Autor Cointelegraph By William Suberg

Bitcoin price: June close barely beats 2017 high as Coinbase Premium flips positive

Bitcoin price: June close barely beats 2017 high as Coinbase Premium flips positive

Uverejnil používateľ | júl 1, 2022 |

Bitcoin (BTC) finished June 2022 just below $20,000 after a last-minute pump saw bulls escape 40% monthly losses.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst: Bitcoin could stay “boring” for monthsData from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking higher into the monthly close, which came in at $19,924 on Bitstamp.With that, the pair narrowly avoided its first-ever monthly close below a previous halving cycle’s all-time high. On Bitstamp in November 2017, Bitcoin reached approximately $19,770.Right on time. #BTC pic.twitter.com/KxZiOF0kF8— Material Indicators (@MI_Algos) June 30, 2022The success was at best touch-and-go for a market which nonetheless sealed its worst monthly losses since September 2011, these coming in at around 37.3%. It was also short lived, with BTC/USD diving toward $19,000 at the time of writing on July 1.“Steadily carving out a cycle bottom here,” Philip Swift, indicator creator and analyst at trading suite Decentrader summarized in part of Twitter comments after the close.Bitcoin’s weakness came as United States equities saw dismal results of their own. Q2 2022, commentators noted, was the worst since 1970 for the S&P 500, while the Nasdaq saw its weakest H1 since 1998.“Adjusted for inflation, 2022 first half S&P 500 down 25-26%, and Nasdaq down 34-35%, Bitcoin down 64-65%,” Big Short investor Michael J. Burry reacted. “That was multiple compression. Next up, earnings compression. So, maybe halfway there.”Burry had previously forecast that U.S. monetary policy, currently fixed on driving up interest rates to fight inflation, would be forced to change course before the end of the year.”Bottoming/accumulation signals everywhere, Major funds/lenders going bust, Worst quarter ever, Nocoiner haters dunking on us, Whole timeline saying this time is different,” William Clemente, lead insights analyst at Blockware, told Twitter followers. “If we are finding an accumulation zone, will likely still see months of boring & capitulation through time.”BTC/USD monthly returns chart. Source: CoinglassCoinbase Pro buyers step up, metric suggestsAmong institutional investors, however, there was fresh evidence that BTC was a “buy” at $20,000.Related: ‘Can’t stop, won’t stop’ — Bitcoin hodlers buy the dip at $20K BTCAs noted by on-chain anaytics platform CryptoQuant, the so-called “Coinbase Premium” returned to positive territory for the first time in two months on June 30.The Premium is the difference between the BTC price on major exchange Binance and U.S. exchange Coinbase’s institutional arm, Coinbase Pro.When positive, it means that investors are paying more on Coinbase Pro, suggesting heightened demand. The Premium stood at 0.217 as of June 30.Coinbase Premium vs. BTC/USD chart. Source: CryptoQuant”This uptick does not indicate a bull run but obviously, it tells us there are institutional buyers in this price range,” CryptoQuant’s CEO, Ki Young Ju, commented on the data.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 nears worst monthly losses since 2011 with BTC price at $19K

