Tag: Bitcoin (Btc) Price

Bitcoin Sees 20% 4-Day Surge, This is The Level to Watch Next (BTC Price Analysis)

by CryptoPotato

The recent spike in bitcoin’s price left many market participants in a well-known phase called “Disbelief.” Many technical analysts were waiting for the RSI indicator and price trend to break above the long-lasting resistance line that was formed in the daily time frame. Here, this break out is investigated from both technical and onchian perspectives.

Technical Analysis

By: Shayan

Long-Term

Bitcoin had been stuck below an important resistance trendline (blue line) for a couple of months. Eventually, it broke above it with a strong green candle and spiked almost 11% in a single day.

On the other hand, BTC broke the resistance RSI trendline simultaneously and formed a nice pattern to confirm the breakout. Currently, the price is below the 100D MA, which is critical resistance, and it is possible to reject the price from the $42.5K level.

Regardless, Bitcoin needs to form a higher high above $44.4K daily to confirm the trend reversal. The following resistance levels are $44K-$45K and then $50K-$52K ranges.

Technical Analysis; D-TF
Source: TradingView

Short-Term

In the lower time frames, we can notice another significant resistance trendline (green line) that has been rejecting the price persistently. The bullish momentum has been decreased, and the price has reached the trendline. We must wait to see if bitcoin can break the trendline or get rejected. Also, the following resistance levels have been specified with the white horizontal lines.

Technical Analysis; 4HR-TF
Source: TradingView

Onchain Analysis

By: Edris

SOPR
Source: CryptoQuant

Looking at the short-term and long-term holders’ SOPR, it is evident that a particular pattern in this onchian metric may be reoccurring. During last year’s market crash, the market experienced a period in which the short-term holders realized losses constantly.

Near the end of this period, a massive rise in LTH-SOPR scared many retailers of the long-term holders. A large amount of these coins were also deposited into the exchanges. However, it seemed turned out to be a bear trap because the bottom was in, and the market rallied to a new ATH.

Now, the same pattern is in play again, but this time, the massive spike in LTH SOPR was because the Bitfinex hacked coins moved after a long time. Either way, considering the STH-SOPR, the bottom seems to be near if it is already in.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Bloomberg Insists: Bitcoin Could Still Reach $100,000

by CryptoPotato

February’s investment report by Bloomberg Intelligence argued in favor of cryptocurrency investments. In particular, it suggested that Bitcoin, Ethereum, and USD stablecoins will continue to do well.

At the same time, though, smaller digital assets could be in trouble due to excessive speculation, analysts at Bloomberg asserted.

“Some purging of the speculative excesses of 2021 may mark much of 2022, but Bitcoin is poised to come out ahead.”

BTC vs. Oil

In particular, crypto may be in a good place relative to inflation-related commodities. While oil rose on the risk of war in Ukraine, BItcoin and Ethereum dipped.

The report noted that the Bloomberg Galaxy Crypto Index is down about 20% in 2022. On the other hand, the Bloomberg Commodity Index Total Return is up by roughly 10%. However, the document suggested this may be a “temporary blip,” and trends are going the other way.

Supply, demand, adoption, economics, and advancing technology point to cryptocurrencies continuing to outperform commodities. Technological developments will also serve as a boon for crypto vs. oil.

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Representing advancing technology, Bitcoin is gaining traction as a benchmark global digital asset, while oil is being replaced by decarbonization and electrification.

Bitcoin’s Limited Supply

Moreover, the report pointed out that Bitcoin is, by design, an asset with a limited supply. In fact, it has no supply elasticity. This means that no matter the demand, the BTC supply will remain essentially the same. That’s not the case with oil, as oil producers will increase output when prices rise.

Nevertheless, competition in the crypto space led to the creation of over 17,000 individual tokens. These tokens eat into the demand for Bitcoin, whose dominance is currently below 42%.

In contrast, in March of 2021, Bitcoin’s total share of the crypto market cap was 20% higher: 62.2%. Still, only a handful of digital assets dominate. About half of the total figure could be due to Ethereum’s rise, which went from 11% to 18.8% in the same period.

Aside from Bitcoin and Ethereum, Bloomberg expects that the market share of stablecoin will also continue to increase due to the enhanced demand for non-volatile assets.

$100K for Bitcoin?

Keeping in mind all of the above, Bloomberg’s analysts outlined that the next “key bitcoin threshold may be $100,000.” It’s worth noting that they have predicted a six-digit price tag for a few years now. However, the asset is yet to reach that far.

