Bitcoin Price Aanlysis: Key Technical indicators to watch

Key Technical indicators to watch

In our previous analysis, we observed that both the major support and resistance levels remain operative. Presently, Bitcoin is in a consolidation phase in the short term.

Taking a look at the 4-hour chart, we can note that Bitcoin has been on a downward trajectory since its peak at $31,000. The 55-period moving average constitutes a key resistance level, currently pegged at $27,042.

Source: Tradingview

Turning our focus to the daily chart, we find that the 89-period moving average stands as the principal support level, situated currently at $26,780. 

Impending Altcoin Season

The BTC dominance chart presents an intriguing scenario – it appears to be forming a diamond top pattern. This pattern typically indicates an imminent, significant downtrend. In layman’s terms, we can infer that altcoins, especially those paired with Bitcoin like ADA/BTC and LINK/BTC, may outperform Bitcoin in the near future.

Source: Tradingview


Tagged : / / / / / /

Should Amateur Investors Track What Crypto Whales are Doing?

As you may already know, crypto whales have a ton of sway and influence on the crypto market, and there have been more than just a few instances where a crypto whale has managed to single-handedly change the course of a coin all on their own. 


Just take a look at the BTC price chart – even with just one coin, crypto whales have had an astronomical influence on the course of crypto, and no one truly knows the net impact that they have been able to have on the markets. Taking all of this into consideration; would it be a good idea for amateur investors to track what crypto whales are doing? Well, let’s find out. 



Knowing What Is Going On In The World Is Always a Positive

To give it to you straight; more information is always better. If you have the spare time to monitor what all of the top crypto whales are doing, you will undoubtedly be better off than those you choose not to bother, and this means that you could end up performing better than the average crypto investor if you are willing to spend a portion of your time researching.


This doesn’t only apply to crypto whales, but to the world as a whole. The more information you are able to compile about current world events and recent changes that could affect the markets, the better, and you will be able to use this knowledge to great effect after just a little practice. 


However, that’s not to say that keeping track of what crypto whales are doing is recommended for amateur investors. Sure, it’s a great thing to do if you have the time and are serious about crypto, but if you are someone who has a full-time job and cannot afford to track the markets all day, then you are likely going to be able to get by just fine.


The advantage gained from tracking crypto whales is minimal at best, and only experienced investors will be able to put this information to use in a way that could bring them more profits. 


It Depends On What Coins You Invest In 

The amount of benefit you are going to get out of tracking what crypto whales are doing is going to directly correlate to your investment strategies as well as your tolerance for risk. 


If you only tend to stick to consistent and/or reliable cryptocurrencies such as bitcoin, ethereum, ripple or tether, then keeping up-to-date with what crypto whales are doing is going to have practically no effect if you are not willing to invest elsewhere.


This is simply because coins akin to this have more stability, and even if a crypto whale were to cause pandemonium for any of the aforementioned coins, they are likely going to survive in the long run.


On the other hand, if you notice that a crypto whale is buying up a ton of dogecoin and is making the price rise drastically, then this could be a pretty good indication for you to jump in. The only way for you to take advantage of this would be to take on a little risk in the case that the coin in question flops. 


If you are willing to actually make use of the information you gather by adapting your investment strategy, then keeping track of what crypto whales are doing could be enormously beneficial. If not, then it might just be a waste of time. 


Opportunity Strikes When You Least Expect It

You can never know when a huge opportunity is going to present itself. Even if you do happen to be somewhat of a passive investor, taking on a little more risk on occasion can be a great choice if you spot an amazing opportunity, and keeping up with crypto whales can be a prime source of providing you said opportunities.


There are more than just a few people who have become millionaires just because they rode the wave of a crypto whale when he/she was tinkering with the markets, and if you have what it takes to put yourself out there and potentially lose some crypto in the pursuit of otherworldly success, then knowing what crypto whales are up-to could just end up being incredibly advantageous


Truth be told; you can put as much or as little effort into investing as you may wish. The more time and effort you spend on tracking world events and keeping up with the goings-on of crypto whales, the more knowledge you are going to have on hand to accurately predict the markets, and it goes without saying that you will have an advantage if you choose to verse yourself in all things crypto.


However, if you do not have the time to try and track every little fluctuation and deviation, this is perfectly fine too – tracking what crypto whales are up to is certainly no requirement for investing. We wish you all the success in the world, and we hope your trading journey goes smoothly.