Bitcoin nears worst monthly losses since 2011 with BTC price at $19K

Uverejnil používateľ | jún 30, 2022 |

Bitcoin (BTC) drifted further downhill into the June 30 Wall Street open as United States equities opened with a whimper.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewU.S. dollar returns to multi-decade highsData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it abandoned $19,000 to hit its lowest in over ten days.Bulls failed to preserve either $20,000 or $19,000 at the hands of limp U.S. stock market moves, the S&P 500 and Nasdaq Composite Index down 1.8% and 2.6% respectively at the time of writing.At the same time, the U.S. dollar once again staged a comeback to fix a trajectory toward twenty-year highs seen this quarter.The U.S. dollar index (DXY) was above 105.1 on the day, coming within just 0.2 points of its highest levels since 2002.U.S. dollar index (DXY) 1-day candle chart. Source: TradingView”The US dollar (DXY) looks set to test highs last seen in December 2002 as the short-term downtrend is broken convincingly amid risk markets’ continued crumble,” researche and trader Faisal Khan summarized on Twitter.Data on inflation meanwhile once more suggested the worst could be behind the market.Peak #inflation? The inflation rate most closely watched by Fed showed that price pressures were a bit tamer: May PCE was a bit soft, w/headline +6.3% YoY (flat vs April, below +6.4% expected) & core +4.7% (from +4.9% in Apr & below +4.8% forecast). Bonds rally w/US 10y down 7bps pic.twitter.com/FFgb6du6dS— Holger Zschaepitz (@Schuldensuehner) June 30, 2022As Cointelegraph reported, however, central banks began to acknowledge that the low rates seen before COVID-19 may never return.Bulls’ worst month in 11 yearsWith the majority of on-chain metrics now at historic lows, price data hinted how far BTC could theoretically go in a bear market increasingly unlike the rest.Related: No flexing for Bitcoin Cash users as BCH loses 98% against BitcoinShould it close at current levels of $19,000, BTC/USD would seal monthly losses of over 40% for June 2022.That would make it the worst June ever and the heaviest monthly losses since September 2011, data from TradingView and on-chain monitoring resource Coinglass confirms. Even March 2020 and the 2018 and 2014 bear markets were less severe on monthly timeframes. 40% drops were last seen when BTC/USD traded at $8.BTC/USD monthly returns 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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'Can't stop, won't stop' — Bitcoin hodlers buy the dip at $20K BTC

'Can't stop, won't stop' — Bitcoin hodlers buy the dip at $20K BTC

Uverejnil používateľ | jún 30, 2022 |

Everyone expects another Bitcoin (BTC) capitulation event, but data suggests that mass buying has already started.In a Twitter thread on June 29, Checkmate, lead on-chain analyst at data firm Glassnode, drew attention to who in Bitcoin is really stacking sats.Shrimp or whale, Bitcoin hodlers are stacking satsBitcoin selling has made the headlines for weeks, and has even begun to include long-term holders (LTHs) — those who have been guarding their coins for 155 days or more.Speculators are not taking the blame for current BTC price weakness, but contrary to popular opinion, many market participants are in fact adding to their BTC allocations.Dissecting Glassnode data, Checkmate revealed that the smallest and largest players are both in buy-mode at around $20,000.Spitting the hodler base into four sections: “shrimps,” “crabs (otherwise known as classic hodlers),” “sharks” and whales, the figures make for surprising reading.Both shrimps and crabs, the smallest retail investors with 10 BTC or less in their wallets, are not only stacking, but doing so more intensely than at any time since the first time that BTC/USD hit $20,000 in 2017.“Can’t stop and won’t stop,” Checkmate wrote describing the accumulation action. “Shrimp are adding to the $BTC balance at the greatest rate since the 2017 ATH. Same price, different trend direction. I do not underestimate the smarts not conviction of the little guy in Bitcoin.”At the other end of the spectrum, whales are similarly removing coins from exchanges to private wallets at a pace Checkmate calls “full HAM.”Whales with 1k+ $BTC are going HAM.Alongside the Shrimp and Crabs, thsi looks like the perfect mid-wit meme.Shrimp = stackersMiddle wealth = scared and margin calledWhales = stackers pic.twitter.com/zyakmicxGG— _Checkɱate ⚡ (@_Checkmatey_) June 29, 2022The main exception lies in the middle: the sharks or institutional, high net worth entities with between 10 and 1,000 BTC to their name.While this makes up a large swathe of the network, hodlers have borne the brunt of macro changes, Checkmate claims, either getting liquidated on positions or seeing their wealth erased in DeFi bets.Even here, however, the overall trend is up.“Balances are increasing, but nothing special. Given the TradFi and crypto shitshow — > I suspect these guys are heavily affected by deleveraging, and margin calls,” he wrote.Analyst $25 billion exchange stablecoin reservesEarlier this week, Glassnode likewise showed that 30-day cumulative BTC outflows from exchanges had reached a new peak.Related: 80,000 Bitcoin millionaires wiped out in the great crypto crash of 2022For Ki Young Ju, CEO of fellow analytics firm CryptoQuant, signs that capital is waiting on the sidelines to deploy back into crypto are also clear.Ki eyed the mere 11% reduction in the combined stablecoin market cap compared to Bitcoin’s 70% from all-time highs.”Stablecoins sitting in exchanges are now worth half of Bitcoin reserve,” he added on June 30. “We have $25B loaded bullets which can make crypto asset prices go up. The question is when, not how.”Stablecoins sitting in exchanges are now worth half of #Bitcoin reserve.We have $25B loaded bullets which can make crypto asset prices go up. The question is when, not how. pic.twitter.com/SQ0ZvBnAMt— Ki Young Ju (@ki_young_ju) June 30, 2022