They believe that the most recent market crash, which saw BTC dumping by more than $10,000 in days to a six-month low beneath $33,000, could be over.

“Our graphic shows this consolidation period may be ending, with the past of least resistance pointing higher.” – reads the paper.

BTC/USD. Source: Bloomberg
BTC/USD. Source: Bloomberg

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Bitcoin Touched $43K: Ripple Soars 12% to a 3-Week High (Market Watch)

by CryptoPotato

Bitcoin’s recent bullish run continued with another minor leg up that drove it to a high of $43,000. Most altcoins have produced similar slight increases; some, such as Shiba Inu and XRP, have exploded with massive double-digit pumps.

Bitcoin Touched $43K

Ever since last Friday, when the cryptocurrency began its rapid ascent from $37,500, the BTC landscape has remained significantly more positive. Bitcoin surged to and beyond $40,000 in a matter of hours for the first time since mid-January.

The asset remained relatively calm, around $41,500 during the weekend before it initiated another price increase. This time, the bulls drove it to $43,000 for the first time since the market-wide correction started on January 21st.

As of now, BTC has been unable to reclaim that level decisively and has retraced by a few hundred dollars. Nevertheless, its market capitalization has surged above $800 billion. Just last week, the metric was down below $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and XRP Steal the Show

Most alternative coins followed BTC on the way up with impressive gains in the past several days. Ethereum, for example, struggled to remain above $2,000 just a week or so ago. Now, though, the second-largest cryptocurrency stands well above $3,000 and even challenged $3,100 a few hours ago.




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Binance Coin, Cardano, Solana, Polkadot, and Terra have marked similar gains in the past 24 hours of between 2% and 4%. More impressive increases come from Dogecoin and Avalanche.

However, Ripple and Shiba Inu have taken the main stage from the larger-cap alts. SHIB has exploded by more than 20% in a day, as reported earlier, and stands near $0.00003.

XRP, on the other hand, is up by approximately 13%. As a result, the asset tapped a three-week high at over $0.75.

More gains come from Quant (17%), BitTorrent (16%), LEO (14%), Kadena (13%), Loopring (12%), Gala (10%), and Fantom (10%).

The crypto market cap has increased by about $60 billion since yesterday and stands at $1.950 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Weekend Watch: Axie Infinity (AXS) Explodes 17%, Bitcoin Maintains $41K

by CryptoPotato

After surging above $41,000, bitcoin has maintained its momentum and has remained above that level. The altcoins, which marked significant gains yesterday, have stalled now. Axie Infinity is among the few exceptions after a massive double-digit surge.

Bitcoin Maintains $41K

It was just a few days ago when the largest cryptocurrency struggled to remain above $37,000 and dipped below that level on a few occasions. The bulls attempted to push it north, which resulted in trading around $38,000 on Friday.

This is where the landscape changed, though. BTC initiated an impressive leg up in the following hours and surged above $40,000 for the first time in weeks.

Moreover, bitcoin even reclaimed $41,000 and neared $42,000. As of now, the asset stands just shy of that level, and its market capitalization is close to $800 billion once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: AXS Soars With Double Digits

The alternative coins went on a roll yesterday with massive double-digit gains from almost all. Now, though, the majority have calmed.




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Ethereum stands above $3,000 for the first time in weeks, as well, even with a minor decrease since yesterday.

More slight decreases come from Binance Coin, Cardano, Solana, Ripple, Polkadot, Terra, Dogecoin, Avalanche, and Shiba Inu.

In contrast, CRO is up by another 3%, while Litecoin has surged by 8% and stands above $125.

Axie Infinity is among the most impressive performers with a 15% surge. Consequently, AXS trades well above $60. Gala (20%) and Theta Fuel (10%) are also well in the green.

Somewhat expectedly, the crypto market cap has remained relatively calm, around $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Bitcoin Price Analysis: Following BTC’s Surge Above $41K, What’s the Next Target?

by CryptoPotato

The recent unexpected price action in the market has led to some positive changes in the sentiment. However, there are many analysts that remained skeptical because of the uncertainty at the macro level.

Here, we discuss the important technical confirmations for a mid-term trend reversal and investigate the holders’ behavior during the recent price downfall to $32.9K.

Technical Analysis

By: Grizzley

Long Term

Most technical analysts believe that consolidating the price below the weekly Ichimoku cloud is the end of the bitcoin bull run, or it will not be easy to recover to the levels above in the short term. A weekly candlestick closed under the cloud two weeks ago. But then the uptrend began, which did not allow the price to remain below the cloud longer.