Tagged : / /

WAHED Announces Strategic Partnership With The Creator’s Group

Cranfield, England, 21st November, 2022, Chainwire

WAHED is delighted to announce a brand new partnership with Creator’s Group. Bringing years of experience in the real estate and property management sector, the Creators Group can look forward to enjoying a number of advantages that the blockchain can add to this industry. 

Established by CEO Eng. Ali Al Salman in Riyadh, Saudi Arabia in 2016, Creators Group has established itself as a leader both in local markets and overseas. Serving the best interests of investors, homeowners, corporate clients, developers and landlords, the Creator’s group streamlines investment activities for all those looking to get involved in real estate. 

Creator’s Group offers the following services to clients in Saudi Arabia and abroad

  • Buy and selling of land and property
  • Commercial and residential leases and rentals 
  • Feasibility studies
  • Project development
  • Property brokerage 
  • Investment guidance and opportunities
  • Real estate valuation

WAHED is a next-generation investment and philanthropy platform powered by WAHED Coin. Based in the United Kingdom and headed by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, WAHED has a vision of improving the world by nurturing business activities. Serving as a blockchain and investment partner, WAHED aims to bring all the advantages of the decentralized economy to businesses seeking to deliver value at a greater scale, and with improved efficiency. 

How The Partnership Will Bring Value

The WAHED Ecosystem is built on the Binance Smart Chain, an innovative blockchain that enables the deployment of smart-contracts. With the ability to program actions on a publicly-viewable and permanent blockchain, it will be possible to implement greater transparency and accountability across the entirety of activities. 

Transparency and Efficiency in Operations

The proximity of the real estate world with existing legal and government frameworks make drafting contracts and obligations a critical and cost-intensive process. Blockchains and smart contracts can significantly reduce costs by utilizing templates that can be adapted to the end user’s requirements. Thanks to this innovation, the entire scope of operations stands to benefit from increased efficiency and lower recurring costs. 

Transparency in Transactions

By using the blockchain’s permanent ledger, all parties involved in a transaction will be aware of the requirements, costs and procedures to ensure that the deal is concluded efficiently. Using smart contracts to factor in costs such as travel time, office supplies, legal counsel and auction bidding can make requirements clear to every party involved, making significant savings in time and money. 

Transparency in Obligations

When a property moves from one owner to another, they may be conditions that affect the terms of sale. These obligations may include alterations to abide with legal requirements such as material quality and fire safety, or aspects relating to design and/or function. The immutable recording of these requirements on a smart contract that executes when the terms are met will be a significant time saver. 

Transparency for Brokerage 

Agent and broker commissions can be between 1%-6% of the cost of the transaction. While there may be significant costs leading to fees being this high, the lack of transparency can affect buyer trust. Blockchains enable trustless transactions, and the ability to reduce the number of middlemen. End users can enjoy quicker turnaround time and lower fees. 

Permanent Records of Ownership and Property Rights

Blockchains are ideal to show ownership of property. These tamper-proof and permanent records can be updated when assets change hands, and further details such as stipulating the commercial and usage rights for a specified plot can also be added. Due diligence and the registering of ownership with the Federal Registration Service and notary payments will all happen on the blockchain, and fees will be included as part of the services package. 

The partnership between Creators Group and WAHED stands to provide a range of benefits that will undoubtedly elevate the experience and cost savings of the end users. By utilizing blockchain as a tool to promote efficiency and transparency, WAHED aims to raise the bar on how businesses can be conducted, and how lives can be improved.


WAHED Coin will be available for trading on LBank on the 5th of December 2022. Join the WAHED community to get all the latest updates regarding partnerships, new features and more. Visit our official website for more information and join our TwitterDiscordFacebook and Instagram.


Wahed Projects Team


Tagged : / / / /

Bitcoin Gains Momentum Based on Positive CPI Numbers

After slipping to lows of $15.5K amid FTX’s liquidity crunch, Bitcoin (BTC) gained momentum due to better-than-expected consumer price index (CPI) numbers released by the U.S. Bureau of Labor Statistics.

Crypto and market education platform IncomeSharks tweeted:

“Bitcoin has an easy path back to $20k as Stocks pushing up and positive CPI numbers.”

