Značka: BTC Markets

Analysts say Bitcoin’s bounce at $36K means “it’s time to start thinking about a bottom”

Bears remain in full control of the cryptocurrency market on Jan. 24 and to the shock of many, they managed to pound the price of Bitcoin (BTC) to a multi-month low at $32,967 during early trading hours. This downside move filled a CME futures gap that was left over from July 2021.Data from Cointelegraph Markets Pro and TradingView shows that the $36,000 level was overwhelmed in the early trading hours on Monday, leading to a sell-off that dipped below $33,000 before dip buyers arrived to bid the price back above $35,500.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about the macro factors at play in the global financial markets and what to be on the lookout for in the months ahead. “Rate hikes don’t kill risk assets”For several weeks the dominant conversation in U.S. financial markets has been the prospect of up to four interest rate hikes by the Federal Reserve over the course of 2022, which many people have claimed will put an end to the current bull market. But according to financial analyst and pseudonymous Twitter user ‘Tascha,’ this is a common misconception because “rate hikes don’t kill risk assets.”Tascha said, “Reversal of quantitative easing does. Check what happened to stocks 2015 and 2018 when Fed turned off the tap.”Further insight into Tascha’s tweet was provided in the following reply from pseudonymous Twitter user RK Maruvada. Is it time to think about a bottom?A bit of hope for the crypto faithful was provided by technical analyst and Bollinger Bands creator John Bollinger, who posted the following tweet suggesting that “it’s time to start thinking about a bottom in cryptos.” It’s time to start thinking about a bottom in cryptos. However the ability to get outside the lower Bollinger Band repeatedly strongly suggests a retest of some sort will be needed. My plan is wait for a bottom and a bounce, then look for a retest as an entry. $btc, $eth, $ltc…— John Bollinger (@bbands) January 24, 2022While the well-known analyst thinks that the market may be in the general area of a bottom, caution is still warranted and a bounce followed by a retest is needed before looking to enter a long position in BTC. Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againOpening a Bitcoin long “looks attractive here”A final bit of analysis was provided by macro strategist and Delphi Digital co-founder Kevin Kelly, who indicated that “the big question now is where will the next wave of demand come from and what level do we need to hit for it to trigger such bids? BTC/USD 1-day chart. Source: TradingViewAccording to Kelly, “the mid-to-high $30,000s for BTC is a safe bet,” especially due to the widely held belief by many that Bitcoin could see a “run up to $70,000.” This would mark a 75% gain from the current levels, which “large capital allocators would salivate at the opportunity to capture” from Kelly’s view, “even if it takes a year or longer to realize such gains.”Kelly said, “That is why we firmly believe BTC looks attractive here for those with a long enough time horizon, especially when compared to traditional alternatives to park your capital.”This sentiment that BTC is at a good level for a long was also echoed in the following tweet by cryptocurrency analyst and Twitter user Will Clemente.Don’t think asymmetry is skewed to the downside for BTC here. For the long term investor this is a good area to DCA in some heavier buys IMO.— Will Clemente (@WClementeIII) January 24, 2022

The overall cryptocurrency market cap now stands at $1.594 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.

Čítaj viac

Bitcoin falls to $36K, traders say bulls need a ‘Hail Mary’ to avoid a bear market

