Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm

An analyst has warned that support levels weaken the more they are retested and Bitcoin is now doing a third consecutive retest of a major such level. Bitcoin Is Again Retesting The Short-Term Holder Realized Price As explained by CryptoQuant community manager Maartunn in a new post on X, BTC’s latest drawdown has led to it doing another retest of the short-term holder Realized Price. The “Realized Price” here refers to an indicator that, in short, keeps track of the average cost basis of the investors or addresses on the Bitcoin network. When the value of this metric is greater than the spot price of the cryptocurrency, it means the average investor in the market could be assumed to be holding a net unrealized profit. On the other hand, the indicator being below the asset’s value suggests the dominance of losses on the blockchain. Related Reading: Ethereum Seeing High Exchange Outflows, But Watch Out For This Bearish Signal In the context of the current topic, the Realized Price of the entire userbase isn’t of interest, but that of a specific segment of it: the short-term holders (STHs). The STHs include all the investors who bought their coins within the past 155 days. Now, here is a chart that shows the trend in the Bitcoin Realized Price for the STHs over the last few months: As displayed in the above graph, the Bitcoin spot price had slipped under the STH Realized Price in June, but it finally managed to break above the line halfway through last month. In the weeks since the asset has seen a couple of pullbacks back to the line, but it has managed to find rebounds each time. Now, after the latest decline, the coin’s price is once again retesting the level. Historically, the STH Realized Price has been a reliable point of support for the cryptocurrency during bullish periods. The explanation behind this pattern may lie in how investor psychology works. The STHs represent the fickle-minded side of the sector, who are sensitive to change. As such, whenever the price retests their cost basis, they may be prone to making panic moves. In times when the atmosphere in the market is bullish, the STHs may believe such a retest to merely be a dip opportunity, so they could decide to accumulate more. This could be why Bitcoin has found rebounds at the level in the past. While the level has generally been reliable indeed, this latest retest that BTC is facing is already the third within a narrow period. “Each time a level is tested, it becomes weaker,” notes Maartunn. Related Reading: XRP Bullish Signal: Shark & Whale Population Sharply Growing It now remains to be seen if the Bitcoin STHs still carry a bullish outlook on the cryptocurrency or if the constant pullbacks have put fear on their minds. BTC Price Bitcoin has continued its recent bearish momentum in the past 24 hours as its price has slid another 2% to reach the $64,700 level. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

View Details

Over 75% of Bitcoin short-term holders in profit as BTC breaches $67K

Bitcoin price is finally seeing some relief, but it faces significant resistance at the $68,000 mark, which would trigger over $700 million worth of short liquidations.

View Details

Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally?

On-chain data shows Bitcoin could have significant support between $66,900 and $68,900, which may help provide solid ground for a fresh surge to higher levels. A Large Amount Of Investors Bought Their Bitcoin Between $66,900 & $68,900 According to data from the market intelligence platform IntoTheBlock, BTC is currently floating above a major demand zone. [...]

The post Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally? appeared first on Crypto Breaking News.

View Details

Bitcoin Slips Under $64,000: Heres Where The Next Support Is

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been [...]

The post Bitcoin Slips Under $64,000: Heres Where The Next Support Is appeared first on Crypto Breaking News.

View Details

Bitcoin Slips Under $67,000: Can BTC Rely On This Historical Support Again?

Bitcoin has observed a plunge during the past day, taking the asset’s price under $67,000. Here’s the historical support level that the asset could visit next. Bitcoin Is Now Not Far From The Short-Term Holder Realized Price As analyst James Van Straten pointed out in a post on X, the Realized Price of the Bitcoin Short-Term Holders has been going up recently and currently sits around the $64,000 level. The “Realized Price” here refers to an on-chain metric that keeps track of the cost basis of the average investor in the BTC market. This indicator is based on the “Realized Cap” model for the cryptocurrency. Related Reading: Litecoin In Uphill Battle: Strong Resistance Might Block Recovery When the asset’s spot price is greater than the Realized Price, it means the investors are carrying some net unrealized profits right now. On the other hand, the coin’s value under the metric suggests the dominance of losses in the market. In the context of the current topic, the Realized Price of a specific sector segment is of interest: the Short-Term Holders (STHs). The STHs include all the investors who bought their coins within the past 155 days. Here is a chart that shows the trend in the Realized Price of the Bitcoin STHs over the last few years: As displayed in the above graph, the Bitcoin STH Realized Price rapidly climbed during the rally towards the all-time high price (ATH) earlier in the year. This trend naturally makes sense, as the STHs represent the new investors in the market, who would have had to buy at higher prices as the asset climbed up, thus pushing the cohort’s average up. Since BTC’s consolidation phase following the March ATH, the indicator’s uptrend has slowed, but its value is increasing nonetheless. After the latest increase, the metric has approached $64,000. Now, what significance does the Realized Price of the STHs have? Historically, this indicator has taken turns acting as a major support and resistance line for the cryptocurrency. During bullish periods, this metric can facilitate bottom formations for the cryptocurrency, thus keeping it above itself, while bearish trends generally witness the line acting as a barrier preventing the coin from escaping above it. Transitions beyond this level have generally reflected a flip trend for the coin. This apparent pattern has held up likely because the STHs, being the relatively inexperienced hands, can be quite reactive. The cost basis is an important level for any investor, but this cohort, in particular, can be more likely to panic when a retest of their cost basis takes place. When the sentiment in the market is bullish, the STHs could decide to buy more when the price drops to their average cost basis, believing the drawdown to be merely a “dip” opportunity. In bearish phases, though, they may react to such a retest by panic selling instead. Related Reading: Bitcoin Could See Next Top At $89,200, Crypto Analyst Suggests The chart shows that Bitcoin found support around this line during the crash at the end of April/start of May, potentially implying a bullish sentiment has continued to be dominant. With BTC seeing a drop below $67,000 in the past day and the STH Realized Price closing in at $64,000, it will be interesting to see how a potential retest would play out this time. BTC Price At the time of writing, Bitcoin is trading at around $66,800, down over 3% in the past week. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

