Tag: Bitcoin

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Altcoins, Bitcoin

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Equities markets in the United States rallied sharply on May 25 and 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020. On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”Daily cryptocurrency market performance. Source: Coin360In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank...
JPMorgan picks out crypto as the preferred alternative asset
Analysis, Bitcoin, Price Analysis - Top 10 Crypto

JPMorgan picks out crypto as the preferred alternative asset

JPMorgan analysts chose Bitcoin over real estate, adding that the former’s fair value is 30% above current prices  They also observed that VC funding should turn the current bear market and prevent a crypto winter akin to 2018/2019 JPMorgan analysts led by Nikolaos Panigirtzoglou have opined on the current crypto market, finding that the fair price of the world’s leading digital asset, Bitcoin, is 30% higher than current prices. The bank’s analysts said that there’s significant potential that Bitcoin could rise to $38,000 and carry other crypto tokens along with it, despite recent market capitulation. “The past month’s crypto market correction looks more like capitulation relative to last January/February, and going forward, we see upside for Bitcoin and crypto markets more generall...
Bitcoin price approaches key support levels to avoid ‘cascade south’
Bitcoin

Bitcoin price approaches key support levels to avoid ‘cascade south’

Bitcoin (BTC) clung to $29,000 at the May 27 Wall Street open as crucial support levels lay just hundreds of dollars from spot price.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewTrader demands higher low above $28,000Data from Cointelegraph Markets Pro and TradingView confirmed volatility once again waning in a frustrating week's price action.BTC/USD found itself in a tight corridor on the day, and for Cointelegraph contributor Michaël van de Poppe, it would not take much deviation to disrupt the status quo."Technically speaking, when it comes to Bitcoin, you clearly want to see a higher low happening here, and if that we happens, we can start seeing continuation," he said in his latest YouTube update.Levels to hold now were nearby — $28,600 and $28,200 to avoid a rematch...
3 reasons why Bitcoin is regaining its crypto market dominance
Bitcoin

3 reasons why Bitcoin is regaining its crypto market dominance

Bitcoin (BTC) is regaining its lost crypto market dominance even as it trades nearly 60% below its record highs.Bitcoin dominance at 6-month highsThe Bitcoin Market Dominance (BTC.D) index, a metric that weighs BTC's market capitalization against the rest of the cryptocurrency market, jumped to around 47% on May 27, its highest since October 2021.Bitcoin Market Dominance daily chart. Source: TradingViewThe dominance index swelled despite the drop in Bitcoin's market cap in the last six months from $1.3 trillion in November 2021 to nearly $550 billion in May 2022, suggesting that traders were more comfortable selling altcoins. Let's look at three likely reasons why traders have been rotating out of the altcoin market to seek safety in Bitcoin.Ethereum "Merge" narrative is cooling downE...
Small Bitcoin whales may be keeping BTC price from ‘capitulation’ — analysis
Bitcoin

Small Bitcoin whales may be keeping BTC price from ‘capitulation’ — analysis

Bitcoin (BTC) could still see a major price capitulation, but more whales need to start selling first, data suggests.In one of its daily QuickTake market updates on May 27, on-chain analytics platform CryptoQuant highlighted increasingly bearish whale behavior.Small whale selling should spark "absolute capitulation"Amid the widespread consensus that BTC/USD should put in a lower low than its May 12 pivot price of $23,800, some of Bitcoin's largest holders are showing signs of impatience.Looking at unspent transaction outputs (UTXOs) from various "bands" of whale wallets, CryptoQuant contributor Binh Dang flagged the increased selling from the top cohort since April.Those entities with $1 million or more, known as "giant" whales, have upped their distribution of coins, while smaller wh...
Billionaire Bill Miller calls Bitcoin ‘insurance’ against financial catastrophe
Bitcoin

Billionaire Bill Miller calls Bitcoin ‘insurance’ against financial catastrophe

Bill Miller the billionaire founder and chief investment officer of investment firm Miller Value Partners, has said he considers Bitcoin (BTC) an “insurance policy against financial catastrophe.”Appearing on an episode of the “Richer, Wiser, Happier” podcast on May 24, Miller backed the cryptocurrency as a means for those caught in conflict to still access financial products. He used the collapse of financial infrastructure in Afghanistan after the United States withdrawal in August 2021 as an example.“When the U.S. pulled out of Afghanistan, Western Union stopped sending remittances there or taking them from Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anybody in the world if you have a phone.”Miller said examples of how the crypto can func...
BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders
Altcoins, Bitcoin

BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders

Bitcoin (BTC) disappointed bulls on upside prior to the May 26 Wall Street open as BTC/USD returned under $29,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMarkets "eerily calm" post FOMCData from Cointelegraph Markets Pro and TradingView tracked an uninspiring day for Bitcoin, with $800 of losses coming in a single hourly candle several hours before the start of trading.The largest cryptocurrency had avoided volatility on the release of minutes from the United States Federal Reserve's Federal Open Markets Committee (FOMC). These had avoided any serious divergence from already known facts about economic policy, and despite concerns anti-inflation measures could lead to a recession, no mention of the word "recession" appeared in the minutes.Even legacy markets remained...
World Bank won’t support Central African Republic’s Sango crypto hub
Bitcoin

World Bank won’t support Central African Republic’s Sango crypto hub

The World Bank has signalled its concerns over the Central African Republic (CAR) adopting Bitcoin (BTC) as a legal currency and says it won’t support the newly announced “Sango” crypto hub.At the end of April CAR president Faustin-Archange Touadéra established a regulatory framework for cryptocurrency in the country and adopted Bitcoin as a legal tender. On May 24 he announced a plan to launch the country’s first crypto hub called “Sango”.Sango is described as the country’s first “Crypto Initiative” — a legal hub for crypto related businesses encompassing economic policies including no corporate or income tax and thecreation of a virtual and physical “Crypto Island.”An official document outlining the Sango project states that the country “received approval for a $35 million development fu...
Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control. As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed.Daily cryptocurrency market performance. Source: Coin360However, Arcane Research recently pointed out that buying when Bitcoin’s Fear and Greed Index reaches a score of 8 had resulted in an average median 30-day return of 28.72%. Interestingly, the index hit 8...
Bitcoin price bottom signals flash as ‘fear and greed’ index matches March 2020 lows
Analysis, Bitcoin

Bitcoin price bottom signals flash as ‘fear and greed’ index matches March 2020 lows

Bitcoin (BTC) has fallen by over 67% in 2022 and is now wobbling between a tight trading range defined by $28,000 as interim support and $30,500 as interim resistance.The selloff appears in the wake of the Federal Reserve's hawkish policy and the uncertainties in the crypto market led by Terra, an algorithmic stablecoin project whose native token LUNA fell by 99% earlier in the month. Nonetheless, Bitcoin's decline has somewhat cooled down as May draws to a close, leaving speculators with the hope that the token is in the process of bottoming out. Something like this might play out for #Bitcoin. Notice the lower left corner we had a double bottom before getting a green wave. We’re currently sitting at the bottom of the wedge. We can go a little lower and form another double bottom bef...