Bitcoin (BTC) price continues to sell-off and the knock-on effect is an even sharper correction in altcoins and DeFi tokens. At the time of writing, BTC price has sank to its lowest level in 6 months and most analysts are not optimistic about an immediate turn around. Data from Cointelegraph Markets Pro and TradingView shows that a wave of selling that began late in the day on Jan. 20 continued into midday on Friday when BTC hit a low of $36,600.BTC/USDT 1-day chart. Source: TradingViewHere’s a check-in with what analysts have to say about the current downturn and what may be in store for the coming weeks.Traders expect consolidation between $38,000 and $43,000The sudden price drop in BTC has many crypto traders predicting various dire outcomes along the lines of an extended bear market. Others like independent market analyst ‘Rekt Capital’, are not so quick to jump the gun and declare that all is lost. As shown in the following chart posted by Rekt Capital, “the recent BTC rejection means that BTC is now residing at the lower region of its current $38,000-$43,100 range.”BTC/USD 1-week chart. Source: Twitter.According to Rekt Capital, “Bitcoin is just consolidating inside the $38,000-$43,100 range,” but needs to hold this support level to avoid dropping down into a lower consolidation range. Rekt Capital said,“Technically, the $38,000 support area is what separates BTC from entering the $28,000-$38,000 consolidation range. Bitcoin last consolidated in said range in Q1 and Q2 of 2021.”Head and shoulders pattern confirmedAnalysis of the BTC price action from a purely technical point of view was touched on by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who pointed out that the “giant head and shoulders pattern for BTC is now completed with the neckline broken with BTC at $38,300.” BTC/USDT 1-day chart. Source: TradingViewFrom a theoretical standpoint, Lifchitz noted that this pattern predicts a possible drawdown as low as $20,000, but he stated that the “fall has generally been less than that” and suggested that “the $31,000 region could definitely be in sight.” From a fundamental point of view, Lifchitz noted multiple factors that are creating headwinds for BTC, including tightening from the U.S. Federal Reserve, chatter from the EU regulators looking to ban proof-of-work mining, profit-taking from late 2021 and the continued uncertainty about the economic future as it relates to the Covid pandemic. Lifchitz said, “Therefore for Bitcoin, a move down to the low-mid $30,000 could be definitely in the cards soon before real dip-buyers show up.”Traders look to scoop up BTC at $30,000A look at how traders have responded to this drawdown as compared to the pullback in June of 2021 was provided by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart highlighting the major support zones for each period of weakness. BTC/USD 1-day chart. Source: Twittervan de Poppe said, “Back in June → People are waiting for $23,000 to $25,000 to buy. Right now → People are waiting for $30,000 to buy. Similar fake breakout on the upside to nuke afterward into support.”A similar point of view was offered by trader and pseudonymous Twitter user ‘Fomocap’, who posted the following chart outlining how BTC could perform in the days ahead. BTC/USD 1-day chart. Source: TwitterFomocap said, “Relief bounce to $44,000 – $42,000 retest, if rejection then $35,000 – $33,000. What do you think?”Related: Crypto Twitter responds to Bitcoin dump: ‘Ok cool’Bulls need a close above $39,600A final bit of insight into was offered by crypto trader Scott Melker, who posted the following chart showing the price breakdown below a key level that must be recovered. BTC/USD 1-day chart. Source: TwitterMelker said, “Bulls looking for a Hail Mary close above $39,600 on the daily. A close below (especially on weekly) is a break in market structure, lower low etc. Bears showing no mercy.”The overall cryptocurrency market cap now stands at $1.801 trillion and Bitcoin’s dominance rate is 40.4%.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.

Čítaj viac

Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price

Bitcoin (BTC) price made a quick pop above $43,100 in the U.S. trading session but uncertainty is still the dominant sentiment among traders on Jan. 11 and bulls and bears are split on whether this week’s drop to $39,650 was BTC’s bottom. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has traded tightly around the $42,000 level as the global financial markets digested U.S. Federal Reserve Chair Jerome Powell’s statements on the upcoming fiscal policy changes.BTC/USDT 1-day chart. Source: TradingViewPowell indicated that the central bank is prepared to “raise interest rates more over time” if inflation continues to persist at high levels, but analysts were quick to note further comments, suggesting that a low-interest environment could persist for some time. It’s possible that traders may have interpreted these comments positively and while it is not possible to connect Powell’s comments to direct price movements, BTC did manage a quick surge above $43,000.Powell said, “It is really time for us to move away from those emergency pandemic settings to a more normal level. It’s a long road to normal from where we are.”Here’s a look at the ongoing debate on whether the crypto market is positioned to head higher in the coming days. Bulls call the bottomThe crypto market is well known for its volatility and history of extensive drawdowns after new all-time highs have been established, a characteristic highlighted by pseudonymous Twitter user ChrisBTCbull.Cryptocurrency drawdown percentage from 2021 highs. Source: TwitterThis across-the-board drawdown saw BTC fall by nearly 40%, while Dogecoin (DOGE) is down 79% from its highs, but according to bullish analysts, recent technical developments suggest that the market has reached a bottom. According to crypto analyst and Twitter user Will Clemente III, Bitcoin is “entering the Buy Zone on Dormancy Flow” as highlighted on the following Bitcoin entity adjusted dormancy flow chart, which “essentially compares price to spending behavior.” Bitcoin entity-adjusted dormancy flow. Source: TwitterClemente said, “This bottoming signal has only flashed 5 times before in Bitcoin’s history.”Related: Bitcoin price surges to $43K, but traders warn that ‘real pain’ is due for altcoinsA Death Cross loomsDespite Jan. 11’s spike to $43,100, many analysts are pessimistic about Bitcoin’s short-term prospects and caution that a potential “death cross” on the daily chart has historically been a strong bearish indicator. As shown below, the 50-day moving average is perilously close to falling below the 200-day moving average, a convergence that, in the past, resulted in sharp price declines.BTC/USD 1-day chart. Source: TwitterBitcoin Archive said, “Bitcoin is approaching the “Death Cross.” The last time this happened in June the price dropped 20% more over 31 days. That would take us down to $34K by the 9th of Feb if this repeated.”As for the altcoin market, the recent price weakness in the USD and BTC pairs was addressed by analyst and pseudonymous Twitter user Pentoshi, who posted the following tweet suggesting a more bearish performance in the near term for alts. Im pretty bearish alts. The hilarious part is the people replying to me with their alts which are in downtrends on both usd/btc pairs. The point of the bounces is to get you to chase into your lower highsI still believe Btc is in a downtrend. Bc it is. Which is why LH expected— Pentoshi DM’S ARE SCAMS (@Pentosh1) January 11, 2022For the time being, traders appear content to play the waiting game to see if the crypto market reverses course of stays range-bound for the foreseeable future.The overall cryptocurrency market cap now stands at $1.998 trillion and Bitcoin’s dominance rate is 40.3%.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.

