Bitcoin Peaks At Highest Value In 2 Months Above $65,000: Bull Run Predictions

For the first time in nearly two months, Bitcoin (BTC) has surpassed the $65,000 mark, marking a significant recovery following two notable downturns in August and September. During these crashes, Bitcoin experienced a steep decline of 20% on two separate occasions, specifically on August 5 and September 6.  However, as October approachesa month often associated with a bullish resurgence for Bitcoinmarket predictions are increasingly optimistic, suggesting that the cryptocurrency might be gearing up for another major uptrend. Could Bitcoin Reach $79,000 In October? On Thursday, Bitcoin recorded a 3% increase within a 24-hour period, reaching a price of $65,500. This upward movement has sparked discussions among analysts about whether this signals the start of a parabolic bull run. Related Reading: BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion  Crypto investor Scott Melker expressed this sentiment, emphasizing that Bitcoin is currently attempting to establish its first higher high since peaking at $74,000 in March of this year.  Melker noted that closing above $65,000 would confirm a new upward trend, transitioning from the lows of $50,000 observed in August. This patterna low, high, higher low, and higher highsuggests a bullish market structure replacing the previous bearish trends. Historically, October has been a strong month for Bitcoin, with analysts like Lark Davis pointing out that the average return during this month is approximately 22.90%.  If Bitcoin were to experience a similar increase this year, it could potentially rise to around $79,000, surpassing its previous all-time high and overcoming key resistance levels. Such a move would set the stage for a powerful rally into November according to Davis analysis. Record-Breaking Performance In September In a further analysis, Rekt Capital provided insights into Bitcoin’s recent performance. He noted that September, often viewed negatively, turned out to be the best September for Bitcoin on record, with a 9% increase.  Rekt also highlighted historical patterns related to Bitcoins Halving cycles, indicating that Bitcoin typically breaks out from its re-accumulation range approximately 154 to 163 days post-Halving.  Currently, Bitcoin is 159 days past its last Halving that took place in April of this year. Based on previous cycles, Rekt believes that this timing suggests that a breakout could be imminent, reinforcing the idea that Bitcoin is well-positioned for significant gains in the near future. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? The current resurgence can be attributed to the US Federal Reserve’s (Fed’s) dovish stance and recent 0.50% basis point (bps) interest rate cut on September 18, which was seen as a notable bullish catalyst not only for BTC but also for the broader market, which has followed Bitcoin’s performance to the upside in recent days.  In addition, last week saw a resumption of inflows into the Bitcoin ETF market, following steady outflows throughout August and early September. For instance, US spot Bitcoin ETFs had a total net inflow of $106 million on Wednesday, continuing their net inflows for 5 consecutive days. BlackRock’s IBIT ETF had an inflow of $184 million. Overall, there seems to be a combination of bullish catalysts in place for the market’s largest cryptocurrency to continue its recovery, with massive gains expected in the last half of the year and early 2025.  Featured image from DALL-E, chart from TradingView.com

