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An analyst has explained how Bitcoin seems to be showing a good setup to reach escape velocity based on the trend in this indicator. Bitcoin VWAP Oscillator Has Been Showing A Bullish Divergence As explained by analyst Willy Woo in a new post on X, a bullish divergence has appeared to be forming in the [...]
The post Bitcoin To Reach Escape Velocity? Analyst Makes The Case appeared first on Crypto Breaking News.
On-chain data shows Bitcoin and the altcoins have seen their trading volume decline recently, a sign that trader interest in the market is waning. Trading Volume Is Down Across The Cryptocurrency Sector In a new post on X, the on-chain analytics firm Santiment has discussed about how the trading volume has changed for the various assets in the cryptocurrency sector. The “trading volume” here refers to a measure of the total amount of a given coin that was involved in trading activities on all exchanges during the past 24 hours. This metric shouldn’t be confused with the “transaction volume,” which keeps track of the amount involved in transfers across the network, including peer-to-peer (P2P) trades. Related Reading: Bitcoin Investors Shift To Strong Distribution As Demand Fades, Glassnode Reveals When the value of the trading volume is rising, it means the investors are engaging in more trades on the exchanges. Such a trend implies the interest in the cryptocurrency is on the increase. On the other hand, the indicator witnessing a decline suggests the traders may be paying lesser attention to the coin, as they are lowering the number of their moves. Now, here is the chart shared by the analytics firm that shows the trend in the trading volume for Bitcoin and the various top altcoins over the past month: As is visible in the above graph, the trading volume across the sector hit a peak late last month, which means the investors were participating in a large amount of spot moves related to Bitcoin and company. The spike in trading activity came as prices of the various assets observed a plunge. Generally, the market tends to come alive in volatile periods, as traders rush to make panic moves, whether for selling or buying. As such, the volume increase would make sense. While volatility has continued in the last couple of weeks since then, however, the volume has interestingly been following a downward trajectory instead. To be sure, there have been spikes deviating to the upside, but the overall trend has remained in the down direction. “When trading volume for major cryptocurrencies consistently drops, even during slight price recoveries (like we have seen Wednesday), it typically points toward diminishing trader enthusiasm,” explains Santiment. Historically, price moves have usually required a certain level of interest from the investors to be sustainable. This is because it’s only when a large amount of investors are making trades that moves like this can obtain the fuel that they need to keep going. Related Reading: XRP Faces Bearish MVRV CrossoverPrice Plunge To Continue? Thus, with trader participation seemingly reaching exhaustion, it’s possible that Bitcoin and other assets may not be able to put together any lasting recovery rallies. “To signal a healthier and more sustainable recovery, bulls generally will want to see both rising prices and rising volumes simultaneously,” explains the analytics firm. “Until trading activity increases meaningfully, cautious market sentiment is likely to dominate.” BTC Price At the time of writing, Bitcoin is trading around $82,900, down over 9% in the last week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
On-chain data shows that Bitcoin whales have just had their most active hour in around three months as the asset has broken past $30,000. Bitcoin Whale Transaction Count Has Observed A Spike Recently According to data from the on-chain analytics firm Santiment, 259 whale transactions occurred two hours after the local top that the cryptocurrency has observed during the past day so far. The relevant indicator here is the “whale transaction count,” which measures the total number of Bitcoin transactions taking place on the blockchain that is worth at least $1 million in value. As generally, only the whales are capable of moving such large amounts with a single transfer, these transactions can provide us a hint about the degree of activity that the whales are displaying right now When the value of the whale transaction count is high, it means that there are a high amount of large transactions taking place on the network currently. Naturally, such a trend would imply the whales are highly active at the moment. Since the amounts involved in these transfers are so high, a large number of them taking place at once can cause noticeable fluctuations in the asset’s price. Thus, when the whale transaction count is elevated, the cryptocurrency may become more probable to show high volatility. Related Reading: Bitcoin Rally Appears To Be Fueled By Derivatives, Will It Last? Now, here is a chart that shows the trend in the Bitcoin whale transaction count over the past week: Looks like the value of the metric has been quite high in recent days | Source: Santiment on Twitter As displayed in the above graph, the Bitcoin whale transaction count has registered a huge spike during the past day. This extraordinary surge in the indicator occurred around two hours after the asset hit its local top and lasted for around an hour. In this hour, whales made 259 transactions, which is the most amount in over three months. As for the implication of this spike on the price of the asset, as mentioned before, high values of the indicator can lead to more volatility for the cryptocurrency. Such volatility can go either way, however, as the metric merely counts the pure number of whale transactions happening on the blockchain; it contains no information about whether the transfers have been made for buying or selling purposes. Nonetheless, additional context like the prevailing price trend can perhaps help us guess better about what these whales intended to achieve with these large transactions. Related Reading: Bitcoin Investors Become Greedy For First Time Since May As the spike in the indicator came just after the BTC top, it’s possible that the whales were looking to sell before the asset saw a further decline. The price continued to go downhill following these transfers, hinting that at least some selling did take place. This drawdown has so far been short-lived, however, as Bitcoin has already recovered back above the $30,000 level. This can be a sign that although some selling may have taken place, it was still at levels low enough that the market was able to absorb it just fine. BTC Price At the time of writing, Bitcoin is trading around $30,100, up 21% in the last week. BTC has surged during the last couple of days | Source: BTCUSD on TradingView Featured image from Todd Cravens on Unsplash.com, charts from TradingView.com, Santiment.net
On-chain data shows that derivative exchanges have observed elevated activity as Bitcoin has rallied towards the $29,000 level. Bitcoin Spot Vs Derivative Trading Volume Ratio Has Been Quite Low Recently As pointed out by an analyst in a CryptoQuant post, the latest price increase is mainly driven by the derivatives. The indicator of interest here [...]