Čítaj viac

Australia's largest crypto exchange will sponsor tennis star Ajla Tomljanovic

BTC Markets, the largest digital assets exchange in Australia, has announced it will be sponsoring professional tennis player Ajla Tomljanovic for the Australian Open and Sydney Tennis Classic tournaments taking place this month.In a Tuesday announcement, BTC Markets said it would be backing Tomljanovic as part of a partnership inspired in part by “increased investor activity from female investors in the last financial year.” Users from the crypto exchange will have the chance to win tickets to the tournaments and a meeting with the tennis star with a nonfungible token showing proof of attendance. Flash Competition to win 2 tix to see @Ajlatom play tomorrow at the Sydney Classic! Yup, you read that right, tennis & crypto united at last Gotta love how Aussies support their own – thanks Ajla for the goodies! @IMGTennis @TennisAustralia #sydneyclassic #tennis #crypto https://t.co/pNowdLzbNm— Caroline Bowler (@CaroBowler) January 10, 2022Founded in 2013, BTC Markets has more than 325,000 clients in Australia, who have traded more than $14.3 billion using the platform. In November, the exchange announced that it would be adding financial veterans Garry Duursma and David Raper as senior advisers to its board, aiming for market expansion.Related: Tennis star Naomi Osaka shows interest in Dogecoin, launches NFTMany crypto exchanges announced partnerships or collaborations with major figures in sports and entertainment in 2021. In June, FTX Trading announced seven-time Super Bowl champion Tom Brady would be receiving an equity stake in the crypto exchange as part of an endorsement deal. Actor Matt Damon also later appeared in an advertisement for cryptocurrency exchange Crypto.com.