View Details

BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion

In less than nine months since the launch of its Bitcoin exchange-traded fund (ETF) following the approval of these investment vehicles by the US Securities and Exchange Commission (SEC), asset manager BlackRock has established itself as the world’s largest Bitcoin fund.  A Tale Of Two Titans In Bitcoin And Ethereum Holdings According to on-chain data from blockchain analysis platform Arkham, BlackRock has aggressively expanded its Bitcoin holdings through its ETF, known as IBIT over the last months.  Despite recent market volatility that saw significant dips in Bitcoin’s price on August 5 and September 6, BlackRock continued to buy more Bitcoin, thereby supporting not only the tokens value but also its own asset base.  Related Reading: Ethereum Gains On Bitcoin Following Fed Rate Cut: Altseason Soon? As of September 25, BlackRock’s holdings have reached approximately 358,000 BTC, valued at around $22.76 billion, representing about 1.70% of Bitcoin’s total supply of 21 million. In comparison, BlackRock’s Bitcoin holdings exceed those of Grayscale, another major crypto asset manager in the industry, by nearly 100,000 BTC. Grayscale currently holds approximately 258,671 BTC, valued at $16.45 billion, highlighting the significant gap that BlackRock has created in the BTC investment landscape. While BlackRock has taken a commanding lead in Bitcoin, Grayscale maintains an advantage in Ethereum (ETH) holdings. Arkham’s data indicates that Grayscale possesses 2.104 million ETH, valued at roughly $5.45 billion based on the current trading price of $2,600 per ETH. In contrast, BlackRock’s Ethereum holdings amount to only 349,970 ETH, valued at approximately $910 million. BlackRock Strengthens Bitcoin Stance BlackRocks support for Bitcoin extends beyond mere investment; it includes a strong endorsement of the technology underpinning the cryptocurrency. In a recent interview with Bloomberg, Robbie Mitchnick, head of digital assets at BlackRock, challenged the prevailing notion that Bitcoin should be categorized as a risk-on asset.  During Tuesday’s interview, Mitchnick noted that while Bitcoin has recently shown a high correlation with US equities, this relationship may be misleading. The head of digital assets at BlackRock noted that risk-on assets, such as stocks, commodities, and high-yield bonds, perform well during periods of market optimism and economic growth. Conversely, assets like gold are sought after in times of uncertainty, providing a safe haven for investors.  Mitchnick drew parallels between Bitcoin and gold, saying “gold shows a lot of the same patterns”, referring to their temporary correlations with equities. He emphasized that the long-term correlation between BTC and traditional financial assets is close to zero. Related Reading: Solana (SOL) Consolidates in Symmetrical Triangle Analyst Reveals $160 Target On Breakout One of BTC’s defining characteristics is its decentralized nature, Mitchnick added. No single country or government controls it, he said, which adds to its appeal as a global monetary alternative.  Mitchnick went on to highlight Bitcoin’s scarcity, global reach and decentralized framework, describing it as a “non-sovereign asset”. He pointed out that BTC has no specific country risk and no counterparty risk, making it a compelling option for investors looking to diversify their portfolios. At the time of writing, the largest cryptocurrency on the market has given back some of the gains made during Tuesday’s trading session, after hitting a one-month high of $64,700. Currently, BTC is trading at $63,220, down a slight 0.3% over the 24-hour period. Featured image from DALL-E, chart from TradingView.com

View Details

MicroStrategys Bitcoin Stash Exceeds 250,000 BTC Following Half-Billion Dollar Acquisition

Business intelligence firm MicroStrategy, led by Bitcoin (BTC) bull Michael Saylor, announced on Friday a successful $1.01 billion raise through the sale of convertible senior notes, a strategic move aimed at acquiring more BTC and redeeming higher-yielding securities. MicroStrategy Invests Additional $458 Million In BTC Of the funds raised, MicroStrategy allocated $458 million to purchase additional Bitcoin between September 13 and September 19, further bolstering its position as the cryptocurrency’s largest publicly traded corporate holder. As of September 19, the company reported holding approximately 252,220 Bitcoin, valued at around $15.8 billion.  Related Reading: Analyst Predicts A Solana Price Crash To $80 If This Happens The convertible notes issued by MicroStrategy carry an interest rate of 0.625% and will mature in 2028. This marks the fourth time this year that the company has turned to the convertible note market to finance its Bitcoin acquisitions.  In conjunction with the new issuance, MicroStrategy is redeeming $500 million of higher-interest 6.125% notes due in 2028, reflecting a strategic shift to lower borrowing costs while expanding its crypto portfolio. Co-founder and Chairman Michael Saylor has played a pivotal role in shaping MicroStrategy’s identity as a cryptocurrency investment vehicle since the company first ventured into Bitcoin in 2020.  Under his leadership, the firm has transformed from a traditional enterprise software maker into a de facto crypto hedge fund, demonstrating a bold commitment to digital assets amid market fluctuations. MicroStrategy’s stock has also seen significant gains this year, more than doubling in value and outperforming Bitcoin’s approximately 50% increase over the same period. The latest acquisition follows MicroStrategys earlier purchase of 18,300 Bitcoin, valued at roughly $1.11 billion last week. Bitcoin Price Analysis Following what has been deemed a bullish catalyst, the broader cryptocurrency market has responded positively to the US Federal Reserve’s announcement on Wednesday of a 0.50% basis point rate cut.  This decision contributed to the recovery over the past week after Bitcoin’s price retraced to as low as $52,640 on September 6. Bitcoin has managed to reclaim the $63,000 mark, aiming to consolidate above this critical level for the last 24 hours.  Market analyst Ali Martinez points out that this price point coincides with Bitcoins 200-day simple moving average (SMA) on its BTC/USDT daily chart, which Martinez identifies as a pivotal threshold for the anticipated bull run in the latter part of the year. Historically, failures to maintain this support level have led to significant corrections, as observed in 2020, 2018, and 2014. Martinez warns that a rejection at this level could signal trouble for Bitcoins future price trajectory. Related Reading: XRP Price Surge Could Hit 9,470% Analyst Predicts $27 Target In Bold Forecast To mitigate the risk of a sharp decline, key support floors have been spotted at $61,700 in the short term, with the $60,000 mark serving as an essential threshold to prevent further price drops.  In addition, introducing new liquidity into the market could significantly boost the Bitcoin price, as the Fed’s decision may boost investor confidence in riskier assets such as BTC.  A successful break and consolidation above $63,000 could set the stage for a potential challenge of the next resistance level at $64,000 in the coming days. Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback?

