Autor Cointelegraph By Jordan Finneseth

Bitcoin price spike to $39K leads traders to say ‘the panic is over for a few days’

Bitcoin price spike to $39K leads traders to say ‘the panic is over for a few days’

Uverejnil používateľ | feb 24, 2022 |

Global financial markets and crypto markets were pummeled over the past 24-hours as the invasion of Ukraine by Russian forces sent investors scrambling and sell-offs took place across most asset classes.Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) hit a low of $34,333 in the early trading hours on Feb. 24, shortly after the Ukraine incursion began, and has since climbed its way back to $38,500 after an unexpected short-squeeze may have rapped bearish investors on the knuckles.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about BTC price and how the ongoing conflict could impact crypto markets in the short-term.BTC in a “great buy area”Bitcoin’s collapse on the night of Feb. 23 was not unexpected by most traders and according to crypto trader  Pentoshi, BTC price could recover the $40,000 mark in the short term.BTC/USD 3-day chart. Source: TwitterDespite this positive outlook, Pentoshi expressed wariness “of the overall macro environment,” which “looks pretty dire.” In a follow-up tweet on Feb. 24, Pentoshi held firm with the projection that BTC will eventually trade higher from here. Pentoshi said,“BTC now in the blue value zone. Not exactly the path I’d hoped to take to get here. I think in time this will have been a great buy area.” A milder correction than was seen in May 2021A more in-depth assessment of the current situation was offered by David Lifchitz, managing director and chief investment officer at ExoAlpha, who noted that “Bitcoin and other cryptos have been moving up and down in tandem with the Russia/Ukraine news,” so the plunge in cryptos and other assets was expected following “the first, even if surgical, strikes in Ukraine.”One positive for the crypto market was that there was less leverage at play than during the drawdown in May 2021, which resulted in “less liquidation of over-levered players and hence a milder correction vs. what was seen in May.” Lifchitz pointed to the fact that Bitcoin’s recent low at $34,300 “was near the low of the range it has been stuck in for weeks now,” and suggested that “the direction of Bitcoin and other cryptos will be driven by what happens in the next couple of days with the Ukraine-Russia situation.” Aside from the short-term impact of this conflict, Lifchitz stated that “the elephant in the room is the Central Banks rate hikes that won’t be as tough as they should be to tame inflation, but will be enough to put more pressure on the economy and the stock market.” Lifchitz said, “A hard landing of the last 12 years of Central Banks lax monetary policy is in progress, and the Ukraine-Russia may just have been the pin the “everything bubble” was looking for…”Related: Bitcoin rises above $36K as 24-hour crypto liquidations pass $500MThe initial panic is overA final bit of insight into how the market will trade in the days and weeks ahead was provided by analyst and independent market analyst Michaël van de Poppe, who posted the following tweet suggesting that the worst of the near-term weakness may be over for now. Honest view; panic is over for a few days/maybe weeks. Markets reacting in a sense that #Gold is going to correct, risk-on assets like equities and #Bitcoin are going up.Potentially runs of 20-45% on #altcoins to happen.— Michaël van de Poppe (@CryptoMichNL) February 24, 2022Analysis of what comes next for BTC if the panic continues was also provided by crypto trader and pseudonymous Twitter user AngeloDOGE, who posted the following tweet pointing to support at $25,000 in the event that bears break through the $33,000 level. Low chance #Bitcoin holds $33k on a second visit. Sometimes things need to get worse before they can get better. Upon support failure, $25k $BTC comes next.Hope for the best, prepare for the worst, and stay off the leverage.— AngeloƉOGE (@AngeloBTC) February 24, 2022

The overall cryptocurrency market cap now stands at $1.649 trillion and Bitcoin’s dominance rate is 41.9%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Hedge fund report says Bitcoin price is ‘at a relatively inexpensive place’

Hedge fund report says Bitcoin price is ‘at a relatively inexpensive place’

