Autor Cointelegraph By William Suberg

BTC price struggles at $21K as trader says 'top is in' for Bitcoin, Ethereum

BTC price struggles at $21K as trader says 'top is in' for Bitcoin, Ethereum

Uverejnil používateľ | okt 30, 2022 |

Bitcoin (BTC) continued consolidating into the Oct. 30 weekly close as concerns over a deeper retracement became vocal.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader avoids new longs below $21,000Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling levels just below $21,000 on the day.Weekend trading had produced an early return above the $21,000 mark, this short lived as Bitcoin bulls failed to offer the volume to sustain higher levels.Now, popular trader and analyst Il Capo of Crypto sensed a change of direction was ultimately due for Bitcoin and altcoins alike. Altcoins themselves had also performed strongly through the weekend, notably led by Dogecoin (DOGE), which was up another 25% in the past 24 hours at the time of writing and at six-month highs.“In my opinion, top is in for $BTC and $ETH, but some altcoins could pump more,” he wrote in part of a fresh Twitter update. “Not entering any new long positions and just trailing my stops in profits (altcoins). I will fully TP soon.”Profit-taking was already a hot topic in recent days, with on-chain indicators suggesting that the temptation would become considerable should Bitcoin pass $21,000 more convincingly.Responding to Il Capo of Crypto, fellow trader Mark Cullen voiced similar caution over the short-term market strength.Bitcoin, he said, had “spent a bit too long under 21k for my liking, while Alts / ETH in particular have run.” “BUT, break the golden zone and i would consider a quick push higher first. Lose 20.4k and i start to question everything,” he tweeted.BTC/USD annotated chart. Source: Mark Cullen/ Twitter”Uptober” on track for sideways 7% gainsOn the daily chart, BTC/USD was up against the 100-day moving average (MA), having managed to beat out the 50-day MA over the week. Related: Bitcoin price due sub-$20K dip, traders warn amid claim miners ‘capitulating’BTC/USD 1-day candle chart (Bitstamp) with 50, 100MA. Source: TradingViewTurning to the weekly and monthly charts, October 30 looked to offer Bitcoin’s highest weekly candle close since mid-September.BTC/USD 1-week candle chart (Bitstamp). Source: TradingViewAt current prices, Bitcoin was meanwhile up 7% in October, still its third-weakest performance since 2013, according to data tracked by monitoring resource Coinglass.BTC/USD monthly returns chart (screenshot). Source: CoinglassThe 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 metric warns of $21K profit-taking as decade-old BTC wakes up

Bitcoin metric warns of $21K profit-taking as decade-old BTC wakes up

Uverejnil používateľ | okt 29, 2022 |

Bitcoin (BTC) asleep for up to a decade is waking up this week as BTC price action sees six-week highs.Data from on-chain analytics firm Glassnode shows some of the oldest “dormant” bitcoins returning to circulation.BTC trends out of hibernationAs BTC/USD stages something of a comeback in the second half of October, hodlers are changing their behavior after a year-long bear market.According to Glassnode, the number of bitcoins previous stationary in their wallet for 7-10 years but not active again reached a one-month high on Oct. 29.This is in fact the latest in a series of such highs, with the previous one seen on Oct. 1.BTC amount of supply last active 7-10 years ago chart. Source: Glassnode/ TwitterFurther numbers reveal that the unspent transaction outputs (UTXOs) in profit reached a one-month high of over 73% on Oct. 28, aiming to eclipse levels from September.Glassnode shows that Bitcoin being moved is rapidly done so at a profit, rather than at a loss.Bitcoin unspent transaction outputs (UTXOs) in profit chart. Source: Glassnode/ TwitterSOPR spikes through key rangeThe data reinforces the theory that there is an increasing desire to engage in profit-taking, even among Bitcoin’s most seasoned hodlers, at current prices.Related: Capitulation or profit-taking? Bitcoin whale moves 32K BTC dormant since 2018Such profit-taking activities could increase significantly, even if spot price only puts in modest growth, a key network metric states.The latest readings from Bitcoin’s Spent Output Profit Ratio (SOPR) show that further price gains would place BTC/USD in classic profit-taking country.SOPR essentially shows the extent to which the BTC supply is being sold in profit or loss. Fluctuating around 1, the ratio tends to be negative during bear markets, and when it crosses 1 while going higher, it signals a supply increase which could in turn impact price performance.“In a bear market, everyone is selling or waiting for the break-even point to sell,” creator Renato Shirakashi explained in an introduction to the metric in 2019. “When SOPR is close/greater than 1, people start to sell even more, as they reach break-even. With a higher supply, the price plunges.”Bitcoin Spent Output Profit Ratio (SOPR) chart. Source: GlassnodeAs Cointelegraph reported, some on-chain signals suggest that the overall picture is more nuanced.Binance, the largest exchange by volume, this week saw its biggest-ever BTC balance decrease, indicating that users withdrew over 55,000 BTC in a single day.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 hits new 6-week high as Ethereum liquidates $240M more shorts