As the broader cryptocurrency market experiences notable gains following the Federal Reserve’s rate cuts, Bitcoin (BTC) has reached a price of $63,670 on Thursday, marking substantial bullish momentum since late August. This surge has sparked increased interest from both retail traders and institutional players, leading to diverse positioning within the market. Divergence In Trader Strategies [...]

The post Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback? appeared first on Crypto Breaking News.

View Details

Bitcoin Ends August Down 8%: What To Expect From Historically Bearish September

The Bitcoin (BTC) price performance in August resulted in losses of 8.6% for the largest cryptocurrency, exacerbating the bearish sentiment in the market since reaching all-time highs of $73,7000 in March of this year. Since then, BTC has been unable to consolidate above key levels.  However, this may not be the end of the bearish momentum, as a recent analysis from research firm CryptoQuant suggests that the bearish trend will continue into September. Challenging September For Bitcoin According to CryptoQuant, the September outlook appears similarly challenging for BTC. Their recent analysis highlights that August’s performance, marked by the so-called “BOJ (Bank of Japan) crash” in early August that sent the token to a six-month low of $49,000, has left BTC unable to recover above the $65,000 mark since then.  Related Reading: Solana Price (SOL) Turns Red: Key Supports That May Spark a Bullish Upside? In addition, historical data suggests that September is typically a bearish month for Bitcoin, with six of the last seven Septembers closing in the red, averaging a loss of around 4.5%. The firm believes that if this trend continues, the BTC price could fall to around $55,000 by the end of the month. Despite the bearish outlook, CryptoQuant believes the situation may not be as dire as it seems. They anticipate that Bitcoin will find strong support around the $54,000 level, a price point it successfully bounced from in July before surging towards $70,000.  Long-Term Confidence Indicator In the coming days, the firm warned to watch this week’s economic data, particularly the Unemployment Claims report on September 5th and the Non-Farm Payroll (NFP) data on September 6th.  However, CryptoQuant suggests that there are tempered expectations regarding the impact of these macroeconomic metrics on cryptocurrency prices, noting that their influence has diminished in recent weeks. Related Reading: XRP Price Struggles: Can It Break Free from the Downtrend? Moreover, the volatility curve for Bitcoin is expected to steepen as shorter-term volatility decreases. Interestingly, there is evidence of ongoing bullish sentiment in the medium term despite the recent retracements, as traders roll out long call options for both Bitcoin and Ethereum (ETH).  For instance, a notable purchase of a 200x call option for Bitcoin, expiring in March 2025 with a strike price of $120,000, has increased its open interest to 2,100 contracts. This indicates that, despite current market conditions, there remains a strong belief among some investors that Bitcoin will appreciate in value over the longer term. When writing, the largest cryptocurrency on the market is trading at $58,400, down 0.2% over the past 24 hours and 5.5% over the past 30 days. Despite these ongoing price corrections, CoinGecko data shows that BTC is still up 126% since the beginning of the year, making it one of the best-performing tokens.   Featured image from DALL-E, chart from TradingView.com

View Details

Massive Bitcoin Rally Predicted For Next 6 Months After Fed Rate Cut

As the crypto community awaits the Federal Reserve’s (Fed) rate cut announcement on September 18, the stakes are high for Bitcoin (BTC) and the broader financial landscape. This upcoming decision marks the first central bank rate cut since the Fed slashed its key rate to near zero in March 2020 amid the COVID-19 pandemic.  Will A [...]

The post Massive Bitcoin Rally Predicted For Next 6 Months After Fed Rate Cut appeared first on Crypto Breaking News.

View Details

Bitcoin Alert: Analyst Predicts New Blood Monday With 0.50% Fed Rate Cut Looming

As Bitcoin (BTC) grapples with a challenging market environment, it has struggled to regain momentum, hovering around the $53,000 and $60,000 levels for six consecutive weeks.  After losing the crucial $70,000 threshold on August 1, the largest cryptocurrency remains at risk of further declines, particularly with the upcoming Federal Reserve (Fed) meeting on September 18, [...]