The post Bitcoin Rally Appears To Be Fueled By Derivatives, Will It Last? appeared first on Crypto Breaking News.
The state of Bitcoin can be demonstrated with on-chain metrics that paint a more bullish picture than the current derivatives market sentiment.
The continent recently surpassed North America in bitcoin P2P trading volume, having transacted $18,073,777 worth of BTC in the last seven days.
Bitcoin has been trading in a tight 4-hour range between $71,300 and $73,300 since Tuesday, setting the stage for a significant move in the coming days. Analysts and investors closely watch this range as BTC inches closer to its all-time high (ATH). Top analyst Axel Adler recently shared key data from CryptoQuant, noting that trading volume has steadily decreased as Bitcoin remains within these levels. Typically, this volume decline signals consolidation, a phase often preceding a major price swing. Related Reading: Dogecoin Metrics Reveal Increasing Network Activity Is DOGE Ready To Break Yearly Highs? Anticipation is building with the U.S. election just around the corner on November 5. Market sentiment is optimistic, and many expect Bitcoin to break out of this range soon, either pushing into new highs or experiencing a healthy retrace to fuel further growth. The coming days will be pivotal for Bitcoins trajectory as traders assess whether the consolidation period will lead to a breakthrough into uncharted territory. As BTC flirts with its ATH, the stage is set for a decisive move that could shape the markets direction through the end of the year. Bitcoin Price About To Move Bitcoin is at a defining point in this cycle, nearing the end of a 7-month accumulation period and poised to test new all-time highs. CryptoQuant analyst Axel Adler has noted in a recent analysis on X that BTC is currently range-bound, trading between $72,900 resistance and $71,400 support, with trading volumes showing a gradual decline. According to Adler, this reduced volume in Bitcoin’s confined range hints at an impending breakout. However, a new catalyst appears necessary to drive this shift and launch BTC past its previous highs. The upcoming U.S. election may be that catalyst, with potential market impacts depending on the outcome. Market sentiment suggests that a Trump victory could stimulate bullish sentiment in the financial markets, possibly positively influencing Bitcoin’s price trajectory. Investors are eyeing this pivotal event as a possible trigger to push BTC beyond the $73,794 mark, its all-time high, into uncharted price territory. Related Reading: Ethereum Holds Key Support To Set A $6,000 Target Analyst A successful breakout from the current range could usher Bitcoin into price discovery mode, where FOMO (fear of missing out) could drive buying pressure, amplifying the surge. On the other hand, if BTC fails to secure a new high, it may dip back toward lower support levels, potentially consolidating further until the necessary momentum builds. BTC Flirting With ATH Bitcoin is holding strong above $72,000, inching closer to breaking its all-time high (ATH) and entering a price discovery phase. Price discovery typically ushers in significant gains, as fresh highs fuel market optimism and buying pressure. However, BTC has yet to decisively break past its previous ATH of $73,794, and a temporary decline below $70,000 remains a possibility if demand doesnt strengthen soon. The $71,000 support level now serves as a critical base for BTC. If the price holds above this mark in the coming days, momentum will likely build for a solid attempt to break the ATH, potentially triggering a new wave of bullish sentiment. Traders and investors closely watch BTCs performance at these levels, knowing that any sustained movement above $73,794 could signal the start of a powerful uptrend as Bitcoin pushes into uncharted territory. Related Reading: Cardano Might See A Massive Pump Around November 18 Analyst Exposes 2020 Similarities Meanwhile, a short retrace to lower support levels might provide the liquidity needed to propel BTC beyond its current resistance. Whether through a direct push or a minor pullback, Bitcoins resilience above $72,000 sets the stage for an imminent test of ATH, with price discovery and new highs on the horizon. Featured image from Dall-E, chart from TradingView
Bitcoin has been on an impressive surge since early September, rising by 31% from local lows around $53,000. However, after testing the $69,500 supply level, the cryptocurrency faces selling pressure. Despite this, Bitcoin remains strong, holding above the previous high of around $66,000, a crucial level determining its next move. Key data from CryptoQuant reveals [...]
The post Bitcoin Bears Lose Control As BTC Net-Taker Volume Shifts Positive appeared first on Crypto Breaking News.
Bitcoins daily volume remains 91% lower than the $743 million on Dec. 5, when BTC first surpassed the $100,000 milestone.
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