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CATEGORY: bitcoin consolidation


May 15, 2022 07:10

Bitcoin price is Consolidating! Here’s why this is a good thing

Will Bitcoin go up again after this slight halt? In this Bitcoin price prediction, we assess why the Bitcoin consolidation is a good thing.

Bitcoin Faces Serious Price Compression  What Happened Last Time

Author: Sebastian Villafuerte
United Kingdom
Feb 23, 2025 12:10

Bitcoin Faces Serious Price Compression What Happened Last Time

Bitcoin has experienced a tiring price action in recent weeks, with the price struggling to set a clear short-term direction. Investors are beginning to feel impatient as BTC remains stuck in a tight range, showing no decisive breakout. The price was testing crucial supply between $98K and $100K when the market was hit by negative news, adding further uncertainty. Related Reading: Ethereum Holds Key Support Analyst Doubts Bears Can Defend $4K Anymore On Friday, the cryptocurrency exchange Bybit suffered a massive hack, with $1.4 billion in ETH stolen. The incident triggered fear among traders, leading to increased volatility across the crypto market. However, Bybit responded quickly, working to reassure investors and prevent further market-wide panic. As Bitcoin remains range-bound, price compression is becoming extreme, indicating that a major move could be coming soon. Top analyst Big Cheds shared an analysis on X, revealing that Bitcoin is facing its tightest daily Bollinger Bands (BBs) since August 2023, when the price was at $29.5K. Historically, such low volatility phases lead to explosive price movements, making BTCs next move critical. Bitcoin Price Action Signals Imminent Breakout Bitcoin has struggled below the $100K mark since late January, with bulls unable to confirm a recovery rally despite multiple attempts. At the same time, bears have failed to push BTC below key demand levels, keeping the price above $90K. This ongoing battle between supply and demand has created an uncertain short-term outlook, leaving the market waiting for a catalyst to determine the next move. The lack of directional clarity has led to Bitcoin consolidating in a tight range, signaling an upcoming breakout. Big Cheds insights on X reveal that Bitcoin now has its tightest daily Bollinger Bands (BBs) since August 2023, when BTC was trading at $29.5K.The last time BTC saw this level of price compression, the market experienced an aggressive price drop before a long accumulation phase that eventually led to a recovery.  With BTC now coiling up for another breakout, traders remain cautious about the direction of the move. If BTC reclaims $100K, an explosive rally into price discovery could follow. However, a breakdown below $94K$90K could trigger deeper corrections, making the next few days critical for the market. Related Reading: Ethereum Could Target $3,000 Once It Breaks Current Supply Levels Analyst If history is any indication, this period of low volatility is unlikely to last much longer. The market is preparing for a major move, and traders are closely watching key resistance and support levels for confirmation. With Bitcoins supply on exchanges at historically low levels and long-term holders showing resilience, a breakout above $100K could spark a new wave of buying pressure. BTC Struggles After Volatile Friday Bitcoin is trading at $96,000 after a highly volatile Friday, where the price spiked to $99,500 before dropping to $94,800 following news of the Bybit hack. This sudden price action unsettled investors, as BTC failed to hold above critical supply levels and experienced a rapid selloff. Now, bulls must defend the $95K level throughout the weekend to prevent further downside. Holding this level would signal strength and allow BTC to push toward the $98K resistance, a key area that needs to be reclaimed for a breakout attempt above $100K. However, losing the $95K mark could trigger a breakdown into lower demand levels, potentially retesting the $94K or even $90K zones. Market sentiment remains divided, as BTC is showing signs of compression, typically leading to an aggressive move in either direction. Related Reading: Solana Sweeps Lows But Recovers Can Bulls Reclaim $185 by Friday? For now, all eyes are on whether Bitcoin can reclaim $98K and sustain momentum, or if bears will push the price into deeper corrections. The weekend could be critical in determining the next major trend, as BTC remains stuck in a tight range between $94K and $100K with increasing volatility. Featured image from Dall-E, chart from TradingView