The post Bitcoin Alert: Analyst Predicts New Blood Monday With 0.50% Fed Rate Cut Looming appeared first on Crypto Breaking News.

View Details

Crypto Trends To Watch: Analyst Details 10 Reasons That Could Lead To Massive Q4 Gains

As the crypto market grapples with significant volatility and uncertainty, expert analyst Miles Deutscher has outlined ten reasons to be optimistic about the year’s fourth quarter (Q4). With Q4 fast approaching, Deutscher emphasizes that a monumental market shift could catch many investors off guard. Trends And Factors That Could Impact The Crypto Market In a recent social media post, Deutscher broke down his analysis into seasonality, macroeconomic factors, and crypto-specific elements.  Deutscher begins by discussing the concept of seasonality, noting that market movements often follow cyclical patterns. Related Reading: Ethereum In Danger: Analyst Explains What Could Trigger Crash To $1,800 Historically, Q4 has proven to be the strongest quarter for equities, with the S&P 500 gaining an average of 3.8% since 1945 and rising 77% of the time. Bitcoin (BTC) has also shown notable performance during this period, averaging a return of 88.84%. Deutscher points to the previous two Halving years, where Bitcoin saw gains of 58.17% in 2016 and 168.02% in 2020. He notes that Q3 typically represents a challenging period for BTC, making the upcoming months particularly significant. The period from October to April is often regarded as crypto’s “boom season,” further underscoring the potential for gains. Moving beyond seasonal trends, Deutscher highlights several macroeconomic factors that could impact the crypto market. With the US federal election just two months away, he suggests a Trump presidency could be more favorable for the market. However, a Kamala Harris win would not be catastrophic. Current odds from Polymarket indicate a near 50/50 split on the election outcome. Deutscher also points to cooling inflation rates and the anticipation of Federal Reserve rate cuts as pivotal elements. The recent Consumer Price Index (CPI) reading is the lowest since February 2021, and a Fed pivot could be imminent. He explains that while rate cuts are often viewed negatively, historical data shows they can be bullish during non-recessionary periods. Additionally, a potential weakening of the US dollar, resulting from rate cuts, would likely benefit risk assets, including Bitcoin. Deutscher emphasizes that Bitcoin is highly correlated with global liquidity and is forecasted to continue rising into 2025, creating a favorable environment for cryptocurrency. Bullish On Long-Term Growth Prospects In the realm of crypto-specific dynamics, Deutscher notes that many retail investors have been flushed out of the market. Metrics such as Google Trends and social engagement indicate a significant drop in retail participation, suggesting that those remaining may be better positioned for potential gains. The analyst also observes a decline in the Coinbase app’s rankings, which previously surged during market highs. This trend points to a broader sense of apathy among retail investors, but Deutscher believes that such off-side positioning could pave the way for aggressive market expansion. Related Reading: Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls Furthermore, Deutscher highlights the upcoming repayment of $16 billion to FTX creditors. Unlike the previous cash drain associated with the Mt. Gox refunds to affected users, these paybacks could inject liquidity into the market, with many users likely to reinvest their capital. Ultimately, it is clear that Deutscher presents a bullish case for Q4, and why it could be a turning point for the crypto market. While he acknowledges that volatility is natural in the digital asset ecosystem, he remains optimistic about significant gains in the medium to long term. When writing, the largest cryptocurrency on the market is trading at $57,880, recording losses of nearly 4% in the 24 hours.  Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Shakeout Ahead: Analysts Predict Final Dip Before Bull Run Resumes