Bitcoin was up by 3.78% in the last 24 hours to hit $17,281 during intraday trading, according to CoinMarketCap

The CPI surge was lower than expected because it rose by 0.4% in October, the lowest since January 2022. The U.S. Bureau of Labor Statistics pointed out:

“The all items index increased 7.7 percent for the 12 months ending October, this was the smallest 12-month increase since the period ending January 2022. The all items less food and energy index rose 6.3 percent over the last 12 months … all of these increases were smaller than for the period ending September.”

The lower CPI numbers triggered a bullish reaction in the BTC market because this might mean that the Federal Reserve (Fed) will ease interest rate hikes, which have been detrimental to the crypto ecosystem.

The Fed has been increasing interest rates to the tune of 75 basis points (bps), and this is one of the primary factors hindering a significant leg up for cryptocurrencies.

Despite the positive CPI numbers, the crypto market is still not out of the woods yet as bears continue to bite. Market insight provider Material Indicators explained:

“CPI was lower, Jobless Claims were higher. FireCharts shows the crypto market’s initial reaction to a beat on the forecasted economic numbers. Bear Market Rally is still alive BTC.”


Source: MaterialIndicators

The collapse of FTX, one of the leading crypto exchanges, has also made the digital asset space shaky.

Reportedly, the liquidity issue facing FTX might have emanated from the exchange’s CEO, Sam Bankman-Fried, secretly transferring at least $4 billion to boost its trading arm Alameda Research, with part of the funds being customer deposits.

Image source: Shutterstock


Tagged : / / / / / / / /

Is Bitcoin Gearing Up to Exit the Current Bottom?

Since Bitcoin (BTC) has been trading above the psychological price of $20K, Glassnode has released its weekly on-chain report titled “Hammering Out The Bottom,” scrutinizing the stakes and the risks that may lay on the road ahead.

The market insight provider stated:

“Bitcoin has rallied back above the $20k level this week, pushing off a low of $19,215, and trading as high as $20,961. After consolidating in an increasingly tight range since early September, this is the first relief rally in many months.”

Source: Glassnode

Bitcoin was up by 6.6% in the last seven days to hit $20,626 during intraday trading, according to CoinMarketCap.

With the realized price being the average acquisition price per coin, Bitcoin is presently approaching the underside of the realized price set at $21,111. A break above it would signify notable strength. 

Source: Glassnode

Redistribution of wealth continues to happen

During the Bottom Discovery phase, diminishing investor profitability usually triggers the redistribution of coin wealth because weaker hands capitulate into severe financial pain. 

Using the UTXO Realized Price Distribution (URPD) indicator, Glassnode noted that more consolidation and duration may still be required in the current bear market because coins changing hands are lower than the 2018-2019 bottom discovery phase where 22.7% of total supply was redistributed.

The market insight provider pointed out:

“Performing the same analysis in 2022, we can see that around 14.0% of supply has been redistributed since the price fell below the Realized Price in July, with a total of 20.1% of supply now having been acquired in this price range.”

Even though Bitcoin is getting ready to exit the bottom, the bear-to-bull transition has not completely formed because of the lack of a convincing influx of new demand. 

Meanwhile, crypto trading firm Cumberland recently highlighted that Bitcoin volume remained absolutely massive given that BTC derivatives worth approximately $50 billion were being cleared on crypto exchanges daily, Blockchain.News reported

Image source: Shutterstock


Tagged : / / / / / / /

Are Bitcoin Miners Earning Minimum Reward as Hash Price Plunged to Historic Lows?

The revenue of Bitcoin (BTC) miners continues to dwindle, given that hash price has nosedived to historic lows of $66,500 per Exahash, according to Glassnode.

The market insight provider explained:

“The Bitcoin Hash Price has reached an all-time-low of $66,500 per Exahash. This means that BTC miners are earning the smallest reward relative to hashpower applied in history, and likely puts the industry under extreme income stress.”


Source: Glassnode

Therefore, this indicates that miners are earning the lowest revenue in Bitcoin’s 13-year journey.

Furthermore, this is happening as the mining difficulty in the Bitcoin network hits an all-time high (ATH). Glassnode added:

“BTC mining difficulty just reached an ATH of 158,208,051,864,292,013,637,632. Previous ATH of 152,947,196,320,564,012,646,400 was observed on 23 October 2022.”


Source: Glassnode

Mining difficulty is a metric of how hard or easy it is to generate new Bitcoin and is often impacted by the number of machines plugged into the network.

High mining difficulty implicates enhanced network security because more computing power is required to mine a similar number of blocks as before. 