View Details

Bitcoins Bullish Fate Hinges On These 2 Resistance Zones Details

The Bitcoin (BTC) market continues to remain in consolidation following another trading week with no convincing price breakout. As multiple analysts continue to speculate on the assets next movement, prominent market expert Ali Martinez has identified two resistance zones that could be pivotal to reigniting a crypto bull run. Related Reading: Bitcoins Safe, Saylor Says, While Trump Waves The Tariff Sword Bitcoin Must Break Past $85,470 And $92,950 – Heres Why Over the past month, Bitcoin has struggled to maintain a sustained uptrend, with investor uncertainty dominating the market. During this period, the leading cryptocurrency has faced multiple rejections, most notably at the $85,000 and $88,000 resistance levels. However, in an X post on Friday, Martinez identified the two resistance zones critical to a Bitcoin bull rally using on-chain data from IntoTheBlock. According to the crypto analyst, the first resistance lies at $85,470 which marks the upper boundary of a price barrier that begins at $83,023. Notably, 1.13 million wallet addresses have traded 607,200 BTC within this price range suggesting a strong historical activity that backs potential heavy selling pressure at these levels. If Bitcoin bulls can push past this initial threshold, the next resistance zone lies at $92,950 the lower boundary of another price ceiling that extends to $95,514. Compared to the initial resistance, this zone has seen lower investor participation, with 795,830 active wallet addresses. However, its potential market impact is more significant, as approximately 627,410 BTC have been traded within this range. If Bitcoin can successfully clear both resistance zones, Ali Martinez postulates the premier cryptocurrency could enter a prolonged uptrend and resume its bull rally. However, Bitcoin bulls must avoid any price fall below a crucial support zone at the $80,450 price level. According to the on-chain data presented, the $80,450 level represents the lower boundary of a key support zone, which extends up to $82,907. Within this range, approximately 516,770 BTC have been transacted, involving around 738,580 active wallet addresses. This data indicates substantial buying activity that could serve as a buffer in the advent of a price fall. Related Reading: Is Korea Propping Up The XRP Price? Pundit Explains Whats Happening Bitcoin Fees Fall By 57% In other developments, IntoThe Block also reports that Bitcoin network fees dropped by 57.3% in the past week indicating a decline in user engagement and general investor activity. Albeit, the premier cryptocurrency has shown only a minor 0.11% decline in price during this period. Following the recent announcement of new US tariffs on imports, Bitcoin and the broader crypto market have responded more positively compared to previous tariff-related news. Ryan Rasmussen, Head of Research at Bitwise Invest, notes that Bitcoin has risen by 2.2% since the announcement on April 2. In contrast, traditional stock markets have seen notable losses, with the “Magnificent Seven” falling by an average of 12.18%. Featured image from Forbes, chart from Tradingview

View Details

Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact?