The Bitcoin market has seen some consolidation since Monday, maintaining a price above the $56,000 mark after a brief drop from $65,000 to around $52,600 last Friday.  However, one analyst suggests that the bearish sentiment may still be ongoing, with expectations of a potential revisit to lower levels before a significant upward movement. BTCs Future Price Action In Focus Crypto analysts known as VirtualBacon on X (formerly Twitter) have raised concerns about an impending huge Bitcoin shakeout. In the coming 2-3 weeks, the analyst explains that Bitcoin could experience one last decline before initiating a bull run.  Panic is everywherepeople are calling for lows in the $40,000s, claiming the bull run is over, VirtualBacon noted. Yet, he argues that whether Bitcoin dips to $45,000, $48,000, or even $43,000, a bull run remains on the horizon. This period often sees a shakeout of many holders right before significant rallies. Related Reading: Solana (SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish Momentum While the current charts indicate lower highs and lower lows, suggesting a downtrend, VirtualBacon believes that a prolonged bear market appears unlikely. The primary driver of this sentiment is the anticipated liquidity injection and interest rate cuts by the Federal Reserve, conditions that typically favor a bull run, particularly looking ahead to 2025. Another crucial aspect of VirtualBacons analysis lies in Bitcoin’s key support levelthe 100-week Exponential Moving Average (EMA). This level has historically marked the end of bear markets, with Bitcoin bouncing off similar levels in 2015 and 2019.  Currently, this support level sits around $45,000, with various technical indicators, including Fibonacci retracements and high-volume nodes, suggesting strong support in the $43,000 to $49,000 range. Even if Bitcoin does dip into this range, the analyst believes it would likely be a temporary “wick” rather than a sustained drop. VirtualBacon also highlights that some traders speculate about around $50,000 to $51,000. However, this could be risky; a touch at these levels might trigger a cascading liquidation event that could push prices to $44,000. How Upcoming Fed Decisions May Fuel Bitcoin Bullish Momentum Historically, September has been a weaker month for Bitcoin. However, the upcoming monthsOctober, November, and Decembertend to show more bullish trends. VirtualBacon notes that over the last decade, eight out of ten Octobers have ended positively for Bitcoin, with November also historically strong. The backdrop of this market analysis coincides with the Federal Reserve’s upcoming Federal Open Market Committee (FOMC) meeting, where the analyst predicts a 70% chance of a 25 basis point rate cut and a 30% chance of a double cut.  VirtualBacon notes that this could initiate a 12-month liquidity injection cycle that typically boosts risk assets like BTC and propels the leading cryptocurrency above current all-time high levels of $73,700. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December Despite the prevailing fear in the market, as the Fear and Greed Index indicates, the analyst argues that this fear may be irrational, especially with the impending monetary policy shifts. As the Fed begins to cut rates, sentiment is expected to shift rapidly, potentially leading to renewed interest and investment in Bitcoin. BTC trades at $56,930 when writing, recording a slightly 0.7% gain in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

View Details

Michael Saylor Predicts Bitcoin Will Hit $13 Million, Reveals Expected Date

Michael Saylor, co-founder and Executive Chairman of the business intelligence firm MicroStrategy and a well-known Bitcoin advocate, recently reiterated his bullish stance on the leading cryptocurrency during an exclusive interview with CNBC on Monday. Saylor’s Bitcoin Price Forecast Saylor, recognized for steering his company towards significant BTC investments to capitalize on its continuous growth, projected [...]

The post Michael Saylor Predicts Bitcoin Will Hit $13 Million, Reveals Expected Date appeared first on Crypto Breaking News.

View Details

MicroStrategys Michael Saylor Reveals Bitcoin Holdings Top $1 Billion

In a bold display of faith in the future of the largest cryptocurrency on the market, Bitcoin (BTC), MicroStrategy co-founder and executive chairman Michael Saylor has disclosed that he owns around $1 billion. Saylor’s Bitcoin Vision Unshaken In a recent interview with Bloomberg Television, Saylor disclosed that he has been steadily accumulating Bitcoin over the [...]

The post MicroStrategys Michael Saylor Reveals Bitcoin Holdings Top $1 Billion appeared first on Crypto Breaking News.

View Details

Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive Key Reasons Why

In the aftermath of a tumultuous week that saw Bitcoin (BTC) plummet to a seven-month low of $49,000 on Monday, global financial markets were rattled by a significant downturn, sparking concerns across stock exchanges and the crypto sphere.  However, amid the chaos, Bitwise’s Chief Investment Officer Matt Hougan analyzed the drivers behind the recent market [...]

The post Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive Key Reasons Why appeared first on Crypto Breaking News.

View Details

Bullish Bitcoin News? US Federal Reserve Set To Implement Three Rate Cuts This Year

As global economic uncertainty looms, Bitcoin (BTC) has experienced increased volatility and is struggling to maintain its footing above critical resistance levels lost over the past month. The largest cryptocurrency on the market remains in a precarious position, but emerging signs could bode well for the BTC price and the broader crypto ecosystem. Feds Rate [...]

The post Bullish Bitcoin News? US Federal Reserve Set To Implement Three Rate Cuts This Year appeared first on Crypto Breaking News.

