Over the past three months, Bitcoin's (BTC) daily closing price fluctuated between $35,050 and $47,550, which is a 35.7% range. Although it might seem excessive, this is not unusual, especially considering BTC’s 68% historical annualized volatility. The relief rally that came after the April 11 dip below $40,000 followed the U.S. Consumer Price Index (CPI) report that announced 8.5% for March, the highest since 1981. Meanwhile, in the United Kingdom, the CPI jumped to 7%, a 30-year high. For these reasons, cryptocurrency traders are increasingly concerned about the ability of the U.S. Federal Reserve rate hikes expected throughout 2022 to …

Some analysts argue that Bitcoin (BTC) rallied too fast and too soon and the weakness that we see today is a result of that. Currently, a new Covid variant has caused the Chinese government to implement severe restrictions on Shanghai and other major cities and persistent regulatory concerns continue to weigh down on sentiment within the crypto sector. Another concerning development is the March 31 European Parliament's Committee on Economic and Monetary Affairs (ECON) vote to update the regulations in regards to exchange platforms’ ability to deal with noncustodial crypto wallets. Should the regulatory project make it to the legislative …

Bitcoin (BTC) has been struggling to break the $47,000 resistance and even with today’s drop below $44,000 there is still mounting evidence that the market structure is healthy. On Dec. 3, 2021, Bitcoin initiated a 25.6% correction that lasted 18 hours and culminated with a $42,360 low. Four months later, the price remained 18% below the $56,650 closing on Dec. 2, 2021. Much has changed over that period, and hard evidence comes from other sections of the sector. Between February 15 and April 2, 2022, enterprise software development firm, MicroStrategy, announced the acquisition of 4,197 Bitcoin . Inflows to Canadian …

Bitcoin (BTC) saw an 11% gain in the past week after the $46,000 resistance finally broke after 82 days. Many crypto pundits argue that Terraform Labs CEO Do Kwon, has played an important role in the price change, but is yet to be determined. A Bitcoin address thought to belong to Terra has now amassed almost $1.5 billion in BTC following a $139 million purchase on March 29. TerraUSD (UST), an algorithmic stablecoin, aims to acquire up to $10 billion worth of BTC to back its "dollar" reserve. On the macroeconomic side, there have been mixed feelings. The United Kingdom's …

Over the past two months, Bitcoin (BTC) has respected an ascending triangle formation, bouncing multiple times from its support and resistance lines. While this might sound like a positive, the price is still down 11% year-to-date. As a comparison, the Bloomberg Commodity Index (BCOM) gained 29% in the same period. The broader commodity index benefited from price increases in crude oil, natural gas, corn, wheat and lean hogs. Meanwhile, the total cryptocurrency market capitalization was unable to break the $2 trillion resistance level and currently stands at $1.98 trillion. In addition to 40-year record high inflation in the United States, …

Bitcoin (BTC) showed strength on March 22, posting a 5% gain and testing the $43,000 resistance. The move liquidated over $150 million worth of leverage short positions, those betting on a declining price using futures contracts. Some Twitter analysts attribute the price improvement to the Do Kwon, the co-founder of blockchain protocol Terra. During a recent Twitter Spaces conversation with analyst Udi Wertheimer, Kwon revealed his plans to back the TerraUSD stablecoin with Bitcoin. Terra's co-founder said "the current clip that we have to buy Bitcoin is about $3 billion and will add to that," causing markets to get agitated …

The American investment bank Goldman Sachs continues expanding its cryptocurrency trading expertise by executing its first-ever over-the-counter (OTC) crypto options trade. Goldman Sachs executed its first OTC crypto transaction in collaboration with the trading unit of Michael Novogratz’s cryptocurrency investment management firm Galaxy Digital. According to a joint announcement on Monday, the OTC transaction was in the form of a Bitcoin (BTC) non-deliverable option (NDO), representing one of the first OTC crypto transactions by a major bank in the United States. “We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy,” said Max Minton, Goldman Sachs’ …

Over the past two months, Bitcoin (BTC) has respected a slightly ascending trend, bouncing multiple times from its support. Even though that might sound positive, Bitcoin's performance year-to-date remains a lackluster negative 14%. On the other hand, the Bloomberg Commodity Index (BCOM) gained 2% in the same period. The broader commodity index benefited from price increases in crude oil, natural gas, gold, corn, and lean hogs. Worsening macroeconomic conditions pressured the supply curve, which, in turn, shifted the equilibrium price toward a higher level. Moreover, the United States approved a $1.5 trillion spending bill on March 15 that funds the …

Bitcoin's (BTC) last daily close above $45,000 was 66 days ago, but more importantly, the current $39,300 level was first seen on Jan. 7, 2021. The 13 months of boom and bust cycles culminated with BTC price hitting $69,000 on Nov. 10, 2021. It all started with the VanEck spot Bitcoin exchange-traded fund being rejected by the United States Securities and Exchange Commission (SEC) on Nov. 12, 2020. Even though the decision was largely expected, the regulator was harsh and direct on the rationale backing the denial. Curiously, nearly one year later, on Nov. 10, 2021, cryptocurrency markets rallied to …

Bitcoin (BTC) bulls jumped in to defend the $40,000 level after a devastating retest of the $38,000 support on March 7. The confidence and momentum that was building up earlier in the month was suddenly shattered after BTC failed to break $44,500 for the third time this month on March 2. The Bitcoin price rally on March 9 has partially been attributed to this week’s expected United States inflation data report. Analysts expect another 40-year record high as the consumer price index (CPI) reaches 7.9% yearly gains. Furthermore, a statement from the U.S. Treasury Secretary Janet Yellen on President Biden’s …

The phrase “hindsight is 20/20” is a perfect expression for financial markets because every price chart pattern and analysis is obvious after the movement has occurred. For example, traders playing the Feb. 28 pump that took Bitcoin (BTC) above $43,000 should have known that the price would face some resistance. Considering that the market had previously rejected at $44,500 on multiple instances, calling for a retest below $40,000 made perfect sense right? This is a common fallacy, known as "post hoc," in which one event is said to be the cause of a later event merely because it had occurred …

Bitcoin (BTC) bulls flipped the table on Friday's options expiry after a 14% rally on Feb. 28. Holding the price above $43,000 confirms a decoupling from traditional markets. For instance, the MSCI Emerging Markets equities index is down by 3.5% in 5 days, while the United States Russell 2000 small-capitalization index gained 0.9%. Investors are increasingly concerned about the ramifications of the U.S. Federal Reserve rate hikes expected throughout 2022. As a result, in the past 30 days some big names took a hit. For instance, Paypal PYPL traded down 38%, META corrected 34%, and Shopify SHOP lost 31.5%. The …