Tag: Bitcoin

The third quarter of 2022 was a rollercoaster for the price of bitcoin. BTC’s price had fluctuated wildly during this time and ended up hitting lower lows than expected. However, this has not changed investors’ convictions about the cryptocurrency. As the third quarter drew to a close, there had been a massive withdrawal spree from centralized exchanges, which led to more than $600 million in outflows. Bitcoin Outflows Grow The last day of September has proven to be an important trading day for bitcoin. Given that it was both the last day of the month and a Friday, meaning the close of the trading week, bitcoin investors seemed to have taken this as a sign to move their BTC off exchanges. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins Data shows that on this last day, investors moved 34,723 BTC out of centralized exchanges. This came out to Rond $668.07 million at the time of the withdrawals. It also follows the accumulation trend that has been gaining momentum since mid-September. This happened while the digital asset trended below $20,000, and it is now apparent that this accumulation trend had been behind the brief spike above $20,000 on Friday. More than 34k BTC leaves exchanges in one day | Source: Santiment On-chain data aggregator Santiment notes that this is the 4th largest daily BTC outflow that has been recorded for the digital asset in 2022. Additionally, it is also a new 3-month record for the digital asset. Part of a large “bank run” that has seen the BTC held by centralized exchanges drop by more than 60,000 over the weekend. Can This Trigger A Breakout? For bitcoin, such large removal of BTC from centralized exchanges is always a bullish indicator. Investors tend to do this when their long-term conviction is high, and they want to safeguard their coins as they hold out for the future since it is common knowledge that “Not your keys, not your coins.” What this does is remove a substantial supply of bitcoin from the open market, leading to a supply squeeze. Demand has also been on the rise for the digital asset, which means buy pressure is mounting. Santiment also notes in its post that the last time that the digital asset had seen such a massive movement of coins off exchanges, BTC’s price had rallied more than 22% in the next month. BTC settles above $19,000 | Source: BTCUSD on TradingView.com Interestingly, October has always been a historically bullish month for BTC and the general crypto market. This means that a rally from this present level could see the price of bitcoin hit $23,000 over the next 4 weeks. However, it is also important to bear in mind that the worst of the bear market is not over. So while a breakout is possible, it will be hard for bitcoin to maintain such high levels, and a downward correction could lead to new lows. Related Reading: Why Bitcoin, Ethereum May Not Be The Best Plays For The Next Bull Market Bitcoin is trading at $19,189 at the time of this writing. This puts it 10% below its 50-day moving average of $21,234. The next significant resistance point lies at $19,900, while the digital asset is seeing mounting support at $19,050. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

In this episode of NewsBTC’s daily technical analysis videos, we review a variety of technical and fundamental signals on the Bitcoin price monthly chart to see if we are getting closer to a bottom in crypto. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 3, 2022 The monthly closed with a doji candle, which typically forms at a point of indecision before either a reversal, or strong continuation. Past monthly dojis have commonly preceded short- and long-term turning points in crypto. The September monthly candle was the first ever monthly close below Bitcoin’s former all time high set back in December of 2017.  Although Bitcoin was clearly overvalued back then, it is hard to imagine in today’s world that the top cryptocurrency is still overvalued a full five years later. Related Reading: Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022 Bearish BTC Momentum Begins To Wane… Maybe The October monthly candle opened with pink on the LMACD histogram. This signal in the past put bear markets back into hibernation mode for at least a year or more, and suggests a major shift in momentum. But October must close bullish to confirm and cement the change in color on the Bitcoin monthly chart. The monthly Relative Strength Index remains the lowest in Bitcoin history, but is grinding along the bottom of a downward sloping channel. The same downward slope has connected past RSI peaks. Bitcoin bearish momentum might be weakening | Source: BTCUSD on TradingView.com Bitcoin Investors Could Be Getting Over Their Loss The Coppock Curve has also finally touched down at the same level where past bear market bottoms have occurred. Time cycle tools also suggest there could be some rhythmic behavior to Bitcoin that is about to unfold. The Coppock Curve was created by E.S.C. Coppock, who was asked by his church to identify long-term buying opportunities for investors. It is based on the idea that it takes between 11 and 14 months for a bear market to end, as that’s roughly how long it takes for a human to get over mourning a significant loss. Bear markets take at minimum 14 months | Source: BTCUSD on TradingView.com Related Reading: Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022 Did Satoshi Call The Bottom In Crypto? Another possible bottom signal isn’t technical, but fundamental. Bitcoin price has now been in the lower range of the cost of production at about the same length of time as the 2018 bear market bottom. This is notable, because in commodities, prices bottom out near the cost of production. Even Bitcoin’s creator, Satoshi Nakamoto spoke of this. “The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.” Has Bitcoin bottomed at the cost of production? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Here is a $49 discount pass to 21 Days To Better Crypto Trading by @elliottwaveintl. It gets you instant access to 3 learning resources on how to trade crypto using EW, the Crypto Trader’s Classroom service, & on Oct.5, access to the Crypto Pro Service ➡️https://t.co/ICKzvNnvG5 pic.twitter.com/gAyKxTdQNl — Tony “The Bull” Spilotro (@tonyspilotroBTC) September 28, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