The situation is complicated by the fact that the stablecoin market cap ratio on exchanges has stayed practically constant for two years, while the market cap itself has ballooned in that period.The Bitcoin exchange supply ratio meanwhile has been much more volatile.Bitcoin exchange supply ratio v.s BTC/USD chart. Source: CryptoQuantThe 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 drops 3% to ten-day lows as Ethereum inches closer to $1K

Bitcoin price drops 3% to ten-day lows as Ethereum inches closer to $1K

Uverejnil používateľ | jún 30, 2022 |

Bitcoin (BTC) lost 3% in an hour and Ether (ETH) drifted toward $1,000 on June 30 as pessimism took control of crypto markets.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTraders eye “sweep of lows” for BTCData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $19,224 on Bitstamp during Asian trading, its lowest since June 19.A lack of momentum on upticks combined with a failure to reclaim critical support at the 200-week moving average set the scene for fresh weakness on Bitcoin. The largest cryptocurrency thus dived to the support area defined a day prior by Cointelegraph contributor Michaël van de Poppe.In fresh analysis on the day, meanwhile, traders toyed with the idea of a relief bounce towards $20,000. I expect more range trading within this prices as breakouts and breakdowns take longer to happen and prices are getting pretty extended from their averages.#BTC using this hourly 50MA for short term retraces of this downtrend, so I’d expect a reversion pretty soon to that mean. pic.twitter.com/ImYg5udA5I— pedma (@pedma7) June 30, 2022“We’re looking for a sweep of the lows and a reclaim before we consider longing because this is a very strong downtrend and we first want to see some strength,” trading platform Cryptop told Twitter followers in part of a new update.News that the United States Securities and Exchange Commission (SEC) had rejected a request by Grayscale to turn its Bitcoin investment instrument, the Grayscale Bitcoin Investment Trust (GBTC) into an exchange-traded fund (ETF) meanwhile did not help sentiment.Regulatory pressure had also come from the European Union, which voted to increase restrictions on crypto movements in the bloc.“The agreement extends the so-called ‘travel rule’, already existing in traditional finance, to cover transfers in crypto assets. This rule requires that information on the source of the asset and its beneficiary travels with the transaction and is stored on both sides of the transfer,” a press release about the move explained. “Crypto-assets service providers (CASPs) will be obliged to provide this information to competent authorities if an investigation is conducted into money laundering and terrorist financing.”Sentiment gauge the Crypto Fear & Greed Index stood at 11/100, or “extreme fear,” at the time of writing.Crypto Fear & Greed Index (screenshot). Source: Alternative.meUNUS SED LEO gains as Bitfinex longs coolAltcoins predictably continued the depressed mood on the day, with ETH/USD targeting $1,000 support for the first time in ten days.Related: Price analysis 6/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEOETH/USD 1-day candle chart (Bitstamp). Source: TradingViewOnly major exchange Bitfinex’s UNUS SED LEO (LEO) token continued to buck the trend conspicuously, gaining 3.5% on the day and extending monthly returns to above 20%.The platform had previously made the news for the exponential growth of its BTC/USD long positions, these since plateauing in the second half of June.BTC/USD longs 1-day candle chart (Bitfinex). Source: TradingViewThe 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 holds $20K as ECB warns inflation may never return to pre-COVID lows

