Bitcoin
Price analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) could not overcome the barrier at $25,000 on Aug. 11 even though it had two catalysts in the form of a “favorable” Consumer Price Index print and news that BlackRock — the world’s largest asset manager, overseeing over $10 trillion in total assets — had launched a spot Bitcoin investment product. In comparison, Ether (ETH) has managed to hold on to its recent gains on news that the Goerli testnet had successfully activated proof-of-stake, clearing the path for Ethereum’s mainnet transition planned for Sept. 15 or 16. Data from Santiment shows that Ether whale transactions have increased along with possible whale accumulation. Daily cryptocurrency market performance. Source: Coin360 However, analysts remain divided about the prospects of the current rec...
Bitcoin traders still favor new $20K lows as Ethereum hits $2K
Bitcoin (BTC) is still due to return to near $20,000, fresh analysis warns as BTC/USD attempts to retest multi-month highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Buy-the-dip set for invalidation at $20,700 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staging a second run-up to near $25,000 on Aug. 13, so far seeing rejection. The pair had gained over $1,300 overnight, but as bulls again ran out of momentum near crucial resistance, few were optimistic over Bitcoin avoiding a deeper comedown. “One last high to rekt early shorts,” popular trading account Il Capo of Crypto told Twitter followers. Similarly cautious was fellow trader Jibon, who said that he would even prefer to wait and “buy higher” than spot price t...
Bitcoin battles 2-month resistance amid ‘most hated’ stocks rally
Bitcoin (BTC) pierced the top of a stubborn trading range on Aug. 11 as a decidedly awkward rally took hold of risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin retracement warnings intensify near $25,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs of $24,750 on Bitstamp, marking its best performance since June 13. The pair had attempted several breakouts to the top of the range in prior weeks, these all failing in the face of stiff selling pressure. New United States inflation data released this week formed a long-awaited catalyst for change, however, with Bitcoin and altcoins rising in step with equities as the Consumer Price Index (CPI) print for July suggested that inflation had peaked. On Aug. 10, the day of the relea...
Bitcoin price sees $24K, Ethereum hits 2-month high as US inflation shrinks
Bitcoin (BTC) regained $24,000 but failed to hit new multi-month highs on Aug. 10 as United States inflation appeared to be slowing. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView CPI cuts risk assets much-needed slack Data from Cointelegraph Markets Pro and TradingView confirmed hourly gains of around $1,000 after U.S. Consumer Price Index (CPI) data for July showed a slowdown versus the previous month. While managing $24,179 on Bitstamp, BTC/USD nonetheless did not attract enough momentum to challenge levels from the day prior. Nonetheless, relief among traders was palpable, as declining inflation should signal to the Federal Reserve that less aggressive interest rate hikes are necessary going forward. This, in turn, should reduce pressure on risk assets, includin...
Bitcoin dominance hits 6-month lows as metric proclaims new ‘alt season’
Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already “alt season.” Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022. Bitcoin sheds market cap prowess After suffering at the hands of the Terra LUNA — now renamed Terra Classic (LUNC) — collapse, altcoin markets have rallied considerably in recent months. Alongside Bitcoin’s return from 18-month lows of $17,600 in June, altcoins have enjoyed their own renaissance, one tha is now giving Bitcoin bulls a run for their money. According to CoinMarketCap, Bitcoin’s market cap share is now at its lowest since mid-January, with the larg...
Bitcoin realized price bands form key resistance as bulls lose $24K
Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin navigates whale price ladder Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling under the $24,000 mark overnight after rejecting near $24,200. The pair had seen swift gains to start the week but momentum faded as the top of the trading range in place since mid-June came closer. As such, bulls failed to reclaim new ground or even match the highs seen at the end of July, and the status quo thus continued. At the time of writing, BTC/USD was consolidating near $23,800. For on-chain analytics resource Whalemap, it was realized price that was now forming major levels to overcome. In a Tw...