Uverejnil používateľ | feb 23, 2022 |

There has been a lot of focus on the performance of the stock and cryptocurrency markets over the past year or two as the trillions of dollars that have been printed into existence since the start of the COVID pandemic have driven new all-time highs, but analysts are now increasingly sounding the alarm over warning signs coming from the debt market. Despite holding interest rates at record low levels, the cracks in the system have become more prominent as yields for U.S. Treasury Bonds “have been rising dramatically” according to markets analyst Dylan LeClair, who posted the following chart showing the rise. U.S. Treasury bond yields across duration. Source: TwitterLeClair said, “Since November yields have been rising dramatically — bond investors begun to realize that w/ inflation at 40-year highs, they are sitting in contracts programmed to decline in purchasing power.”This development marks a first for the U.S. debt markets as noted in the February letter to investors released by Pantera Capital, which stated “there has never been a time in history with year-over-year inflation at 7.5% and Fed funds at ZERO.”Matters get even worse when looking at real rates, or the interest rate one gest after inflation, which Panteral Capital indicated is “at negative 5.52%, a 50-year low.”Pantera Capital said, “The Fed’s manipulation of the U.S. Treasury and mortgage bond market is so extreme that is it now $15 TRILLION overvalued (relative to the 50-year average real rate).”Treasure and mortgage bonds overvaluation. Source: Pantera CapitalAt the same time as treasury bond yields have been rising, Bitcoin (BTC) and altcoin prices have steadily fallen, with BTC now down more than 45% since Nov. 10.BTC/USDT 1-day chart. Source: TradingViewThe declines in the crypto market have thus far been highly correlated with the traditional markets as noted by Pantera Capital, but that could soon change as “crypto tends to be correlated with them for a period of roughly 70 days, so a bit over two months, and then it begins to break its correlation.”According to Pantera’s report, “And so we think over the next number of weeks, crypto is basically going to decouple from traditional markets and begin to trade on its own again.”Related: Crypto investors hedging out risks ahead of March rate hikeRising rates will be good for BitcoinDespite the weakness seen in BTC since the talk of rising interest rates began, the situation could soon improve according to Pantera Capital, which warned that “10-year interest rates are going to triple — from 1.34% to something like 4%–5%.”Based on the well known saying to “be fearful when others are greedy, and greedy when others are fearful,” this might be the opportune time to accumulate BTC because its “four-year-on-year return is at the lowest end of its historical range” according to Dan Morehead, CEO of Pantera Capital, who posted the following chart suggesting that Bitcoin “seems cheap” and “doesn’t look overvalued.”Bitcoin price trend vs. 4-year returns.Morehead said, “Once people do have a little bit of time to think this through, they’re going to realize that if you look at all the different asset classes, blockchain is the best relative asset class in a rising rate environment.” When it comes to a timeline to recovery, Morehead suggested that the turnaround could come sooner than many expect and only be a matter of “weeks or a couple of months until we’re rallying very strongly.”Morehead said, “We are quite bullish on the market, and we think prices are at a relatively inexpensive place.”The overall cryptocurrency market cap now stands at $1.722 trillion and Bitcoin’s dominance rate is 41.6%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin price could ‘probe lower’ as volumes dip and macroeconomic issues loom overhead

Bitcoin price could ‘probe lower’ as volumes dip and macroeconomic issues loom overhead

