The scale of Bitcoin’s (BTC) ongoing downside correction might not be as alarming as it was in 2018, indicates data shared by Glassnode. The blockchain analytics firm reported that investors who have held Bitcoin for more than one year showed a lesser interest in liquidating their investments versus those who held the digital asset for three to six months. Its dataset covered the period of Bitcoin’s correction from around $65,000 on April 14 to around $44,000 on Monday. On the other hand, all investor cohorts were instrumental in crashing the BTC price in 2018 from $19,891 to $3,128. With a …

Bitcoin (BTC) reached its highest level in more than two months, with just a few days remaining before the July inflation report. The top cryptocurrency climbed 1.65% to $45,363 on Sunday, continuing the upside momentum that had already seen it jump 21.62% from its low of $37,300 on Thursday. Momentum was strong among Bitcoin rivals as well. Ether (ETH), the second-largest crypto by market capitalization, increased 29.78% from its low of $2,630 on Tuesday, crossing $3,100 on Sunday. Its gains came after Ethereum’s London hard fork went live on Thursday, which should add deflationary pressure to the supply of ETH. …

Bitcoin’s (BTC) price reached as high as $44,600 on Saturday, the highest level since before the infamous May 19 crash. Meanwhile, there are increasing speculations that BTC could undergo a similar upside boom like the one that began in October 2020. At least two indicators expect Bitcoin to pursue massive uptrends. The first one is Glassnode’s entry-adjusted Net Unrealized Profit/Loss (NUPL), assists investors in determining whether the Bitcoin network as a whole is currently in a state of profit or loss. Understanding NUPL and its heat map An NUPL reading above zero indicates that the network is in a state …

On-chain analyst Willy Woo asserted that Bitcoin (BTC) would break above the $42,000-resistance level in its coming attempts. The researcher based his bullish analogy on the so-called Rick Astley indicator, a heat-map that tracks investors—the Rick Astleys of this world—that buy Bitcoin to hold the asset for longer timeframes. The indicator earlier predicted Bitcoin price spikes based on investors' buying activity below certain technical resistance levels. However, Woo noted that the "strong-handed long term investors are absorbing" the Bitcoin supply below $42,000, which raises the cryptocurrency's prospects of closing above the level. "Strong HODLers have been taking this opportunity to …

A crossover between two Bitcoin (BTC) moving averages that appeared before the 2020 price boom is hinting at making a return in 2021, just as the flagship cryptocurrency eyes a bullish breakout from its current $30,000–$40,000 trading range. The indicators in focus are the MACD Line and Signal Line. MACD is an acronym for Moving Average Convergence Divergence, and a MACD Line represents the difference between the 12- and 26-period moving averages. Meanwhile, a Signal Line is a nine-period moving average. Plotting the MACD Line and Signal Line together forms the so-called MACD Indicator, which allows traders to predict future …

The cost to purchase one Robinhood share (HOOD) dropped massively in the pre-market session on Thursday, beating even so-called volatile cryptocurrencies like Bitcoin in terms of intraday losses. In detail, HOOD was down 10.2% to $63.25 as of 8:00 am EDT compared to its $85 high in the previous session. On the other hand, Bitcoin (BTC) is down almost 6% over the past 24 hours, trading around $37,600. The stock plunged partly because of its excessive valuations that prompted traders to lock their interim profits. Moreover, its sell-off accelerated after Robinhood Markets had announced that it would sell up to …

Demand for Aave has boomed dramatically in the previous 24 hours as traders assessed its involvement in Bitwise Investment’s upcoming institutionally focused investment vehicle. The San Francisco-based asset management firm announced Wednesday that it would invest directly in Aave to back its “Bitwise Aave Fund,” a fund created to build a bridge between accredited investors and the emerging decentralized finance (DeFi) sector. “There is growing demand from financial advisors, hedge funds, institutions, and other professional investors for exposure to the fast-growing DeFi markets,” Matt Hougan, chief information officer of Bitwise, said in a press release, adding that the investment products …

Long-dated Bitcoin options and bulls still make waves with their ultra bullish bets, but even they must admit that the possibility of (BTC) trading above $60,000 in the next couple of months is dim. Many traders have added leveraged-long positions via futures contracts to chase after the elusive all-time high, but this seems like an unrealistic outcome. According to Willy Woo, a popular on-chain analyst, exchange outflows and accumulation from BTC miners and whales suggest that Bitcoin price will reach the $50,000 to $65,000 range in the coming sessions. Even Gary Gensler, the Chair of the United States Securities and …

The price of Axie Infinity's native token AXS surged on Wednesday despite a lackluster upward momentum elsewhere in the cryptocurrency market. The AXS/USD pair rose to as much as $44.96 following a 16.44% intraday jump. Nonetheless, the strong upside move came as a part of a sideways trend that saw AXS fluctuating inside the $36.48-$56.57 price range, hinting that traders placed speculative upside bets on the token. Axie ecosystem swells Axie Infinity's growth as a gaming project provided bullish cues to speculators. Data provided by Axie World showed that Axie Infinity earned $196.89M in July 2021. Meanwhile, so far in …

A recent run-down in the United States Dollar Index (DXY) stopped midway as investors awaited U.S. job data for a guide on the viewpoint for interest rates. Meanwhile, Bitcoin (BTC) moved inversely to the greenback. The DXY rose to its intraday high of 92.195 on Wednesday, up 0.45% from its Friday low of 91.782. The move upside took the index back above its 200-day exponential moving average (200-day EMA; the pink tide in the chart below), at 92.001. The wave was instrumental in protecting the index from aggressive declines in June, serving as support. Meanwhile, a break above the 200-day …

A combination of multiple indicators tracking Bitcoin (BTC) on the blockchain could continue the benchmark cryptocurrency’s price rally further into 2021, popular on-chain analyst Willy Woo anticipates. In his recent newsletter, the market researcher wrote that he expects Bitcoin prices to reach the $50,000–$65,000 range in the coming sessions. His comments appeared as BTC/USD reclaimed its three-month high above $42,600 only days after crashing below $30,000, the pair’s psychological support level. “My expectation is similar to BTC at $20k all-time-high in January, where the price is pinned close to the $40k-$42k ceiling over a period of days (2 weeks maximum) …

While Bitcoin’s (BTC) price has slipped by more than 8.2% after rising to $42,230, the 43.5% rally included 10 consecutive days of gains. But despite BTC currently trading at around $39,700 as of Monda, some analysts anticipate that it can rise by another 100%. Nunya Bizniz, an independent market analyst, posted the bullish setup on Sunday, noting that each of the cryptocurrency’s previous 10-day bull runs has ended up doubling its prices at a later stage. Therefore, if history repeats or rhymes, Bitcoin’s price can go up by more than 100% in the next 30–60 days. Bizniz noted that the …