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  • Bitcoin (BTC) – What is the King Up to now?

    Bitcoin (BTC) – What is the King Up to now?

    At the time of writing this article, BTC has a value of $48,046 (1% increase today) with a trading volume of $34,074,109,538 with an increase of about 12% over the past 24 hours. The king is slow to move today and as a result, the other coins have also been slow to move. As long as BTC consolidates, we can see some coins pop one after another but of course, no one goes against it.

    BTC is listed on coinmarketcap in 1st place. The rightful place for the king. It has a market dominance of about 40.36%. BTC had created its all-time high around the price of $69k. It later dropped to the price of $42 from where it showed reversal. The highest it went today is around $48,472. It has a circulating supply of about 18.9M. It has a total supply of about 21M.

    Technical Analysis

    As we showed in the last analysis that you can find here, we said that BTC can range for a while in the range that we have drawn. Fast forward to 30 days later, the analysis is still valid and we have seen BTC consolidate within the range. The price now has done a number of fake-outs that had trapped both the buyers and the sellers in the range.

    BTC - 1D

    Different points should be taken into consideration. One is the mitigation area that is also a confluence to the break of structure. We can see that the price has been consolidating for a while. Now we can look for the price to go up and mitigate this level from where we can expect a drop in the price.

    Now the price can then drop to the lower level from where we can expect a reaction. lower time frame confirmations should be taken into consideration before taking an entry.

    Price Prediction – Bitcoin (BTC)

    The coin also seems to have a good future. Walletinvestor expects a value of $83,233 by the end of the year and positive growth throughout the next five years. In 2025, it is expected to be around $211,092. A lot of traders had been bullish regarding the price of bitcoin and expected that it would reach $100k before the end of the year. Yet here we are with the price of BTC trading below $50k. But now it seems that a lot of them were wrong.

  • Where the King is Moving? – Bitcoin (BTC)

    Where the King is Moving? – Bitcoin (BTC)

    At the time of writing, BTC is being traded at the price of $57,980. The price of BTC has increased by almost 5.52% in the past 24 hours. The daily trading volume has also increased by almost 32.36% in one day. BTC is listed on coinmarketcap at 1st spot according to market capital (the one true king of the market) and has a market dominance of about 42.03%.

    BTC before the crash had achieved its all-time high around the price of $64,895 in April 2021. During the crash, the price of BTC touched a bottom of $28,600 during the month of June 2021. After this, the price showed reversal and went to achieve a new all-time high around the price of $69,000.

    BTC has a total supply of 21M coins and has a circulating supply of about 18.8M tokens. BTC can be traded at a lot of different exchanges such as Binance, OKEx, Huobi with different trading pairs.

    Technical Analysis – Bitcoin

    Before the drop of Bitcoin (BTC) from all-time high, people were expecting it to crack the 70k, but the number was a strong zone to crack and quickly resulted in the fall of the market. Now the market is trading in the $50s and we can expect it to drop even more to the $40s.

    BTC - 1D

    It can be seen that the market has been bouncing from $53k support. In the past, it had stayed there for a while before moving to the all-time high. We can expect the market to touch the $63k zone before it falls down to the 40s as a move of fake-out. But this is only one possibility and a lot more can change in a matter of minutes. So lower time frame confirmations are important. Possible zones to watch out for are $49k, $53k, $58k, $62k.

    Long Term Price Prediction – Bitcoin (BTC)

    Before the drop of BTC from $69k. People were expecting the price of BTC to touch the value of $100k before the end of the year. Now after the drop-down to $52k, a lot of those speculations have vanished. A lot of people are still eying for BTC to break the all-time high and touch the zone of $80k but it seems that it has become difficult right now with the way price has been reacting

  • Update on the Crypto Market: What’s next

    Update on the Crypto Market: What’s next

    The crypto market is very hard to judge with a lot of volatility around the space. But the market updates keep the investors interested. If we go back into the past, things are improving for the cryptocurrency industry. And, Bitcoin and altcoins are getting more approval than ever before.

    Bitcoin (BTC) has been trading in the key support region of $46,666 and resistance of $50,000. BTC crossed the $50,000 mark on August 23rd, 2021 for the first since the last three months.