Uverejnil používateľ | feb 23, 2022 |

Bitcoin’s sell-off appears to be taking a pause even though the United States rolled out new sanctions against Russia on Feb 22.Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) continues to hover slightly below $38,000, which some analysts have identified as a significant support and resistance zone. BTC/USDT 1-day chart. Source: TradingViewHere’s a closer look at what analysts are saying about Bitcoin price and what levels to keep an eye on in the short-term.25% of entities are underwaterOn-chain data outlet, Glassnode, posted the following chart analyzing the percentage of entities in profit and the analysts concluded “that the proportion of on-chain entities in profit is oscillating between 65.78% and 76.7% of the network.”Percentage of entities holding Bitcoin that are in profit. Source: GlassnodeAs shown in the chart above, “more than a quarter of all network entities are now underwater on their position,” while “approximately 10.9% of the network has a cost basis between $33,500 and $44,600.”Glassnode said, “If the market fails to establish a sustainable uptrend, these users are statistically the most likely to become yet another a source of sell-side pressure, especially if price trades below their cost basis.”Price could continue to “probe lower”Further insight into the headwinds facing BTC was provided by cryptocurrency research firm Delphi Digital, who previously noted that Bitcoin was “moving into an area of daily, weekly and monthly resistance.”This confluence of resistance prompted Delphi Digital to suggest that “$45,000 was a logical place to expect profit-taking/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows,” which indeed turned out to be the case as the price dumped shortly after reaching that level. BTC/USD 12-hour chart. Source: Delphi DigitalAccording to Delphi Digital, the price of Bitcoin “has stalled for the last two weeks” and has yet to “reclaim any weekly support structure or the midpoint of the yearly range.”Delphi Digital said, “If the $40,000 level fails to hold, the next level of market structure is in the area of $38,500. Should we lose this level, you can expect prior lows to be revisited, with a decent likelihood of price probing lower.”Related: Analysts say Bitcoin ‘bottom is in’ as BTC bounces back to $38,000Whales look to accumulate below $38,000A final bit of insight into the movement of Bitcoin whales was provided by on-chain analysis firm Whalemap, who posted the following chart highlighting areas where BTC wallets saw heavy inflows during the past four months. Large Bitcoin wallet inflows. Source: WhalemapWhalemap said, “Areas of whale interest are very well defined now. $34,000 awaits below $36,000-$37,000. Macro trend reversal above $48,500.”Possible areas of resistance identified on the chart above include $40,000, $43,500, $46,500 and a major resistance level at $48,500. A final bit of hope for BTC bulls was offered by Bloomberg Senior Commodity Strategist, Mike McGlone, who posted the following tweet suggesting that Bitcoin is currently on-sale relative to “its annual average since the 2020 and 2018 lows.”About 20% below its 50-week ma, #Bitcoin is approaching too-cold levels that have often resulted in good price support. Our graphic depicts the most extreme discount for the crypto vs. its annual average since the 2020 and 2018 lows. On Feb. 22, the #DowJones was close to parity pic.twitter.com/SXUaEv0jow— Mike McGlone (@mikemcglone11) February 22, 2022The overall cryptocurrency market cap now stands at $1.708 trillion and Bitcoin’s dominance rate is 42.1%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 reasons why Bluzelle (BLZ) could be GameFi’s next unicorn project

3 reasons why Bluzelle (BLZ) could be GameFi’s next unicorn project

Uverejnil používateľ | feb 23, 2022 |

The cryptocurrency market has had a less than stellar start to the year and it appears that the downtrend that began after the November 2021 market peak has been extended thanks to a multitude of negative developments, including the expectation of rising interest rates and the threat of a war between Russia and Ukraine. While many traders have little appetite to risk capital during bearish conditions, contrarian investors looking to buy while “there is blood on the streets” have several viable options with data from Cointelegraph Markets Pro indicating that Bluzelle, a decentralized storage network for the creator economy, is one token with an increasingly positive outlook.Top 3 on the VORTECS scoreboard. Source: Cointelegraph Markets ProAccording to data from Cointelegraph Markets Pro, market conditions for BLZ have been favorable for some time. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. BLZ price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for BLZ began has been on the rise since Feb. 19 and reached a high of 89 on Feb. 22 as its price hovered just below a major support and resistance zone at $0.17Here’s a look at three factors backing the building momentum for BLZ.The launch of DenominationOne of the main developments helping drive interest in BLZ has been the launch of Denomination, the first play-2-earn (P2E) game on the Bluzelle network.With the #Denomination launch upnext, we’ll be releasing exciting updates from the Denomination Whitepaper every week to help you with:Core Game ProgressionCombat systemBreeding SystemTokenomicsStay tuned!— Bluzelle (@BluzelleHQ) January 17, 2022Denomination is a real-time card battle game where gamers can fight against each other in player versus player (PvP) mode or against the environment in player versus environment (PvE) mode to receive tokenized rewards that can be used for governance or to purchase non-fungible tokens (NFTs)The game was developed in collaboration with Starloop Studios, a professional game studio that has worked with some of the biggest game publishers in the world. It also includes a social system comprised of factions, a game shop, NFT marketplace, loot boxes and a treasury. Collaboration with CosmosAnother development helping build momentum for BLZ is the project’s ongoing collaboration with Cosmos to help build out GameFi on the Cosmos Network. With our continued development with @cosmos, we will also discover new ways to build out game finance in the Cosmos ecosystem We’ll explore methods to work with other chains as we go through production. Stay tuned, good things are on the way! — Bluzelle (@BluzelleHQ) February 15, 2022

