Bitcoin (BTC) missed hitting a new all-time high on March 11 by just a whisker as Oracle Corporation denied rumors that it had purchased about 72,000 Bitcoin. This suggests that traders could be looking for signs of greater institutional adoption to boost Bitcoin’s price further. One of the main factors that may have kept several institutional investors at bay is the lack of regulatory clarity but this could be on the verge of changing. In a recent interview on the Thinking Crypto podcast, Hester Peirce, a commissioner at the United States Securities and Exchange Commission, said that Gary Gensler’s nomination …
Long-term investors use dips in a strong uptrend to buy while short-term investors are fixated on calling a top. In the past few days, data from Glassnode has shown significantly sized Bitcoin (BTC) outflows from Coinbase exchange, which is a sign of accumulation according to analysts. It is encouraging to note that the demand is not limited to one exchange and data from Material Indicators shows buy orders of $100,000 and higher are reaching an all-time high. This shows that the influx of institutional investors and large corporations entering the crypto sector continues to accelerate. Proof of this comes as …
Bitcoin’s (BTC) price has been broken past a major resistance level of $52,000 in the past few days and is approaching the all-time high region. However, other cryptocurrencies are rallying heavily as well. In the recent months, the market has seen massive surges for Cardano's Ada, Polkadot's DOT and Cosmos' Atom. These altcoins have been seeing impressive gains as Ether (ETH) faces scalability issues and high network fees. This is resulting in negative sentiment on social media, where some investors and traders are doubting whether a bullish breakout will happen for Ether price. But this might be exactly the period …
Data from Glassnode shows that Bitcoin (BTC) held on centralized exchanges has dropped by about 20% in the past 12 months. This suggests that investors are withdrawing their Bitcoin to the cold storage with a view of possibly holding them for the long term. This has reduced the available supply while the demand has continued to increase. The arrival of exchange-traded funds could increase the supply crunch further. After the success of the TSX Purpose Bitcoin exchange-traded fund, Canada could launch the second Bitcoin ETF by Galaxy Digital Capital Management, a subsidiary of Galaxy Digital. The approval of Bitcoin ETFs …
Bitcoin's (BTC) price has been consolidating in the previous weeks as the sentiment and momentum have slowed to a crawl. That's very natural, as it's also impossible to throw a six every time. Therefore, consolidation and correction are necessary for the market to recharge before resuming the uptrend. Several reasons were given for such a corrective move in the previous weeks, the primary ones being whales selling in addition to macroeconomic factors, particularly the surge in Treasury yields. However, Bitcoin's price is back at a critical resistance zone for continuation. If that resistance zone breaks, new all-time highs are in …
Despite the current battle between Bitcoin bulls and bears around the $50,000 price mark — and an 8.7% pullback over the past 24 hours — a raft of analysts and commentators have got out their crystal balls to tip a glittering future for Bitcoin prices. On Mar. 4, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone pointed to historical data to suggest that Bitcoin is on the way to $100,000. McGlone’s logic revolves around the growing discount for shares in the Grayscale Bitcoin Trust which is at the same level as last year’s Black Thursday collapse. The discount refers to …
Bitcoin (BTC) has halted its bull run in the past few weeks as the price has corrected from an all-time high of $58,000 to around $43,000. Several arguments were found for the pullback, including a sell-off from miners and whales. The other primary reason for the correction is the sudden surge of yields across the world. Downtrend remains intact since $58,000 The 2-hour chart for Bitcoin shows a clear downtrend since the peak high in February at $58,000. Since then, bearish support/resistance flips have been happening suggesting further weakness in the near term. This bearish support/resistance flip has happened at …
Bitcoin’s (BTC) resilience in the face of global market uncertainty continues to attract new institutional investors. Dan Loeb, the CEO of New York-based asset management firm Third Point, said that he has been “doing a deep dive into crypto.” To strengthen the venture investments team, Third Point hired former pro-crypto Goldman Sachs analyst Heath Terry, according to Reuters. Loeb’s move into crypto seems to have prodded 'Shark Tank' star Kevin O'Leary to allocate a portion of his portfolio to Bitcoin. Additionally, O'Leary hinted that every operating company that he had invested in was considering investing in Bitcoin. Billionaire Tim Draper …
The U.S. bond yields have softened and this has ignited investor's appetite for risk-on assets. After a negative closing last week, the S&P 500 has started the current week on a positive note. Thi bullish sentiment has also rubbed on to the crypto sector, which is surging higher, led by Bitcoin (BTC). After Tesla and Mastercard’s foray into Bitcoin, analysts at Citigroup believe that Bitcoin is at a “tipping point,” which could either take it mainstream and make it the preferred currency for world trade or result in a “speculative implosion.” Citi’s analysts expect the central bank digital currencies and …
Bitcoin (BTC) price has been correcting in the past few days and traders are curious to know whether this is a minor pullback or the start of a deeper decline. The problem is that no one has a crystal ball and analysts can only point to critical support levels that may hold based on historical data and evidence. However, in a bear phase, the price tends to slip below key support levels as traders panic and sell out of fear, similar to how the price exceeds the upside targets during a bull run as traders buy due to FOMO. March …
Bitcoin (BTC) has seen a corrective week as the price dropped from $58,000 to $44,000 in a matter of days. This dropdown caused a panic reaction across the markets as the euphoria was immediately halted. For instance, the Crypto Fear and Greed Index plunged to monthly lows of 56 after being above 90, or "extreme greed" for an entire month. However, such a panic reaction is unwarranted because corrections appear frequently in a bull market as a "reset" before continuation. This is organic and healthy and offers a good opportunity for traders and investors to buy the dip. Rejection at …
Bitcoin Cash (BCH) holders have no reason to celebrate, despite the 46% year-to-date gains in U.S. dollar terms. One year ago, the altcoin was the third-largest by market capitalization. It now risks dropping out of the top 10, having been surpassed by other cryptocurrencies including Litecoin (LTC) and Chainlink's LINK. After three years of continuous devaluation, BCH finally traded below 0.01 Bitcoin (BTC) on Feb. 22. Besides being psychological support, it marks a 96.5% devaluation from its highest close of 0.285 BTC on Aug. 2, 2017. Even though both cryptocurrencies' combined hash rate was somewhat comparable at the time, it …