On-chain data shows the next major Bitcoin demand zone is around $56,000, a level BTC might end up revisiting if the decline continues. Bitcoin Has Next Major On-Chain Support Around $56,000 According to data from the market intelligence platform IntoTheBlock, BTC’s recent drawdown has meant that it may end up having to rely on the price range around $56,000 for support. Related Reading: Bitcoin Whales Showing Different Behavior From Past Cycles, But Why? In on-chain analysis, a level’s potential as support or resistance is based on the total number of coins that the investors last acquired there. Below is a chart that shows what the various price ranges around the current spot price of the cryptocurrency look like in terms of this cost-basis distribution. The data for the BTC acquisition distribution across the various price levels | Source: IntoTheBlock on X In the graph, the size of the dot represents the amount of Bitcoin that was purchased inside the corresponding price range. It would appear that the $63,000 to $64,890 level is currently thick with investors. To be more particular, 1 million investors acquired 530,000 BTC inside this range. Generally, whenever the asset retests the cost basis of any investor, they may become more likely to make some kind of move, due to the importance the level holds for them. Investors who were in profits just prior to the retest may be willing to make further bets, believing that if this level was profitable in the past it might be so again in the future. Naturally, this buying effect would only be relevant for the market if a large amount of investors acquired coins inside a tight price range. The $63,000 to $64,890 range qualifies for this. The range should have acted as a support point for the coin, but BTC has recently slipped under it, possibly suggesting that this support level may have broken down. As IntoTheBlock has highlighted in the chart, the next major range of potential support is the $55,200 to $57,100 range. Thus, should the current drawdown continue, this may be the next relevant range. “While this doesn’t mean that Bitcoin has to go this low, it is good to keep this range in mind while price is exploring recent lows,” notes the analytics firm. A decline to the average price of this range ($56,000) would mean a drawdown of almost 10% from the current spot value of the coin. Related Reading: Bitcoin Rebounds After Nearing Cost Basis Of Short-Term Whales Before this level, though, there is another interesting on-chain level that BTC could end up revisiting. As analyst James Van Straten has pointed out in an X post, the Realized Price (the average cost basis) of the short-term holders is around $58,800 right now. Looks like the value of the metric has been going up since a while now | Source: @jvs_btc on X The short-term holders (STHs) here refer to the investors who bought within the past 155 days. This group’s Realized Price has been at an important level historically during bull runs, as the asset has often found support at it. Breaks under it have, in fact, usually led to bearish transitions in the past. “If we drop below this, I will concede to a bear market similar to May 2021,” says Straten. BTC Price Bitcoin has registered a decline of almost 7% over the past 24 hours and in the process, has lost any recovery it had made earlier. Now, BTC is trading around $62,100. The price of the asset appears to have been going down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com

View Details

Brave Wallet Integrates Bitcoin Support For Its 60 Million Users

Brave says Bitcoin is expanding its use cases and is serving as a foundation for innovation.

View Details

Bitcoin Plunges Under $63,000, Heres Where Next On-Chain Support Is

Bitcoin has deepened its decline in the past day with its price now slipping below $63,000. Here’s where the next potential support is, according to on-chain data. Bitcoin Could Find Support At These Price Levels In a new post on X, analyst Ali has discussed how the Bitcoin support and resistance levels are looking like right now based on on-chain data from Glassnode. The indicator of relevance here is the “UTXO Realized Price Distribution” (URPD), which, in short, tells us about the amount of coins (or more precisely, UTXOs) that were last purchased at any given price level that the asset has visited in its history so far. Related Reading: Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains Below is the chart shared by the analyst that shows the data for this distribution for the price levels around the recent spot value of the cryptocurrency: Looks like the $72,880 mark is the level with the richest amount of coins at the moment | Source: @ali_charts on X From the graph, it’s visible that there are a few price levels not far from the current one that particularly stands out in terms of the amount of buying that took place at them. In on-chain analysis, the potential for any level to act as support or resistance is based on the total number of coins that have their cost basis at the level in question. Levels thick with coins that are situated under the current price would be probable to act as points of support, while those above the spot value could prove to be resistance walls. As is apparent from the graph, the $61,100, $56,685, and $51,530 levels are the ones below the current price that hold the cost basis of a notable amount of the supply right now. Naturally, this means that should the decline continue further, these would be the levels to watch for a possible rebound. Two levels above, however, are even larger than all three of these support levels: the cost basis centers around $66,990 and $72,880. Interestingly, the latter of these is the single largest acquisition level out of all the price levels listed in the chart, implying that a large amount of FOMO buying has occurred at the asset’s all-time high levels. In the scenario that Bitcoin regains its upward momentum, these levels of high cost basis population would be where the asset could be most probable to find some trouble. Now, as for why acquisition centers are considered relevant for support and resistance in on-chain analysis is the fact that investors are likely to show some kind of reaction when a retest of their cost basis takes place. Related Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon? When such a retest is from above, the holders may decide to accumulate more, believing that the price will go up again in the future. On the other hand, they may sell instead if the retest is from below, as they may think exiting at break-even is better than risking another drop. A large number of coins having their cost basis at the same level means a potentially large degree of one of these reactions happening and, hence, a strong support or resistance effect on the price. BTC Price Bitcoin is inching closer to the first major on-chain support level as it has now dropped to $62,700. The price of the asset appears to have plummeted over the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, Glassnode.com, chart from TradingView.com

View Details

Bitcoin Nears $76,000 Target Amid Price Correction But Will This Support Hold?