Therefore the uncertainty about the positive momentum is not over yet. At the moment, the price is struggling with the Kijensen, which frequently plays as resistance. Nevertheless, crossing above this dynamic resistance (~$43K) can send a positive signal to technical traders/analysts in the market.

Technical Analysis; Long-Term
Source: TradingView

Short term:

On the 4-hour timeframe, the intersection of the dynamic resistance (marked by the yellow line) and the POC line (highlighted by the red line) is interesting. The recent candlesticks show the weakness of the unexpected uptrend that started the day before. Bears tend to damp upward movements, and the bulls support retracted areas. The general rule is that crossing this zone and forming a higher high will usually be translated to confirming a downtrend’s reversal.

Technical Analysis; Short-Term
Source: TradingView

Onchain Analysis:

By: CryptoVizArt

In light of the market structure, it took 14 days for bitcoin to reclaim the $41.3K level. Examining the percentage of supply-in-profit, during this correction down to $32.9K, only 6% of supply changes hand.

This small change in the percentage means the holding incentive has been dominant recently. This observation, compared to many former similar events, can confirm the illiquid supply in the market is unlikely to be deployed to exchanges because of short-term volatility. In other words, the identity of long-term holders, in this cycle, has changed significantly.

Onchain Analysis
Source: CryptoQuant

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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4 Possible Reasons for Bitcoin’s $5K Surge Above $41,000

by CryptoPotato

The past 24 hours have been particularly turbulent throughout the cryptocurrency market, but this time it seems it’s all in favor of the bulls.

Bitcoin’s price surged above $41K for the first time since January 21st, and the whole market is in the green. Therefore, we’re taking a look at four possible reasons for which the positive move was triggered.

Reporting Season is Through

It’s worth noting that Bitcoin and the traditional stock market have been tightly correlated for quite some time. As such, what happens on Wall Street has been impacting the cryptocurrency market for a while, and it’s critical to be aware of macroeconomic factors that influence stocks.

The majority of the tech giants and other big names in the legacy markets are done filing their financial reports for the last quarter of 2021. These are important catalysts for considerable fluctuations in the markets.

For example, just a few days ago, CryptoPotato reported that Meta (formerly known as Facebook) filed their Q4 2021 report and revealed a loss of daily active users for the first time in history. In response, their stock price tumbled over 26% in the after-hours trading session following the filing.

Now that these reports are through, it’s perhaps safe to assume that the markets would be less volatile, devoid of massive catalysts of the kind, taking away some of the uncertainty off the table.

US Jobs Reports Exceeding Expectations

The recent figures revealed that the US added almost half a million new jobs in January alone, despite the spread of the Omicron variant that tends to lead businesses short-staffed.

This was reported by the US Labor Department’s Bureau of Labor Statistics on February 4th. The unemployment rate increased slightly from 3.9% to 4% over the same period.

The report surpassed the expectations of economists who predicted just 150K new jobs according to a Dow Jones survey. In addition, the length of time during which people remain unemployed also decreased:

“In January, the number of persons jobless less than 5 weeks increased to 2.4 million and accounted for 37.0 percent of the total unemployed,” reads the report. “The number of long-term unemployed (those jobless for 27 weeks or more) declined to 1.7 million.”

Now, it’s once again important to keep the bigger picture in mind as more jobs tend to translate to lower inflation – something that the wide publicity has been advocating for quite some time. Just for reference, the price of BTC dipped slightly after the report and then exploded to a high not seen in more than two weeks.

$220 Million in Short Liquidations

Data from CoinGlass reveals that over the past 24 hours, the market saw a whopping $220 million worth of liquidated short positions across major exchanges including Binance, OKEx, FTX, Bybit, Huobi, BitMEX, and so forth.

In total, over 80% of the liquidations in the past day were of short positions which triggered the so-called short squeeze – a market condition where the price is moving upwards, triggering more and more liquidations which in turn trigger further upward momentum.

img1_liquidations
Total Liquidations. Source: CoinGlass

A Correction Was Due

The price of Bitcoin has been on a massive downtrend in the past couple of months and there haven’t been any significant positive corrections for quite a while.

Yesterday’s daily candle market the largest green candle since the drop that took place on November 10th – the day BTC also marked its all-time high price.

