BTC price

Best monthly gains since October 2021 — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week and a new month on a cautiously positive footing after protecting crucial levels. After an intense July in which macro factors provided significant volatility, BTC price action managed to provide both a weekly and monthly candle favoring the bulls. The road to some form of recovery continues, and at some points in recent weeks, it seemed like Bitcoin would suffer even harder on the back of June’s 40% losses. Now, however, there is already a sense of optimism among analysts, but one thing remains clear — this “bear market rally” does not mean the end of the tunnel yet. As Summer 2022 enters its final month, Cointelegraph takes a look at the potential market triggers at play for Bitcoin as it lingers near its highest levels since mid-June. Spot price snatches ...

Bitcoin due ‘one of greatest bull markets’ as July gains circle 20%

Bitcoin (BTC) spoofed a breakout to fresh six-week highs into July 31 as a showdown for both the weekly and monthly close drew near. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “Bart Simpson” greets traders into BTC monthly close Data from Cointelegraph Markets Pro and TradingView showed BTC/USD canceling out all its gains from early in the weekend, dropping from $24,670 to $23,555 in hours. The resulting chart structure was all too familiar to long-term market participants, creating a “Bart Simpson” shape on hourly timeframes. Liquidations nonetheless remained manageable, with the cross-crypto tally totaling $150 million in the 24 hours to the time of writing, according to data from analytics resource Coinglass — less than on previous days. Crypto liquidations chart. ...

Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year low

Bitcoin (BTC) may already be beginning its new macro uptrend if historical “hodl” habits repeat. That was the conclusion from research into the latest data covering the amount of the BTC supply dormant for one year or more as of July 2022. Hodled BTC hints that the bear market is over According to independent analyst Miles Johal, who uploaded the findings to social media on July 29, a “rounded top” formation in “hodled” BTC is in the process of completing. Once it does, the price should react — just like on multiple occasions before. The clue lies in Bitcoin’s HODL Waves metric, which breaks down the supply according to when each Bitcoin last moved. One year ago or more — the one-year HODL Wave — currently reflects the majority of the supply. Johal’s accompanying ch...

Historically accurate Bitcoin metric exits buy zone in ‘unprecedented’ 2022 bear market

Bitcoin (BTC) is enjoying what some are calling a “bear market rally” and has gained 20% in July, but price action is still confusing analysts. As the July monthly close approaches, the Puell Multiple has left its bottom zone, leading to hopes that the worst of the losses may be in the past. Puell Multiple attempts to cement breakout The Puell Multiple one of the best-known on-chain Bitcoin metrics. It measures the value of mined bitcoins on a given day compared to the value of those mined in the past 365 days. The resulting multiple is used to determine whether a day’s mined coins is particularly high or low relative to the year’s average. From that, miner profitability can be inferred, along with more general conclusions about how overbought or oversold the market...

Bitcoin price eyes $24K July close as sentiment exits ‘fear’ zone

Bitcoin (BTC) dropped volatility on the last weekend of July as the monthly close drew near. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView 200-week moving average in focus for July close Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retaining $24,000 as resistance into July 30. The pair had benefitted from macro tailwinds across risk assets in the second half of the week, these including a flush finish for United States equities. The S&P 500 and Nasdaq Composite Index gained 4.1% and 4.6% over the week, respectively. With off-speak trading apt to spark volatile conditions into weekly and monthly closes thanks to thinner liquidity, however, analysts warned that anything could happen between now and July 31. “Just gonna sit back and watch the market up ...

Bitcoin price rejects at $24K as ‘classic short setup’ spoils bulls’ fun

Bitcoin (BTC) saw fresh volatility after July’s final Wall Street open as highs north of $24,000 remained solid resistance. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Resistance strikes BTC at $24,000 Data from Cointelegraph Markets Pro and TradingView reflected bulls’ continuing struggle as BTC/USD lurched around the $24,000 mark on July 29. The pair had attempted to match the week’s local top of $24,450, this ultimately failing to materialize as a resurgent U.S. dollar pressured crypto despite the gains of U.S. stocks . The U.S. dollar index (DXY) continued higher during the Wall Street trading, passing 106 after falling to its lowest levels since July 5. U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView Record eurozone inflation&nbs...

