Autor Cointelegraph By William Suberg

Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales

Uverejnil používateľ | dec 24, 2021 |

Bitcoin (BTC) whales are the center of attention again this week as large transactions flow back to exchanges.Data from on-chain analytics platform CryptoQuant on Dec. 24 shows that relatively, whales are increasing their presence as potential sellers.Action stations as Bitcoin climbs to $51,000According to CryptoQuant’s Exchange Whale Ratio indicator, the proportion of large inflows to exchanges out of total inflows is now at a one-year high.Inflows sped up significantly as BTC/USD rose to $51,000 overnight on Thursday, and the implication could be that large-volume investors plan to take profits at the top end of Bitcoin’s current range.“It is better to watch out until BTC breaks $51k levels,” one CryptoQuant analyst cautioned. “Once we surpass this level next significant resistance will be around $56,8k.”Exchange Whale Ratio vs. BTC/USD annotated chart. Source: CryptoQuantDespite misgivings, Bitcoin managed to preserve its higher levels into Friday, these previously forming a key line in the sand for bullish sentiment to return.Never mind the inflows?Whales, meanwhile, are not new potential sellers. As Cointelegraph reported earlier in the month, larger investors have diverged from smaller retail hodlers in terms of buying behavior.CryptoQuant and others confirm that this is still the case, with exchange withdrawals conversely reflecting “peak accumulation” similar to September before the breakout to $69,000 all-time highs.#Bitcoin 100-1K wallets keep stacking and the supply controlled by them repeatedly hitting ATH.Not saying it will definitely go parabolic like in the previous year but it surely looks like it. pic.twitter.com/d9qnA0VEeA— Lex Moskovski (@mskvsk) December 24, 2021Related: Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data showsMiners, too, are holding onto their newly released coins from block subsidies, with their reserves now at six-month highs.“Miners own more BTC than when BTC was at $69k, in fact, they added back all the BTC they net distributed since the drop from $69k,” contributor Venturefounder noted. Bitcoin miner reserve vs. BTC/USD annotated chart. Source: CryptoQuant

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Bitcoin hash rate nears record 200EH/s as 100K BTC turns 'illiquid' every month

Bitcoin hash rate nears record 200EH/s as 100K BTC turns 'illiquid' every month

Uverejnil používateľ | dec 23, 2021 |

Bitcoin (BTC) is about to hit a new all-time high in one essential area — and major mining pools have likely already clinched the title.Data from monitoring resource MiningPoolStats shows that, as of Dec. 20, the Bitcoin network hash rate is practically at its highest ever.Hash rate vanquishes specter of ChinaDespite the price comedown from $69,000, hash rate is steaming higher, and the chunk of computing power from known pools is now at a historic peak.Hash rate refers to the computing power dedicated to mining, and while impossible to measure exactly, estimates agree that Bitcoin is more enticing for miners — and therefore more secure — than ever before.The known pool hash rate sat at 182.4 exahashes per second (EH/s) this week, with the total hash rate at 188.9 EH/s.According to MiningPoolStats, only once before has the latter been higher, reaching 209.3 EH/s in early May, just before the China miner rout. Known pools, on the other hand, have never been so busy.As such, the hash rate is not only fully recovered from the Chinese crackdown, but is now stronger than at any time in Bitcoin’s history.Bitcoin hash rate chart. Source: MiningPoolStatsBTC supply ices over this winterAs Cointelegraph reported, there appears to be little appetite to sell BTC at current price levels as miners and hodlers alike ferret away spare supply.Related: Bitcoin holds off on Santa rally as fund forecasts a new year ‘short squeeze’Figures from on-chain analytics firm Glassnode confirmed the trend on Dec. 23, showing that the amount of the BTC supply going from a “liquid” to an “illiquid” state is now 100,000 BTC per month.#Bitcoin supply is moving from a Liquid, to Illiquid state at a rate of 100k $BTC per mth.Illiquid coins are those sent to an address with little history of spending, generally associated with investor accumulation, and bull market buyers.Live Chart: https://t.co/08CRwqLMpx pic.twitter.com/3iqTylLPYJ— glassnode (@glassnode) December 21, 2021The accumulation phase began thanks to the upheaval wrought by China, Glassnode shows. Further numbers highlight a positive impact on price action resulting from illiquid supply movements.

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Bitcoin price flatlines as XRP hits $1 with ‘massive’ altcoin move set for 2022