The Bitcoin price has been able to hold its ground over the weekend, and it’s hinting at a potential bullish week for the nascent asset class. The cryptocurrency has been stuck in a tight range for the past month, unable to reclaim and flip the area north of $20,000 back to support. Related Reading: Bella Protocol Shows Strength, Can Bulls Break A Key Resistance? At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and a 3% profit over the past week. In the crypto top 10, most cryptocurrencies are trading sideways or with small profits in the last hour, as this trading session prompted low timeframe bullish momentum across the board. Bitcoin Gearing Up For The Upside, $20,500 Holds The Key Today’s bullish trading session has been supported by a rebound in traditional finance markets. Major U.S. indexes were able to rebound from last week’s downside move and have been recovering allowing Bitcoin and other cryptocurrencies to display some strength on lower timeframes. The upside move might come as a surprise to many market participants expecting more losses over the rumors of insolvency surrounding financial institution Credit Suisse. Top representatives from the bank have denied the rumors, and the markets seem to be pricing them to the upside, so far. Analyst and trader Adam Mancini celebrated the recent bullish price action for the stock market and hinted at the potential continuation of the bullish momentum. As Bitcoin and crypto continued to move in tandem with equities, the rally might be translated into further gains for the nascent asset class. Mancini wrote the following about the current price action for the S&P 500, and the longer implication: Excellent follow through in #ES_F: 3635, 3670 were my targets today & 3670 just hit. Key to note-by reclaiming 3635, this makes Fridays drop a big, failed breakdown & bottoming signal. Bulls must follow through though. 3705 next up, 3635-45 now must hold support. Stars Align For A Bitcoin And Crypto Rally? In support of the bullish thesis for Bitcoin, data from Material Indicators show a spike in buying pressure from all investors, retail, and whales. If these investors continue to bid on the price action, BTC’s price might extend its bullish momentum. However, as the chart below shows, there is considerable ask (sell) liquidity for Bitcoin above its current levels. This selling order might cap any short time rally, and prevent the cryptocurrency from reclaiming higher levels. Additional data provided by analyst Justin Bennett indicates that the U.S. Dollar continues to see weakness over today’s trading session. As NewsBTC has been reporting, the DXY Index (U.S. Dollar) bullish price action has taken its toll on risk-on assets, such as Bitcoin and equities. Related Reading: Ethereum Sees Surge In Number Of New Addresses – Will ETH Shine This October? As the currency prepares for further losses, the nascent asset class might be able to bounce further and reach the top of a channel presented by Bennett. The analyst claims that as long as Bitcoin stays above $18,700, the cryptocurrency has a chance of climbing all the way up to $26,000 in the coming weeks. No change to this. 👇 https://t.co/ICHbqXGbQr — Justin Bennett (@JustinBennettFX) October 3, 2022 