It’s now interesting to see whether or not this will be a confirmed breakout of the downtrend and whether or not the market will start recovering. The upcoming weekly close tomorrow will be critical but it’s still particularly important to remain very careful in the upcoming days as volatility is likely to be enhanced.

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Crypto Markets Add $170 Billion in a Day as Bitcoin Explodes Above $41K (Weekend Watch)

by CryptoPotato

After more than two weeks of trading below $40,000, bitcoin finally made a decisive move to reclaim that coveted level. The entire crypto market followed suit with massive daily price increases from Ethereum, Binance Coin, Cardano, Sollana, Polkadot, and many others.

Bitcoin Surged $4K

It was on January 20th and 21st when the primary cryptocurrency slumped below $40,000 for the first time in months. In the following few weeks, the asset failed to recover most of the losses and even dumped to its lowest price point since late July beneath $33,000.

However, it started to add some value and challenged $39,000 several days ago, as reported. It was rejected at first, and the bears pushed it below $37,000 almost immediately.

This is where the situation changed, though. While trading between $37,000 and $38,000 yesterday, bitcoin went on a tear and exploded above $40,000 for the first time in over two weeks.

It only kept climbing in the following hours, and BTC is now situated at around $41,500. This means that the cryptocurrency is up by $4,000 since yesterday. As a result, its market capitalization, which had dumped beneath $700 billion just days ago, is now close to $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts With Massive Gains

As it typically happens when bitcoin goes through enhanced volatility, so do the altcoins. Ethereum struggled to remain above $2,000 just days ago. Now, though, the second-largest cryptocurrency trades above $3,000 after another 7% daily increase.

Binance Coin, Polkadot, Terra, Avalanche, MATIC, and Shiba Inu have also surged by double digits since yesterday. A bit more modest gains come from Cardano, Solana, Ripple, Dogecoin, and CRO.

As expected, the lower- and mid-cap alts have displayed even more significant fluctuations. Gala leads the way with a 30% surge, followed by LEO (25%), JUNO (20%), The Sandbox (18%), NEAR Protocol (16%), Mina Protocol (16%), THETA Network (15%), Loopring (14%), THORChain (14%), and many others.

Ultimately, the cumulative market cap of all crypto assets has increased by about $170 billion since yesterday’s low to above $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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US Jobs Report Exceeds Expectations: What Does it Mean for Bitcoin?

by CryptoPotato

According to recent figures, the U.S. added 467,000 new jobs in January alone, despite worries about Omicron leaving various businesses short-staffed. Bitcoin traded slightly lower following the reveal.

A Surprisingly Strong Labor Market

The recent employment figures were published in a report by the US Labor Department’s Bureau of Labor Statistics earlier today. While total nonfarm employment rose by over 400k jobs, the unemployment rate only slightly increased from 3.9% to 4%.

By comparison, unemployment is down 2.4 percentage points compared to this time last year. It’s also only 0.5% above the 3.5% unemployment rate from February of 2020 – before the pandemic began.

The job recovery last month greatly surpassed economists’ expectations, which predicted just 150,000 new jobs according to a Dow Jones survey. Recovery has reportedly been strongest in hospitality, professional and business services, retail work, and warehousing/ transportation.

The length of time that people are unemployed is also decreasing:

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“In January, the number of persons jobless less than 5 weeks increased to 2.4 million and accounted for 37.0 percent of the total unemployed,” reads the report. “The number of long-term unemployed (those jobless for 27 weeks or more) declined to 1.7 million.”

The Federal Reserve has two official mandates: low unemployment, and low inflation. With unemployment looking like a less urgent concern, the Fed may be further motivated to address inflation concerns. In December, CPI inflation reached a near 40-year of 7%.

Impact On Bitcoin?

For the Fed to address inflation, it plans to raise interest rates this March. However, such policy – or even the expectation of it – is known to negatively impact both stocks and crypto alike. When money becomes more expensive to borrow, business is no longer free to invest in real estate, stocks, or any especially risky assets like crypto. As such, money tends to withdraw from the markets at these times.

Following today’s unemployment figures, Bitcoin dipped by 1% to about $37 500. However, it has since surged above $40,300 within hours – a high it hasn’t seen in about two weeks.

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Bitcoin Tops $40K, Correlation to Global Markets on Edge: The Weekly Recap

by CryptoPotato

The total cryptocurrency market has managed to recover a considerable chunk of its capitalization, with Bitcoin currently pushing above $40K. However, excluding today, we saw a serious correlation between Wall Street and crypto, but may this be coming to a halt?