3 Bitcoin trading behaviors hint that BTC’s rebound to $24K is a ‘fakeout’

Bitcoin (BTC) price rallied toward $24,200 on July 28 after a near 10.5% surge that began a day earlier. The gains appeared after Federal Reserve Chairman Jerome Powell signaled intentions to slow down their prevailing tightening spree. They prompted some Bitcoin analysts to predict short-term upside continuation, with CryptoHamster seeing BTC at $26,000 next. It seems that the downside breakout was a false one, and the bullish flag has been validated. Let’s see how fast $BTC can reach those targets. #bitcoin $BTCUSD $ETH $ETHUSD #ビットコイン #биткойн #比特币 https://t.co/v6x4Ka23L7 pic.twitter.com/nKoEV8440X — CryptoHamster (@CryptoHamsterIO) July 28, 2022 But BTC’s potential to recover entirely from its ongoing bearish slumber appears low for at least three key reasons. Bitcoin bulls...

Will the Fed prevent BTC price from reaching $28K? — 5 things to know in Bitcoin this week

Bitcoin (BTC) enters a new week with a question mark over the fate of the market ahead of another key United States monetary policy decision. After sealing a successful weekly close — its highest since mid-June — BTC/USD is much more cautious as the Federal Reserve prepares to hike benchmark interest rates to fight inflation. While many hoped that the pair could exit its recent trading range and continue higher, the weight of the Fed is clearly visible as the week gets underway, adding pressure to an already fragile risk asset scene. That fragility is also showing in Bitcoin’s network fundamentals as miner strain becomes real and the true cost of mining through the bear market shows. At the same time, there are encouraging signs from some on-chain metrics, with long-term investors still re...

Bitcoin drops below $21.8K realized price as FOMC spooks markets

Bitcoin (BTC) stuck to its realized price just below $22,000 on July 25 as Wall Street opened with a flat performance. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin gives up more key levels Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it consolidated after falling from $23,000 overnight. The pair echoed equities in cool trading prior to the July 27 United States Federal Reserve decision on interest rates. Analysts were expecting several days of volatility, and despite buyer interest in Bitcoin being strong below spot price, everything could still change. No guarantee any support holds after Wednesday’s #FED announcement, but for now #FireCharts shows a ladder of #Bitcoin bids around these next technical support levels. https://t.co/Ng2R...

Bitcoin heads into FOMC day on 24-hour highs amid concern over $24.3K top

Bitcoin (BTC) attempted to claw back losses on July 27 as a macro day of reckoning arrived for risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analysis: $24,300 resistance “not a good sign” Data from Cointelegraph Markets Pro and TradingView confirmed a 24-hour high for BTC/USD prior to the Wall Street open on July 27. The pair had sunk below $21,000 in the first portion of the week, heightening nervousness among traders already wary of potential headwinds from the United States Federal Reserve. Likely chop for equities going into FOMC which expected $BTC and crypto chop around also today pic.twitter.com/GDj0GwlDXy — Rager (@Rager) July 26, 2022 July 27 is set to reveal the Federal Open Markets Committee‘s (FOMC) next base rate hike, expectations flitting between 7...

3 signs Bitcoin price is forming a potential ‘macro bottom’

Bitcoin (BTC) could be in the process of bottoming after gaining 25%, based on several market signals.  BTC’s price has rallied roughly 25% after dropping to around $17,500 on June 18. The upside retrace came after a 75% correction when measured from its November 2021 high of $69,000. BTC/USD daily price chart. Source: TradingView The recovery seems modest, however, and carries bearish continuation risks due to prevailing macroeconomic headwinds (rate hike, inflation, etc.) and the collapse of many high-profile crypto firms such as Three Arrows Capital, Terra and others. But some widely tracked indicators paint a different scenario, suggesting that Bitcoin’s downside prospects from current price levels are minimal.  That big “oversold” bounce The...

Bitcoin must close above $21.9K to avoid fresh BTC price crash — trader

Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Classic levels for end-of-week price focus Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day. The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim. These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May. “Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her ...