BTC price

Bitcoin’s inverse correlation with US dollar hits 17-month highs — what’s next for BTC?

Bitcoin (BTC) has been moving in the opposite direction of the U.S. dollar since the beginning of 2022 — and now that inverse relationship is more extreme than ever. Bitcoin and the dollar go in opposite ways Notably, the weekly correlation coefficient between BTC and the dollar dropped to 0.77 below zero in the week ending July 3, its lowest in seventeen months. Meanwhile, Bitcoin’s correlation with the tech-heavy Nasdaq Composite reached 0.78 above zero in the same weekly session, data from TradingView shows. BTC/USD and U.S. dollar correlation coefficient. Source: TradingView That is primarily because of these markets’ year-to-date performances amid the fears of recession, led by the Federal Reserve’s benchmark rate hikes to curb rising inflation. Bitcoin, for example,...

Bitcoin addresses in loss hit all-time high amid $18K BTC price target

Bitcoin (BTC) meandered into the weekly close on July 3 after weekend trading produced a brief wick below $18,800. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bollinger bands signal volatility due Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it stuck to $19,000 rigidly for a third day running. The pair had gone light on volatility overall at the weekend, but at the time of writing was still on track for the first weekly close below its prior halving cycle’s all-time high since December 2020. The previous weekend’s action had produced a late surge which saved bulls from a close below $20,000. Momentum remained weak throughout the following week’s Wall Street trading, however, and traders were unconvinced about the potential for a significant relief...

Bitcoin will see ‘long bear market’ says trader with BTC price stuck at $19K

Bitcoin (BTC) failed to reclaim recent losses into July 2 as traders prepared for stagnant price action to continue. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “Downtrend acceleration” still in force Data from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it chopped around the $19,000 mark into the weekend. The Wall Street trading week had finished without surprises, with United States equities practically stagnant — providing little impetus for crypto volatility. The U.S. dollar index, or DXY, fresh from a retest of twenty-year highs, ran out of steam to circle 105 points. U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView Order book data from largest global exchange Binance showed BTC/USD caught between buy and sell liquidi...

Bitcoin price: June close barely beats 2017 high as Coinbase Premium flips positive

Bitcoin (BTC) finished June 2022 just below $20,000 after a last-minute pump saw bulls escape 40% monthly losses. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst: Bitcoin could stay “boring” for months Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking higher into the monthly close, which came in at $19,924 on Bitstamp. With that, the pair narrowly avoided its first-ever monthly close below a previous halving cycle’s all-time high. On Bitstamp in November 2017, Bitcoin reached approximately $19,770. Right on time. #BTC pic.twitter.com/KxZiOF0kF8 — Material Indicators (@MI_Algos) June 30, 2022 The success was, at best, touch-and-go for a market that nonetheless sealed its worst monthly losses since September 2011, these coming in at around 37.3%. ...

Bitcoin price limps under $20K as Asia extends global stocks weakness

Bitcoin (BTC) returned under $20,000 on June 29 as analysts stayed hopeful of a trip higher. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Traders looks to $19,500 for support Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it crossed below the $20,000 mark for the first time in nearly a week in Asian trading hours. The weakness followed rangebound behavior near $21,000, this characterizing a market still in tune with moves in global equities. The S&P 500 had finished its previous session down 2%, while the Nasdaq Composite Index lost 3%. On the day, Hong Kong’s Hang Seng was likewise 2.1% lower, while China’s Shanghai Composite Index traded down 1.4%. With few bullish cues coming from macro, Bitcoin thus had little stopping it from revisiting the ...

3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic. BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks. Beyond price, however, 2022 on-chain data looks wildly different. Cointelegraph takes a look at three key metrics demonstrating how this Bitcoin bear market is not like the last. Hash rate Everyone remembers the Bitcoin miner exodus from China, which effectively banned the practice in one of its most prolific areas. While the extent of the ban has since come under suspicion, the move at the time saw huge numbers of network participants relocate — mostly to the United States — in a matter of week...

