The Bitcoin (BTC) price chart from the past couple of months reflects nothing more than a bearish outlook and it’s no secret that the cryptocurrency has consistently made lower lows since breaching $48,000 in late March. Curiously, the difference in support levels has been getting wider as the correction continues to drain investor confidence and risk appetite. For example, the latest $19,000 baseline is almost $10,000 away from the previous support. So if the same movement is bound to happen, the next logical price level would be $8,000. Traders are afraid of regulation and contagion On July 11, the Financial …

Blockchain analytics service Nansen has published its NFT Indexes Report for the second quarter of 2022, showing the market dynamics and quantitative performance of nonfungible tokens (NFTs) over the last three months. The report identifies and determines key factors contributing to the well-documented NFT bear market, including Ethereum-based volume and transactional metrics, as well as market capitalization, among others. Commencing with an analysis of NFT volume statistics on Ethereum measured per week across a monthly time frame, the report found that June recorded the lowest figure of the calendar year. Calculated across six marketplaces — OpenSea, LooksRare, Mints, X2Y2, 0x …

Dogecoin (DOGE) has missed a much-anticipated technical upside target and is down nearly 10% over the past week amid an ongoing spat between Elon Musk and Twitter. Musk hurts DOGE price To recap, Musk, whose companies Tesla, SpaceX and Vegas Loop accept DOGE payments, had suggested introducing the same checkout option on Twitter this April. Bitcoin spoofs a breakout while Dogecoin jumps on Elon Musk's Twitter takeover news. https://t.co/dlMH5u5jaf — Cointelegraph (@Cointelegraph) April 25, 2022 Nonetheless, the Musk-Twitter deal hturned sour after the billionaire attempted to walk away from his $44 billion takeover bid. In response, the platform has sued …

Ethereum’s native token, Ether (ETH), is down nearly 40% against Bitcoin (BTC) since December 2021. But, even more pain is possible for the ETH/BTC pair in the coming weeks, based on a classic technical indicator. Ethereum price risks technical breakdown The ETH/BTC chart has been forming a bear flag since early June 2022 on the three-day timeframe. In detail, bear flags are considered bearish continuation patterns that form as the price consolidates higher inside a range defined by two ascending parallel trendlines after a sharp decline. They resolve after the price breaks below the lower trendline, i.e., in the direction …

The total crypto market capitalization has fluctuated in a 17% range in the $840 billion to $980 billion zone for the past 28 days. The price movement is relatively tight considering the extreme uncertainties surrounding the recent market sell-off catalysts and the controversy surrounding Three Arrows Capital. From July 4 to 11, Bitcoin (BTC) gained a modest 1.8% while Ether (ETH) price stood flat. More importantly, the total crypto market is down 50% in just three months, which means traders are giving higher odds of the descending triangle formation breaking below its $840 billion support. #Bitcoin Bottom scenario : Since …

While the current bear market may be the worst on record, on-chain metrics signal that the Bitcoin (BTC) network is becoming increasingly resilient, said Glassnode analyst James Check during a recent interview with Cointelegraph. In particular, Check refers to the amount of Bitcoin holders who don’t sell even in extreme market conditions, which has become much higher than in previous bear markets. “Cycle after cycle, that floor of hodlers is higher, the amount of activity is higher,” Check said. Check also points out that shrimps, the entities who hold less than one Bitcoin, are accumulating at a record pace, surpassing …

Ether (ETH) price is up 16% since July 1 and has outperformed Bitcoin (BTC) in the last seven days. The move could be partially driven by investors clinging to their hopes that the Ethereum network transition to proof-of-stake (PoS) consen will be a bullish catalyst. The next steps for this smart contract involve the Merge, which was previously known as Eth2. The final trial on the Goerli test network is expected in July before the Ethereum mainnet gets the green light for its upgrade. Since Terra’s ecosystem collapsed in mid-May, Ethereum’s total value locked (TVL) has increased and the flight-to-quality …

Bitcoin (BTC) may be down 70% from its November 2021 peak, but its rebound move in the past three weeks is raising the possibility of more upside in Q3. Bitcoin eyes 30% price rally At the core of the bullish argument is a technical pattern called the "Adam-and-Eve double bottom." Notably, the structure appears when the price forms two bottom-and-recovery cycles. The first cycle, called "Adam," features a pointed bottom while the other, called "Eve," is round-shaped. Also, the peaks of both cycles form a common resistance line. The Adam-and-Eve pattern resolves after the price breaks above the resistance line, …

Shiba Inu (SHIB) has grown stronger against its top "memecoin" rival Dogecoin (DOGE) in the last two months, in part due to the token's periodic token burning events and a flurry of project announcements that promises to boost its utility. Why is the SHIB price rallying? In detail, SHIB/DOGE gained a little over 40% after bouncing from 0.0001120 on May 12, its lowest level on record. Coin burn is the most logical explanation behind SHIB's recent rally against DOGE. The process involves sending SHIB tokens to a wallet without a master, i.e., removing them out of circulation permanently against the …

A descending triangle pattern has been pressuring Bitcoin (BTC) for the past three weeks and while some traders cite this as a bullish reversal pattern, the $19,000 support remains a crucial level to determine the bulls' fate. Despite the apparent lack of a clear price bottom, Bitcoin derivatives metrics have significantly improved since June 30 and positive news from global asset manager VanEck may have eased traders' sentiment. On July 5, two retirement funds in the U.S. state of Virginia announced a $35 million commitment to VanEck's cryptocurrency-focused investment fund. On the same day, a Huobi exchange subsidiary received its …

Bitcoin (BTC) mining companies have suffered in 2022 due to the crypto bear market. Nonetheless, their stocks collectively saw a sharp rebound on July 6, raising hopes that investors have started to buy the dips. One of the intraday winners was Bitfarms (TSE: BITF), which surged by over 24% to close at $1.29. Similarly, Marathon Digital Asset Holdings (NASDAQ: MARA), Core Scientific (NASDAQ: CORZ), and Cathedra Bitcoin (CVE: CBIT) rose by over/around 12.5%, 16.22%, and 15%, respectively. Bitcoin miners' revenue down 70% from peak The rallies come as a breather in what has been a bad year for mining stocks. …

So-called “market tourists” are fleeing from Bitcoin (BTC), leaving only long-term investors holding and transacting in the top cryptocurrency, according to blockchain analytics firm Glassnode. In its July 4 Week Onchain report, Glassnode analysts said June saw Bitcoin have one of its worst-performing months in 11 years, with a loss of 37.9%. It added activity on the Bitcoin network is at levels concurrent with the deepest part of the bear market in 2018 and 2019, writing: “The Bitcoin network is approaching a state where almost all speculative entities, and market tourists have been completely purged from the asset.” However, despite …