After reaching a low of ,500 on April 30, bitcoin climbed to a peak of ,109 by Friday, May 3, in response to the previous downturn. This uptick resulted in the liquidation of .65 million in bitcoin short positions within just four hours, and approximately 48,962 traders found their positions liquidated over the last day. […]
Bitcoin News
Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000
A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as 0,000 when it makes that move.
Bitcoin’s Bull Flag Suggests More Upside
Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin’s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially shoot up towards 0,000 once the declining volume picks up.
However, Baca further suggested that Bitcoin could drop below ,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to ,000, he claimed.
Baca opined that such price dips could be “healthy” for Bitcoin before it experiences a reversal. He elaborated that these dips “offer solid buying opportunities,” which could help spark Bitcoin’s move to record highs.
Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin’s bull run and that a bearish reversal was unlikely.
#Bitcoin on a daily chart forming a bull continuation pattern.
According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com/ArH0lNnyc2
— Mikybull Crypto (@MikybullCrypto) April 26, 2024
He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.”
Bitcoin Needs A Catalyst To Spark This Upward Trend
Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at ,000, but without any catalyst, it will merely continue to trade around the ,000 range.
It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin’s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.
Despite this, Stoychev is positive that Bitcoin won’t drop below ,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets.
At the time of writing, Bitcoin is trading at around ,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from TradingView
Republic First Bank Fails, Triggers Minor Crypto Market Downturn Amid Banking Sector Concerns
The United States witnessed its first banking failure of 2024 with the closure of Philadelphia-based Republic First Bank, creating ripples within the cryptocurrency community as Bitcoin, Ether, and various altcoins experienced slight price drops following the announcement. This event has spurred discussions among crypto enthusiasts and investors, with some seeing bank failures as a compelling […]
Bitcoin News
Massive Bitcoin Market Turbulence Triggers $4,500 Crash; $167M in BTC Longs Erased in 1 Hour
The price of bitcoin continued to decline over the weekend, dropping an additional 7.7% in the last 24 hours. It plummeted to a daily low of ,384 per coin, prompting a significant wave of leveraged liquidations on Saturday. Bitcoin Value Declines Amid Market Instability; Extensive Liquidations Reported By 4:00 p.m. Eastern Time on Saturday, bitcoin’s […]
Bitcoin News
Venom Blockchain Launch Triggers Huge Surge In User Adoption, Surpassing 1 Million In A Single Day
With the growing adoption of blockchain technology in various digital asset infrastructures, a team from Abu Dhabi, known for its wealth from the oil industry, has made a significant entry into the space with the launch of the Venom Blockchain.
Venom Blockchain Market Cap Soars
Venom operates as a foundational Layer 0 blockchain network, equipped with dynamic sharding and a proof of stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is tailored for the development of diverse products. It seamlessly bridges governmental applications and traditional Web3 projects through its sophisticated mesh network architecture.
The distinguishing feature of the Venom blockchain is its infrastructure, which, according to its official website, is capable of processing 100,000 transactions per second, with an average fee per transaction of just .0002.
As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by various metrics. The Venom Blockchain currently boasts a market capitalization of over .2 billion and a trading volume of over 0 million, highlighting Abu Dhabi’s interest in the technology.
Over One Million Users In The First Year
The launch of Venom had a significant impact, attracting over one million users in 24 hours, demonstrating the platform’s appeal to investors and developers for building Web3 products.
In addition, the platform reportedly has over 20 projects ready to debut on the platform and several pilot stablecoin initiatives in different countries, underscoring the confidence developers have in its infrastructure.
Overall, the rise of Venom Blockchain underscores Abu Dhabi’s ability to adopt innovation beyond its traditional sectors and demonstrates the emirate’s interest in promoting the advancement of blockchain technology.
On March 27, the native token of the blockchain, VENOM, was listed on KuCoin, leading to a significant price surge of over 27% within 24 hours. Presently, the token is trading at .6580, reflecting a recent increase of 3.8% in the past trading hour.