Over the past week, Bitcoin has experienced a strong market correction with prices falling as low as $80,000. Based on a double top formation, Bitcoin is expected to head to $76,000 before re-establishing an uptrend. However, market analyst Cryptododo7 has indicated the possibility of a lower market bottom. Related Reading: Bitcoin Miners Are Hoarding Their Crypto Despite PlungeHeres What It Means Bitcoin Bears In Control: Will $67,000 Emerge As Ultimate Support Level? The Bitcoin market fell under siege in the last week with total liquidations reaching $670 million. During this period, the assets crashed by over 15% from an opening market price of $95,000 confirming the formation of a double-top pattern. For context, the double top is a bearish reversal chart pattern that appears after an uptrend. It consists of two peaks at a similar price level, separated by a pullback. This formation is well represented by Bitcoin’s price at $108,000 in December and $109,000 in January separated by the price correction in late December. Amid the falling prices in the past week, Bitcoin dipped below the double top neckline level at $91,500 confirming a price reversal. In accordance with the bearish signal, Bitcoin is expected to return to $76,000 around which it embarked on its price rally to its initial peak at $108,000. However, Cryptododo7 explains there is potential for BTC to rapidly drop to its maximum Fibonacci level at $67,000 which would serve as the support level with no further downside. In gauging the eventual ultimate Bitcoin support level, Cryptododo7 notes that market reaction at $73,000-$76,000 will be quite important as strong buying pressure at this level could result in a sharp price rebound. Related Reading: Dont Call Bitcoin Bottom Just Yet, CryptoQuant Head Says: Heres Why BTC Active Addresses Rise Amid Price Fall In other news, blockchain analytics firm IntoTheBlock reports that the number of Bitcoin active addresses is increasing despite the ongoing price fall.  Notably, this metric has reached its highest daily level since December 2024 suggesting a significant surge in on-chain activity.   Historically, such developments usually occur at major market turning points i.e. either peaks driven by new entrants rush or bottoms due to panic selling and opportunistic buyers. According to IntoTheBlock, this surge in on-chain activity could indicate that the BTC market could be at a crucial turning point, however, investors should note that no single metric guarantees a price reversal. At press time, BTC trades at $84,961 with a 2.54% increase in the past day. Meanwhile, daily trading volume is up by 13.69% and valued at $71.43 billion. Featured image from iStock, chart from Tradingview

View Details

Bitcoin Safe From Drops Under $60,300? On-Chain Data Says So

On-chain data shows Bitcoin currently has a thick supply wall between the $60,300 and $62,155 levels that may prevent the asset from falling lower. A Large Amount Of Bitcoin Was Bought Near Current Prices As explained by analyst Ali in a new post on X, BTC has a major support wall just below it right now. In on-chain analysis, the strength of support and resistance levels is gauged through the amount of Bitcoin that the investors bought at them. Related Reading: Bitcoin Volatility Induces $700 Million Carnage In Crypto Futures The chart below shows how the distribution of the investor cost basis has looked like for BTC across the price ranges near the current spot value: The amount of Bitcoin that the holders bought at the various price ranges | Source: @ali_charts on X Here, the size of the dot represents the number of tokens that the addresses bought between the corresponding price levels. From the graph, it’s apparent that the $60,300 to $62,100 range has a particularly high density of coins right now. Most of the price levels in this range lie just below the current spot price of the cryptocurrency, meaning that the investors who bought here would be making some profit, albeit only a slight one. Generally, when the price retests the cost basis of such investors who were in profit prior to the retest (meaning that the price has approached their cost basis from above), a buying reaction may be produced by these addresses. This is because holders like these may have reason to believe that if they were able to get into profits before, they might be able to do so again in the near future, so they may just accumulate on this “dip.” Such a reaction can naturally provide support to the cryptocurrency. The scale of this support, however, is naturally not anything significant if only a few investors bought at the level to begin with. Narrow ranges that are thick with addresses, on the other hand, might just prove to be a source of noticeable support. In the aforementioned price range near the current spot price, one million addresses acquired a total of about 671,000 BTC. “This accumulation zone highlights strong investor confidence and could serve as a crucial level of support for BTC, potentially cushioning against further drops,” notes the analyst. While the price ranges under the current price are heavy with coins, it’s visible in the chart that this isn’t the case for the ranges above. Just like how supply wallets below can be a source of support, they can instead act as resistance when above. Related Reading: Bitcoin MVRV Hits Levels That Led To Parabolic Bull Run In 2020 The fact that the supply walls above are quite thin suggests that there wouldn’t be too many investors waiting to quickly exit at their break-even, and thus, selling pressure due to them should be low. That said, it doesn’t mean there isn’t any impedance at all. Bitcoin is approaching all-time highs at this point, meaning that the vast majority of the supply is in profit. At these levels, mass selling for harvesting these gains can be the main challenge preventing the run from continuing. BTC Price At present, Bitcoin is trading around the $62,000 level, meaning that it’s right on the edge of the major support wall. Looks like the price of the coin has been sharply going up recently | Source: BTCUSD on TradingView Featured image from Shutterstock.com, IntoTheBlock.com, chart from TradingView.com