Čítaj viac

Bitcoin dip below $40K follows Fed signal of a possible fourth rate hike in 2022

Global financial markets, stocks and cryptocurrencies took a knock on Jan. 10 after rumors that the Federal Reserve may hike interest rates four times in 2022 circulated and sparked a sell-off and sent the benchmark 10-year Treasury yield briefly above 1.8%.Data from Cointelegraph Markets Pro and TradingView shows that a massive wave of selling broke Bitcoin’s (BTC) support near $42,000, resulting in a plunge to $39,660 before buyers stepped in to buy the perceived dip.BTC/USDT 1-day chart. Source: TradingViewHere’s what analysts are saying about this latest drawdown in BTC and what could possibly come next as analysts watch to see what the impact of the Fed’s easy money policies ending means for risk on assets. A shrinking money supply is bad for BitcoinThe Fed’s shifting monetary policy is generating significant challenges for risk-on assets but this was anticipated by analysts at Delphi Digital who noted that the headwinds facing BTC and the crypto market have more to do with “tighter liquidity conditions and heightened market volatility” than with rate hikes. According to Delphi Digital, “the macro tailwinds that helped propel BTC and crypto assets to new highs over the last 12-18 months have reversed course” as highlighted in the following chart showing that the global M2 supply topped out near March of 2021 and has been on the decline since then. Bitcoin price vs. Global M2 Supply. Source: Delphi DigitalThe peak in M2 supply came around the same time that Bitcoin set a new all-time high in early 2021 and was followed by a drawdown below $30,000 over the next couple of months. Despite the late 2021 resurgence in BTC which once again established a new high at $68,789 in November, the continued drop in M2 supply has taken its toll on the market which has been exasperated by the Fed sharing its plan to accelerate its timeline for raising interest rates. Delphi Digital said, “The shift away from excess liquidity and accommodative monetary conditions is a structural headwind we’ve highlighted in recent months, which now appears to be coming to a head.” The talk of higher interest rates has also breathed new life into the U.S. dollar, which Delphi Digital noted “does little favor to assets like BTC, which tends to move inversely with USD.”BTC/USD vs. DXY Index (Inverted). Source: Delphi DigitalDelphi Digital said, “We continue to stress how important the U.S. dollar is in determining the direction of global markets, especially assets tethered to the currency debasement narrative.”Related: Bitcoin drops below $40K for first time in 3 months as fear set to ‘accelerate’“A good buying opportunity”Analysis on the current chart structure for BTC was offered by analyst and pseudonymous Twitter user ‘Resolute’ who posted the following chart highlighting the 42.5% decrease in BTC price from its highs in November. BTC/USDT 2-day chart. Source: TradingViewResolute said, “Conceivably a double bottom from the September 2020 low, after retracing Q4s move up. Currently trading below the 2d 200 EMA which has historically been a good buying opportunity.”Resolute’s observation that this may be a good area of accumulation was echoed by cryptocurrency trader and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet indicating a preference for opening a long as opposed to shorting the current market. I’d rather long than short here for #Bitcoin. pic.twitter.com/QUc8n58b8K— Michaël van de Poppe (@CryptoMichNL) January 10, 2022The overall cryptocurrency market cap now stands at $1.192 trillion and Bitcoin’s dominance rate is 40.9%.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.

Čítaj viac

Even after the pullback, this crypto trading algo’s $100 bag is now worth $20,673

Exactly one year ago, on Jan. 9, 2021, Cointelegraph launched its subscription-based data intelligence service, Markets Pro. On that day, Bitcoin (BTC) was trading at around $40,200, and today’s price of $41,800 marks a year-to-year increase of 4%. An automated testing strategy based on Markets Pro’s key indicator, the VORTECS™ Score, yielded a 20,573% return on investment over the same period. Here is what it means for retail traders like you and me.How can I get my 20,000% a year?The short answer is – you can’t. Nor can any other human. But it doesn’t mean that crypto investors cannot massively enhance their altcoin trading game by using the same principles that underlie this eye-popping ROI.The figure in the headline comes from live testing of various VORTECS™-based trading strategies that kicked off on the day of the platform’s launch. Here is how it works.The VORTECS™ Score is an AI-powered trading indicator whose job is to sift through each digital asset’s past performance and identify multi-dimensional combinations of trading and social sentiment metrics that are historically bullish or bearish. For example, consider a hypothetical situation where each time Solana (SOL) sees an extra 150% of positive tweet mentions combined with a 20% to 30% in trading volume against a flat price, its price spikes massively within the next two to three days.Upon detecting a historically bullish arrangement like this one in, say, SOL’s real-time data, the algorithm will assign the asset a strong VORTECS™ Score. The conventional cutoff for bullishness is 80, and the more confident the model is that the outlook is favorable, the higher the Score.In order to get a sense of how the model performs, starting from day one the Markets Pro team live-tested a number of hypothetical trading strategies based on “buying” all assets that cross a certain VORTECS™ Score and then “selling” them after a fixed amount of time.These transactions were executed in a spreadsheet rather than an exchange (hence no fees to eat off the gains), 24/7, and involved complex algorithmic rebalancing to ensure that at any given moment all assets that hit a reference Score are held in equal shares in the portfolio. In short, following these strategies was something only a computer could do.The winning strategy, “Buy 80, Sell 24 hours” entailed buying every asset that reached the Score of 80 and selling it exactly 24 hours later. This algorithm yielded a hypothetical 20,573% of gains over one year. Even among other humanly impossible strategies, it is an outlier: the second-best one, “Buy 80, Sell 12 hours,” generated 13,137%, and number three, “Buy 80, Sell 48 hours,” yielded a “mere” 5,747%.Down to earthWhat these insane numbers show is that the returns that high- VORTECS™ assets generated compounded nicely over time. But what’s the use if real-life traders could not replicate the compounding strategy? A more practical way to look at the VORTECS™ model’s performance is through average returns after high Scores. No fancy rebalancing, just a plain average price change that all high-scoring tokens demonstrated X hours after reaching the Score of Y. Here are the numbers:These look much more modest, don’t they? However, if you think of it, the picture that these averages paint is no less powerful than the mind-blowing hypothetical annual returns. The table demonstrates robust positive price dynamics after high Scores, averaging across all types of assets and in all market situations that occurred throughout the year.The trend is unmistakable: tokens that hit VORTECS™ Scores of 80, 85, and 90, tend to appreciate within the next 168 hours. Higher Scores are associated with greater gains: the algorithm’s stronger confidence in the bullishness of the observed conditions, indeed, comes with greater yields (although higher Scores are also rarer). Another important factor is time: the longer the wait after a reference threshold is reached, the greater the average ROI.GET MARKETS PRO RIGHT NOWIn this sense, rather than trying to follow the complex “Buy 80, Sell 24 hours” algorithmic strategy (which is, again, a futile exercise), real-life traders could maximize their fortunes by buying at higher Scores and holding for longer times.Varying predictabilityA separate stream of internal Markets Pro research looked at whether some coins are more prone than others to exhibit historically bullish trading conditions before dramatic price increases. This turned out to be the case, with tokens like AXS, MATIC, AAVE and LUNA leading the pack in terms of the most reliable positive price dynamics following historically favorable setups. Overall, the majority of frequent high-VORTECS™ performers delivered robust positive returns.After a full year in operation, these disparate pieces of quantitative evidence – the mind-bending ROIs of algorithmic live-testing strategies, high-VORTECS™ assets’ sound average gains, and individual coins’ steady average returns after high Scores – present a compelling case for the utility of the “history rhymes” approach to crypto trading.Obviously, a favorable historic outlook, captured by a strong VORTECS™ Score, is never a guarantee of an impending rally. Yet, an extra pair of algorithmic eyes capable of seeing through and comparing across billions of historical data points to alert you of digital assets’ bullish setups before they materialize can be an incredibly powerful addition to any trader’s toolkit.Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