View Details

Signs Of A New Crypto Winter? Warren Buffetts $1 Billion Stock Sales Spark Market Crash Fears

Amid growing global economic uncertainties looming over financial markets, including crypto, Warren Buffett has made a significant move by selling an additional $982 million worth of Bank of America stock.  Buffetts Sale Of Bank Of America Shares According to Bloomberg, this sale marks the continuation of his conglomerate’s reduction of investments in the second-largest US [...]

The post Signs Of A New Crypto Winter? Warren Buffetts $1 Billion Stock Sales Spark Market Crash Fears appeared first on Crypto Breaking News.

View Details

Bitcoin Market Update: Analyst Sees 65% Chance Of Retest Before Surge To $68,000

Bitcoin (BTC) has regained significant momentum over the past week, breaking free from the $49,000 lows it reached during the broader market crash on August 5. Since the past seven days, the flagship cryptocurrency has surged over 8%, climbing above the critical $63,000 level and reaching as high as $65,000 on Sunday. This latest rally has crypto analysts optimistic about Bitcoin’s prospects for further upside, with some eyeing a potential move towards $68,000 soon. However, not all technical experts are convinced the path forward will be completely smooth sailing. Two Paths To $68,000 Bitcoin Crypto analyst Doctor Profit, who has a notable track record of accurately predicting price movements dating back to BTC’s $50,000 territory during the August 5 crash, is now targeting $68,000. A detailed report outlines that the key lies in Bitcoin’s interaction with the $63,900 line on the 6-hour chart. Related Reading: Ethereum Price Eyes Fresh Gains: Another Increase on the Horizon? According to Doctor Profit, there are two different paths for Bitcoin’s journey to $68,000. The first is for Bitcoin to maintain its position above the $63,900 level, paving the way for a quick rise to the projected $68,000 price.  The second scenario involves a temporary dip below $63,900 followed by a retest of the 50-day exponential moving average (EMA) at $61,900 before rising above $64,000 and moving towards $68,000. This latter scenario is seen as the more likely outcome, with Doctor Profit assigning a 65% probability to a retest of the $61,900 EMA support level before a push towards $68,000.  What Open Interest Heatmap Suggests Lending credence to the possibility of a short-term pullback, technical analyst Ali Martinez observes that Bitcoin appears to be trading within a parallel channel on lower time frames. Martinez suggests a break below the $63,500 support could see BTC drop as low as $62,800 before potentially bouncing. Adding another layer to the analysis, the trading platform Hyblock highlights the importance of the Open Interest (OI) Heatmap in gauging market sentiment.  The current open interest of $61,000 suggests a possible correction on the horizon, as the platform pointed out that BTC usually chases these zones, and this possibility increases after Bitcoin’s 8% surge last week.  Related Reading: Crypto Analyst Says Cardano (ADA) Is Set For 1,000% Rally To $4.29, Heres Why While this may indicate a short-term pullback, a successful retest of lower support levels could set the stage for a strong recovery and a retest of higher resistance levels, assuming demand remains consistent. At the time of writing, the largest cryptocurrency on the market is trading at $63,450, recording losses of over 1% in the 24-hour time frame after hitting the $65,000 mark late Sunday for the first time since August 1.  Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech

In a week marked by economic anticipation and turbulence, the crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a dovish tone, indicating that the central bank is open to further interest rate cuts in the coming months to address potential cooling in the labor market. This stance was positive for risk assets like Bitcoin, as it signals a more accommodative monetary policy stance from the Fed. Related Reading: Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14% Indeed, the Bitcoin price rapidly breached the $62,000 mark, a level it had not seen in over a week, as investors reacted positively to Powell’s comments. However, the rally was short-lived, as the price subsequently retreated to around $60,800. According to crypto analyst Inspo Crypto, Bitcoin now faces a critical juncture:  We have to wait and see if Bitcoin consolidates below $61,000 again or heads towards the lower end of the upward channel, which is right at $60,000. If that breaks, we still have a safety net at $59,500. However, if BTC stays above $61,000 and the selling pressure eases, it could be an interesting and, above all, bullish weekend. Key Indicators Flip Positive Another analyst, Rekt Capital, noted that the Bitcoin price still lacks a daily close above $62,000, which would be needed to confirm a continuation of the recent price recovery.  However, Rekt Capital suggested that Bitcoin could form a bullish flag pattern, similar to the one seen in early March 2024, which could enable a move towards $65,000 or higher over time. Market expert Ali Martinez highlighted a positive development, noting that Bitcoin’s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.  This, Martinez suggests, could further bolster the case for continuing the price recovery witnessed over the past two weeks after Bitcoin briefly dipped to a 6-month low of $49,000 earlier this month. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, Whats Going On? Looking ahead, Martinez has identified two crucial resistance levels to watch for Bitcoin: $64,045 and $66,250. According to Martinez, if the cryptocurrency can maintain support at $60,365, a move toward these higher price points could be in the cards.  https://www.tradingview.com/x/V0tMHEUY/ For now, the Bitcoin price seems to have stabilized around $61,600 after the notable spike in volatility minutes after Powell’s speech. CoinGecko data shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.  It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week’s price movement before the expected monthly close.