View Details

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

Bitcoin on-chain data suggests a historical support line may have helped the coin once again as the asset has recovered toward $28,000 today. Bitcoin Short-Term Holder Cost Basis May Still Be Active As Support According to data from the on-chain analytics firm Glassnode, the BTC price approached the cost basis of the short-term holders recently. The relevant indicator here is the “realized price,” which is a metric derived from the “realized cap.” The realized cap refers to a capitalization model for Bitcoin that says that the value of each coin in the circulating supply is not the current spot price, but the price at which it was last transacted on the blockchain. In this way, the model accounts for the price at which each investor acquired their coins. That is, their “cost basis.” When the realized cap is divided by the number of coins in circulation (to find a sort of average value), the aforementioned realized price emerges. Related Reading: Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting? This realized price signifies the average value at which each holder in the market bought their coins. The metric can also be defined for only partial segments of the market, like the “short-term holders” (STHs), in which case, the indicator will tell us about the average cost basis among this group only. The STHs are all those investors who bought their coins less than 155 days ago. The BTC holders outside this group are termed the “long-term holders” (LTHs). Now, here is a chart that shows the trend in the Bitcoin realized price for the STHs over the past couple of years: The value of the metric seems to have been climbing in recent days | Source: Glassnode on Twitter In the above graph, Glassnode has marked the various instances where the Bitcoin STH realized price has apparently interacted with the spot price of the asset. Back when the 2021 bull run topped out in November, the cryptocurrency’s value dropped below this indicator, signaling a change of trend. From this point on, as the bear market took over, the STH cost basis started providing resistance to the asset. Back in January of this year, though, the price finally managed to break through this resistance as the rally began to take place. Related Reading: Bitcoin Bulls Push BTC Back Up To $28K Amid Surging Address Activity This break lead to another change in the wider trend, as the line seemingly turned into support for the asset. However, this isn’t an unusual pattern, as bullish periods have historically observed the metric helping the price. Recently, Bitcoin found some struggle, as the price plunged towards the $26,000 level. The consolidation near this level meant that the price was fast approaching the STH realized price, which was slowly going up. When Glassnode posted the chart yesterday, it described this current state as a “decision point” for the market. According to the analytics firm, a successful retest here would be a sign of strength in the bullish trend, while failure would imply weakness. Over the past day, Bitcoin has enjoyed a rebound, with the price briefly breaking above the $28,000 level. But it may perhaps not be a coincidence that the uplift has come right as the price was nearing a retest of this historical level. Naturally, a sustained move away from the STH realized price now would confirm that the level is still active as support, a sign that would be positive for the rally’s sustainability. BTC Price At the time of writing, Bitcoin is trading around $27,900, up 4% in the last week. BTC has surged in the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com

View Details

Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level

Bitcoin has plunged during the last 24 hours and now finds itself at the $26,200 level. Here’s why this level is important for the asset. Bitcoin 200 WMA & 111 DMA Are Both At $26,200 Right Now In a new tweet, the analytics firm Glassnode has talked about how the different technical pricing models for Bitcoin may be interacting with the asset’s price currently. There are four relevant technical pricing models here, and each of them is based on different moving averages (MAs) for the cryptocurrency. An MA is a tool that finds the average of any given quantity over a specified region, and as its name implies, it moves with time and changes its value according to changes in said quantity. MAs, when taken over long ranges, can smooth out the curve of the quantity and remove short-term fluctuations from the data. This has made them useful analytical tools since they can make studying long-term trends easier. In the context of the current topic, the relevant MAs for Bitcoin are 111-day MA, 200-week MA, 365-day MA, and 200-day MA. The first of these, the 111-day MA, is called the Pi Cycle indicator, and it generally finds useful in identifying short to mid-term momentum in the asset’s value. Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon? The 200-week MA is used for finding the baseline momentum of a BTC cycle as 200 weeks are equal to almost 4 years, which is about what the length of BTC cycles in the popular sense is. Here is a chart that shows the trend in these different Bitcoin technical pricing models over the past year: Looks like pairs of models have come together in phase in recent weeks | Source: Glassnode on Twitter As shown in the above graph, these different Bitcoin pricing models have taken turns in providing support and resistance to the price during different periods of the cycle. For example, the 111-day MA turned into support recently, as the price rebounded off this level back during the plunge in March of this year, as can be seen in the chart. The 111-day and 200-week MAs have recently come into phase, as both their values stand at $26,200 right now. This is the level that Bitcoin has been finding support at in recent days, so it would appear that the base formed by these lines may be helping the price currently. Related Reading: Sharks & Whales Accumulate Stablecoins, Why This Could Be Bullish For Bitcoin Glassnode notes that if a break below this region of support takes place, the next levels of interest can be the 365-day and 200-day MAs. The former of these simply represent the yearly average price, while the latter metric is called the Mayer Multiple (MM). The MM has historically been associated with the transition point between bullish and bearish trends for the cryptocurrency. When the 111-day MA provided support to the price back in March, the metric had been in phase with the MM. From the graph, it’s visible that the 365-day and 200-day MAs have also interestingly found confluence recently, as their current values are $22,300 and $22,600, respectively. This would imply that between $22,300 and $22,600 may be the next major support area for the asset. BTC Price At the time of writing, Bitcoin is trading around $26,200, down 4% in the last week. BTC has plunged during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com