Cosmos has been one of the hottest networks over the past couple of months despite the overall weakness in the cryptocurrency market thanks to its rapidly expanding ecosystem of interconnected projects and newly launched protocols that have rewarded early adopters with airdrops. The GameFi capabilities of Bluzelle could help the Cosmos ecosystem make its mark on the blockchain gaming sector. Developers behind Bluzelle have also expressed interest in integrating with other networks that could benefit from the addition of GameFi capabilities. Related: Bluzelle launches mainnet decentralized storage for NFT contentThe popularity of blockchain gamingA third factor making the case for BLZ is the overall popularity of blockchain-based gaming and the P2E model. Gaming has long been one of the most popular and widespread segments of the traditional economy and the success of Axie Infinity shows that blockchain gaming could vastly outperform traditional gaming. Soon the same endless hours you spent playing video games growing up will be spent on blockchain games.Here are the top 5 #GameFi projects under 50M market cap@DeRaceNFT @BluzelleHQ @splinterlands @RealChainGames @raini_coin pic.twitter.com/qXqDtuKXFC— BSC News (@news_of_bsc) February 1, 2022

A focus on helping to build out GameFi on multiple networks and the ability to process 10,000 transactions per second are helping to establish the bullish case for BLZ moving forward. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Analysts say Bitcoin 'bottom is in’ as BTC bounces back to $38,000

Analysts say Bitcoin 'bottom is in’ as BTC bounces back to $38,000

Uverejnil používateľ | feb 22, 2022 |

The ongoing tensions between Russia and Ukraine continue to be the dominant news story on Feb. 22 as Bitcoin (BTC) and the wider global financial tremble under the pressure as the world awaits some form of resolution to the matter. Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has traded in a range between $36,360 and $38,330 on Tuesday as a swirl of positive and negative developments sent mixed signals to traders who base their trading activity on news headlines. BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts in the crypto market are saying about the latest price developments for BTC and what levels to keep an eye on moving forward. A retest of the $38,000 support/retest zoneThe cyclical nature of BTC price movements was touched upon by crypto analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart showing that Bitcoin is currently retesting the major support/resistance level at $38,000. BTC/USD 1-week chart. Source: TwitterRekt Capital said, “Whenever BTC would break beyond the red $38,000 resistance area… It would pullback into this region for a retest attempt before further upside. Green circles show this. Retest is now in progress.”Aside from a simple retest of support and resistance, this price range has emerged as a significant one when it comes to the bull versus bear market narrative as highlighted in the following chart that was posted by technical analyst Matthew Hyland. BTC/USD 1-month chart. Source: TwitterHyland said, “Bitcoin has a week to avoid having its 4th straight red monthly candle for the first time since the 2018 Bear Market. The monthly must close above $38,500 to close green.”No need to worry above $30,000A call for calm was put out by crypto trader and pseudonymous Twitter user ‘JohalMiles’, who posted the following chart stating, “I sound like a broken record here but it’s hard to believe how bearish people have become and we haven’t even broken OR tested $30,000.”BTC/USD 1-week chart. Source: TwitterIn a follow-up response to the tweet from JohalMiles, cryptocurrency analyst and pseudonymous Twitter user ‘PlanC’ agreed with this viewpoint and made the case for a bull market moving forward. PlanC said, “Basically, unless we break below $30,000 and remain below $30,000 for weeks, I lean bullish. And the $28,000-$30,000 level has acted as very strong support for a year now.”Related: Bitcoin Mayer Multiple returns to July 2021 levels in fresh sign $37K BTC is a long-term buySentiment indicates that the end is nearA final bit of insight based sentiment in the Bitcoin market was offered by market analyst and pseudonymous Twitter user ‘Crypto5max’, who noted that “based on sentiment, the end is near” and posted the following chart looking at the Advanced NVT Signal, a metric that divides the value of the Bitcoin market capitalization by the 90-day moving average of its daily transaction value.Advanced NVT signal. Source: TwitterCrypto5max said, “We could range, of course, much like in 2021 testing S/R on numerous occasions, but there’s a lot of data suggesting bottom’s in. You do you, like you always should. But I like to see fear in the market and I am of a different (bullish) opinion.”The overall cryptocurrency market cap now stands at $1.693 trillion and Bitcoin’s dominance rate is 42.2%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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