78% of BTC Supply has been immobile for More Than 6 Months

With the immobile Bitcoin supply reaching ATH, it seems some hodlers have remained steadfast in their objective.

Market analyst Will Clemente pointed out:

“A new all-time high 78% of Bitcoin supply has not moved in at least 6 months. Pretty remarkable in the face of the worst macroeconomic backdrop in recent history, geopolitical uncertainty, and WW3 fears. There is a group of seriously convicted hodlers out there.”


Source: Glassnode

Hodling is one of the favoured strategies in the Bitcoin market because coins are stored for future purposes other than speculation.

For instance, hodled BTC recently hit a 5-year high, Blockchain.News reported. 

Meanwhile, Bitcoin price was hovering around $19,315 during intraday trading, according to CoinMarketCap. 

Image source: Shutterstock


Tagged : / / / / / / / /

Bitcoin’s Small to Mid-Sized Addresses Continue Going Through the Roof

As Bitcoin (BTC) continues hovering around the $19K zone, small to mid-sized addresses are scaling the heights, according to Santiment. 

The market insight provider explained:

“Bitcoin’s small to mid-sized addresses (holding 0.1 to 10 BTC) hold an AllTimeHigh 15.9% of the coin’s available supply.”



Therefore, Bitcoin addresses have been witnessing heightened activity. Santiment added:

“The number of Bitcoin addresses holding 10,000 to 100,000 $BTC & addresses holding 10 to 100 BTC have reached their highest amount of respective addresses since Feb, 2021. As the number of addresses on a network rises, utility should follow suit.”


Source: Santiment

The market insight provider expects Bitcoin’s use case to surge as the number of addresses increases. This is a bullish sign because demand might rise, pushing prices upwards.

Holding the ground at $19.3K level is crucial 

Since Bitcoin has lacked a significant leg up thanks to tightened macroeconomic conditions, Michael van de Poppe believes holding the $19,300 zone is fundamental because this can prompt a push to the $22,000 area. The crypto analyst pointed out:

“The area around $19.3K is key to hold and then we can expand to $22.2K.”



Similar sentiments were recently shared by analyst Ali Martinez who stipulated that the leading cryptocurrency should stay above $19,200 to reduce selling pressure, Blockchain.News reported. 

Bitcoin was hovering around $19,260 during intraday trading, according to CoinMarketCap.

On the other hand, a market analyst under the pseudonym Tajo Crypto believes Bitcoin is not out of the consolidation woods yet based on unfavourable conditions like inflation and interest rate hikes. Tajo Crypto noted:

“Bitcoin has been between $18K and $25K since July and there seems not to be enough catalyst to make it drop to $17K or pump to $26K. The inflation and rate hike will make Bitcoin continue to struggle till prices normalize. Bitcoin consolidation is far from over.”

Therefore, it remains to be seen how the market plays out in the short term because the UNCTAD recently warned that if tightened fiscal and monetary policies continue, a global recession would be inevitable. 

Image source: Shutterstock


Tagged : / / / / / /

Bitcoin Needs to Continue Standing above $19,200 to Dilute Downward Pressure, Analyst Says

Bitcoin (BTC) has gained momentum to surge past $19K after dropping to lows of $18.3K after the U.S. inflation data was released on October 13.

Market analyst Ali Martinez believes the leading cryptocurrency should stay above $19,200 to reduce selling pressure because this is a significant level. He pointed out:

“Roughly 2.5 million addresses bought nearly 1.5 million BTC at $19,200. The longer Bitcoin continues trading below $19,000, the higher the pressure these investors will feel to exit their long BTC positions to cut losses short. Consequently accelerating the downward pressure.”

The United States Bureau of Labor Statistics (BLS) published the latest inflation figures with the Consumer Price Index (CPI) for all urban consumers growing by 0.4% in September, Blockchain.News reported.  

As a result, a broad market reaction emerged, sending shivers down the crypto market, with Bitcoin dropping to lows of $18,319. 

Crypto insight provider Santiment stated:

“Thursday has been an expectedly volatile day after inflation data was released. Bitcoin dropped to $18.3k, its lowest price level since September 21st. However, as traders were in the midst of stopping the bleeding, BTC & the SP500 rapidly recovered.”


Source: Santiment

Even though Bitcoin’s social dominance has dropped based on the back-and-forth experienced in the market, the leading cryptocurrency was up by 3.38% in the last 24 hours to hit $19,623 during intraday trading, according to CoinMarketCap.