Bitcoin hits new 6-week high as Ethereum liquidates $240M more shorts

Uverejnil používateľ | okt 29, 2022 |

Bitcoin (BTC) attempted to retake $21,000 on Oct. 29 as weekend trading began on a strong footing.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDollar lurks as BTC price reboundsData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rebounded overnight to local highs of $21,078 on Bitstamp — enough to clinch new six-week highs.The pair had seen a consolidatory phase ensue after its first trip to the $21,000 mark, the first time it had traded above $21,000 since Sep. 13.The subsequent retracement was modest in character, Bitcoin not even testing $20,000 before reversing higher once more. The end of the Wall Street trading week saw BTC price action follow United States equities, the S&P 500 and Nasdaq Composite Index finishing Oct. 28 up 2.5% and 2.9%, respectively.In his most recent Twitter update, popular trader and analyst Il Capo of Crypto maintained an existing theory over how short-term price action would unfold.“Same same,” he summarized alongside a chart showing potential upside and downside target levels.BTC/USD annotated chart. Source: Il Capo of Crypto/ TwitterA cautionary macro note came from fellow trader John Wick, who warned that the U.S. dollar may make a return to pressure risk assets.“Now we watch to see if we get a green Dot breaking above the Track line there,” he commented on a chart of the U.S. dollar index (DXY). “If so that’s a bad combo leading into Fed announcement Nov 2nd.”U.S. dollar index (DXY) annotated chart. Source: John Wick/ TwitterWick was referring to next week’s Federal Reserve announcement on interest rate hikes, these widely expected to match September’s 0.75% increase.ETH liquidations keep comingSeemingly still skeptical of bulls’ abilities to produce further gains, trader liquidations were once again mounting on the day.Related: Bitcoin weak hands ‘mostly gone’ as BTC ignores Amazon, Meta stock dipData from monitoring resource Coinglass showed shorts getting burned by the return to $21,000, with the tally for Oct. 29 totaling $95 million at the time of writing.By contrast, the day prior had seen just $14 million of liquidated shorts, while Oct. 25 and 26 combined delivered $661 million.BTC liquidations chart. Source: Coinglass“Retail all does the same thing and wonders why it never works out,” trading account IncomeSharks wrote on Twitter, citing a Cointelegraph article on liquidations impacting Ethereum (ETH) shorts. “Record shorts at the bottom, record liqudiations at the bottom. Follow the herd and get slaughtered.”ETH short liquidations on Oct. 29 were already at $240 million at the time of writing and looked set to eclipse previous days’ totals.ETH liquidations chart. Source: CoinglassThe 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 due sub-$20K dip, traders warn amid claim miners ‘capitulating’

Bitcoin price due sub-$20K dip, traders warn amid claim miners ‘capitulating’