Feb 03, 2024 02:30

Chainlink (LINK) Surges, Eyeing $20 & Beyond Amidst Strong On-Chain Metrics

Chainlink (LINK) has emerged as a standout performer, exhibiting remarkable strength and resilience over the past week. The leading Oracle network on the blockchain has not only outpaced the broader market but has also solidified its dominance among altcoins. As of the latest data, Chainlink is currently trading at $17.98, boasting a 24-hour trading volume […]

Nov 04, 2024 12:05

Bitcoin May Slide To $65,000 As Critical Support Level Fails Details

The price of Bitcoin has experienced some instability in the last few hours declining by almost 3%. This negative price action drives more attention to the largest digital asset, especially with the US election fast approaching. While many analysts are now skeptical of Bitcoin’s immediate movements, pro-trader Justin Bennett already issued a cautionary insight into the asset’s future. Related Reading: How To Trade Bitcoin During The US Election, Expert Reveals Bitcoin Breaches Crucial $69,000 Support Zone In an X post on November 1, Bennet shared an analysis of the BTC market, proclaiming the dip below $70,000 as a concerning development. Notably, the premier cryptocurrency had risen by over 23% in the past three weeks to trade briefly above $73,000 before experiencing a pullback to around $69,000 on Friday. Interestingly, Bennet stated that $69,000 represented a critical support zone for Bitcoin. He emphasized the importance of the tokens value staying above this price level, describing it as the last line of defense for the market bulls. In the last few hours, Bitcoin has fallen below $69,000 reaching around $67,900. According to Bennet’s prediction,  Bitcoin could now slump as low as $65,000 where its next major resistance lies. Importantly, such a decline will indicate the digital asset has yet to break out of a consolidation range stretching over the last eight months. In terms of future price gains, Bennet has stated his expectations of Bitcoin to eventually surpass its all-time high (ATH) at $73,750, albeit he remains uncertain of how low the asset will trade before achieving this feat.  Since hitting its ATH in March, Bitcoin has only produced a range-bound price movement between $55,000-$72,000 even despite positive market indicators such as Fed rate cuts and significantly high inflows in the Spot Bitcoin ETF market. However, a traditionally bullish Q4, the potential of sustained heightened ETF inflows, and the upcoming US election signals an imminent possible price breakout for the crypto market leader. Related Reading: Bitcoin On-Chain Indicator Signals Panic Selling At Current Levels Time To HODL? Bitcoin Sentiment Bullish As US Election Approaches Despite recent price loss, data from CoinMarketCap shows the general market sentiment on Bitcoin remains highly bullish ahead of the US general election. Historically, the maiden cryptocurrency has always experienced a decline in the days leading to the election with price drops of 10.2%  in 2016, 6.1% in 2020, and most recently 6.3% in 2024. While there is still the possibility of further price losses before D-day on November 5, investors are likely to be unfazed as Bitcoin’s price has always gone parabolic after the elections. At the time of writing, the crypto market leader continues to trade around $68,175 following a 2.52% loss in the past day. However, the daily trading volume is down by 53.91% and is valued at $21.76 billion. Featured image from Shutterstock, chart from Tradingview

Bitcoin Correction: Key Indicators Point to Bullish Trends Ahead

Author: Arslan Tabish
Estonia
Nov 27, 2024 02:30

Bitcoin Correction: Key Indicators Point to Bullish Trends Ahead

The latest price shifts in Bitcoin have caused much discussion among investors and experts as to where the cryptocurrency is headed in the imminent future. The price of Bitcoin declined after a failed attempt to break through the $100,000 mark and fell to $92,500. The decline has been attributed to high leverage in the market […]

Bitcoin Miners Sold Over 3,000 BTC In The Past 48 Hours  Consolidation Phase Ahead?

Author: Sebastian Villafuerte
United Kingdom
Nov 18, 2024 12:05

Bitcoin Miners Sold Over 3,000 BTC In The Past 48 Hours Consolidation Phase Ahead?