Since some traders have been eyeing short-term pumps, this has also caused BTC’s social dominance to decrease. Santiment explained:

“Traders are chasing short-term pumps right now to salvage losses. Weak hands dropped out of crypto in 2022, & long-term traders are waiting for Bitcoin to begin receiving the spotlight again. When BTC social dominance is high, prices typically rise.”


Source: Santiment

The U.S. Federal System has resorted to interest rate hikes to tame runaway inflation, which has been detrimental to the crypto market. With the latest CPI data being higher than expected, it remains to be seen what move the Fed will take next month. 

Image source: Shutterstock


Tagged : / / / / / / /

One-third of Staff Laid Off in Digital Investment Group NYDIG: WSJ

New York-based digital investment group NYDIG laid off nearly a third of its workforce, about 110 people in total, according to the Wall Street Journal, citing sources with the matter on Thursday.

The layoffs have been conducted for about “a few weeks,” according to three people familiar with the matter, with company executives issuing formal notices of layoffs on September 22.

Bitcoin trading and banking firm NYDIG said the layoffs were part of a quest to cut spending and narrow its focus to more promising businesses.

NYDIG is a full-service, vertically integrated Bitcoin-only financial services company.

On October 3, NYDIG announced that CEO Robert Gutman and President Zhao Yan had stepped down, and NYDIG executives Tejas Shah and Nate Conrad took over as CEO and President, respectively.

Retiring Robert Gutman and Zhao Yan will return to Stone Ridge Holdings Group, the parent company of NYDIG.

Stone Ridge was founded in 2012 by current CEO Ross Stevens. In 2017, the founder launched the Bitcoin-driven New York Digital Investment Group (NYDIG), where he serves as executive chairman.

“The firm’s balance sheet is the strongest it’s ever been, and now we’re investing aggressively into a capital-starved market,” said Stevens.

On September 13, Stone Ridge Asset Management, a global asset management firm based in New York, announced plans to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund with the Securities and Exchange Commission (SEC).

As of October 3, New York-based digital investment group NYDIG said it had raised $720 million for its institutional bitcoin fund, according to filings with the U.S. Securities and Exchange Commission.

Image source: Shutterstock


Tagged : / / / /

BTC Mining Hardware Startup Fabric Systems Raises $13M

Fabric Systems, a bitcoin mining hardware startup, has raised $13 million in a seed round fund.

shutterstock_1009585462 i(1).jpg

Participants in the funding round were bitcoin miner TeraWulf, Skype co-founder Jaan Tallinn’s fund Metaplanet, and 8090 Partners.

The company has said that the funds will be used to fund the development of two core launch products, including a liquid immersion-cooled ASIC machine.

Fabric Systems claims these products will achieve an energy efficiency of 20 watts per terahash (watts/TH).

According to the company, their launch product, an immersion-cooling ASIC, is a type of machine which is submerged in liquid of a certain type instead of being cooled via air with traditional fans.

Although immersion-cooling ASIC machine types of cooling technology have been around for a long time, they have been used more recently in the crypto industry by companies like Argo and Riot at a large scale in Texas.

These cooling machines guarantee to “outperform every existing bitcoin miner in today’s existing marketplace” in terms of energy efficiency. They are also engineered to achieve an energy efficiency of 20 watts/TH.

According to bitcoin mining firm Luxor, these machines are divided into three efficiency tiers: “Old-generation” ASICs are classified as over 68 J/TH, “mid-generation” as 38-to-68 J/TH and “latest generation” as under 38 J/TH. The measure of joules is interchangeable with watts.

Fabric Systems also said their machine will enter production in the latter half of 2023, while the shipments will start in the third quarter.

Co-founder and CEO Michael Gao said the software and hardware products are “a culmination of years of R&D since 2019.”

Previously, Gao founded Luminous Computing, a photonic AI supercomputing startup backed by Bill Gates, which got over $130 million in funding.

At the early age of 15, Gao discovered bitcoin in 2011 and founded a bitcoin mining operation from his dorm room.

The other co-founder of Fabrics Systems, Sagar Reddy, is the chief technology officer. He has 22 years of technical leadership in full-custom chip design and systems architecture.

Image source: Shutterstock


Tagged : / / / / /
Bitcoin (BTC) $ 27,220.29 1.81%
Ethereum (ETH) $ 1,908.16 2.43%
Litecoin (LTC) $ 95.05 1.11%
Bitcoin Cash (BCH) $ 114.59 1.11%