View Details

This Historic Bitcoin On-Chain Support Level Is Still Not Lost

On-chain data shows the historical 20-Day MA Bitcoin aSOPR support level has continued to hold so far. Bitcoin 20-Day MA aSOPR Rebounds Off Historical Support Line As pointed out by an analyst in a CryptoQuant post, the BTC aSOPR recently retested its 8-year old support. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the average Bitcoin investor is selling at a profit or at a loss right now. When the value of this metric is greater than 1, it means the overall market is moving coins at some profit currently. On the other hand, values of the indicator less than the threshold suggest holders as a whole are realizing some loss with their selling at the moment. Naturally, SOPR values exactly equal to 1 imply the investors are just breaking even on their investment right now. Related Reading: Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance “Adjusted SOPR” (aSOPR) is a modified version of this metric that excludes from the data any selling of coins that was done within 1 hour of first acquiring said coins. Here is a chart that shows the trend in the 20-day moving average Bitcoin aSOPR over the last several years: Looks like the 20-day MA value of the metric has sharply declined in recent days | Source: CryptoQuant As you can see in the above graph, the 20-day MA aSOPR rapidly went down following the FTX crash, and touched a low of 0.93 just a week or so ago. This level was the same as the one seen during the lows of the previous bear markets, and each of the touches in those bears launched the metric back up. The support line has now been active since 2014, and in the 8 years so far the indicator has never seen any actual dip below it. Related Reading: Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear On The Bear Market? Since the retest of this support level a week ago, the metric has already bounced back up, suggesting that this important support line is still holding right now. However, it’s uncertain whether this successful retest means the bottom is now in. Back In the 2018/19 bear, it was indeed the case, but in 2014/15 it took two touches of the line before the real bottom formed. BTC Price At the time of writing, Bitcoin’s price floats around $16.8k, up 3% in the last week. Over the past month, the crypto has lost 18% in value. The below chart shows the trend in the BTC price over the last five days. The value of the crypto seems to have been moving sideways since the surge | Source: BTCUSD on TradingView Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, CryptoQuant.com

View Details

Bitcoin Support, a New Service To Help Users Self-Custody BTC

Bull Bitcoin’s new service aims to help users be sovereign over their bitcoin holdings.

View Details

Bitcoin Holds Strong Above Key Support as Whales Accumulate, Is a New Rally Ahead?

Bitcoin (BTC) is holding firm above a crucial support level despite recent market turbulence, signaling potential for its next major move. After facing increased volatility and a sharp decline, BTC has dropped 2.44% over the past week. However, despite this setback, large investors are accumulating BTC, reinforcing bullish sentiment in the market. Macroeconomic Pressures Weigh […]

View Details

Bitcoins Bullish Case Hinges On $94,645 Support: Will Buyers Step In?

The Bitcoin market continued to struggle in February marked by a high level of investor uncertainty. Over the last trading week, BTC declined by 2.24%, bringing its total value loss over the past 30 days to around 8.59%. Amidst this indecisive market, digital asset analysis X page More Crypto Online has shared some valuable insights on potential short-term price movements. Related Reading: Bitcoin 4-Year CAGR Drops To 14.45% But Still Outshines Gold, Stocks Details Bitcoin Fails To Move Above Feb. 14 High Market Bulls In Trouble? In an X post on February 21, More Crypto Online provided an interesting outlook on the Bitcoin market structure. In the past week, the premier cryptocurrency notably experienced some rise price gains leading to a temporal rise above the $99,000 region, before crashing to its present market price of around $95,000. Following this price action, the experts at More Crypto Online postulate that Bitcoin might have formed a local price top which shows some correlation with recent developments in the stock market. This theory holds more weight, especially considering BTC’s inability to hold above the February 14 market high of $97,800. However, using Elliot Wave Theory, these analysts explain two scenarios that could confirm the actual status of the Bitcoin market. Firstly, they propose that BTC could likely be in a corrective Wave 2 movement i.e. a mere retracement after its initial upswing (Wave 1) that precedes a strong bull rally (Wave 3). For this bullish prediction to remain viable, Bitcoin must hold above the $94,645 support level. If a considerable amount of buying pressure can be introduced at this price zone forcing a consolidation, the cryptocurrency could be set for a price surge to around $103,000.  Conversely, if Bitcoin breaks below $94,645, selling pressure is likely to intensify, leading to further price drops. However, only a price fall below the $93,450 support zone would nullify the current bullish set-up, indicating the current downtrend is a trend reversal rather than a retracement. In this negative case, Bitcoin could slide to $91,000 with the potential for further decline to below $89,000. Related Reading: Dogecoin Road To ATHs: Why $0.28 Is The Next Major Milestone For A Breakout BTC Market Overview At press time, Bitcoin trades at $96,261 following a 1.78% loss in the past 24 hours. However, the market’s daily trading volume is up by 56.60% and is valued at $49.03 billion. According to data from Coincodex, the Fear & Greed Index is currently at 49 indicating a neutral sentiment from investors. This development corresponds with the general uncertainty as investors are in a wait-and-see phase as they are unsure about Bitcoin’s next price move. Interestingly, CoinCodex analysts remain optimistic with a bullish prediction of $108,429 in five days and $131,693 in the next month. Featured image from The Guardian, chart from Tradingview

View Details

Bitcoin STH Realized Profit Reveals Strong Support Level Time For A Breakout?