Top 5 cryptocurrencies to watch this week: BTC, FLOW, THETA, QNT, MKR
The United States jobs data on Aug. 5 was above market expectations, indicating that inflation has not cooled down. The strong numbers reduce the possibility that the U.S. Federal Reserve will slow down its aggressive pace of rate hikes. After the release, the likelihood of a 75 basis points hike in September has risen to 68%, according to CME Group data. However, analysts at Fundstrat Global Advisors have a different view. They highlighted that three out of six times, the S&P 500 bottomed out six months before the Fed’s last rate hike. Therefore, the firm anticipates the S&P 500 to witness a strong rally to 4,800 in the second half of the year. Crypto market data daily view. Source: Coin360 If the tight correlation between the equities markets and the cryptocurrency markets mainta...
Elon Musk: US ‘past peak inflation’ after Tesla sells 90% of Bitcoin
Bitcoin (BTC) is in short supply at Tesla, even as its CEO predicts that United States inflation has already peaked. Speaking at Tesla’s 2022 Annual Meeting of Stockholders on Aug. 5, Elon Musk predicted that an upcoming United States recession would only be “mild to moderate.” Musk on costs: “The trend is down” After recently selling almost all of its $1.5 billion BTC holdings, Tesla is seeing the emergence of exactly the kind of economic landscape in which risk assets thrive. During a Q&A session at the Annual Meeting, Musk revealed that six-month commodities pricing for Tesla parts is already getting cheaper, not more expensive. Commodities, he said, are trending down, providing a hint that inflation has already hit its highest levels. “We sort of have some insight ...
Ethereum price rises by 50% against Bitcoin in one month — but there’s a catch
Ether (ETH), Ethereum’s native toke, has been continuing its uptrend against Bitcoin (BTC) as euphoria around its upcoming network upgrade, “the Merge,” grows. ETH at multi-month highs against BTC On the daily chart, ETH/BTC surged to an intraday high of 0.075 on Aug. 6, following a 1.5% upside move. Meanwhile, the pair’s gains came as a part of a broader rebound trend that started a month ago at 0.049, amounting to approximately 50% gains. ETH/BTC daily price chart. Source: TradingView The ETH/BTC recovery in part has surfaced due to the Merge, which will have Ethereum switch from proof-of-work (PoW) mining to proof-of-stake (PoS). Ethereum’s “rising wedge” suggests sell-off From a technical perspective, Ether stares at potential interim loss...
Bitcoin price: weekend volatility ‘expected’ with $22K level to hold
Bitcoin (BTC) rose above $23,000 again into Aug. 6 as new analysis predicted a potential surge of 20% or more. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Daily chart gives trader $30,000 target Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing overnight to once again sit near the top of its established trading range. After multiple attempts to break out above range resistance at $23,500, the pair appeared still stuck in limbo at the time of writing, but hopes of bullish continuation were already there. “Expecting more volatility over the wknd,” on-chain monitoring resource Material Indicators wrote in part of its latest Twitter update on Aug. 5. “If the Bear Market Rally can push BTC above 25k there isn’t much friction to 26k – 28k ran...
Price analysis 8/5: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
The United States Labor market added 528,000 jobs in July, much better than the 258,000 estimate. Wages saw growth of 5.2% year-over-year and 0.5% over the month. This suggests that inflation remains high and the U.S. Federal Reserve may continue with its rate hikes in the near future. After staying in close correlation with the U.S. equities markets for the past several months, the crypto space could be ready to chalk out a new course. Bloomberg Intelligence senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts said in a recent report that Bitcoin (BTC) has started base building similar to the one seen near $5,000 in 2018–2019. They expect the recovery to decouple from stocks and behave more like U.S. “Treasury bonds or gold.” Daily cryptocu...
Bitcoin fails to beat $23.4K sellers as US payrolls upend inflation debate
Bitcoin (BTC) saw fresh rejection at $23,500 resistance on Aug. 5 as United States equities failed to embrace surprisingly strong payroll data. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “Collapsing real wages” poke fun at payroll print Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as bears kept the market in its intraday trading range. Wall Street opened with a whimper despite U.S. payrolls for July coming in at twice estimated levels. The curious reaction had some analysts arguing that the numbers did not in fact show economic strength, but rather existing workers taking on second jobs due to inflation. “The gain of 528K jobs in July as the labor force participation rate fell to 62.1, means that most of the new jobs went to people who a...