Bitcoin price flatlines as XRP hits $1 with ‘massive’ altcoin move set for 2022

Uverejnil používateľ | dec 23, 2021 |

Bitcoin (BTC) stuck rigidly to its tight range on Dec. 23 as price action continued to contradict strong buying activity.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHodlers busy accumulatingData from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to hold $49,000 after hitting 10-day highs.The pair remained stuck in a trading zone only around $4,000 wide, a key factor fuelling bets that a “short squeeze” would hit over the holiday period.Against declining volatility, data reinforced conviction among investors, with the supply being bought up at roughly three times the rate of new BTC being mined.“Strong handed HODLers are absorbing supply at more than triple the rate of new coins being mined each day,” on-chain analytics firm Glassnode summarized in the latest edition of its weekly newsletter, “The Week On-Chain.”Glassnode additionally noted that at a spot price of $47,000, over one-quarter of the BTC supply was underwater compared to when it last moved.As Cointelegraph reported, the likelihood of a squeeze up or down on BTC/USD will likely increase over the new year as decreased activity thins out liquidity and allows for volatility to enter more easily.#BTC Update ✅#Bitcoin bounced 8% $46k re-entry after selling $52k & back up to $50kThrowback and S&R flip likely from here. Only a breakout above $50k would be the significant breakout and LONG entry #midterm in case u missed this bounce (downtrend breakout) pic.twitter.com/eKICOZLza6— AN₿ESSA (@Anbessa100) December 22, 2021Among traders, $50,000 remained the point to watch for resumption of a more bullish stance.“Santa rally” comes to XRP as altcoins simmerAmong altcoins, Wednesday’s exuberance was waning, with only two of the top 10 cryptocurrencies by market capitalization still in the green on daily timeframes at the time of writing.Related: Price analysis 12/22: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGEThe standout was XRP, which maintained weekly gains of over 18% to return to $1 for the first time since the start of December. Ether (ETH) was back below $4,000.XRP/USD 1-day candle chart (Bitstamp). Source: TradingViewFor Cointelegraph contributor Michaël van de Poppe, however, signs were flowing in that a new year’s rebound made buying this week a solid strategy.“More and more weekly charts are shaping up beautifully on the altcoins,” he told Twitter followers. “2022 will be massive.”

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Bitcoin holds off on Santa rally as fund forecasts a new year 'short squeeze'

Bitcoin holds off on Santa rally as fund forecasts a new year 'short squeeze'

Uverejnil používateľ | dec 22, 2021 |

Bitcoin (BTC) stayed rangebound after hitting ten-day highs on Dec. 22 amid fresh warnings over market “complacency.”BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHow about a new year squeeze?Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it consolidated after coming within $400 of $50,000 overnight.Bulls were up against a significant sell wall around the psychologically significant level, with analysts calling for $50,500 to hit and hold in order to flip positive on short timeframes.”Today the seas will be parted making way for a shot at a higher low on BTC,” popular trader Pentoshi tweeted in a characteristic social media post. “I beg of bears, please. Come on the Ark. Come to safety. Ride with us to the dry lands of 53k where all can win and embrace in glory.”While the “Santa rally” has so far evaded both crypto and traditional markets, looking ahead, some were betting on a turnaround over the new year period.For trading firm QCP Capital, the key lay in forthcoming low liquidity over the holidays which could spark a short squeeze in an overly nonchalant market setup.”We reckon the market is getting complacent as spot ranges compress in this 45,500 – 49,500 channel. And now would be a great time to buy some wings (far strikes),” it advised Wednesday.”…We maintain our view that there will be a squeeze (likely to the topside) as liquidity thins out into the holidays and into 2022. If this happens, owning wings would be very profitable.”Funding rates on exchanges were positive yet neutral across exchanges at the time of writing, data from Coinglass showed, hinting at a lack of speculative activity.BTC funding rates chart. Source: CoinglassDollar abandons fresh gainsMacro cues remained muted at the Wall Street open, meanwhile, as a 4.3% jump in Tesla (TSLA) stock failed to impact Bitcoin performance.Related: Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data showsThe S&P 500 was slightly up after the opening bell, while the Coronavirus panic which had characterized the previous week appeared to subside.Further relief came in the form of a declining U.S. dollar, with the U.S. dollar currency index (DXY) heading towards 96 support throughout the day.U.S. dollar currency index (DXY) 1-hour candle chart. Source: TradingView

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Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data shows

Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data shows

Uverejnil používateľ | dec 22, 2021 |

Bitcoin (BTC) may have fluctuated in price this year, but BTC remains a better play than the biggest crypto stocks.New data currently circulating shows that for all the growth in the industry surrounding Bitcoin, it still pays simply to buy and hold.Stocks fail to compete with BTC, ETHLooking at the stock performance of firms with the largest BTC allocations on their balance sheets, it becomes immediately apparent that it was more profitable to hold BTC than those equities — at least this year.“Buying crypto stocks to outperform coins is hard,” Three Arrows Capital CEO Zhu Su commented alongside comparative performance data from Bloomberg.Both Bitcoin and Ether (ETH) have fared significantly better than stocks from companies such as MicroStrategy (MSTR) and Coinbase (COIN), despite the successes of both in 2021.Crypto stocks vs. BTC vs. ETH chart. Source: Zhu Su/ TwitterThe figures highlight the differences between traditional and crypto markets, the latter having a degree of freedom of expression long absent from equities, commodities and other assets.“Markets are forward looking. Crypto even more so bc it’s not under anyone’s control. It’s the only free market left in the world,” popular trader and analyst Pentoshi noted earlier this month.For retail entities in particular, a dollar-cost averaging strategy involving allocation into BTC, mitigating short-term volatility, thus looks all the more attractive.Miners struggle against BTCFurther data from the largest publicly-traded mining corporations supports the trend. Related: Bitcoin nears $50K — Here are the BTC price levels to watch nextVersus their inception and even stock price at the time of their initial public offering (IPO), the vast majority are significantly lower in BTC terms.Only BitFarms (BITF) is currently turning a profit as of December.Miner stocks vs. BTC comparison chart. Source: Dylan LeClair/ TwitterNevertheless, the extent of progress among United States mining industry participants has been eye-opening, and as Cointelegraph reported, listing deals continue to flow in.Texas, looking to become a mecca for mining, could see demand for power jump several fold by next year.

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