While Bitcoin (BTC) is showing strength through new higher highs and making a new yearly high, Ethereum's Ether (ETH) shows weakness, particularly the ETH/BTC pair. ETH weakness is also a clear indication that most altcoins are not showing strength either since they tend to reflect Ether's performance. The 0.03 sats level is a crucial barrier to hold The daily chart of ETH/BTC shows a clear rejection at the 0.0325 sats level, through which a renewed test of the 0.03 sats area is occurring. A very likely occurrence is the breakdown of this level as the trend has been to the …

Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an 'alternative' currency.” According to the analysts, the three reasons for their long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold, the growing utility of cryptocurrencies, and millennials preferring Bitcoin over gold in the long-term. This report shows that institutions are gradually realizing the huge potential of cryptocurrencies and are willing to take a U-turn on their previous apprehensions. Galaxy Digital CEO Mike …

The previous week has been tremendous for Bitcoin (BTC) investors as price broke the crucial barrier of $12,000, culminating in a surge from $11,300 to $13,300, a rally of $2,000 within a week. A new yearly high was printed, while the dollar has been showing weakness as well. Next to that, multiple listed companies came along with statements regarding allocations of Bitcoin rather than the U.S. Dollar. All these arguments line up for a continuation of the bull market, but which levels should be watched? Let's take a closer look at the charts. The $12,000 barrier was crucial for Bitcoin …

PayPal’s crypto announcement acted as a trigger that drove Bitcoin (BTC) price to a new 52-week high. During such news-based events, traders holding short positions are caught off guard and are forced to cover their trades, resulting in the type of short squeeze seen during the Oct. 21 rally. Cryptocurrency market weekly performance. Source: Coin360.com However, after this initial burst, the next leg of the uptrend is only possible if demand picks up and the bulls continue to buy at higher levels. Data from Huobi exchange suggests that pro traders are not convinced that the current rally warrants the opening …

The crypto markets are cheering PayPal’s decision to allow its customers to use cryptocurrencies to shop from its vast merchant network. PayPal also revealed that U.S. account holders will be able to buy, sell, and hold cryptocurrencies in the PayPal app. The company plans to extend this service to a few other countries in the first half of 2021. PayPal’s decision has significantly increased the reach of cryptocurrencies. Now, many of the company’s 346 million active users will have the options to engage with cryptocurrencies and become investors if they choose. However, a mass influx of investors into cryptocurrencies is …

The price of Bitcoin (BTC) had to hold the crucial support level between $11,100-11,300, and it did. After this support test, the price of BTC continued to surge upward on Oct. 20, reaching the crucial resistance area between $11,900-12,200. This upward move came along with weakness in the dollar, as the U.S. Dollar Currency Index (DXY) dropped substantially. A correlation that’s been effective throughout 2020 already. However, other cryptocurrencies haven’t been following in Bitcoin’s footsteps as altcoins are selling off heavily. Is the attention shifting back to Bitcoin? The weekly level at $12,000 is the crucial level to break XBT/USD …

Markets tend to behave in massive cycles. One of those cycles is the previous Bitcoin (BTC) price cycle from 2014 to 2017. However, within those cycles, are multiple smaller cycles that could often repeat. A similar approach and analysis can be made for Ethereum’s Ether (ETH), which is outperforming BTC year-to-date, as the majority of its impulse upward moves have corrected heavily to retest previous resistance levels. When is the best period to buy ETH/USD and what potential levels can be hit in the next move? Let’s take a look at the charts. Ether looking for a higher low to …

Data from Skew shows Bitcoin’s (BTC) spot volume on LMAX Digital, an exchange that mainly caters to institutions, has overtaken retail-oriented exchanges. This signals that institutional investors could be building up positions as they expect the price to move higher in the future. Along with spot purchases, institutional investors’ participation in the derivatives market has also increased. Data from Arcane Research shows that a record number of investors are taking delivery of Bitcoin from the Bakkt Bitcoin exchange. Another metric that can be useful for traders is volatility. Bitcoin options data shows that the implied volatility of at the money …

Historically, a weaker United States Dollar leads to strength across other “safe haven” assets. By analyzing the correlation, such momentum and conclusion can also be drawn with Bitcoin (BTC) and the USD. Bitcoin has gained in 2020 as the U.S. Dollar Currency Index (DXY) has been having a tough year. But will this momentum continue in the coming months? Let’s take a closer look at the charts. Bitcoin has to hold the $11,000 support level to avoid a CME gap test at $9,600 BTC/USD 1-day chart. Source: TradingView The triangle broke upward as the majority of the markets were waiting …

Bitcoin (BTC) price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700. However, the momentum may be shifting once more as strength diminishes across the cryptocurrency market. A similar setup also happened prior to Bitcoin’s latest upward break with sideways consolidation in BTC causing altcoins to drop south heavily, especially the Defi sector. Rangebound and holding $11,000 But significant support at $11,000 is now a must-hold level to resume the bullish momentum, which may find difficulty clearing current levels as renewed coronavirus lockdowns are spooking investors. Traders still remember the previous pandemic fear …

The bond yields across most developed economies have dropped sharply since the central banks unleashed a slew of measures to counter the economic crisis caused by the COVID-19 pandemic. This could pose a challenge to the institutional investors who rely on the traditional 60/40 portfolio allocation between equities and fixed income instruments. This week Fidelity Digital Assets also released its Bitcoin Investment Thesis report which details how a portfolio with a Bitcoin (BTC) allocation as low as one to three percent can beat the traditional allocation on various time scales. Daily cryptocurrency market performance. Source: Coin360 The report also highlights …

U.S. equity markets are nearing all-time highs on the hopes that Democrats and Republican will break their current stalemate and strike a deal to release another round of stimulus for American citizens and the small businesses they operate. While these monetary and fiscal stimulus measures have been proven to boost stock market returns in the short-term, they also add to the massive debt burden facing the U.S. Printing more money from thin air cannot be a permanent solution to every problem and at some point the chickens will come home to roost. Daily cryptocurrency market performance. Source: Coin360 In the …