Čítaj viac

Binance buys the dip adding over 43K Bitcoin to wallet

Bitcoin billionaires continue to accumulate during the dip. As Bitcoin (BTC) filled the $42 thousand December price wick this morning, Bitcoin whales were busy stacking sats.One address belonging to Binance added 43,000 BTC on Tuesday at an average price of $46,553.68, bringing the wallet’s total value to $5.5 billion. Elsewhere, the third-largest Bitcoin address continued its spending spree, adding another 551 BTC since Cointelegraph last reported it bought the dip, just two days ago. The wallet continues to aggressively accumulate in the $40 thousand range, now owning a total of 121,396 BTC or roughly $5 billion. There was some consternation on social media platforms about the wallet owner behind the $43,000 BTC buy, but Binance confirmed ownership of the address in a tweet sent out in 2019. For $BTCB, the $BTC reserve address is: 3LYJfcfHPXYJreMsASk2jkn69LWEYKzexbWe have just reserved 9001 BTC and minted 9001 BTCB. https://t.co/344lxlqsMaA trading pair on #Binance .com for BTCB/BTC will follow in a day or so, and we will issue a proposal on @Binance_DEX— Binance (@binance) June 17, 2019Related: Bitcoin Twitter flips bearish, community respondsThe intended use of wallet address “3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb” was for the company to issue a number of crypto-pegged tokens on Binance Chain, starting with BTCB, a BEP2 token pegged to BTC. However, the wallet appears to have evolved into a cold storage wallet for the world’s largest cryptocurrency exchange. In a tweet by advanced blockchain tracker @whale_alert in April last year, the wallet was again labeled as the Binance BTC reserve wallet address. Although the wallet has been used to mint 13,001 BTC onto the Binance Smart Chain, the owner has never sold a single Satoshi. Since June 17, 2019, it has accumulated a whopping 116,601.13647202 BTC. At the time of writing, the wallet is valued at roughly $4,982,770,577 or just shy of $5 billion. Talk about diamond hands.

