Tag: bitcoin

18 sierpnia, 2022 Wyłączone

TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

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Bitcoin extended losses below the $23,650 support zone against the US Dollar. BTC must stay above $23,200 to avoid more losses in the near term. Bitcoin remained in a bearish zone and traded below the $23,650 support. The price is now trading below the $23,650 level and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if there is a clear move below the $23,200 support in the near term. Bitcoin Price Drops Further Bitcoin price failed to stay in a positive zone above the $24,000 level. BTC started another decline and traded below the $23,650 support zone. There was a clear move below the $23,500 level and the 100 hourly simple moving average. Finally, the price found support near the $23,200 zone. A low was formed near $23,193 and the price is now consolidating losses. Bitcoin price is now trading below the $23,650 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low. The first major resistance on the upside sits near the $23,800 level. It is near the 50% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low. The main resistance is forming near the $24,000 zone and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. A close above the $23,800 and $24,000 resistance levels might start another increase. Source: BTCUSD on TradingView.com In the stated case, the price may perhaps climb towards the $24,500 resistance. Any more gains might send the price towards the $25,000 level. More Losses in BTC? If bitcoin fails to clear the $24,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,320 level. The next major support now sits near the $23,200 level. A downside break and close below the $23,200 level might spark another decline. In the stated case, the price might decline towards the $22,750 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $23,320, followed by $23,200. Major Resistance Levels – $23,500, $23,800 and $24,000.
17 sierpnia, 2022 Wyłączone

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

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Ether options have been trading for a much shorter time compared to Bitcoin options, but the former has done an impressive job catching up with its predecessor. Bitcoin had dominated as the leading crypto options asset in the space, with billions pouring into it. However, the tide had begun to turn in the 3rd quarter of 2022 when an important update about the Ethereum Merge triggered a surge in interest for Ether options. Ether Options Surpass Bitcoin  Ether options debuted in the market back in January 2020, and it has enjoyed steady growth since then. However, no matter how much Ether options had grown, bitcoin options remained higher with open interest in crypto pouring into the pioneer cryptocurrency. Then in July 2022, Ethereum developers made an announcement regarding the network’s upgrade to a proof of stake mechanism, and this would change the game completely. Related Reading: Why This New NFT Integration May Be What Cardano Needs To Break $0.6 In July, interest in Ether options had ballooned, leading to a meteoric rise. It had packed at a new all-time high of $8.1 billion, which was more than 50% high than bitcoin at the time, with an open interest of $5.4 billion. From there until the present day, Ether options remain on an impressive uptrend, continuing to surpass bitcoin at each turn.  Public miners sell more BTC than they produced | Source: Arcane Research The rise puts Ether options trailing at 100% recovery compared to bitcoin, which continues to trail at 70%. It is the first time ever that the open interest in Ethereum has grown larger than that of bitcoin, and it is all thanks to the much-anticipated Ethereum Merge. Is The Flippening Imminent? The “flippening” is a word that has come to mean Ether surpassing bitcoin in value. Mostly, this school of thought has emerged following the fact that the performance of the price of ETH has surpassed that of BTC on a year-to-year basis. Hence, some investors expect the digital asset to flip bitcoin at some point to become more valuable. There is no set timeline for when the flippening is expected to happen. However, each time Ether overtakes Bitcoin on any metric, the flippening debates begin. The same has been the case with the ETH options growing larger than BTC. ETH declines to low $1,800 | Source: ETHUSD on TradingView.com Presently, the price of BTC is still more than 10x that of ETH. So if there is going to be a flippening, then ETH would have to grow 1,000% while the price of BTC remains unmoved. This is unlikely to happen, given that the market actually moves with the price of BTC. Related Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn However, as the Merge draws closer and what is referred to as a “Triple halvening” is imminent, ETH will likely further close the gap between it and bitcoin. This event would see less supply of ETH in the market, giving it a genuinely deflationary model to be able to rival bitcoin’s limited supply. Featured image from MARCA, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
17 sierpnia, 2022 Wyłączone

Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting

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A pricing analysis of bitcoin reveals that buyers are at a disadvantage. Price increased after a weaker opening and tested the session high of $24,448.40. However, it swiftly reversed course and tested the pivotal 21-day exponential moving average, where it is currently resting. The market action right now suggests that the bulls are running out of steam close to the higher levels and that the bears are clearing the way for more correction. The largest cryptocurrency’s 24-hour trading volume is $30,603,898,759, up more than 7%. BTC/USD, however, is currently reading at $23,422.79, a 1.85% daily decline. BTC/USD trades at $23k. Source: TradingView The longer the price remains below this level, the more powerful the selling pressure will be as BTC slips below the crucial support level of $23,500. FOMC Meeting Crushes Bitcoin Price Data from TradingView showed that BTC/USD fell by more than 2% every day and reached $23,325. Hours before the Federal Open Markets Committee (FOMC) was scheduled to release minutes from its most recent meeting, the pair, which had already started to exhibit indications of weakness, fell further as trading in US stocks got underway. Despite not having a rate decision, the meeting was timed to reveal the Fed’s perspective on the upcoming rate adjustment scheduled in September. Michaël van de Poppe summarized in his latest Twitter update: “The important event tonight with the FOMC minutes, through which information can be received whether the FED is going to be hawkish or dovish. I don’t think it will have a massive impact, however, crypto tends to give it a ton of value and, therefore, lots of volatility.” Related Reading: Bitcoin And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed” Marcus Sotiriou, an analyst at the UK-based digital asset dealer GlobalBlock, believes a clearer picture may become apparent later on Wednesday in relation to the FOMC minutes. “Bitcoin’s volatility has fallen over the past week or so, yet sellers have been dominant, as there is uncertainty around FOMC minutes being released this evening. The minutes will give an indication of the Federal Reserve’s stance and when they may begin to slow the pace of rate hikes.” The US Federal Reserve recently increased interest rates by 0.75%, but month-over-month inflation readings were lower than anticipated. Can the FOMC’s remarks boost Bitcoin (BTC) and the larger crypto market at the right time? According to Sotiriou’s note to clients: “According to technical analysis, Bitcoin will face a significant test in the coming days because the 200 weekly moving average, which is currently at around $23,000, is just below the current price of $23,700. If this level cannot be maintained, it will imply that there will be additional downside in the coming weeks and that the market’s reversal may be delayed.” Another crypto analyst and trader @EtherNasyonaL, however, believes the opposite – that Bitcoin is currently in a historic purchasing zone. The analyst thinks that right now is the best time to invest in Bitcoin because the asset is expected to increase in value in the future. Related Reading: TA: Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $24.5K Featured image from Getty images, charts from TradingView.com    
17 sierpnia, 2022 Wyłączone

Celsius Approved to Sell Mined Bitcoin, Customer That Lost 50,000 USDC Insists Her Regulated Stablecoins Should Be Treated Differently

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Celsius Approved to Sell Mined Bitcoin, Customer That Lost 50,000 USDC Insists Her Regulated Stablecoins Should Be Treated DifferentlyOn August 16, the crypto lender Celsius Network has been approved by a bankruptcy court judge to sell bitcoin the company previously mined to continue funding specific operations. The following day, the company’s attorney detailed that Celsius has been offered cash injections, but the lawyer did not disclose who offered the funds and how much […]