    Regulation heralds the coming age of any new financial instrument. Some might argue that cryptocurrencies do not need help from the authorities. It may sometimes. But for cryptocurrencies to thrive in the masses, they need to be regulated.

    Lately, there has been a lot of drama in the Crypto Market. China has threatened Bitcoin and completely ban the mining process.

    Increased regulatory scrutiny from China is changing the bitcoin mining landscape. The bans aren’t exactly shocking, but their sudden manifestation and stringency have left miners in the region reeling.

    Apart from the problems that miners are facing in China. What effects will this ban have on the crypto society in the future? That’s the crucial question. Well, since the ban news first surfaced, it had its impact on the market for a while. But there’s much optimism considering the circumstances in the US.

    It is estimated that a substantial minority around 30% to 40% of China’s orphaned hash rate will end up in the United States, with Texas leading the charge. While the rest of the miners are expected to set up in the Central Asian region.

    The U.S. is positioned to benefit greatly from the shakeout. We anticipate over 40 exahashes will be managed by U.S.-based mining pools by the end of 2021.

    Recently, there has been a debate in the US government regarding the tax reporting of cryptocurrencies. For now, the US Congress blocked the crypto amendment. It was because of the undefined and broad language of the crypto bill.

    Recently there’s been a lot of hype around Non-Fungible Tokens. Popularly known as NFTs. What we’re saying here is that the blockchain world is evolving more than ever. Bitcoin’s adoption by financial institutions is growing. PayPal is a big example recently.

    The US government reportedly is pushing to include global crypto data sharing rules in the $3.5 trillion budget package. The Biden Admiration is keen to get hands-on the proper legislation of the crypto markets. The Treasury wants crypto businesses to report information on foreign account holders. So, the U.S. government can share information with global trading partners.

    This is a good signal for the crypto community in the long term as we’re heading towards crypto adoption. Now the US government is serious about the crypto market and thinks of it as a major revenue tax stream.

    However, former US President Donald Trump, in a recent interview, said that he’s not a big fan of Bitcoin. His stance regarding the crypto industry has been rather strict. If we see Donald Trump once again as the US president, things might get different.

    Trump made a statement saying that he would like to see US currency thrive. He doesn’t like it because it’s another currency competing against the dollar. With hurdles, governments will gradually accept the reality and how crypto market can add billions to their economy.

    There’s this latest update from Twitter. The social media giant could soon enable users to tip content creators using Bitcoin. This will be added via the latest update to Twitter’s Tip Jar feature.

    Market Situation

    Moving towards Bitcoin, things are looking good as of September 1. We might head towards a new bull run. Ethereum with the ticker name ETH has really kicked off and has lowered the dominance of BTC to 41.9%. And, Ethereum dominates by 19.1%.

    Ethereum dominance means that altcoins are the ones that will benefit the most from the bull run. When there is higher BTC dominance, it means that Bitcoin will have a higher trading volume.

    As of September 1, Ethereum’s price breaks $3,500 and hits 3-month highs against Bitcoin. Is Ethereum’s rally signaling the next bull market phase for Bitcoin above $50,000?

    Bitcoin has been seeing some consolidation below $50,000 as a psychological barrier. However, during this pullback, several big altcoins have been surging in price, suggesting that the alt season isn’t over yet.

    Meanwhile, Bitcoin’s price faces a crucial resistance to breakthrough. While Ether is already cracking that resistance, hitting a three-month high versus BTC. And, facing a run toward the next resistance around the all-time high.

    The primary question is now whether this Ether breakout is a signal for Bitcoin to follow suit. And, break through the resistance barriers in September. Historically, September has been a corrective month. Meaning that such a breakout may catch many traders off guard. The critical resistance zone at $51,000 is key to break for Bitcoin to push further upwards.

    The daily chart for Bitcoin shows a consolidation between $44,000 and $50,000. This consolidation resulted in a big breakout of altcoins. Some altcoins already broke their previous all-time highs.

    The bearish divergence in the chart will only be confirmed when the recent higher low is invalidated and broken downward. At that point, the uptrend is officially reversed.

    Currently, the market is consolidating after the rally from Bitcoin’s July lows. The bearish divergence remains unconfirmed until Bitcoin loses the lower bound of the support range, which can be found at $44,000.

    Whereas, the total cryptocurrency market capitalization shows a bullish continuation with constant higher lows and higher highs.