Čítaj viac

Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike rates

Bitcoin (BTC) and the wider cryptocurrency market fell under as equities markets pulled back at the closing bell after minutes from the Federal Reserve’s December FOMC meeting showed that the regulator is committed to decreasing its balance sheet and increasing interest rates in 2022. As stock markets corrected, BTC price followed suit by dropping below $44,000, setting off a cascade of liquidations that reached $222 million in less than an hour. Total liquidations. Source: CoinglassData from Cointelegraph Markets Pro and TradingView shows that after oscillating around support at $46,000 for the past couple of days, Bitcoin was hit with a wave of selling that pulled the price to an intraday low of $43,717. BTC/USDT 4-hour chart. Source: TradingViewBased on the current situation, it is widely expected that the Fed will begin raising its benchmark interest rate in March, “which would mean that balance sheet reduction could start before summer.”Here’s a look at what crypto analysts are saying about the latest Bitcoin price drop in BTC and what could be in store in the weeks ahead as the easy money policies of the Fed come to an end and interest rates start to rise. Capitulation looms below $44,000A foreshadowing of Jan. 5’s pullback was offered by crypto analyst and pseudonymous Twitter user Rekt Capital who posted the following chart highlighting the “many similarities between this BTC range and May 2021.”BTC/USD 1-week chart. Source: TwitterRekt Capital said, “Both saw BTC consolidate inside two Bull Market EMAs (i.e., green 21-week & blue 50-week EMA). If BTC is to repeat history, a capitulation event could take place where BTC briefly deviates below the blue 50 EMA.”BTC needs to reclaim $46,000A more in-depth look at the price action from May was offered by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following chart detailing how BTC performed during the last sharp market pullback. BTC/USDT 4-hour chart. Source: Twittervan de Poppe said, “And the scenario of the drop beneath $46K is taking place on Bitcoin here. The question becomes will we be hanging here, taking the liquidity & breaking back above $46K? In that case, the bottom is in.”Should the price not break back above $46,000, the market could be in for an extended bear period that has the potential to see BTC retrace to the low $30,000 range.Related: President Biden is considering economists to fill Fed seats as leadership nominations move to Senate: ReportThe scenario currently facing the market was succinctly addressed in the following chart posted by options trader and pseudonymous Twitter user Nunya Bizniz.BTC price vs. RSI. Source: TwitterNunya Bizniz said, “BTC monthly: Drops below the current RSI level have been ugly. This time?”The overall cryptocurrency market cap now stands at $2.123 trillion and Bitcoin’s dominance rate is 39.4%.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.

Čítaj viac

Institutional tax-loss harvesting weighs on the Bitcoin price as 2021 comes to a close

2021 has been a breakout year for the cryptocurrency market as a whole despite the year-end struggles that have kept the price of Bitcoin (BTC) pinned below $48,000, much to the chagrin of the cadre of folks who had been calling for a $100,000 BTC moonshot. Data from Cointelegraph Markets Pro and TradingView shows that the past 24 hours have been a rollercoaster ride for the top cryptocurrency after a brief dip below $46,000 in the early trading hours on Dec. 30 was quickly bought up to push the BTC price back above $47,500 by midday. BTC/USDT 4-hour chart. Source: TradingViewHere’s a look at what several analysts in the market are saying about the year-end price action for Bitcoin and what to expect in 2022 as the mass adoption of blockchain technology and cryptocurrencies continues to unfold. Major resistance flips to supportAnalysis of Bitcoin price action on the monthly chart was discussed by market analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart highlighting how BTC has flipped a major resistance zone into support:BTC/USD 1-week chart. Source: TwitterAccording to Rekt Capital, “BTC has turned the February, August and September resistance into new support this month” and is looking for a monthly candle close above the green zone shown in the chart above to confirm this as a new support level. Regarding levels to watch in the days ahead, Rekt Capital is keeping an eye on the $48,500 price level as a gauge for the overall strength of BTC. The analyst said:“If BTC is able to reclaim ~$48500 as support by the end of the week then BTC could once again revisit ~$52000 resistance.”$52,000 is the biggest short-term hurdle for BTC Insights into the year-end weakness of Bitcoin’s price were offered by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who pointed the finger at institutional investors who appear to be “selling for tax reasons with a T+3 settlement… to settle on 12/31.”According to Lifchitz, the volatility of the past week is, in large part, due to weak liquidity in the market. He suggested that it wouldn’t be surprising to “see BTC back up to $50,000 in the next couple of days… as well as down to $46,000.”If bears manage to break below support at $46,000 and complete the large head and shoulder pattern forming on the BTC chart, Lifchitz suggested that “the next stop could be ultimately down to $30,000” but stated that “we’re still far from that and too obvious technical patterns tend to not complete as expected.” As far as upside levels, Lifchitz pointed to $52,000 as “the main hurdle which BTC has already failed twice.” He further stated that,“Should that resistance get overthrown, the next upside stops are the $60,000 region then $70,000 ATH.”A final word of caution was offered by Lifchitz regarding the upcoming Mt. Gox distribution of 146,000 BTC over the first half of 2022, which the chief information officer sees as having “the potential to reshuffle the cards big time.” Related: Mt. Gox rehabilitation plan is now ‘final and binding’No need to panicReassuring words for those traders who are worried about BTC’s most recent dip below $46,000 were expressed by the crypto trader and pseudonymous Twitter user Devchart. He posted the following chart showing that Bitcoin has been trading in a clearly defined range for most of December:BTC/USDT 4-hour chart. Source: TwitterDevchart explained:“Zoom out and you will see that we are just back to the bottom of the same range we have been oscillating on since December 3rd. No need to panic until we exit this range.”A similar outlook was offered by markets analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet indicating that there could be some short-term weakness in the market before ultimately heading higher. Pretty boring markets lately. Just a process of bottoming out for #Bitcoin. We’re retesting $46K as support, bounced, but we might need to take the liquidity beneath the lows before we’re going to make some upwards runs again.— Michaël van de Poppe (@CryptoMichNL) December 30, 2021The overall cryptocurrency market cap now stands at $2.237 trillion and Bitcoin’s dominance rate is 40.4%.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.