Terra’s LUNA2 skyrockets 70% in nine days despite persistent sell-off risks

The price of Terra (LUNA2) has recovered sharply nine days after falling to its historic lows of $1.62.  On June 27, LUNA2’s rate reached $2.77 per token, thus chalking up a 70% recovery when measured from the said low. Still, the token traded 77.35% lower than its record high of $12.24, set on May 30. LUNA2’s recovery mirrored similar retracement moves elsewhere in the crypto industry with top crypto assets Bitcoin (BTC) and Ether (ETH) rising by approximately 25% and 45% in the same period. LUNA2/USD four-hour price chart versus BTC/USD. Source: TradingView LUNA2 price rally could trap bulls The recent bout of buying in the LUNA2 market could trap bulls, given it has come as a part of a broader correction trend. In detail, LUNA2 appears to be forming a “bear flag&#...

How low can Ethereum price drop versus Bitcoin amid the DeFi contagion?

Ethereum’s native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in the coming months. ETH/BTC weekly price chart. Source: TradingView ETH/BTC dynamics The ETH/BTC pair’s bullish trends typically suggest an increasing risk appetite among crypto traders, where speculation is more focused on Ether’s future valuations versus keeping their capital long-term in BTC.  Conversely, a bearish ETH/BTC cycle is typically accompanied by a plunge in altcoins and Ethereum’s decline in market share. As a result, traders seek safety in BTC, showcasing their risk-off sentiment within the crypto industry. Ethereum TVL wipe-out Interest in the Ethereum blockchain soared during the pandemic as developer...

BTC price tops 10-day highs as Bitcoin whale demand sees ‘huge spike’

Bitcoin (BTC) made the most of weekend volatility on June 26 as a squeeze saw BTC/USD reach its highest in over a week. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “Unusual whale activity” flagged Data from Cointelegraph Markets Pro and TradingView followed the largest cryptocurrency as it hit $21,868 on Bitstamp. Just hours from the weekly close, a reversal then set in under $21,500, Bitcoin still in line to seal its first “green” weekly candle since May. The event followed warnings that volatile conditions both up and down could return during low-liquidity weekend trading. On-chain data nonetheless fixed what appeared to be buying by Bitcoin’s largest-volume investor cohort prior to the uptick. “Unusual whale activity detected in B...

Bitcoin gives ‘encouraging signs’ — Watch these BTC price levels next

Bitcoin (BTC) headed toward the upper end of its trading range on June 24 as optimism crept back into traders’ forecasts. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin price “ready for $23,000” Data from Cointelegraph Markets Pro and TradingView tracked a broadly stable BTC/USD as it hit local highs of $21,425 on Bitstamp. The pair had shifted higher since wicking below the $20,000 on June 22, with United States equities similarly cool going into the weekend. “Bitcoin ready for $23,000,” Cointelegraph contributor Michaël van de Poppe announced to Twitter followers on the day. At just above the crucial 200-week moving average (WMA), $23,000 formed a popular upside target for commentators — and sellers. As noted by trading suite Decentrader, whales on exchan...

Bitcoin may still see ‘wild’ weekend as BTC price avoids key $22K zone

Bitcoin (BTC) focused on $21,000 into the weekend amid warnings that volatility could still consume the market before Monday. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView S&P 500 sees second best week of 2022 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD broadly higher in its recent trading range after U.S. stocks ended the week strong. As noted by markets commentators Holger Zschaepitz, the S&P 500 sealed its second best week of 2022, indicative of modest relief across risk assets. In case you missed it: S&P 500 has gained >6% in 2nd-best week of 2022 as disinflationary forces gather steam & #Fed tightening expectations recede. Investors now see the key interest rate at only 3.4% at the end of 2022, a full 35bps lower than at the...

‘Foolish’ to deny Bitcoin price can go under $10K — Analysis

Bitcoin (BTC) preserved $20,000 for another day on June 23 with calls for another 20% drop still surfacing. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin under $10,000 not impossible Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging just above the $20,000 mark over the 24 hours to the time of writing. As ever, the behavior reflected moves in United States equities markets, which stayed flat on the day. Remarks by Federal Reserve chair Jerome Powell had provided only brief volatility. Cointelegraph noted that Powell’s Congress testimony provided no new information regarding macro policy. As such, crypto commentators stuck to previous assertions — the outlook was uncertain, they said, but a potential fresh drawdown may only involve a ...