    The crucial breaker for the market cap to break through is the resistance zone, around $2.12 trillion. Once that one breaks, more upside is likely toward new all-time highs. This structure might also foreshadow Bitcoin’s price trajectory. As the Bitcoin and USDT charts are showing upside.

    On the other hand, Ethereum crossing the crucial breaker at $3,400 is a big signal for the crypto market. The difference between Bitcoin and Ethereum right now is that Ether is hitting higher highs, while Bitcoin remains in a sideways range.

    So, the critical breaker for Ether is the previous resistance zone at $3,400. As long as that sustains support, continuation toward all-time highs becomes increasingly likely.

    However, if a breakdown beneath $3,400 takes place, a potential bearish divergence comes into play. This could end in a correction to $2,600. Such a correction would also affect Bitcoin, which also has a few critical levels to watch as support.

    Conclusion

    To conclude our analysis of the market, if Bitcoin doesn’t go vertical or has a significant impulse wave. Altcoins are in a splendid position to outperform BTC in the short term. And that’s what the market is currently seeing.

  • Bitcoin (BTC) price prediction – $100,000 when or if?

    Bitcoin (BTC) price prediction – $100,000 when or if?

    Bitcoin (BTC) – the king of the market – had crashed brutally in the market correction after the 2021 bull run. The sentiment, although largely bearish in the short term, is still unclear. It is expected of the cryptocurrency to reach towards the high if not more, observed during the bull run. On the other hand, the prolonged bearish momentum has also led to doubts about the future of cryptocurrency.

    At the time of writing, BTC coin stands at a price level of $30,616. The price has declined by 3% in the daily timeframe – marked by decreased volatility – while the trading volume has gone down by 7%. The market dominance of the king of cryptocurrency stands at 46%.

    The market outlook for Bitcoin continues to be bearish given the dominance of the bears. Out of the total technical indicators, fifteen are giving out a signal of sell with nine indicators standing at a neutral position and only two indicators at a buy position. The oscillators are neutral while the moving averages suggest a strong sell.

    Bitcoin (BTC) price prediction – To $100,000?

    According to a poll issued by Santiment – the crypto data analytics firm – on Twitter, users are bullish on Bitcoin. Thirty percent of the poll respondents think that Bitcoin will cross $100,000 during 2021 while eleven percent voted that BTC will never cross $100,000. Is it possible for Bitcoin to cross $100,000 that too in 2021? Per the estimates of Wallet investor, Bitcoin’s one-year forecast places the cryptocurrency at $58,136 while the five-year projection suggests a price of $163,008. Digital Coin Price predicts Bitcoin will end the year with a price level of $47,478 and the $100,000 mark will be crossed in 2026.

    For many, the question of $100,000 for Bitcoin remains a “when” and not an “if”. While the cryptocurrency may be bearish in the short-term, it has been established as a digital asset and a store of value; hence, it is expected to only rise in value.

  • Bitcoin (BTC) – Will it rise up?

    Bitcoin (BTC) – Will it rise up?

    Bitcoin (BTC) – the king of the market – has been suffering immensely. The market crash brought Bitcoin from highs of $60,000 to $30,000. The market is undivided where one side believes in the potential of Bitcoin as a safe haven asset while the other side disregards the king and expects a dethroning soon. At the time of writing, Bitcoin stands at a price level of $34,279. The price has fallen by $500 in the past twenty-four hours while the trading volume has declined by nearly 7%.

    Bitcoin (BTC) Technical Analysis

    The market outlook for the king of cryptocurrencies continues to be bearish. Out of the total twenty-six technical indicators, fourteen are giving out a signal of the sell while nine stand at a neutral position with only three indications of buy. The oscillators are neutral while the moving averages are strongly bearish.

    Bitcoin (BTC) Technical Analysis
    Bitcoin (BTC) Technical Analysis

    An analyst has identified phases of the Wyckoff accumulation in the price action of Bitcoin. Bitcoin is currently identified to be operating in phase D of the accumulation. The current phase entails the price of the cryptocurrency holding above the support levels. Traders still identify the market to be bearish but various signs-of-strength and last-points-of-supply can be seen at this stage.

    The decreasing supply and gradually increasing supply in phase D leads to the final phase where traders and investors once again realize the bullish potential of Bitcoin. The cryptocurrency is expected to break various resistance levels in the final phase and it is also marked by increased volatility and volume.