Bitcoin has seen some profits over today’s trading session as September’s monthly candle is coming to an end. Market participants were expecting a tight battle between bullish and bearish forces, but the cryptocurrency has been moving sideways with slight upward pressure. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins At the time of writing, Bitcoin (BTC) trades at $19,700 with a 2% and 1% profit over the last 24 hours and 7 days. Other cryptocurrencies in the crypto top 10 by market cap are displaying similar price action, but BTC seems to be leading the low timeframe bullish momentum. People Buy Bitcoin To Hedge Against Their Currencies Downside Trend? Data from Material Indicators shows that investors with buying orders from $1,000 to $10,000 bought into Bitcoin’s recent price action while other investors sold their coins. In that sense, a rally into the monthly close seems unlikely. However, Material Indicators also show that ask (sell) liquidity has been decreasing as Bitcoin is rejected from the area of around $20,000. If the price can resume its bullish momentum and can gain more support from larger buyers, bears might be unable to defend $20,000. This might lead BTC to higher levels, and possibly for a reclaim of the levels around $26,000, according to a report from NewsBTC. The cryptocurrency must flip $20,100 into support, analyst from Material Indicators wrote the following about BTC odds as the market heads into the monthly close: There are short term signs of a potential pump, but the crossing of key moving averages suggests the broader trend will continue down. Resist the urge to overtrade or FOMO in. Additional data provided by research firm Messari picked a spike in buying pressure from investors in the Eurozone and the United Kingdom (UK). This pressure is related to a decline in the value of their currencies as the U.S. dollar rallied to a multi-decade high. The New Narrative, Will The Fed Pivot Leading Bitcoin To New Highs? This data from Messari has been put into question by several users. Regardless of its legitimacy, this data speaks about an increasing trend in the sector: more and more market participants are highlighting the impact of central banks in the financial sector and the global economy. According to a report from Charles Gasparino, a reporter for FOX Business, members of the U.S. Federal Reserve (Fed) are aware of the negative consequences of their monetary policy. They have brought a steep downside pressure for equities and risk-on assets, such as Bitcoin. SCOOP (1/2): @federalreserve officials getting increasingly worried about “financial stability” as opposed to inflation as higher rates begin to crush bonds, several big investors tell me. Fed growing worried about possible “Lehman Moment” w a 4% FF rate as Bonds and derivatives — Charles Gasparino (@CGasparino) September 30, 2022 Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? If the pressure inside the Fed becomes too high, the financial institution might pivot its measures, and provide some room for a relief rally across the board. Speaking on this possibility, and on why Bitcoin has been showing strength relative to legacy financial assets, analyst William Clemente said: In theory: People front-running expected CB (Central Banks) pivot by buying BTC -> Perceived BTC “safe haven” flows -> Reflexive response from other market participants? Not my base case but non-zero possibility that my mind is open to.

The average Bitcoin price in September of last year was $45,965. It even hit and surpassed the $50K mark three times back then.  It did so when it closed September 4, 2021 at $50,000, September 5 at $51,692, and September 6 at $52,644.49. But the largest cryptocurrency by market capitalization is struggling to replicate that kind of run this year as it continues to struggle to hold even just the $20K price range. As of this writing, BTC is trading at $18,802, according to data from CoinGecko. It slightly spiked on Tuesday, reaching just above $23,300 before eventually falling back below the $19K mark once again. Related Reading: BNB Price Watch: The Charts Look Good For Traders – More Green On The Plate? Source: CoinGecko While Bitcoin only lost a measly 0.4% price dip for the last seven days, it has now lost 4.4% of its value over the period of 30 days. Moreover, its current trading price is 55.5% lower than what it was a year ago. Bitcoin Price Continues To Struggle  The crypto space experienced a major crash between May and June this year when its total market value decreased by $2 trillion. Bitcoin was greatly affected by that and since then has been trading between $18,000 and $25,000. The digital asset’s price is not the only thing that is struggling as its stocks retreated into bearish direction, dipping by 1% at $19,078. Inflation seems to be the main driving force of the chaos that has been wreaking havoc in crypto space for the past months as central banks leaned on increased interest rates to combat the economic dilemma.  The crypto industry also witnessed notable bankruptcies and insolvency issues that also impacted the digital assets’ attempt at a bullish run. Related Reading: Polkadot Price Watch: What A Drop In This Key Area Can Mean For DOT? Will Bitcoin Fall Below $18K Again? Some experts believe that when certain conditions happen, the widely followed crypto will experience severe drop once again. It is believed that if inflation rate rises anywhere between 9.5% and 10%, the U.S. Federal Reserve might have an emergency meeting to discuss another round of interest rate hikes. If this happens, leveraged participants in the crypto markets will once again be affected in a negative way and that could lead to Bitcoin’s price plummeting below $18,000. On June 18, 2022, BTC dropped to a low near that price due to the negativity brought by the bankruptcy of Three Arrows Capital and Celsius. BTC total market cap at $357 billion on the daily chart | Source: TradingView.com Featured image from Fox Business, Chart: TradingView.com

Bitcoin failed to stay above the $20,000 resistance against the US Dollar. BTC is sliding and might even break the $18,250 support zone.

