials surfaced about the lite client for the Telegram Open Network (TON) blockchain, powered by encrypted instant messaging service Telegram. Based on the content of these documents, it is possible to make a lot of assumptions about its future, especially in regard to comparing TON with competitors — such as the Cosmos network, Polkadot and Ethereum 2.0 — as well as the overall impact of the blockchain ecosystem. Polkadot, Cosmos and TON will definitely compete for users and developers. Moreover, in 2019, every blockchain really needs to have a lot of use cases built on it in order …

Facebook has been in the news quite often over the past few years — and usually for all the wrong reasons. The social media giant has been lambasted over its privacy practices, its seemingly anti-consumer stance and even an apparent investor revolt in which shareholders voted (albeit symbolically) to remove Mark Zuckerberg from the board of directors. However, the company’s most recent announcement that it is launching a digital currency appears to be finally turning the tide for Facebook. The new coin, dubbed Libra, is a stablecoin of sorts, though it functions much differently than currencies like tether. Additionally, Facebook …