    Will Bitcoin get back up?

    The indecisiveness with strong resistance levels may indicate Bitcoin to continue with bearish momentum. However, despite the disappointment Bitcoin continues to dominate the market with 45% dominance. It is still regarded as the premier cryptocurrency. The next halving of Bitcoin can definitely be expected to help restore Bitcoin’s position.

  • The debut of Bitcoin Mining Council

    The debut of Bitcoin Mining Council

    Bitcoin is notoriously known for its high energy consumption. In fact, it was the high energy consumption of Bitcoin that led to the brutal market crash and end of the 2021 bull-run. Elon Musk, the advocate of cryptocurrencies, denounced the use of Bitcoin as a mode of payment for his Tesla cars which resulted in market-wide panic selling and, the crash.

    The mining of BTC is an energy-intensive power and as the demand and adoption increase, the mining does too. The electricity demand of BTC crypto is near 143 terawatt-hours – which is higher than the energy consumption of countries like Argentina. Bitcoin mining poses a huge challenge to countries trying to offset their carbon emission – like China. China has launched a crackdown on BTC mining as the country tries to achieve net zero carbon emissions. A shift towards renewable energy sources has recently been observed as non-renewable energy sources are not sustainable economically.

    As Bitcoin is believed to not got anywhere, BTC supporters are renewing their efforts to completely shift mining to renewable sources. Elon Musk had recently introduced a group of North American BTC mining companies that are focusing on the shift towards renewable resources. The mining companies have taken an official position as the BTC Mining Council.

    MicroStrategy CEO Michael Saylor initiated the council officially while describing the group as: “A voluntary and open forum of Bitcoin forum committed to the network and its principles”. However, the council would not have any power to impose standards or regulations on anyone. And while Elon Musk first introduced the Council, it appears as though the billionaire CEO does not have a place on the council – at least, not officially.

    Will the Bitcoin Mining Council bring about a positive change in the BTC mining industry or will it be just an organization with no real impact? We have yet to find out.

  • What does $575 Bitcoin options expiry mean for the cryptocurrency?

    What does $575 Bitcoin options expiry mean for the cryptocurrency?

    Bitcoin (BTC) once saw its golden days at $60,000 but now the king of the market is struggling with resistance at $40,000. At the time of press, Bitcoin stands at a price level of $38,327. The market crash led to Bitcoin dropping to $32,000 and fear is still widespread in the market even though recovery has started.

    The Bitcoin network saw record low activity. The active supply for Bitcoin has declined by 45% hinting investors are still holding on to their BTC. While miners are also showing unwillingness to sale their Bitcoin at the current prices. The king of the market is overall expected to once again reach towards its high of $60k eventually surpassing it but in the short-term window, a fall towards $32k is an immediate fear of investors and traders alike.

    On June 4th, 15,530 Bitcoin (BTC) options are set to expire. The options have an aggregate open interest of $575 million. The brutal market crash of Bitcoin had led to a major chunk of buy calls to go underwater.

    The Bitcoin market is highly uncertain right now with volatility increasing. This makes the future outlook uncertain too. Although fear seems to dominate the market. The call-to-put ratio of the options stand at 0.84 which means there is 0.84 buy for every 1 sell. The bulls are frightened in the uncertain market but it may be noted that fear presents good buying opportunities. The ratio, while indicates dominance of put options, does not necessarily confirm a bearish scenario when the options expire.

    A bearish outcome on Friday as the $575 million Bitcoin options expire may not bode well for the cryptocurrency. Bitcoin is already struggling with bullish momentum. The cryptocurrency could only increase by 1% in the weekly timeframe. The Bollinger bands have expanded indicating and ever-increasing volatility in the market.

  • Bitcoin (BTC) data reveals hinderances for price recovery

    Bitcoin (BTC) data reveals hinderances for price recovery

    The market crash rocked and shocked the investment world. In a frenzy, last week the social volume of Bitcoin broke the record high in the 2017-18 bull run. The increasing mentions of Bitcoin on social media indicated a spike in interest which can be then translated into acceptance and adoption. However, as expected, the social volume of Bitcoin dropped to normal levels after the peak.