Bitcoin failed to stay above the $20,000 resistance and started a fresh decline.
The price is trading below $19,00…

The Bitcoin price surged over the last 24 hours. However, the bulls have lost steam on the chart. The coin gained nearly 4% in the last 24 hours, but most gains were reversed at press time. In the last week, BTC made no progress in terms of price movement. Technical indicators were yet to reflect the minor bullish spell as the indicators remained bearish at the time of writing. On one hand, sellers continue to dominate the market and, on the other hand, the bulls continue to defend the two crucial support levels of the coin. The current support zone lies between $19,000 and $18,600. If the bulls make a comeback, then the coin can again touch the $20,000 mark. A move above the $20,000 mark will help Bitcoin price propel above the $25,000 mark. The global cryptocurrency market cap today is $980 billion, with a 1.0% positive change in the last 24 hours. Bitcoin Price Analysis: One Day Chart BTC was trading at $19,044 at the time of writing. The bulls tried hard to take the Bitcoin price above the $20,000 mark, but they failed to. This also signified increased demand at the lower level for the coin. The overhead resistance for the coin stood at $19,600. If the coin manages to move above the $19,600 mark, it could move to trade at $20,000 again. For that to happen, the buyers need to assert dominance on the chart. The support level for the coin rested at $19,000. Falling through would bring BTC to $18,600. The bulls will then have to defend the coin at $17,600 in order for the coin to keep recovering. The amount of Bitcoin traded in the last session decreased, pointing toward a fall in buying strength. Technical Analysis BTC’s movement showed that the coin was being dominated by the sellers at press time. The $19,000 price zone remains a high-demand zone. This could make it harder for the bulls to climb back to the $20,000 price mark. The Relative Strength Index was below the half-line and that points towards a fall in buying strength and increased bearishness. The Bitcoin price was below the 20-SMA line, and that meant sellers were driving the price momentum in the market. Increased buying strength could help Bitcoin rise above the 20-SMA line, helping the bulls to take over. Related Reading: Investors Cash Out $5M From 7-Week Bull Run On Short Bitcoin BTC’s technical indicators depicted mixed signals on the one-day chart. The Moving Average Convergence Divergence indicated the price momentum and overall price action of the coin. MACD continued to flash bearish signals with red signal bars, which were sell signal for the coin. On the contrary, the Chaikin Money Flow measures capital inflows and outflows were positive. CMF continued to remain positive as capital inflows were higher as seen on the indicator. There was a drop in the CMF indicator, which indicates that bears are closing in on Bitcoin. Related Reading: Stellar Price Moves To A Lower Level, Can The Bulls Defeat This Resistance Mark? Featured image from Pexels , Chart: TradingView.com

Even with the encouraging reports of Polygon closing agreements and becoming one of the most acquired tokens by ETH whales, the future of its native token, MATIC, is not looking very bright. From September 13 onward, it fell in line with the rest of the cryptocurrency market. The 7–12 September rise was ultimately denied by bears at the $0.9403 resistance area. With the same 5-day time frame since then, the token’s value has plummeted by a staggering 20.65 percent. At the time of writing, the token’s price was hovering around the 78.60 Fibonacci retracement level, between $0.6898 and $0.7770. Traders should keep an eye on both the 61.80 Fib level (now at $0.6989) and the 0.7185 support level. These two factors have counteracted the downward trend and given the upward momentum at the hourly marks some much-needed support. Related Reading: Aave (AAVE) Attracting Whales Over Past Few Months – Will It Spur Price Rally? Chart: TradingView.com Polygon Bullish Momentum Hints At Demand Also, bullish momentum appears to be building around the 1-hour time frame. Increases in the Stoch RSI value indicate that demand for the cryptocurrency is increasing. In addition, the momentum indicator shows that the trend is rising. A larger amount of momentum produced here, though, can have a major impact on the wider picture. This minor rising trend may be attributable to the expanding development activities in the Polygon chain.  This increase in development activity may indicate that the team is integrating new features or patching existing ones, according to a recent analysis. This further increases investor and trader confidence. As the crypto market recovers after the 13 September sell-off, however, the recently announced partnership between Polygon and Flipkart may accelerate the acceptance of MATIC and contribute to the expansion of the Polygon ecosystem. MATIC Price: Potential Buy Pressure  In light of this, might recent advancements at Polygon inspire confidence? Indeed, it accomplished exactly that. However, recent advancements were not the primary cause of the price increase. As the price declined, the indications also pointed to a strong buy signal. The bull-bear indicator reveals the same information. As bulls gain momentum, the Stoch RSI will also rise, indicating a major increase in buy pressure. This may have an effect on MATIC’s total recuperation. If the bulls are able to stabilize at the 71.80 Fibonacci level, another bullish rise may be conceivable to support the price’s upward momentum. The price range of $0.7395 represents the primary level of resistance on this chart. If the bulls gain pace and break through this level of resistance, the MATIC token could be on the verge of a recovery. Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week MATIC total market cap at $5.9 billion on the daily chart | Source: TradingView.com Featured image from Coincu News, Chart: TradingView.com