Bitcoins short-term price direction remains uncertain as the market struggles to confirm its next move. Analysts and investors are divided, with some calling for a breakout into new all-time highs while others anticipate renewed selling pressure into lower prices. The price has been consolidating in a narrow range for the past twelve days, holding above the $94,000 demand level and facing resistance below the $100,000 mark. Related Reading: Are Meme Coins Hurting Solana? Rising Selling Pressure Sparks Investor Concerns Key data from CryptoQuant reveals that the nearest support zone for BTC is forming between $91,000 and $95,000. This range is reinforced by two critical technical indicators: the 111-day simple moving average (SMA 111D), currently at $95,000, and the Short-Term Holder (STH) Realized Price, which sits at $91,000. These levels suggest that BTC is trading above historically significant support areas, where short-term holders have realized their profits or losses. While the long-term structure remains bullish, investors are growing impatient as BTC fails to reclaim key resistance levels. If Bitcoin can push above $100K in the coming days, analysts expect a rally into price discovery. However, losing support around $94K$95K could trigger increased selling pressure and a deeper correction into lower demand zones. Bitcoin Prepares For A Decisive Move Bitcoins recent consolidation phase has fueled speculation about a potential breakout, with many analysts suggesting that the market is witnessing the calm before the storm. While short-term direction remains uncertain, the long-term bullish structure remains intact, and many expect BTC to make a strong move toward new all-time highs soon. Crypto analyst Axel Adler shared key CryptoQuant data on X, highlighting that Bitcoin’s nearest support zone is forming around $91,000$95,000. This range is significant because it aligns with the 111-day simple moving average (SMA 111D) at $95,000 and the Short-Term Holder (STH) Realized Price at $91,000. These levels represent areas where short-term holders have historically realized profits or losses, making them crucial for maintaining bullish momentum. On the resistance side, Adler notes that Bitcoin faces a key supply zone between $98,000 and $101,000. This area is defined by the aggregate exit prices of holders with a holding period of one week to one month at $100,800 and those with a one- to three-month holding period at $98,200. Related Reading: Ethereum Forms A Bullish Pattern Expert Reveals Short-Term Price Target As BTC continues to trade within this narrow range, investors are closely watching these levels for a decisive breakout. A push above $101K could trigger a rally into price discovery. While losing support at $91K could lead to further downside. BTC Bulls Face A Big Test Bitcoin is trading at $95,600 after nearly two weeks of sideways movement within a narrow range, fluctuating less than 4% in either direction. This extended period of consolidation has left traders on edge, as they await a decisive move in either direction. For BTC to maintain its bullish structure, the $95,000 level must hold. This price point aligns with technical support, and a break below it could signal strong selling pressure. Bulls face a critical test at this stage, as they must defend this support and initiate a push above key resistance levels. To confirm a breakout, Bitcoin needs to reclaim the $98,000 mark and, ultimately, the psychologically significant $100,000 level. A successful move above these levels would provide the momentum needed to challenge all-time highs and re-enter price discovery. However, failure to hold $95K could trigger a downside move, with BTC potentially testing support zones closer to $91K. Related Reading: Dogecoin Pulls Back To The Golden Ratio Analyst Expects A Bullish Reversal As Bitcoin consolidates, traders remain cautious, watching for volume spikes and increased buying pressure to confirm the next price movement. The coming days will be crucial in determining whether BTC resumes its uptrend or faces further correction. Featured image from Dall-E, chart from TradingView

View Details

Bitcoin Forms Rounding Bottom Expert Sees Push To $100K Next Week

Bitcoin has been trading sideways in a tight consolidation range, staying below key supply levels while holding strong above crucial demand zones. This phase of indecision has divided market sentiment, with many leaning toward a bullish trend that could result in an aggressive move in the coming days. While uncertainty lingers, analysts are optimistic that Bitcoin is preparing for its next significant price action. Related Reading: Ethereum Indicator Flashes Buy Signal On The Weekly Chart Potential For A Rebound? Renowned analyst Jelle shared a technical analysis on X, revealing that Bitcoin is still building a 4-hour rounding bottom, a bullish pattern that often precedes a breakout. Jelle highlighted that a new higher high was set on Friday, signaling potential momentum in favor of the bulls. This formation suggests that Bitcoin could be gearing up for a move toward reclaiming key levels, including the much-anticipated $100K mark. Despite the recent sideways price action, Bitcoins resilience above crucial demand zones reflects underlying strength. Many traders and investors are keeping a close watch, as this consolidation could soon come to an end. Whether BTC breaks above its supply zone or retraces to retest lower levels, the next move is expected to set the tone for short-term market direction. All eyes remain on Bitcoin as the market awaits confirmation. Bitcoin Prepares For A Massive Move Bitcoins price remains driven by speculation and uncertainty as short-term price action continues to be unpredictable. The price has struggled to reclaim the $100K mark, leaving analysts divided over its next move. Some are calling for a cycle top at $109K, while others believe that Bitcoin is setting the stage for a massive rally once it consolidates and establishes strong demand at current levels. Jelle shared a technical analysis on X, highlighting that Bitcoin is still forming a rounding bottom pattern above the $94K levela bullish structure that signals accumulation and potential upward momentum. He pointed out that a new higher high was set on Friday, strengthening the case for a possible breakout. According to Jelle, if Bitcoin can hold for another higher low over the weekend, bulls could push the price toward the critical $100K mark next week. Despite the ongoing uncertainty, the rounding bottom pattern offers a glimmer of optimism for the market. Bitcoins ability to stay above the $94K level reflects its resilience, even amid volatility. Traders and investors are closely monitoring this consolidation phase, as it could determine the next significant trend for BTC. Related Reading: Dogecoin Adam & Eve Structure Hints At Bullish Potential Can DOGE Breakout? If the price successfully reclaims the $100K mark, a rally toward the $109K cycle top becomes increasingly likely. Conversely, failing to hold current levels could lead to a deeper correction. The coming days will be crucial for Bitcoins short-term direction, with both bulls and bears battling for control. BTC Price Struggles With Short-Term Direction Bitcoin is trading at $97,700 after briefly tagging the 4-hour 200 EMA near $98,800, sitting less than 3% below the crucial $100K level. Bulls are striving to reclaim the $98K level and push the price above the psychological $100K mark, a critical resistance zone that has kept BTC in a consolidation phase. Breaking above $100K would signal renewed momentum and could set the stage for a strong uptrend. The $98K and $100K levels are key short-term hurdles for bulls, as reclaiming these zones would restore confidence and likely attract more buyers. A successful breakout above the $100K mark could ignite a rally, taking Bitcoin into higher territory and possibly testing all-time highs. Related Reading: Ethereum Whales Have Bought Over 600,000 ETH In The Past Week Time For A Price Upswing? On the flip side, downside risks remain significant. Losing the $94K support level could trigger a correction into lower demand zones around $89K, where buyers might step in to prevent further declines. Such a move would signal continued market indecision and could lead to extended consolidation or even bearish pressure. Featured image from Dall-E, chart from TradingView