In the past 24 hours, the trading volume of the VENOM token has reached ,515,705, marking a notable increase of 193.60%, according to CoinGecko data.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Brief Bounce Back Above $67,000: Triggers Nearly $300 Million In Total Liquidations
The crypto market has recently experienced a wave of liquidations, amounting to nearly 0 million, closely following Bitcoin’s sharp reclaim of the ,000 mark.
This surge in Bitcoin’s value, a stark reversal from its previous downtrend, caught many traders off guard, especially those who had placed bets on the continuation of the market’s decline.
Over 80,000 Traders Faces Liquidation
The data provided by Coinglass sheds light on the magnitude of the liquidations, revealing that approximately 86,047 traders suffered losses exceeding 0 million within a mere 24-hour period.
Major exchanges like Binance, OKX, Bybit, and Huobi were the arenas for these significant financial setbacks, with Binance traders bearing the brunt of the liquidations.
Particularly, Binance recorded 8.7 million in liquidations, while other major platforms such as OKX, Bybit, and Huobi also experienced significant liquidations, amounting to .87 million, .18 million, and .70 million, respectively. Meanwhile, despite also facing liquidations, the smaller exchanges had a comparatively minor impact.
Most affected positions were short trades, reflecting a widespread anticipation of a market downturn that did not materialize as expected. Short positions recorded an estimated 57.55% of the liquidations, equivalent to 4.10 million, from traders betting against the market.
On the flip side, long position holders also faced their share of losses, contributing to nearly 40% of the total liquidations, amounting to 1.07 million.
Bitcoin Recovery And Future Prospects
The sharp recovery of Bitcoin, momentarily reclaiming highs above ,000, has reignited interest in its market behavior and future trajectory.
Despite a 6.6% dip in its market capitalization over the past week, Bitcoin’s value saw a notable 6% increase in the last 24 hours, with its market cap presently sitting above 0 billion. This resurgence in trading activity, with daily volumes climbing from below billion to heights above this mark, signifies renewed investor confidence and heightened trading interest.
Adding to the discourse, cryptocurrency analyst Willy Woo presents an optimistic outlook for Bitcoin, suggesting the possibility of a “double pump” cycle reminiscent of the market patterns observed in 2013.
According to Woo, this pattern could herald two significant price surges for Bitcoin in the coming years, with the first peak anticipated by mid-2024 and a subsequent, more substantial rise in 2025.
While such dual surge scenarios are rare, Woo’s analysis, based on current market conditions and Bitcoin’s growth potential, offers a glimpse into the future of the world’s leading cryptocurrency.
At the rate the #Bitcoin Macro Index is pumping, I wouldn’t be surprised if we get a top by mid-2024, which would hint at a double pump cycle like 2013… a second top in 2025. pic.twitter.com/i2a0V5ytPv
— Willy Woo (@woonomic) March 19, 2024
Featured image from Unsplash, Chart from TradingView
Bitcoin Crashes: Dip To $65,000 Triggers Over $400 Million Liquidation Avalanche
In a tumultuous turn of events, the cryptocurrency market has been rattled by a sharp decline in Bitcoin prices. After a sustained period of remarkable gains and record highs, Bitcoin has plunged to a weekly low of ,000, marking a significant setback for investors.
At the time of writing, Bitcoin numbers were all painted in red, and trading at ,710, losing value in the 24-hour and weekly timeframes by 5.6% and 4.5%, respectively, according to data from Coingecko.
A few days after its previous low of ,000, Bitcoin plummeted to its present level, a figure not seen in a week, as bears persisted in their downward pressure.
Altcoins Also Take A Beating
While Bitcoin bears the brunt of the downturn, altcoins are not spared from the fallout. Ethereum (ETH) and Binance Coin (BNB) have also witnessed substantial losses, shedding 10% of their value or more.
Dogecoin and Shiba Inu, two popular meme coins, have experienced even steeper declines, plunging by 20% and nearly 30%, respectively. The broader altcoin market mirrors Bitcoin’s downward trajectory, amplifying the sense of unease among investors.