    The community chatter indicates a bearish bias in the market for Bitcoin – which may not be such a bad thing. Historical trends suggest that it is a highly bullish sentiment with high price levels that result in an increased consolidation period for cryptocurrencies. Thus, the price of Bitcoin and other cryptocurrencies may be expected to gradually recover over the course of the next few days.

    The social data from the sentiment analytics’ platform suggest that Bitcoin may be in undervalued conditions. A price recovery may be seen soon. In the derivatives market, the funding rate – fee paid for perpetual contracts – have hovered either neutral or negative. A negative funding rate means Bitcoin short traders are paying Bitcoin long traders – a bearish bias. The negative funding rate has also coincided with Bitcoin’s price recovery in the past.

    However, there are factors hindering the price recovery of Bitcoin as well. Bitcoin’s Daily Active Addresses (DAA) have stayed above 1 million for a while with the level becoming an unofficial threshold. Bitcoin’s Daily Active Addresses have stayed below the threshold level in the lower half of May.

    After a short-lived upward stint of Bitcoin, the movements of BTC whales have also disappeared. Since the ATH of Bitcoin, the holdings of 100-10k BTTC addresses have fallen drastically by nearly $4.14 billion. Moreover, Bitcoin moving to exchanges have also declined slightly.

  • Is the market crash the downfall of Bitcoin?

    Is the market crash the downfall of Bitcoin?

    The cryptocurrency market crashed brutally. It all started when Tesla denounced the use of Bitcoin as a mode of payment for electric cars. The CEO Elon Musk had been a strong advocate of cryptocurrencies so the sharp turn in his stance resulted in bearish divergence in the market. The crash had been further fueled by a Chinese financial committee’s report which said to launch a crackdown on cryptocurrency mining. The crypto market took another hard hit after the news as China is accountable for a good proportion of Bitcoin mining.

    However, is the crash really bad for the cryptocurrency market? The bull run had bought the cryptocurrencies and blockchain technology under the limelight. Corporate behemoths, governments, small retailers, and innovative startups have all accepted the technology because of its many use cases.

    Sentiment data from a report published by Santiment.com – a sentiment data analytics platform –reveals that the crash may not be as bad for the acceptance of cryptocurrencies worldwide. The weekly report revealed that interest in cryptocurrencies had been increasing.

    The social volume of Bitcoin had shot up drastically in the bear market. Interestingly, the social volume also exceeded the record high of the 2017 bull run. The data indicates growth in the cryptocurrency sphere. Mentions of the “bear market” had also increased drastically – which is to be expected.

    Despite the bearish outlook of the market, the general sentiment for Bitcoin had stayed positive. With the “buy the dip” mantra, investors are positive that Bitcoin and other cryptocurrencies will eventually pick back up. It is also the positive sentiment that usually leads to crashes as the market becomes overheated and fear of corrections overtake. Bitcoin did see a shift in sentiment to the negative side after the Chinese Financial Committees report.

  • Crypto futures down by as low as 43%

    Crypto futures down by as low as 43%

    The market crash had been hard, to say the least. All cryptocurrencies have stockpiled immense losses in the past couple of days.

    The perpetual futures market has been trading in par with the spot market. However, amidst high volatility – like what was witnessed today – the difference between perpetual futures and spot trading can skyrocket. Due to high liquidation orders, exchanges are sometimes unable to meet the liquidity requirements or create most positions which leads to a high gap between the price level at which perpetuals are traded and the sport traded price.

    Ethereum, Litecoin, and Sushi went as low as 43% in the futures market from their spot traded price. Ethereum futures were operating at 26% below while Sushi perpetual futures traded for 43% below the spot traded price. Although the wide gap was harmless. Automatic stop orders were not triggered even as the perpetual futures were trading way below the spot price. The gaps were also not long-lasting and the market quickly corrected.

    However, recent price action shows that the bearish trend of the market may have been reversed. Bitcoin breaks above the price level of $40,000 which was acting as a strong resistance level for the cryptocurrency. The previous support of $46,000 will now be acting as strong resistance for the coin.

    After falling to a five-month low of $30,000, the cryptocurrency has finally picked up bullish momentum with the price standing at $41,911 at the time of writing. Following the king of the market, other cryptocurrencies have also started off an upside move. In the 24-hour timeframe, BTC went up by 16% while ETH increased by 19%.