View Details

Bitcoin $90K Level Is Crucial For Bulls Price Could Tag $79K If BTC Loses It

Bitcoin has found itself in a challenging position, struggling to reclaim the coveted $100,000 mark after a rapid shift in market sentiment. Just weeks ago, optimism dominated the landscape, with prices surging toward new heights. However, the narrative has taken a sharp turn, as fear now grips the market following a sudden correction. Related Reading: ONDO Faces 30% Correction Risk If It Loses $1.46 Support Top Analyst Currently trading below $100K, Bitcoins price action reflects increased uncertainty among investors. Top analyst Axel Adler recently shared his insights on X, emphasizing the significance of the $90,000 level as a robust support zone. According to Adler, this zone extends to a lower range of $79,000, offering a safety net should further declines occur. He highlights that maintaining this support is crucial for Bitcoin to stabilize and regain bullish momentum. While the current sentiment leans toward caution, historical trends suggest that Bitcoin often thrives after testing key support levels. The market’s focus has now shifted to whether BTC can defend this critical zone and stage a recovery. In the coming days, the $90K mark will be a pivotal battleground, determining whether Bitcoin can regain its footing or continue its descent. Investors and analysts alike are closely monitoring these developments, awaiting the next major move. Bitcoin Finding Demand Below $100K Bitcoin’s price action has shifted from testing new all-time highs to finding solid demand below the $100,000 mark. This zone will determine whether the rally resumes or the market confirms a deeper correction. Amid this uncertainty, top analyst Axel Adler has provided critical insights on X, shedding light on key levels shaping Bitcoin’s trajectory. Adlers analysis highlights the significance of the $79,000 level, which recently recorded the largest unrealized profit and loss (P/L) in the past decade. This data suggests that the $79K zone is not only a psychological benchmark but also a crucial support level with significant market activity. Additionally, he emphasizes the $90K mark as a robust support area, with its lower boundary set at $79K. Adler notes that holding above $90K in the coming weeks would bolster bullish momentum, making a surge past $100K highly probable. Related Reading: Ethereum Price Setting For a Big Move Breakout Or Downturn? However, Adler also cautions about the potential for a sideways consolidation phase. Such a move could serve as a cooling-off period for the market, allowing it to digest recent gains before resuming its upward trajectory. For now, Bitcoin’s price action remains at a pivotal crossroads, with its ability to maintain support levels dictating whether the next phase will be a breakout or a correction. Investors are watching closely. Technical Analysis: Key Levels To Hold   Bitcoin is currently trading at $96,200, reflecting days of indecision and sideways price action that has left traders uncertain about the next move. Despite this consolidation phase, BTC remains within a critical range, with its next direction likely to depend on whether bulls or bears take control.   For bullish momentum to return, Bitcoin must break decisively above the psychological $100,000 mark. Achieving this milestone would signal renewed strength and could pave the way for further price discovery, potentially igniting another leg of the rally. On the flip side, holding above the $92,000 level would still maintain a bullish narrative, as it demonstrates resilience at a crucial support zone. However, concerns about a potential downturn persist among analysts. Some experts predict that Bitcoin could drop as low as $70,000 in the coming weeks if the $92K support fails to hold. This bearish scenario would represent a significant correction and could shake market sentiment. Related Reading: Solana Sees Consistent Capital Inflows Since 2023 Liquidity Influx Signals Growth In the current environment, Bitcoins price is at a pivotal point, with bulls needing to reclaim control to push the market higher. Until then, the market remains vulnerable to both bullish breakouts and bearish breakdowns, leaving investors carefully monitoring these key levels for further clues. Featured image from Dall-E, chart from TradingView

View Details