Bitcoin price hit a new all-time high above $19,892 on Dec. 1. This is a significant event because it proves that the rally in 2017 was ahead of fundamentals but not a bubble. Generally, when a bubble bursts, it takes several years for the price to cross the high made during the bubble. For example, the Japanese stock market bubble came after a high was made way back in 1989, and that level has not been conquered yet. Similarly, silver’s high close to $50 per ounce was made in 1980, and the price came close to that level only in …

Bitcoin (BTC) price came within striking distance of hitting a new all-time high today. This shows that institutional and retail investors continue to buy on every dip and BTC is in a strong uptrend. Hence, traders should not urgently looking to call a top. While Bitcoin has been creating new records, gold has corrected about 15% from its all-time high. This shows that traders are dumping their positions and this led to the largest weekly outflow in gold. Analysts believe that some of the money flowing out of gold could enter Bitcoin as institutional interest continues to soar. A new …

While Bitcoin (BTC) is facing a potential new all-time high, other coins are showing strength as well. One of those coins is XRP, which has been going vertical in the previous weeks. XRP’s price surged from $0.22 to a high of $0.78 during the month of November, which immediately ended up in a massive correction toward $0.45. Let's take a look at the XRP price charts to determine whether this was an entry opportunity before the next leg up. The crucial zone around $0.45 holds as support The daily chart of XRP is showing clear support and resistance zones. Within …

As Bitcoin price rallied to a new 2020 high, the open interest on CME Bitcoin (BTC) futures rose to $1.16 billion, making it the world’s largest Bitcoin futures market, according to Arcane Research. This suggests that institutional investors are relatively unmoved by the recent sharp correction in Bitcoin price. Guggenheim Partners has become the latest and the largest Wall Street institution that plans to invest in Bitcoin. Guggenheim has sought the Securities and Exchange Commission's (SEC) nod to invest up to 10% of its Macro Opportunities Fund’s net asset value in Bitcoin through the Grayscale Bitcoin Trust. The fund currently …

Bitcoin (BTC) price dropped severely in the previous week, falling from $19,500 to $16,000. Corrections never occur smoothly as dropdowns are frequently sudden and painful. The recent correction isn’t much different as the drop occurred in a matter of hours. Since then, Bitcoin’s price consolidated above $16,000, which marked a temporary bottom. The primary question is whether the correction is over or not. A determining factor will be whether or not BTC price can reclaim the crucial levels that will support further upward momentum. Bitcoin is in the middle of a weekend relief rally As the daily chart shows, a …

Bitcoin’s (BTC) rise above $20,000 will have to wait, as the price saw a strong correction and turned away from reaching a new all-time high. Data suggests that whales decided to book profits when Bitcoin was close to $19,000, and this pulled the price lower. This fall could have resulted in the liquidation of overleveraged positions in the futures market and further aggravated the decline. The current correction is a healthy sign, as the crypto market was becoming overheated as several altcoins rallied vertically in the past week. While some altcoins have given back a large portion of their recent …

Crypto index fund provider Stack Funds has labeled yesterday’s pullback as a “healthy correction” that was needed before Bitcoin continues its upward trajectory. Bitcoin (BTC) broke through $19,000 earlier this week after posting seven weeks of consecutive gains. According to the firm, the crypto has been at overbought levels since October, further supporting the need for a correction. The firm examined metrics around market psychology and says market participants are currently in the “belief” stage of the cycle, which will eventually flow into a “euphoria” stage. To support its claims, the fund cites Glassnode’s data on Bitcoin’s net unrealized profit/loss, …

According to data collected from over 1,000 crypto social media channels, the average crowd sentiment towards Bitcoin (BTC) adapted from slightly bullish to overwhelmingly bullish in the days leading up to Thursday’s dramatic pullback, mirroring the levels previously observed during its May and August price tops, respectively. The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicated that with both short-term and long-term Bitcoin holders in a position of 15% and 63% profit, the likelihood of profit-taking became high. To make matters more ominous, the funding rate on Bitcoin’s derivatives market was at a three-month high on Bitmex, …

Bitcoin (BTC) has been seeing significant momentum in previous weeks as its price was approaching the precious $20,000 all-time high. However, an abrupt end came to this glorious rally, with Bitcoin price crashing severely over the past 24 hours. While most investors were celebrating a potential new all-time high, the price of Bitcoin dropped from $19,500 to $16,300, a drop of 15% in less than 24 hours. The majority of the crypto markets also followed suit with alts in the deep red across the board on Nov. 26. Bitcoin loses crucial level for support and drops heavily The crucial area …

The crypto market has been in a strong bull run over the past few days, and that has pushed Bitcoin (BTC) to its second-best day ever. Almost every trader now seems to be fixated on the magical figure of $20,000 per BTC. After such a sharp up-move, some traders are calling for a top, while others are projecting lofty targets for the future. CNBC Fast Money host Brian Kelly, for example, believes that the recent volitile moves in altcoins, overpriced Bitcoin address growth, and rising funding rates pointing to the arrival of retail traders may be a warning sign of …

Bitcoin (BTC) has been leading the current crypto rally for the past few weeks, and this has boosted its dominance from 56% on Sep. 3 to 67% on Nov. 18. However, as Bitcoin nears its all-time high, it seems to be losing momentum as the action shifts to altcoins. This has pulled Bitcoin’s dominance down to about 62.3%. No long-term bull market can be led by one leader alone. There are periodic rotations when the leader enters a consolidation or a minor correction while others take the lead. A similar rotation is currently playing out in the crypto markets, with …

Bitcoin (BTC) has made a stellar comeback from its March lows in 2020 and this performance is getting noticed by institutional investors. Recently Rick Rieder, BlackRock’s CIO of fixed income, said that Bitcoin could replace gold as it is “more functional than passing a bar of gold around.” Comments like these are a positive sign as they demonstrate that the narrative of Bitcoin being increasingly viewed as digital gold even among traditional investors has been gaining wider acceptance. A new report by crypto investment firm Pantera Capital attributes the recent uptick in Bitcoin’s price to PayPal’s new crypto service. According …