Bitcoin’s price recovered over 8% in the past seven days, but let’s break it down. This time last week, things were looking quite depressing, and BTC was failing to break out and dipped on Monday. It spiked towards $39K in the following days, but this was also halted by the bears, who once again pushed the price below $37K.

All of this changed today in a definitive and just as sudden move upwards. In less than 2 hours, BTC was up over 6% and, at the time of this writing, is trading above $40K. The sentiment has shifted from mildly depressing to ecstatic, and it’s interesting to see if this is a fakeout or a break away from the recent downtrend.

Needless to say, the rest of the market followed. Ethereum is up 22.4% currently and is testing $3K. Solana is also up about 23%, trading above $100, while DOT is up 12% and trying to solidify above $20. Of course, there are those who failed to capitalize on the recovery, such as BNB that’s trading flat compared to last week. LUNA, on the other hand, is down 2.3%.

This comes amid some notable correlation with global markets, but it’s also worth noting that today it seemingly came to a halt. Bitcoin’s price surged massively while global indices such as NASDAQ and the S&P 500 also opened in the red.




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In any case, it’s very exciting to see what the market has in store for us in the next few days, especially as we come into the weekend when we know anything can happen.

Market Data

Market Cap: $1,736B | 24H Vol: 134B | BTC Dominance: 40.2%

BTC: $40,300 (+8.1%) | ETH: $2,936 (+22%%) | ADA: $1.10 (+5.3%)

04.02

MicroStrategy Purchased 660 More BTC for $25 Million. The tech giant spearheaded by one of Bitcoin’s most vocal proponents – MicroStrategy – purchased yet another 660 BTC worth slightly over $25 million at an average price of $37,865 this week. This comes as the cryptocurrency continues to struggle in finding a definitive recovery.

Long-Term Holders and Whales Continue Accumulating Despite the Bitcoin Crash (Research). Despite the turmoil over the past couple of weeks,s long-term holders and whales remain unfazed following the recent crash. Moreover, these entities also appear to be accumulating instead of panicking about the declines.

The Fed and MIT Publish Central Bank Digital Currency Technical Research. The Federal Reserve Bank of Boston, alongside the Massachusetts Institute of Technology (MIT), released joint research on a central bank digital currency (CBDC) that may pave the way for a digital dollar.

European Central Bank Keeps Interest Rates Low And Expects Inflation To Stay Elevated. The president of the European Central Bank, Christine Lagarde, revealed that the Eurozone interest rates will remain at 0%. Lagarde also said that she doesn’t believe inflation will impact the region as badly as the United States.

After a Court Battle, the IRS Might Not Impose Income Taxes on Unsold, Staked Crypto. Cryptocurrency holders in the United States might no longer need to pay income tax on their unsold and staked tokens. This comes following a major precedent set by a Nashville couple that has been staking Tezos.

Solana Woes Worsen in $320 Million (120K wETH) Wormhole Bridge Hack. Wormhole – a bridge between Solana and Ethereum – has been exploited for $320 million earlier in the week in what seems to be one of the biggest DeFi hacks. The team claimed that the funds have since been restored without clarifying how they managed to achieve that.

Charts

This week we have a chart analysis of Ethereum, Ripple, Solana, Binance Coin, and Luna – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Bitcoin Taps $40K, Surging 6% in Less Than Two Hours

by CryptoPotato

Bitcoin’s price shot up in the past couple of hours in two massive consecutive green candles, leaving bears underwater and attempting to reclaim the coveted $40K level.

  • Over the past two hours, bulls took complete control of the market momentum and managed to push BTC’s price to almost $40K (on Binance).

  • This comes following a couple of green days after BTC dropped to $33K yesterday, charting a recovery of almost 20% in the interim.

chart_btc
Source: TradingView


  • In the meantime, data from Coinglass reveals that the move caused a stir amongst bears as there are currently around $200 million in liquidations, with the largest single order happening on OKEx with a face value of $3.18 million.

  • Moreover, 77% of the total liquidations in the past 4 hours came from short positions.

  • 36% of those happened on OKEx, and 34% happened on Binance, followed by Bybit, FTX, and Huobi.

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Bitcoin (BTC) $ 44,467.91 2.57%
Ethereum (ETH) $ 2,364.49 0.10%
Litecoin (LTC) $ 77.58 4.84%
Bitcoin Cash (BCH) $ 253.28 2.73%