Bitcoin (BTC) bulls should brace for a potential onslaught from bears as the number of margined short positions on Bitfinex jumps by a little over 378%. Known to most by the ticker BTCUSD Shorts, the dataset records the number of bearish positions in the Bitcoin market. In simple terms, traders borrow funds from Bitfinex — their broker — to trade bet on bearish outcomes for the instrument BTC/USD. Meanwhile, the value of opened short positions is measured in BTC. The number of short margined positions on Bitfinex reached an intraday high of 6,468.2202 BTC this Monday, up more than 378% …

Overconfident Bitcoin (BTC) bulls would need to battle more than just Elon Musk as a price prediction model — created by technical analyst pioneer Richard Wyckoff more than 100 years ago — also goes against their wild upside predictions. Dubbed as Wyckoff Method, the model involves a five-phase approach to determine price trends that majorly involve investors' psychological reaction to an asset's supply and demand. For example, in the case of accumulation, when an asset tends to bottom out following sharp price moves downhill, the five phases in order include Selling Climax (SC), Successful Secondary Test (ST), Last Point of …

Bitcoin (BTC) prices fell by almost 5% on June 4, continuing the decline into the Friday session as investors grappled with Elon Musk's cryptic tweets on the cryptocurrency, raising speculation that the Tesla CEO might dump the firm's remaining 43,2000 BTC stash. #Bitcoin pic.twitter.com/lNnEfMdtJf — Elon Musk (@elonmusk) June 4, 2021 Nonetheless, Bitcoin's move downside also coincided with a big spike in the U.S. dollar index (DXY), raising speculation that more than one factor accelerated the cryptocurrency's dramatic plunge during the late Thursday and early Friday session. In retrospect, the U.S. dollar index, which measures the greenback's strength against a …

FIL, the native crypto asset of the Filecoin network, was among the best performing digital assets Friday as it maintained its gains against a very bearish cryptocurrency market. The FIL/USD reached an intraday high of $102.109 at around 3:00 am UTC — up more than 37% on a 24-hour adjusted timeframe. The pair underwent a sharp correction later on profit-taking sentiment but sustained its 24-hour gains by staying upward of 17%. In contrast, Filecoin’s top rivals Bitcoin (BTC) and Ether (ETH) were down more than 6% and 7%, respectively, as of 9:45 am UTC. Almost all the top-cap digital assets …

Polkadot (DOT) and Kusama (KSM) rose in tandem on June 3 as traders assessed a venture capital firm's major investment into their blockchain ecosystems. Dubbed as Master Ventures, an Asian blockchain incubator and venture capitalist announced that it had launched a $30 million venture capital fund called Master Ventures Polkadot VC Fund. In a press release published Wednesday, the firm said that its fund would "support and finance the Parachain bids" of tier-1 blockchain projects that want to win a Parachain slot on the Polkadot Relay Chain. Master Ventures also noted that its proceeds would also assist early-stage projects in …

Update: An earlier version of this article incorrectly reported that capital inflows into Grayscale Bitcoin Trust declined due to a lack of Wall Street interest. However, Seres Lu, vice president of Grayscale, updated Cointelegraph via email that the capital inflow stopped because the firm closed some of its trusts for administrative purposes. The article has been updated accordingly. There is a reason why Grayscale Bitcoin Trust (GBTC) emerged as a benchmark to measure institutional interest in Bitcoin (BTC). Grayscale no longer the only option for investors The digital currency investment product was among the only ones that offered hedge funds, …

Bitcoin (BTC) has rebounded by more than 25% after bottoming out at $30,000 during the May 19 crash. But the cryptocurrency continues to tread ahead under the possibility of facing another period of strong sell-offs owing to a classic technical indicator pattern. Bitcoin price in a “bearish pennant” Dubbed a “bearish pennant,” the pattern forms when an asset consolidates after a strong move downward and forms a small symmetrical triangle-like price range. It breaks below the range support and continues moving lower. Traders usually estimate the size of the negative breakout move by measuring the height of the earlier move. …

Dogecoin (DOGE) prices jumped by nearly 40% on a 24-hour adjusted timeframe on Wednesday, shaking out more than $16 million worth of bearish leverage in just one hour while almost reclaiming its pre-crash high. Leveraged bearish traders caught themselves on the wrong side of trading after Coinbase Pro, a United States-based crypto trading platform, announced that it would enable DOGE trading to its portal from Thursday. “Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro,” Coinbase confirmed in its blog post. “Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, …

As of June 1, Ether (ETH) has dipped more than 40% after establishing a record high of $4,384 in May. The major move downhill for the world's second-largest cryptocurrency by market capitalization has prompted many analysts to predict additional declines. For instance, Clem Chambers, chief executive of financial analytics portal ADVFN, sees the recent ETH/USD plunge as reminiscent of the beginning of 2018's crypto crash that preceded a 24,000%-plus bull run. Ether surged more than 4,500% after bottoming out in March before it wiped off almost 60% of those gains in just two weeks of trading in May. Chambers noted …

Bitcoin (BTC) faces the prospects of falling further even after its price made a strong recovery after crashing from $65,000 to $30,000 in May 2021. So, it reflects in the latest statements from Peter Brandt, chief executive of global trading firm Factor LLC, who questioned, if not asserted, the longevity of the ongoing relief rally in the Bitcoin market, especially after a 50%-plus price crash. The veteran commodity trader challenged “BTC price historians” to identify a single instance in the last decade that saw Bitcoin logging a new record high seven months after crashing more than 50%. He also asked …

Bitcoin started the week off with an abrupt bullish breakout to $37,500, a level some analysts have identified as a crucial “line in the sand,” but the rally was short-lived, as BTC met selling near the lower arm of the bearish pennant that can be seen on multiple timeframes. While many traders are concerned that the 2021 bull market is now over and considering whether gains should be locked in, on-chain data shows that long-term Bitcoin (BTC) holders have been accumulating in preparation for a potential 2013-style double-pump that has the potential to elevate BTC to a fresh all-time high. …

A recent run-down in Bitcoin’s (BTC) price from about $65,000 to as low as $30,000 did not force long-term holders into selling, Glassnode data shows. The on-chain analytics platform revealed a spike in Bitcoin reserves held in wallets with lower unspent output just as BTC/USD’s bids were crashing. Meanwhile, the data also shows a Bitcoin collecting spree among miners — the entities that produce and supply newly minted cryptocurrencies for retail markets. As a result, the active BTC supply started declining in recent sessions. Short-term Bitcoin holders — the entities that hold the flagship cryptocurrency for less than a week …