Bitcoin holds $20K as ECB warns inflation may never return to pre-COVID lows

Uverejnil používateľ | jún 29, 2022 |

Bitcoin (BTC) held steady at just above $20,000 after the June 29 Wall Street open as Europe’s chief banker admitted the world would “never” return to low inflation.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewLagarde on inflation: “I don’t think we’re ever going back”Data from Cointelegraph Markets Pro and TradingView showed BTC/USD looking unvolatile but precarious as it stuck in a narrow range on the day.United States equities markets were likewise calm after Asian trading had seen fresh losses. In Europe, meanwhile, comments from central bankers set the macro tone.In particular, Christine Lagarde, head of the European Central Bank (ECB), appeared to state that inflation would remain high indefinitely.”I don’t think we’re going back to that period of low inflation,” she said during a press conference at the ongoing ECB Forum event in Sintra, Portugal.Joining her was Fed Chair, Jerome Powell, who sounded similarly downbeat on the prognosis while promising to not rest until inflation matched the bank’s 2% target.”That is our aim, that is our intention; we think there are various pathways to achieve that, to achieve the path back to 2% inflation while sustaining a strong labor market. We believe we can do that, that’s our aim; there’s no guarantee that we can do that,” he said.Bitcoin bulls defend 2017 topBitcoin was unresponsive to the comments, which preceded fresh U.S. Consumer Price Index (CPI) data by around two weeks.For Bitcoin analysts, meanwhile, the focus was on the June monthly close.On-chain analytics resource Material Indicators eyed a breakout now due “very soon” as the monthly candle was all but doomed to disappoint.”Bulls are defending the 2017 Top, but with one day to go it’s going to be almost impossible to print a green Monthly candle,” it told Twitter followers.”Still a chance for green on the Weekly. Expecting volatility. One way or another, Bitcoin is going to breakout or breakdown very soon.”An accompanying chart showing the order book of major exchange Binance confirmed the buy and sell interest on BTC/USD focusing right at current prices.BTC/USD order book data (Binance). Source: Material Indicators/ TwitterAs Cointelegraph reported, June 2022 was already on track to be the worst month since 2018.#Bitcoin resting on support here (also marked in tweets previous days), but still looking tricky. Needs more confirmation (for instance breaking $20.2K) if we want to look upwards.If support doesn’t hold, $19.3K area next. pic.twitter.com/N6atAXrOZ4— Michaël van de Poppe (@CryptoMichNL) June 29, 2022Prices continues to roast corporate investorsElsewhere, MicroStrategy upped its Bitcoin corporate treasury with a fresh 480 BTC purchase, a moved lauded by commentators.Related: No flexing for Bitcoin Cash users as BCH loses 98% against BitcoinSmaller compared to some buy-ins, MicroStrategy and CEO Michael Saylor were running conspicuously against claims that the company may get liquidated on a $205 million loan taken out for BTC acquisition.”Although this recent buy of 480 BTC from Saylor may be relatively small, I think it sends a message more than anything,” William Clemente, lead insights analyst at Blockware, reacted. “Despite all the criticism and claims he’s ‘getting liquidated’ from bears, he’s not going anywhere and is sticking to his long term allocation strategy.”A look at monitoring resource Bitcoin Treasuries nonetheless showed MicroStrategy down a combined $1.4 billion on its inventory, with number two placed Tesla down almost 50%.Payment network Square also remained down $60 million on its $220 million allocation.Major publicly traded companies’ BTC treasury data (screenshot). Source: Bitcoin TreasuriesThe 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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