Bitcoin reversed below $20,000 once more after the sell-offs that followed the completion of the Ethereum Merge. With the decline, the digital asset had revisited lows not seen in three months, giving credence to the bears during this time. However, one problem remains, and that is the fact that the cryptocurrency has been unable to find suitable support, causing the downtrend to continue. Bitcoin Price Falls To Range Lows Over the last week, bitcoin has seen multiple declines in its price. The Ethereum Merge had turned into a “buy the rumor” event which led to massive accumulation across the crypto market. But soon after, prices crashed, sending bitcoin down below $20,000 once more. Related Reading: Bitcoin Price Recovers Above $19,000, But Is The Onslaught Over? What this did was send the pioneer cryptocurrency back towards range lows. When it touched just above $19,000, it had declined to three-month lows with levels not seen since June this year. Since then, bitcoin has struggled to hold above $18,000 and keep from falling to the lows of June.  BTC falls to three-month lows | Source: BTCUSD on TradingView.com The current decline in price is a byproduct of bitcoin’s inability to break above $22,500. A test at this point had resulted in a beating down that sent its price back towards $18,000. After this decline, the digital asset had been able to recover but only so slightly. It has once more ranged back down towards the $18,000, where the bears continue to hold down the fort. Pushing For 2018 Levels Even now, the price of bitcoin remains in a more favorable position compared to the previous bear market cycle bottoms. Bitcoin’s current price at just above $19,000 puts it right at its consolidation range between $17,500-$25,000, which has held for the past three months. However, given the digital asset’s recent decline, it shows a draw towards the previous bear market cycle that would put it at a bottom of $12,000 if it sticks to this trend. Furthermore, the sell-offs have continued over the last couple of weeks, and the digital asset has come under significant pressure at this time.  Related Reading: https://www.newsbtc.com/altcoin/ethereum-proof-of-work-ethw-gains-30-is-more-upside-coming/ The continued consolidation in these ranges has shown that there is a lot of resistance at $22,500 and then at $25,000. This explains the decline in the price of bitcoin after it had tested the former, proving to be the point to beat in any recovery trend. If bitcoin fails to hold above $17,500 and falls below this point, then bitcoin will reach a low of $12,000 before the bull market. However, if there is a marked recovery trend that takes the price of the digital asset above $25,000, indicators show this point will lead to a bullish breakout. Featured image from MARCA, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bitcoin and other major altcoins have displayed a correlation between macroeconomic factors and virtual currencies. After the August CPI data release, almost all the crypto assets started dropping. The report data showed a higher inflation rate, increasing fear and crashing the prices of cryptocurrencies. The FOMC meeting was scheduled to hold previously. But ahead of the meeting, Bitcoin had been subjected to extreme selling pressure. Investors seem to be afraid of what the outcome of the meeting could mean to the value of the primary cryptocurrency. Related Reading: Ethereum Price Still On The Decline, Can Buyers Defend This Price Level? Bitcoin Value Is On Its Crucial Support BTC price has seen vigorous twists from last weekend to date. While the token tried to sustain its hold on the $20,000 region, it felt an increasing downward pull. Hence, Bitcoin has gradually lost value to hover around the $19K level. According to data, the $19,000 level is the 50-month average for Bitcoin. It reported that the value is the crucial support level for the primary cryptocurrency. Since 2015, BTC has been defending the level. Hence, it would be more devastating for the token once it fails to uphold the support level currently. It means that BTC investors will experience more pain and price correction. MicroStrategy (MSTR) has purchased the dip with Bitcoin’s dropped value. The software firm added 301 BTC recently. According to the CEO of MSTR, Michael Saylor, the company purchased with $6 million, giving an average price of $19,851 per token. This new move brings the firm’s total Bitcoin holdings to 130,000 BTC. Possible Implication Of FOMC Meeting After the FOMC meeting, the Federal Reserve will disclose its raise on the interest rate. This move serves as a control measure in curbing the rising inflation in the US. The Fed has been taking a hawkish stance toward inflation rise. However, it may still be tightening its measure since the CPI data is higher than the estimated value for inflation. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings The policy decision from the Fed has a significant impact on the price of Bitcoin and other crypto assets. Prices in the crypto market have been discouraging as most assets are red. There could be a slight relief in the crypto market if the Fed implements a 75-bps hike on the rate. This will be in line with the expected outcomes. But the selling pressure in the market will become severe with a hike of 100 bps on the rate. Such a situation will be caused by imperiling liquidity. Featured image from Pixabay, Chart: TradingView.com