View Details

Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level

After experiencing a significant 25% pullback earlier this month, plunging to the $49,000 level, the king of cryptocurrencies, Bitcoin (BTC), has managed to consolidate above the crucial $60,000 support for the last 24 hours. However, Bitcoin’s journey toward further price appreciation has been without obstacles. The digital asset has been unable to surpass higher resistance [...]

The post Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level appeared first on Crypto Breaking News.

View Details

Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target

Bitcoin is seeing an uptick following its recent reclaim above the $60,000 mark in the past day. Amid this price performance, renowned crypto analyst Mags on Elon Musk’s social media platform X shared his latest asset analysis. According to Mags, Bitcoin could be poised for a major rally, driven by factors related to the USDT dominance (USDT.D) and the forming technical chart patterns. Related Reading: September 10: A Bitcoin Game Changer, Says Hedge Fund Founder Bitcoin On The Verge Of A $72,000 Rally? Mags explained that the inverse correlation between USDT dominance and Bitcoins price is a key indicator to watch. USDT dominance refers to the market share of Tether (USDT) in the overall cryptocurrency market, and its movements can often signal shifts in Bitcoins price. Mags pointed out that USDT.D recently broke down from a strong trendline support and is currently testing the point of breakdown, which could lead to forming a bear channel. Meanwhile, Bitcoin forms a broadening wedge pattern, typically seen as a bullish continuation signal. If USDT.D continues to decline, Mags anticipates that Bitcoin could see a notable “leg up,” potentially pushing the price to $72,000 or higher. #Bitcoin pump incoming ? If you’ve been paying attention to USDT.D, you already know about the inverse correlation between USDT.D and BTC. Looking at the chart, USDT.D broke down a strong trendline support and is currently testing the point of breakdown with a possible pic.twitter.com/lqZ6SPCgaQ Mags (@thescalpingpro) August 22, 2024 Volatility on the Rise: A Catalyst for BTC’s Next Move? In addition to the technical indicators, another factor contributing to the growing anticipation of a Bitcoin price surge is the recent increase in market volatility. Bitcoins volatility has surpassed levels not seen in the past months and has continued to rise, which could be a potential catalyst for Bitcoin to see a significant break out towards the upside. Crypto analyst Daan Crypto Trades highlighted this development in a recent X post, noting that after a period of low volatility, Bitcoins volatility levels are ramping back up, approaching the levels seen earlier this year during the assets all-time highs. Related Reading: Bitcoins MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift? Daan Crypto Trades emphasized that this volatility increase is needed to end Bitcoins consolidation, potentially leading to a decisive price movement in one direction or the other. #Bitcoin After a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all time highs. It’s what’s eventually needed to put an end to this massive consolidation in one way or another pic.twitter.com/CHoZXHk5K4 Daan Crypto Trades (@DaanCrypto) August 21, 2024 Featured image created with DALL-E, Chart from TradingView