Uverejnil používateľ | okt 28, 2022 |

Bitcoin (BTC) climbed back to $20,500 at the Oct. 28 Wall Street open as United States equities sought a stronger finish to the week.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBets that $20,000 will fail as support increaseData from Cointelegraph Markets Pro and TradingView showed BTC/USD capitalizing on renewed optimism as markets began trading.The atmosphere was volatile after tech stocks suffered a major out-of-hours rout, with Bitcoin managing to avoid sustaining knock-on losses to the same extent.At the time of writing, the S&P 500 and Nasdaq Composite Index were both up around 1.3%.“In this current range bound phase after a prolonged downtrend,” popular trader CryptoYoddha summarized to Twitter followers. “Smart money/Institutional players aim to build up or take positions without significantly increasing the price. I’m feeling bullish.”Economist, trader and entrepreneur Alex Krueger, meanwhile, laid out a likely scenario for the days ahead. Crypto, he argued, could retest recent lows before rebounding into important news from the Federal Reserve next week.“Thinking crypto lower tomorrow together with stocks, some late Friday hedging, quiet weekend, ETH mid to low 1400s, BTC mid 19000s get bought, then ride higher with the FOMC next week,” part of a tweet read. “Uptrend remains.”Markets have quietened considerably since Bitcoin hit six-week highs, with Cointelegraph reporting on the extent of short liquidations executed as a result.Miners are the “biggest intra-Bitcoin risk” to the marketLooking at what could puncture the bullish mood outside of the macro, crypto research firm Reflexivity Research placed a special focus on miners.Related: 3 striking similarities with past Bitcoin price bottoms — But there’s a catchAfter major mining firm Core Scientific warned of liquidity problems, concerns over mining profitability in the face of an exploding hash rate continued to surface.As Cointelegraph noted, theories over why the hash rate was diverging so much from the spot price even included Russia seeking to corner the industry.“Miners remain the biggest intra-Bitcoin risk to the market in our view,” Reflexivity confirmed on the day.Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile described miners as “capitulating” — a status not seen in several months.“Meanwhile; from a technical standpoint, $BTC looks to reach long territories here,” he added about BTC price action. “Sweeping the low and should hold around $19.9K. If that doesn’t grant support, then I’m looking at $19.6K.”Data from BTC.com showed the hash rate at around 257 exahashes per second, with the difficulty due to undergo a slight decrease at the next adjustment, still nine days away.Bitcoin network fundamentals overview. Source: BTC.comThe 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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Ethereum sets record ETH short liquidations wiping out $500 billion in 2 days

Ethereum sets record ETH short liquidations wiping out $500 billion in 2 days

Uverejnil používateľ | okt 28, 2022 |

Ether (ETH) is setting liquidation records this week as a comparatively modest price uptick reveals how bearish the market has become.Data from on-chain analytics platform CryptoQuant confirmed that United States dollar-denominated short liquidations hit a new all-time high on Oct. 25. Two days, half a billion dollars of ETH shortsIt is not just Bitcoin (BTC) causing the bears severe pain this week — data from exchanges also shows that Ethereum shorters have suffered heavy losses.ETH/USD delivered fairly impressive gains on Oct. 25-26, rising from lows of $1,337 to highs of $1,593 on Bitstamp before retracing, according to data from Cointelegraph Markets Pro and TradingView.ETH/USD 1-day candle chart (Bitstamp). Source: TradingViewWhile nothing unusual for crypto and for altcoins, in particular, the market changes triggered by the price action stood out.As with Bitcoin, the market had become heavily short ETH, expecting a trip to new macro lows after weeks of sideways action and failed breakouts.It thus only took around $250 of upside to liquidate more short positions (in USD terms) than ever before — $275 million on Oct. 25, with another $250 million the day after.USD-denominated ETH short liquidations chart. Source: CryptoQuantOver half of a billion dollars worth of positions were wiped out in two days, and not even a record in ETH — the value of the positions totaled 189,638 ETH and 161,986 ETH, respectively.ETH-denominated ETH short liquidations chart. Source: CryptoQuant“$ETH short squeezes for the last two consecutive days. Daily short liquidations across all exchanges reached an all-time high,” CryptoQuant CEO, Ki Young Ju, commented on the data.BTC flushes out speculatorsAs Cointelegraph reported, the picture on Bitcoin was broadly similar as price performance solidified.Related: Bitcoin weak hands ‘mostly gone’ as BTC ignores Amazon, Meta stock dipAccording to the latest figures from on-chain analytics resource Coinglass, Oct. 25 and 26 saw $328 million and $332 million of short liquidations, respectively, across exchanges.BTC liquidations chart. Source: CoinglassThe tally for Oct. 27 was already much lower at $5.7 million, this firmly in line with established norms as Bitcoin consolidated above $20,000.Nonetheless, exchange users were betting on the rally continuing, as evidenced by the largest-ever daily BTC balance decrease on major exchange Binance.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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