Čítaj viac

Analysts warn that possible downside wick could push BTC price as low as $44K

It looks as though the year-end rally that many crypto traders had hoped for will have to wait until 2022, as Bitcoin (BTC) bears gained the upper hand on Dec. 28 and hammered the price of BTC below support at $48,000. Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling broke through BTC support at $50,000 and was followed by a second wave in the early afternoon that dropped the top cryptocurrency to a daily low of $47,318 before bulls managed to stem the outflow. BTC/USDT 4-hour chart. Source: TradingViewHere’s a look at what several market analysts are saying about the reasons behind this latest correction and what to look out for as 2021 comes to a close. A bearish RSI divergence prior to the reversalInsight into the technical reasons for the year-end correction for BTC price was offered by options trader and pseudonymous Twitter user John Wick, who posted the following chart highlighting a bearish “fake out” as the price of Bitcoin began to reverse. BTC/USDT 4-hour chart. Source: TwitterWick explained:“We formed a double top that was clearly defined by bearish RSI divergence. Notice how price action trends up, while RSI was trending down. We also had a bearish Alpha Thrust & Squeeze fakeout.”Possible dip to $44,000Bitcoin’s continued struggles at the 21-week exponential moving average (EMA) was highlighted in the following chart from market analyst and pseudonymous Twitter user Rekt Capital. The weekly chart shows the difficulty BTC has had in breaking above the technical indicator. BTC/USD 1-week chart. Source: TwitterAccording to Rekt Capital, the price action for Bitcoin is similar to a scenario that occurred back in May “whereby Bitcoin is experiencing a multi-week consolidation between the two bull market EMAs,” and the price could soon revisit the $44,000 level. He continued:“Historically, BTC has performed downside wicks into the orange area during this red retest so there’s scope for another revisit of orange.”Related: Bitcoin daily losses near $4K as S&P 500 hits 69th all-time high of 2021Waiting for a breakout above $52,000Suggestions as to what traders should be on the lookout for in the days and weeks ahead were offered by analyst and pseudonymous Twitter user “Don Alt,” who posted the following chart showing that Bitcoin is in a “pretty clean downtrend, for now.”BTC/USD 1-day chart. Source: TwitterDon Alt indicated that there is not much to see with BTC continuing to trade in a range at these current levels. He is now waiting for a clear break above the first red resistance zone on the chart above, which is located near $52,000. Don Alt further explained:“I start getting hopeful above $52,000, above $60,000 the raging bull market is back on. Until either of those happens, I’m gonna look for deep wicks and focus on other more exciting things.”The overall cryptocurrency market cap now stands at $2.234 trillion and Bitcoin’s dominance rate is 40.3%.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.