Bitcoin started an upside correction above $19,000 against the US Dollar. BTC is now facing a strong resistance near the $19,350 and $19,500 levels.

Bitcoin is attempting an upside correction above the $19,000 level.
The price is still trading below $…

Bitcoin price plummeted consistently after it breached the $20,000 mark. Over the last 24 hours, the Bitcoin has registered very little movement. In the past week, BTC lost close to 16% of its value. BTC quickly attempted to recover from the $19,000 price mark on its chart. However, the bulls couldn’t defend that price mark. The closest support line for the Bitcoin price was $18,000. Bitcoin has been on a consistent downtrend over the past few months. The technical outlook of the coin pointed towards increased bearish strength. Selling pressure continued to exceed buying strength on the one-day chart. The $20,000 price mark will prove to be a strong resistance mark. $20,000 is the key resistance mark for the Bitcoin price. Increased buying power may provide the coin with some temporary relief. The global cryptocurrency market cap today is at $962 billion, with a 0.6% positive change in the last 24 hours. Bitcoin Price Analysis: One Day Chart BTC was trading at $18,800 at the time of writing. A few sessions before this, Bitcoin was trading above the $19,000 price mark. The overhead resistance for the coin was at $20,000, which BTC struggled to move past over the past few days. A sharp decline in buying strength has caused BTC to plunge further and quickly. If BTC moves above the $20,000 price level, the bearish thesis could be invalidated. On the other hand, lower demand for the asset can even drag Bitcoin price to $17,400. A fall below that price mark could attempt to bring the price of the asset to $14,000. The amount of Bitcoin traded in the last trading session declined, signalling that sellers took over at the time of writing. Technical Analysis The fall in buyers caused the Bitcoin price to tumble further. There was a sharp fall in buying strength just a week ago, and ever since, BTC has continued to depreciate on its chart. The Relative Strength Index was below the half-line, which meant that sellers were numerous as compared to buyers. The Bitcoin price travelled below the 20-SMA line, displaying a fall in demand. It also meant that sellers were driving the price momentum in the market at the time of writing. Related Reading: Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level Other technical indicators pointed towards a bearish price signal. The Moving Average Convergence Divergence measures the market momentum and overall price direction in the market. The MACD underwent a bearish crossover and then displayed red histograms, which were sell signal for the coin. On the other hand, Chaikin Money Flow remained positive with an uptick above the half-line. The indicator determines the amount of capital inflows and outflows. At the time of writing, CMF displayed increased capital inflows. Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week Featured image from UnSplash, Chart: TradingView.com

Bitcoin gained pace and even spiked above the $22,000 resistance against the US Dollar. BTC is correcting gains, but dips might be limited below $21,500.