Bitcoin: Impact On Market Dynamics
The recent price correction in Bitcoin has reverberated across the cryptocurrency landscape, reshaping market dynamics and investor sentiment. The surge in liquidations, with over 151,000 traders facing margin calls in the past 24 hours, underscores the magnitude of the market upheaval. Bitcoin’s dominance in the market is evident as it accounts for the lion’s share of the total liquidations, highlighting its pivotal role in shaping overall market trends.
As a result of the decline in value, the total market liquidations have reached 6 million, with Bitcoin taking the worst hit.
Liquidation Spree
The amount that the price of Bitcoin has liquidated over the last 24 hours has exceeded 4 million, with long traders losing the most money—they lost million compared to million for short sellers. Ethereum saw a million overall liquidation, with million going to long traders and million going to short traders, as a result of the losing run.
Analyst Sounds Alarm Siren
Meanwhile, market analysts such as Markus Thielen, CEO of 10x Research, have sounded the alarm bells, warning of further downside risks for Bitcoin. Thielen’s prediction of a potential drop to ,000 sends a sobering message to investors, urging caution and prudence in navigating the current market environment.
His insights shed light on underlying concerns about Bitcoin’s market structure, including low trading volumes and liquidity, which exacerbate the risk of sharp price corrections.
Amidst the market turbulence, investors are grappling with the implications of Thielen’s analysis and adjusting their strategies accordingly. The era of meme coin mania appears to be waning, prompting investors to reassess their positions and secure profits while they still can.
Featured image from Kinesis Money, chart from TradingView
Bitcoin’s Swift Climb Triggers Soaring Premium in South Korea During Worldwide Rally
On Wednesday, bitcoin’s value ascended past the K threshold, peaking at a 24-hour high of ,389 by 10:45 a.m. (ET). Concurrently, South Korea observed a pronounced premium over the international exchange rate, with local platforms such as Upbit and Bithumb displaying prices that are ,251 higher. In a Worldwide Bitcoin Frenzy, South Korea and 30+ […]
Bitcoin News
CPI Report Triggers Market Tumble: Stocks and Crypto Decline as Inflation Concerns Mount
On Tuesday, the U.S. Bureau of Labor Statistics released its Consumer Price Index (CPI) report, indicating a 0.3% rise in January. Following the release, all three major stock indices experienced a decline, Treasury yields climbed, and crypto assets took a hit, moving downward from their recent peaks. Stocks Dip, Crypto Slumps as January CPI Data […]
Bitcoin News
Bearish Sell Signal Triggers As Bitcoin Falls Below $39,000
Bitcoin price is struggling to stay above ,000 per coin and as it sinks lower, an ominous bearish technical signal is triggering.
Bitcoin Selloff Prompts Possible Change In Momentum
Selling pressure driven by FTX’s estate dumping nearly billion in Grayscale GBTC shares caused Bitcoin price to lose the ,000 level today, currently trading around ,900 at the time of this writing.
The selloff hasn’t fallen deep enough for a convincing breakdown of the key psychological level, however, a bearish crossover of a momentum technical tool could trigger additional downward price action.
The recent drop has caused the weekly LMACD to cross bearish. A bearish crossover is a sell signal that warns of a change in medium-term momentum.
Will The LMACD Confirm The Bearish Crossover?
The bearish crossover on the weekly LMACD isn’t confirmed until the weekly candlestick closes. The LMACD is the logarithmic version of the MACD indicator – which stands for Moving Average Convergence Divergence.
When the tool’s lines converge and cross, it produces a signal to take action. However, if the crossover doesn’t confirm and the two lines diverge instead, it tells a trader to stay in a position. In this case, Bitcoin would stay in the buy position until a bearish crossover appears later down the line.
Such bearish crossovers have the potential to stop a bull rally in its tracks. The LMACD crossed bearish around the 2018 peak, the 2019 rally, and at both 2021 double tops. It is worth noting, however, that BTCUSD crossed bearish in 2023, and in late 2020, but ultimately crossed back bullish and resumed a bull run. Another such scenario is possible, so even if the technical indicator crosses bearish, it doesn’t necessarily mean the end of upside for Bitcoin.