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Bitcoin (BTC) and most major altcoins have bounced off their strong support levels but could the rally sustain to the extent that traders feel confident that a bottom in place?  Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s price is “about 30% below its 20-week moving average,” roughly at the same position, which had led to bottom formations in March 2020 and July 2021. Although Bitcoin has corrected sharply in January, the exchanges’ balances dropped from 2.428 million Bitcoin on December 28 to 2.366 million Bitcoin on Jan. 24, according to data from CryptoQuant. This indicates that investors may be stashing away their recent purchases safely. Daily cryptocurrency market performance. Source: Coin360 However, it may not be a V-shaped recovery for ...

Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization.  A new report by Huobi Research, in collaboration with Blockchain Association Singapore, forecast Bitcoin to enter a bear market in 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and other central banks across the world and the regulatory action by authorities could play spoilsport and keep crypto prices under check. Daily cryptocurrency market performance. Source: Coin360 The calls for a bear market have not shaken up the resolve of MicroStrategy CEO Michael Saylor who is determined to hold on to the company’s Bitcoin holdings. Saylor said in a recent interview...

Bitcoin’s (BTC) volatility has been shrinking in the past few days. The standard deviation of daily Bitcoin returns for the last 30 and 60 days as calculated by the Bitcoin Volatility Index is at 2.63%, the least volatile it has been since November 2020. Generally, tight ranges are followed by strong price expansions. In 2020, the low volatility period in November was followed by a sharp rally in mid-December, which resulted in a supercycle that carried the price all the way to $64,854 on April 14, 2021. Daily cryptocurrency market performance. Source: Coin360 However, there is no certainty that the volatility expansion will happen only to the upside. The price could break out in either direction. Commentator Vince Prince warned that the high leverage ratio of Bitcoin could trigger a big c...

Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level. Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Daily cryptocurrency market performance. Source: Coin360 Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right co...

Bitcoin (BTC) and most major altcoins appear to have started a relief rally. Glassnode data suggests that Bitcoin addresses with a non-zero balance have risen to about 40 million, indicating increasing adoption by retail traders. Edelman Financial Engines founder Ric Edelman said that the number of Americans owning Bitcoin could rise from 24% currently to one-third by 2022. He expects this to happen as “Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.” Daily cryptocurrency market performance. Source: Coin360 The investors buying Bitcoin seem to be in it for the long haul if the outflows from major exchanges are any indication. CryptoQuant data shows outflows of 29,371 BTC on Jan. 11, the highest withdrawals since Sep. 10. Could the...

Bitcoin (BTC) and most major altcoins are stuck in a tight range with bulls buying near the support and bears selling at resistance levels. Usually, such tight ranges are followed by an expansion in volatility. Although a few analysts have not ruled out a quick drop to low $40,000s, most traders expect Bitcoin to rebound sharply and move up to $60,000. Goldman Sachs said in a note to investors that if Bitcoin continues to increase its market share over gold as a store of value and crosses the 50% mark, then it could rally to $100,000 over the next five years. Daily cryptocurrency market performance. Source: Coin360 On-chain analytics provider Glassnode said in its report on Monday that Bitcoin’s illiquid supply has increased to more than 76% of the total circulating supply. According to Gl...

Bitcoin’s (BTC) price action has been uneventful in the first few days of the new year and it continues to languish below the psychological level at $50,000. The Crypto Fear and Greed Index is in the fear zone registering a value of 29/100.  On-chain analytics resource Ecoinometrics said stages of extreme fear rarely remain for long, which means “there is a limited downside at 30 days.” Bitcoin continues to garner support from various quarters. Wharton School finance professor Jeremy Siegel said in an interview with CNBC that Bitcoin has replaced gold as an inflation hedge in the minds of Millennials. Daily cryptocurrency market performance. Source: Coin360 Savvy investors have been turning to Bitcoin to protect their portfolios against the possible debasement of fiat currencies. Hung...

Bitcoin (BTC) and most major altcoins are attempting a rebound off their respective support levels, indicating that buyers continue to accumulate on dips. Data from Coinglass shows that 9,925 Bitcoin left Coinbase Pro, the professional trading arm of Coinbase, on Dec. 30, a possible sign of institutional buying. This is in sharp contrast to the strong inflows seen in Binance and OKEx. Several analysts believe that institutional buying could pick up in January. Economist and trader Alex Krüger expects a Bitcoin rally in early January based on fund flows. He also highlighted that January has produced positive results for Bitcoin between 2018 and 2021, with gains ranging from 7% to 36%. Daily cryptocurrency market performance. Source: Coin360 While investors debate about the next possible dir...

The S&P 500 is trading near its all-time high but Bitcoin (BTC) has plunged about 30% from its all-time high at $69,000. Even after the sharp drop, Bitcoin is up 63%, year-to-date, outperforming the S&P 500, which is up about 30% in 2021. Gold, which is popular as a hedge against inflation, is down roughly 7% this year. Arcane research said in its report that Bitcoin’s outperformance in the high inflationary environment shows that “Bitcoin has proven itself to be an excellent inflation hedge.” Daily cryptocurrency market performance. Source: Coin360 Real Vision CEO Raoul Pal said in an interview with Vlad from The Stakeborg Talks that the recent selling in Bitcoin may have been due to institutional investors booking profits but he believes the selling may be coming to an end. Howev...

Bitcoin (BTC) and most major altcoins have bounced off their immediate support levels, indicating that the sentiment is improving and traders are buying on minor dips. Billionaire and Mexico’s third-richest person Ricardo Salinas Pliego said in his Christmas and New Year message to stay away from fiat money, terming it as “fake money made of paper lies.” Instead, he advised people to “invest in Bitcoin.” Veteran trader Peter Brandt warned that “chart pattern breakouts should be viewed with great suspicion” during the thinly traded holiday period in the last half of December. Daily cryptocurrency market performance. Source: Coin360 Analysts remain bullish for 2022. Crypto analyst and pseudonymous Twitter user DecodeJar believes that Bitcoin could surpass $100,000 and reach the conservative ...

Bitcoin (BTC) bounced back above the psychological level at $50,000 and the S&P 500 hit a new all-time closing high on Dec. 23, suggesting that the panic selling caused due to the omicron variant is subsiding and the much-awaited “Santa rally” may have started. Data from on-chain analytics firm Glassnode shows that about 100,000 Bitcoin are going from “liquid” to “illiquid” state every month, which means that the coins are being sent to addresses “with little history of spending.” This suggests accumulation by investors. Daily cryptocurrency market performance. Source: Coin360 In another sign that investors are not dumping their coins on small corrections, data from CryptoRank shows that the total Bitcoin on crypto exchanges has dropped from 9.5% of the total Bitcoin supply in October ...