Bitcoin was able to clear the $21,200 and $21,500 resistance levels.
The price is now trading abo…

On-chain data shows the Bitcoin taker buy sell ratio has surged up to a high not seen since almost two years ago. Bitcoin Taker Buy Sell Ratio Observes Uplift In Recent Days As pointed out by an analyst in a CryptoQuant post, the taker buy sell ratio is now at its highest value in 636 days. The “taker buy sell ratio,” as its name suggests, is an indicator that measures the ratio between the taker buy volumes and the taker sell volumes. When the value of this metric is greater than one, it means the long volume is overwhelming the short volume right now. Such a trend suggests that a bullish sentiment is more dominant in the market currently. Related Reading: Bitcoin Stablecoin Supply Ratio Now Forms A “Buy” Signal On the other hand, the ratio being below this threshold implies taker sell volume is higher at the moment. This trend naturally hints that the market holds a bearish majority sentiment. Now, here is a chart that shows the trend in the Bitcoin taker buy sell ratio over the last couple of years: The value of the metric seems to have surged up in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin taker buy sell ratio observed a spike in its value just recently. During this sudden increase, the indicator hit a high of 1.14, a value that it hasn’t seen since around 636 days ago. Related Reading: WATCH: Bitcoin Bottoms As Easy As Pi? | BTCUSD September 9, 2022 Since these latest values are higher than the “1” mark, the taker buy volumes are currently more dominant in the market. Incidentally, the last time these highs were seen was just before the 2021 bull run started. If a similar trend follows this time as well, then the current Bitcoin taker buy sell ratio values can prove to be bullish for the crypto’s price. BTC Price At the time of writing, Bitcoin’s price floats around $21.5k, up 9% in the last seven days. Over the past month, the crypto has lost 10% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has observed upwards momentum during the past couple of days | Source: BTCUSD on TradingView After plunging down hard just two weeks ago, Bitcoin has seen some sharp recovery in the last few days as the crypto has regained the $21k level. Currently, it’s unclear whether this recovery will last, or if the coin will see a retrace soon. However, as mentioned before, if the taker buy sell ratio is anything to go by, then BTC may see a bullish outcome. Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Many people are reacting differently to the current condition of Bitcoin and the global economy. In the past two consecutive quarters, the US has posted negative GDP, leading to a rate spike by the Feds. Though some individuals are stating that there is yet no inflation, its impact is gradually manifesting. The President and CEO of Franklin Templeton, Jenny Johnson, has aired view on the current global economic condition. Johnson stated that while the financial condition is in a sad state, Bitcoin remains its best distraction. CEO Johnson related her opinions during a recent interview. She mentioned that the prevailing economic situation is acting as a disruption. Related Reading: Will Ethereum Breach $2,000 Before The Merge? In her terms, it’s the best to happen to financial providers at the moment. Though several see Bitcoin as digital gold and an asset that could create a hedge against inflation, Johnson has a different stance. To her, BTC is just consumers’ distraction from all prevailing financial problems. Also, the CEO has no belief that governments could make Bitcoin a dominant asset for foreign exchange. She said that it was beyond typical confidence for that to happen as numerous arguments would erupt. When it comes to blockchain technology, the CEO has an impressive option concerning that. She called it the sports change, stating that it will bring a positive difference possibly to all industries. Johnson maintained that Franklin Templeton still offers cryptocurrency services to its clients. Also, the company is not planning to stop such service options now. Franklin Templeton is an American multinational holding firm. It boasts several subsidiaries. It functions as a global investment company and was founded in 1947 in New York City. Global Destructive Outplay But Bitcoin Gained Momentum Over the past few years, the entire global system had a devastating impact from the spread of COVID-19. This remained one of the great world pandemics that claimed millions of people from different countries. With the invasion and effect of the pandemic came a distortion in various aspects of life, especially social life. The overall impact on the financial system was quite massive. Related Reading: Market Sentiment Shoots Up As Bitcoin Eyes $25,000 To maintain the float of the economy during the crisis, some countries central banks, especially the US Federal Reserve, printed more fiat currency. However, such a process is taking a negative pull after two years. The world is generally battling a rising inflation rate with other factors. Russia and its president, Vladimir Putin, received the blame from the Western world, pioneered by the US. They further cut off financial connections with Russia. Also, Russia has taken the top as the most sanctioned country globally. But Russia decided to make its retribute by stopping gas deliveries to some European states. Most of the states have no alternative source and have become stranded. This action conversely hiked electricity costs, leading to an increase in price for all goods. The entire outplay of events is becoming more destructive. Featured image from Pixabay, chart from TradingView.com