Bitcoin has maintained its bullish momentum over the weekend, solidifying its position above the $90,000 mark. This milestone showcases Bitcoins resilience as it continues to captivate investors with its upward trajectory. The market has been buzzing with optimism as Bitcoin inches closer to new highs. However, recent on-chain data suggests that a potential pullback could be on the horizon. Related Reading: Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation Key data from CryptoQuant reveals that Bitcoin miners have sold over 3,000 BTC in the past 48 hours. This wave of miner profit-taking often signals a cooling phase, as it introduces additional supply into the market. While the selling activity is not uncommon during periods of strong price action, it could lead to a short-term consolidation phase below the all-time high of $93,400 set earlier this week. Despite this, Bitcoins ability to hold above $90,000 highlights strong underlying demand and robust market sentiment. Investors and analysts are closely watching the coming days to see if Bitcoin can absorb this selling pressure and maintain its bullish trajectory. Bitcoin Looks Very Strong Bitcoin’s price action has remained robust, breaking all-time highs multiple times over the past 11 days and reaffirming its bullish momentum. However, after such an aggressive upward movement, the market appears to be entering a period of consolidation as some investors and entities lock in profits. Crypto analyst Ali Martinez shared key data on X that highlights that Bitcoin miners have sold over 3,000 BTC in the past 48 hours, valued at approximately $273 million. This selling activity suggests that miners, typically long-term holders, are taking profits amid the recent surge. Such moves are common during strong bull runs and can indicate that market participants anticipate a short-term price plateau or retrace. While miner selling is a natural part of market dynamics, sustained activity of this kind could signal a shift in sentiment. If selling pressure persists, it might push Bitcoin toward lower demand zones, providing potential re-entry opportunities for sidelined investors. Related Reading: Solana About To Target $250 If It Breaks Key Supply Level Analyst Currently, Bitcoins ability to absorb this selling pressure will determine whether the current bullish trend remains intact. A brief consolidation phase may be beneficial, allowing the market to establish a stronger foundation for the next leg up. For now, investors are closely watching key levels to gauge the potential for continued growth or a deeper correction. BTC Holds Steady Above $90,000 Bitcoin is currently trading at $90,600 after a volatile few days that saw its price range between its all-time high of $93,483 and a local low of $86,600. This consolidation comes after aggressive bullish momentum that set new records, leaving investors and analysts watching the next moves closely. Despite the recent cooling off, Bitcoin’s price action remains strong, supported by increasing demand and overall bullish sentiment. If Bitcoin can hold above the $86,000 level over the next few days, a renewed surge to challenge and potentially surpass its all-time high seems plausible. The market has shown resilience, with fresh demand continuing to emerge even as minor profit-taking occurs. Related Reading: XRP Breaks Above Multi-Year Resistance Top Analyst Shares Price Target However, there is a risk of a deeper retracement. Should Bitcoin lose support at $86,000, it would likely test lower demand levels, searching for a strong base to fuel its next upward move. Key support zones could provide the foundation for renewed buying interest and set the stage for the next bullish phase. Featured image from Dall-E, chart from TradingView

Bitcoin Consolidates After Recent Surge  Metrics Reveal Moderate Selling Pressure