View Details

Bitcoin Derivatives Signal Major Risk Of Explosive Short Squeeze Rally Ahead

As the world’s largest cryptocurrency, Bitcoin (BTC), continues to consolidate between the $58,000 and $60,000 price range with no clear direction, a bullish signal from the derivatives market suggests the potential for sudden and sharp rallies ahead for BTCs price. Data Shows Aggressive Bitcoin Shorting According to crypto research firm K33 Research, the funding rate for Bitcoin perpetual futures has reached its lowest since March 2023, when the US bank failures rattled investors. This indicates a prevalence of downside bets, or short positions, on the cryptocurrency. K33 analysts Vetle Lunde and David Zimmerman wrote in a note:  Perpetual swap funding rates have averaged at negative levels over the past week, while open interest has sharply increased. This suggests aggressive shorting, structurally creating a setup ripe for a short squeeze. Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now Heres Why A short squeeze occurs when a sudden and unexpected price increase forces traders with short positions to close their bets, further fueling the rally. This can stoke further price recoveries for Bitcoin as traders rush to cover their bearish positions. In the perpetual market, K33 Research further noted that the notional open interest, or the total value of outstanding contracts, rose by almost 29,000 BTC over the past week.  According to the analysts, the seven-day average annualized funding rate on August 20th was a negative 2.5%, a relatively rare backdrop. This combination suggests that traders have been actively building short positions, setting the stage for a potential short squeeze that could push the price above key resistance walls that have not been breached this week as the market struggles with a notable lack of bullish catalysts. Short-Term Bearish Pressure For BTC?  According to an Inspo Crypto analysis, the options data suggests that the $60,500 level remains a significant challenge for the bulls, with the potential for heightened volatility around this price point. One key indicator is the Implied Volatility (IV) curve, which shows a spike around the $60,500 level.  This suggests that traders expect significant price action around this zone, as evidenced by the elevated delta and gamma values, which measure the sensitivity of option prices to changes in the underlying asset’s price. Related Reading: Heres Whats Going On With The Shiba Inu Price Further, the market sentiment appears to be a mix of bullish and bearish positions. While the heavy use of bullish strategies like Bull Call Spreads and Reverse Put Calendars suggests a more positive outlook among traders, the increasing skew toward negative values indicates that traders are seeking more downside protection through put options. According to the analyst, this heightened activity suggests that the probability of a failed retest at this level is elevated, and the options market could exacerbate any subsequent price action. It is key for the BTC price to close the week above this crucial level for the potential to continue the recovery over the past two weeks after falling to the $49,000 mark earlier this month.  Conversely, lower support levels would be tested with the risk of positioning the largest cryptocurrency on the market in a sharp correction, as seen in the past months after reaching its all-time high of $73,700 in March.  At the time of writing, BTC is trading at $59,870, up nearly 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Price Action Watch: 3 Pivotal Zones That Could Sway BTCs Next Move

As the Bitcoin price consolidates below the $60,000 threshold, the market has been characterized by a mix of indicators and technical levels, leading to a divided forecast and heightened uncertainty. Mixed Signals Cloud Bitcoin Price Trajectory According to Bitcoin maximalist Mark Cullen, the current Bitcoin price action presents a complex technical picture. He suggests that the $57.5,000 level will likely be tested, and the key question is whether it will hold.  Cullen believes it will, at least initially, before potentially breaking lower. He also highlights the importance of the $59,500 level, stating that if Bitcoin can push through, it would be a strong signal to heavily long the asset with a tight stop-loss below. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? However, Cullen also warns of the potential for a sweep of the liquidity below the $54,500 level, which could pave the way for a move to new lows in the $40,000 range if that level is breached. Crypto analyst Axel Adler also points to a similar picture, highlighting that as the Bitcoin price currently trades below its 200-day simple moving average (SMA), this could lead to further bearish continuation for BTC. According to Adler’s analysis, the next support level is the 365-day SMA at $50,000. What Do BTCs On-Chain Fundamentals Say? Compounding the technical uncertainty, the data intelligence platform Glassnode has reported that Swissblock’s Bitcoin Fundamental Index (BFI) moved from positive to neutral territory last week.  According to the platform’s co-founders Yan Alleman and Jan Happel, this shift reflects the uncertainty surrounding the Black Monday event and the post-Consumer Price Index (CPI) bull trap felt on the chain. The BFI, composed of two sub-metrics measuring network liquidity and network growth, has recently shown a bifurcation. While network liquidity has dropped into neutral territory, network growth has risen, painting a complex picture of Bitcoin’s fundamental outlook. Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally? Alleman and Happel note that the drop in network liquidity, while concerning the short term, is not necessarily a bearish signal in the long run. They explain that increased network liquidity is desirable, as it enhances Bitcoin’s functionality as a medium of exchange. However, the rise in network growth is seen as a strong bullish sign, indicating that more players interact with the Bitcoin network on an entity-adjusted basis. This effectively creates a deeper pool of crypto-native capital, which could support the asset’s long-term valuation. The Glassnode co-founders stated: Given the current store-of-value ‘digital gold’ narrative and the increased ease of getting BTC exposure via ETFs, CEXes, etc., rising network growth is a strong bullish sign. When writing, the Bitcoin price is $58,680, down over 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

View Details