On-chain data shows Bitcoin exchange inflows from whales holding between 1k to 10k BTC have spiked up recently, a sign that can be bearish for the price of the crypto. Bitcoin Exchange Inflows Spike Up Following Rally Above $24k As pointed out by a CryptoQuant post, the BTC whales with between 1k to 10k BTC seem to have sent a large stack to exchanges recently. The “exchange inflow” is an indicator that measures the total amount of Bitcoin being transferred to wallets of all centralized exchanges (both spot and derivatives). When the value of this metric spikes up, it means a large number of coins are being deposited to exchanges right now. Depending on how many of these are being moved to spot exchanges, such a trend can be bearish for the price of BTC as investors usually send to these exchanges for selling purposes. Related Reading: Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction On the other hand, low values of the indicator suggest there is little selling going on in the market at the moment. Therefore, this kind of trend can be neutral or bullish for the value of the coin. Now, here is a chart that shows the trend in the Bitcoin all exchanges inflows over the last few days: The value of the metric seems to have spiked up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin all exchanges inflows have registered large values during the last couple of days. The latest spike has come shortly after the BTC price surged above $24k. The chart actually shows a modified version of the indicator, called the “exchange inflow – spent output value bands,” which tells us what contribution to the total inflows is coming from each of the different sized holders in the market. Related Reading: Is The Bitcoin Surge Due To An External Reason? What The Data Suggests It looks like the investors holding 1k to 10k BTC had an especially large movement to exchanges in the last two days. Holders belonging to this group are the whales, so the current trend can suggest whales may be planning to dump right now. However, as mentioned earlier, the indicator takes into account inflows for both spot and derivatives exchanges. A large part of the latest inflows went to the derivatives exchanges, which implies whales may have been hedging against their spot positions. Nonetheless, a sizeable part of the total inflows did go to spot exchanges, so some selling may still be going on in the market from these whales. BTC Price At the time of writing, Bitcoin’s price floats around $23.8k, up 2% in the past week. Looks like the value of the crypto has come down during the past day | Source: BTCUSD on TradingView Featured image from Thomas Bonometti on Unsplash.com, charts from TradingView.com, CryptoQuant.com

The world’s first and largest cryptocurrency is making gallant steps towards the greens in a recent outturn of events. Bitcoin is experiencing a sharp rise in price within its market. Recent trading activities got BTC’s price to hit the $24,000 mark. This creates a positive record for the top cryptocurrency across the industry. Though Bitcoin is making a tremendous improvement in value, its number of active addresses seems to be downtrend. The sudden growth in price for BTC likely has little connection with the overview of the crypto market. This upward trend occurs due to external pushes that spiked the price. But the irony is that there is no notable rise in the number of its active wallets. Related Reading: Ethereum Open Interest Nears All-Time Highs Ahead Of Merge Records from on-chain reports show that Bitcoin’s number of active wallets is relatively low. Crypto Quant, an on-chain analytics firm, gave its data indicating a downward move for the active addresses. It reports that new contracts are emerging in the futures market as prices keep surging. This contradicts the current trend in the crypto futures market that depicts increasing momentum. Since the spike is not from an internal influence, the sustainability of the present positive pressure and price rise is quite unclear. With new contracts opening, the futures market is experiencing higher crypto prices. Also, cryptocurrency short-term investors are taking up positions within the futures market. Such activities are invariably creating spikes in prices. Hence, the significant market price increase is the final outplay of the sudden rise in buying positions. Possible Reversal On Bitcoin Short-Term Speculation Additionally, the speculations on the short term in the futures market could make for a fast reversal at any point. Such indications could twist prices in the future in any direction. The report from analytics firm Crypto Quant also confirms that using directional bets at the moment as it concerns vital macro data poses increasing doom. There are high possibilities of swift directional change in the short term. Hence, the importance of achieving sustainability would depend more on risk management. Currently, the value of BTC is slightly above $24,000. The impact of macroeconomic activities during the week could trigger volatility in the Bitcoin price. Also, the U.S. inflation data, due on Wednesday, has a role in the overall outcome. Related Reading: Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? Conversely, there seems to be a more accurate indication of the BTC price forecast for August. According to the community predictions, Bitcoin could hit the $28,000 level by the end of the month. Featured image from Pixabay, chart from TradingView.com

Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance.

Bitcoin started a fresh increase after it found strong bids above $22,500.
The price is n…