Author: Sebastian Villafuerte
United Kingdom
Nov 14, 2024 12:05

Bitcoin Consolidates After Recent Surge Metrics Reveal Moderate Selling Pressure

Bitcoin has reached a new all-time high of $90,243 following a week of relentless upward momentum. After days marked by euphoria and rapid gains, the price is now entering a consolidation phase, providing a much-needed pause for the market.  Key data from CryptoQuant indicates moderate selling pressure is emerging, which may signal a brief pullback or stabilization below the $90,000 mark. Related Reading: Dogecoin Could Target $2.4 If Price Aligns With Macro Pattern Details This week will be pivotal in determining Bitcoins next steps as traders and investors watch if BTC will hold near the $90,000 supply level or retreat to test support around $80,000. With strong market fundamentals and continued interest from bullish investors, the potential for another rally remains high.  However, a short consolidation period could offer healthier groundwork for BTCs long-term ascent. All eyes will be on whether Bitcoin can sustain its current levels or if this cooling-off phase will allow buyers to re-enter lower demand zones, setting the stage for the next major price move. Bitcoin Selling Pressure Still Far From Peak Levels Bitcoin has reached a local top after setting a fresh all-time high, signaling a potential pause in its recent surge. Analysts and investors are watching closely, as BTC has a history of making aggressive moves once it starts trending upward. Despite this bullish momentum, many are exercising caution, anticipating that Bitcoin might need time to consolidate before pushing higher. According to key data from CryptoQuant analyst Axel Adler, the market is now experiencing moderate selling pressure. Adlers analysis points to a possible consolidation phase, as short-term holders take profits. He specifically examines the short-term holder realized profit and loss data, which reveals that the current selling pressure is relatively mild compared to historical peak selling periods. In Adlers view, this moderate pressure suggests that BTCs recent rally might not end. He highlights clusters of intense selling seen in previous peaks, marked as Clusters #1, #2, and #3 on his chart, showing levels of selling pressure significantly higher than what we see today. This data implies that while some profit-taking is underway, its nowhere near the intense levels seen at past tops. Related Reading: Bitcoin Weekly RSI Entering Power Zone Last Time BTC Soared 80% As Bitcoin approaches consolidation, this subdued selling pressure could set the foundation for a more stable rally. Investors are eyeing this moment to gauge whether BTC will gather strength for the next leg up or continue cooling off, forming a solid base around current levels before another potential breakout. BTC Testing New Supply Levels (Again)  Bitcoin has officially entered a much-anticipated price discovery phase, recently marking a new all-time high of $90,243. Currently trading around $87,500, BTC has experienced days of intense buying pressure and record-setting highs. However, the market may see a period of consolidation below the $90,000 threshold as traders assess new demand levels, potentially around $80,000. The coming days will be critical in determining BTCs short-term path. If Bitcoin holds above the $85,000 mark, this would signal resilience and likely encourage a push toward higher supply zones as bullish momentum builds. However, if BTC loses this level, a retracement to lower demand of nearly $82,000 could come into play, allowing for a more stable foundation before the next rally attempt. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Analysts view this consolidation phase as necessary after BTCs rapid ascent, as it allows the market to establish support. Holding within the current range would signal strength, suggesting that BTC is well-positioned for further gains. Investors are now watching closely, gauging whether BTC will secure its recent gains or find a brief reset before aiming for new heights. Featured image from Dall-E, chart from TradingView

Bitcoin Poised For Breakout With $100K Target Amid Global Economic Trends

Author: Arslan Tabish
Estonia
Oct 07, 2024 02:30

Bitcoin Poised For Breakout With $100K Target Amid Global Economic Trends

Bitcoin is sparking renewed momentum, and traders predict that the price would return to the $62.4K level shortly. In an X post on Sunday, Daan Crypto highlighted that BTC could trade back up to this critical level once the futures market reopens. This has become a support and resistance for recent weeks at the $62.4K […]

Could Bitcoins Recent Highs Set the Stage for the Ultimate Altcoin Rally?

Author: Arslan Tabish
Estonia
Jan 27, 2025 02:30

Could Bitcoins Recent Highs Set the Stage for the Ultimate Altcoin Rally?

Bitcoin is at a crossroads as it approaches the CME Gap with the possible target of $104857. The price has been ranging, however, most traders are paying a lot of attention to the gap that may be closed as Bitcoin rises. In the long run, these gaps are usually filled up and the market retrace […]

Bitcoins $95K Comeback: Is the Next Big Breakout Just Days Away?

Author: Arslan Tabish
Estonia
Jan 11, 2025 02:30

Bitcoins $95K Comeback: Is the Next Big Breakout Just Days Away?

Bitcoin has regained its footing after a bout of market turbulence, touching $95,000 after some volatile trading days. This rebound has provided much needed confidence to the investors and has opened the door for an expected big breakout in the next few days. In a recent video on YouTube, Rover pointed out that the recent […]

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