Čítaj viac

Traders delay $100K Bitcoin prediction, but still expect a blow-off top in 2022

Bullish traders that drank the “Bitcoin to $100,000 by year-end” Kool-Aid are now coming to terms with the fact that there may be no Santa Claus rally to wrap up 2021. At the moment, the pipe dream has morphed into simple hopes that the top cryptocurrency can at least finish the year above $50,000. Data from Cointelegraph Markets Pro and TradingView shows that the bounce in price seen in BTC following remarks from Federal Reserve Chair Jerome Powell has pretty much evaporated and over the past 48-hours the price has swept fresh lows at $45,500 and from the look of things, the price could drop even further.BTC/USDT 4-hour chart. Source: TradingViewHere’s a look at what traders think about Bitcoin’s current price action and what could be in store for the remainder of 2021.Bitcoin’s consolidation mirrors May’s price actionPseudonymous Twitter analyst, ‘Rekt Capital’, compared the current price action to the consolidation seen in May through July.BTC/USD 1-week chart. Source: TwitterRekt Captial said, “BTC is still consolidating inside these two key bull market EMAs. Just like in May 2021 (yellow circle).” If a similar pattern were to play out, the price of BTC could continue to consolidate and drift lower for another 6 to 8 weeks before resuming its uptrend. $44,000 could be the “bottom”A similar scenario was forecast by Cointelegraph contributor Michaël van de Poppe, who posted the following chart outlining a rough sketch of how BTC price action could unfold over the next couple of months. BTC/USDT 4-hour chart. Source: TwitterBased on the chart provided, van de Poppe sees the possibility of another drawdown to the $44,000 range which will be followed by a return to the current levels for a brief consolidation period and then a resumption of the uptrend. Related: Analyst lists 21 factors calling for Bitcoin price upside — But just 4 bearish signalsSwings in sentiment don’t change the underlying strengthA final bit of insight came from cryptocurrency analyst ‘TechDev’, who posted the following chart detailing a more macro view of BTC’s price action after each halving cycle.BTC price during each halving cycle. Source: TwitterTechDev identified two previous instances where BTC price saw intense periods of volatility only to be followed by a late stage rally and blow-off top scenario to a new all-time high.TechDev said, “Despite multiple swings in sentiment over the last 2 weeks, Bitcoin is in the same macro position.”Follow-up tweets and responses pointed to a generally bullish outlook for BTC in the long term for TechDev, who stated that “all eyes on the retracement levels.”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.

Čítaj viac

Here’s why Bitcoin traders expect choppy markets for the remainder of 2021

Inflation concerns and a general sense of trepidation about the future of the global economy continue to put a damper on Bitcoin and altcoin prices and currently the Crypto Fear and Greed index is solidly in the ‘fear’ zone where it has been parked since the beginning of December. Crypto Fear & Greed Index. Source: AlternativeDespite the brief bump in prices seen across the markets following the recent Federal Open Market Committee (FOMC) meeting where Fed Chair Jerome Powell indicated that interest rates would remain low for the time being, the overall sentiment in the crypto market continues to wane, signaling that 2021 could end on a bearish note.BTC price could dampen due to macro concernsIn a recent report from Delphi Digital, analysts noted that the price of Bitcoin (BTC) has been seen to closely track changes in sentiment during market downturns and it can often take some time for the trend to reverse. BTC price vs. Crypto Fear & Greed Index. Source: Delphi DigitalDelphi Digital went on to say that the current technical setup for BTC “leaves much to be desired” especially after the price fell back under the 200-day exponential moving average and is in the process of testing its 200-day simple moving average. A similar setup was seen was following the major market pullback in May 2021 and it was another two months before BTC was able to find a local bottom. BTC/USD vs. 200-day EMA & SMA. Source: Delphi DigitalCoinciding with the market pullback in May and the recent weakness and volatile market conditions is an increase in the volume of stablecoins transacted. The volume transacted on Dec. 14 spiked to $57 billion whereas the daily average had been consistently between $10 to $20 billion. Daily stablecoin transfer volume. Source: Dune AnalyticsA similar spike in stablecoin volume was observed during the pullback in May, leading Delphi Digital to warn that both BTC and Ether (ETH) could see their prices oscillate for the remainder of the year. Delphi Digital said, “Given this, the most likely path forward is more choppy/sideways price action heading into year-end, though any major risk-off event or volatility spike that punishes risk assets would likely drag on BTC and the broader crypto market as well.”Related: Historically accurate ‘momentum indicator’ hints at possible Bitcoin breakout aheadThe market is gearing up for a rally in Q1 2022A similar expectation of choppy markets was expressed by the crypto analytics firm Jarvis Labs, which also pointed to some early “bottoming” signals according to a wide array of data.BTC/USD vs. 30-day returns. Source: Jarvis LabsJarvis Labs highlighted evidence that shows retail traders buying the recent dip and other signs which point to whales accumulating in the current range, but the analysts also noted that the short-term holder realized price is $53,000 and recommended caution for traders “until this level is flipped.” In summary, Jarvis Labs stated that $42,000 is now the local bottom for BTC, but warned that it needs to recover $53,000 soon. The overall cryptocurrency market cap now stands at $2.233 trillion and Bitcoin’s dominance rate is 40.6%.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.

Čítaj viac
Načítava

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy