The weekend rally in cryptocurrencies was led by Bitcoin (BTC) but this move was not supported by huge trading volumes. According to on-chain analysts at CryptoQuant, the low trading volume suggests that “whales are staying low without much action.” However, Bitcoin has successfully held the $30,000 support for two weeks, which suggests that accumulation is taking place at lower levels. The Crypto Fear and Greed Index rose to 29 on July 5, its highest level in about three weeks. This suggests that aggressive investors may have started bottom fishing. If bulls successfully hold the $30,000 level in Bitcoin for a …

Bitcoin price staged a mild resurgence at the start of this week but data from Glassnode suggests that its new BTC investors who came late to the party and are dumping their positions in a panic. This transfer of crypto assets from speculators or momentum chasers to long-term investors is a positive sign. This lays the groundwork for the start of the next bull run but it may not happen in a hurry. At the moment, institutions are unlikely to buy aggressively and propel the price of Bitcoin higher because there is still a chance that they can accumulate at …

Bitcoin (BTC) is attempting to stage a relief rally but analysts at JPMorgan Chase believe that the short-term setup looks challenging. However, the analysts also pointed out that the crypto markets had started a healing process. A sign of this 'healing process' was seen when the crypto markets did not react negatively to the news that the United Kingdom’s Financial Conduct Authority banned Binance Markets Limited from undertaking “any regulated activity in the UK.” When a market reacts negatively to bad news, it is a sign that weaker hands are panicking and dumping their positions. On the other hand, a …

Bitcoin (BTC) price remains jittery and throughout this week, every relief rally is being sold into. This is a classic bear market reaction and may not end in a hurry. However, the current price action should not worry investors because the longer the time spent in a bottoming formation, the stronger the base for the next leg of the up-move. In a recent note to investors, JPMorgan said that Bitcoin’s fair value may remain between $23,000 and $35,000 over the medium term. The bank pointed out that outflows from crypto Bitcoin funds since the fall on May 19, show a …

Bitcoin (BTC) dropped below $30,000 on June 22, which may be a final sign of capitulation. Data from Skew suggests that if Bitcoin’s price does not recover sharply in the next few days, the decline in the current quarter could be the second-worst quarter since 2014. Bull and bear phases are part and parcel of every asset class. All the legacy markets have witnessed several bear phases with massive drawdowns in the past. However, after the bear phase ends, a new bull market begins and long-term investors are usually rewarded with strong gains. The crypto markets are presently witnessing a …

In a bearish environment, traders latch on to every bit of negative news and make that a an excuse to sell. Bitcoin (BTC) dropped over $1,000 within a few minutes as news hit the stands that the third-largest Chinese bank, the Agricultural Bank of China, will not allow the use of its services for crypto transactions. Although the bank later deleted its anti-crypto statement, the damage was already done. Similarly, traders have latched on to the news that the Chinese crackdown on Bitcoin miners and this has resulted in the hash rate dropping to an 8-month low. While this may …

Shoppers wanting to cash out their crypto holdings to buy groceries may soon be able to do so at many H-E-B supermarkets in Texas. According to a Friday report from the Houston Chronicle, crypto ATM firm Coin Cloud is preparing to install machines into 29 H-E-B locations in the Houston area. The ATMs will allow customers to buy and sell more than 30 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), certain DeFi tokens, and U.S. dollar-pegged stablecoins. Coin Cloud CEO and founder Chris McAlary said he expects “retailers will become increasingly aware of the important role digital …

The U.S. Federal Reserve updated their inflation expectations for this year from 2.4% in March to 3.4% in their latest meeting that concluded on June 16. To tame inflation, the Fed plans to undertake two rate hikes before the end of 2023. This news has boosted the U.S. dollar index DXY to its best level since mid-April. Gold’s price, which generally has an inverse correlation with the dollar, has dropped to a 6-week low. The U.S. equity markets have also not been spared. The Dow Jones Industrial Average index is on track for its worst weekly performance since January this …

Landon Cassill, a professional race car driver in NASCAR’s Xfinity Series, will be receiving part of his salary in Bitcoin and Litecoin as part of a sponsorship with crypto broker Voyager. According to a Thursday report from the Associated Press, Voyager has finalized a 19-year agreement to sponsor Cassill starting this weekend at the NASCAR race at the Nashville Superspeedway. Cassill said the firm would pay for the deal entirely in crypto, with a "portfolio of various digital assets" that includes Bitcoin (BTC) and Litecoin (LTC). The NASCAR driver was reportedly already “very active” in the Litecoin market as well …

Bitcoin’s price (BTC) turned down from just above the $41,000 mark on June 15, suggesting that traders are halting their purchases at higher levels. Traders seem to be hesitant to take large bets until the U.S. Federal Reserve releases its latest economic projections and the timeline of the proposed rate hikes today. However, Jurrien Timmer, the director of global macro at Fidelity Investments believes that Bitcoin has bottomed out. Another positive sign comes from a Q2 retail investment survey of high-frequency traders by the crypto firm Voyager Digital that shows 81% of the participants are confident about the future of …

Bitcoin (BTC) has risen above the psychological resistance at $40,000 following a series of positive news flow over the past week. The first bit of bullish news that impacted the price of Bitcoin was a tweet from Tesla CEO Elon Musk who said the carmaker wil accept Bitcoin payments if more than 50% clean energy is used by Bitcoin miners with a “positive future trend.” Another piece of news that may have boosted the recovery in Bitcoin was Paul Tudor Jones' suggestion that 5% of every investment portfolio have exposure to Bitcoin, which is equal to that of gold, cash …

Bitcoin’s (BTC) failure to rise above the critical $40,000 to $42,000 resistance zone is keeping crypto traders on tenterhooks. Some analysts view the sharp rebound from $31,000 level as a sign of accumulation at lower levels while others believe the failure to cross above the overhead resistance indicates that Bitcoin is still not out of the woods yet. JPMorgan’s cryptocurrency market analysts, led by global market strategist Nikolaos Panigirtzoglou, pointed out that after the recent fall, the Bitcoin futures market has shifted from contango to backwardation for the first time since 2018. The analysts believe this is a warning of …