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Daan Crypto Trades noted that Bitcoin exhibited minor price stability during the weekend with minimal volatility levels. He noted that most of the critical news has already been disclosed, consisting of trade war developments and corporate earnings information. Stocks in the U.S. market achieved an exceptional 9-day winning period that marked its longest run in […]
According to the renowned crypto analyst Rekt Capital, the current behavior of Bitcoin’s price is giving knives, pointing out that the recent price rebound of the cryptocurrency seemed to be taking the shape of another local top, the same of which he painted in a blue square on his analysis charts. The observation aligns with […]
Bitcoin is witnessing a significant surge in value, marking an uptrend turn after a period of relative stability. The price of the leading cryptocurrency has been consolidating for weeks, but recently, it started going. During the last week, Bitcoin surged by almost 10% in price, and in the last month, it gained around 9%. According […]
Bitcoin consolidates just below key resistance with bullish momentum building. Breakout above $95.3K could trigger a surge toward the $100K liquidity zone. Bitcoin (BTC) is currently trading within a narrow range, signaling a potential breakout as market momentum remains firmly bullish. At the time of writing, Bitcoin is priced at $94,858, with a 24-hour trading […]
Bitcoin (BTC) has made an impressive comeback, flipping from bearish to bullish territory after several weeks of volatility and sluggish performance. Over the past seven days, BTC has gained nearly 12%, showing renewed strength and setting the stage for a potential breakout toward new highs. At the time of writing, the BTC price is trading […]
Bitcoin (BTC) has recently exhibited indicators suggesting a possible decline in value, prompting analysts to urge caution as they anticipate the cryptocurrency potentially falling to the $59,000 level. This cautionary advice emerges amidst ongoing fluctuations in the crypto market, where investors vigilantly track Bitcoin’s trajectory. At the time of writing, Bitcoin’s current price stands at […]
As the Bitcoin (BTC) Halving event concluded for the fourth time, the cryptocurrency market witnessed notable changes in key metrics. These developments have led Charles Edwards, a market expert and founder of Capriole Invest, to issue bold predictions that hint at a paradigm shift in the BTC market. Bitcoin Trading At Deep Discount One of the key metrics highlighted by Edwards is the staggering electrical cost associated with mining a single Bitcoin. Edwards reveals that this cost has now reached an astonishing $77,4000. This figure represents the raw electricity expenses required to power the Bitcoin network for every newly mined BTC. Another significant metric that Edwards draws attention to is the Bitcoin Miner Price, which soared to $244,000 on Saturday. This metric encompasses the block reward and fees miners receive for every Bitcoin they successfully mine. Notably, this surge in miner price coincided with transaction fees skyrocketing to $230, marking a four-fold increase compared to the previous all-time high of $68 set in 2021. Related Reading: Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading Considering the metrics above, Edwards suggests that BTC currently trades at a deep discount. This is because BTC’s price is lower than the electrical costs of mining it. Typically, this situation only lasts for a few days every four years, suggesting that the price will only take a short time to catch up and surpass this price level, which is slightly below BTC’s all-time high (ATH) of $73,7000, reached on March 14th. Edwards outlines three possible outcomes in the wake of these developments. First, he anticipates a scenario in which the price of Bitcoin experiences a significant surge. Secondly, there is a likelihood that approximately 15% of miners may be forced to shut down due to unfavorable economics. Finally, Edwards suggests that average transaction fees are expected to remain substantially higher. Based on the analysis of these metrics and the potential scenarios, Edwards boldly predicts that Bitcoin’s days under the $100,000 mark are “numbered.” While it remains to be seen which of the three outcomes will prevail, Edwards expects a combination of all three factors to contribute to Bitcoin’s price appreciation. Optimal Buying Opportunity? Bitcoin has demonstrated significant price consolidation above the $60,000 mark since Friday, following temporary drops below this threshold amid mounting anticipation for the Halving event. Crypto analyst Ali Martinez recently analyzed Bitcoin’s current price state, suggesting that a potential bottom may have formed above these levels, increasing the likelihood of surpassing upper resistance levels shortly. According to Ali Martinez’s analysis, Bitcoin strives to establish the $66,000 price level as a crucial support zone. Data reveals that approximately 1.54 million addresses collectively purchased 747,000 BTC at this level. If Bitcoin successfully secures this support, it may pave the way for further upward movement. Martinez identifies Bitcoin’s next critical resistance levels, between $69,900 and $71,200. These levels represent significant price barriers for BTC bulls, and Bitcoin may encounter selling pressure at these levels. Related Reading: Is The Bitcoin Bloodbath Over? Analysts Say $60,000 Is The Cycles Bottom In addition, the analyst points out that the Bitcoin MVRV ratio, a metric that compares the market value of Bitcoin to its realized value, has shown a promising pattern, as seen in the chart below. Martinez highlights that whenever the MVRV ratio falls below its 90-day average since November 2022, it historically indicates an optimal buying opportunity for Bitcoin. Interestingly, such buying opportunities have resulted in average gains of approximately 67%. According to Martinez, based on current market conditions and an analysis of the MVRV ratio, now may be an opportune time to consider buying Bitcoin. The historical data and the potential for significant price appreciation support this view. BTC is trading at $66,100, up 1.6% in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com
Bitcoin (BTC) is showing bullish signs for an upward move and currently is in a positive price trajectory and holding strong above a crucial support level. BTC has faced extreme volatility recently, triggered by several macro factors, but it has regained its ground and is poised for the next leg up. Bitcoin has been trading […]
The Bitcoin (BTC) market has been on a wild ride recently, hitting a new all-time high (ATH) before experiencing notable volatility that resulted in an 8% drop to the $65,500 level on Friday. Meanwhile, Marathon Digital, one of the largest US-based Bitcoin mining companies, is preparing to acquire more power infrastructure and streamline operations to meet the challenges posed by a reduction in revenue due to the upcoming April halving event. Bitcoin Miners Brace For Post-Halving Shakeout According to a Bloomberg report, Marathon Digital plans to acquire additional power infrastructure and expand its mining capacity to keep costs low and maintain profitability. By optimizing operations and scaling up, Marathon aims to mitigate the impact of the impending revenue drop and secure wider margins in the post-halving landscape. Related Reading: Solanas Biggest Memecoin Gains Over $680,000 In 3 Days As Investors Bet On Its Popularity Marathon Digital recently announced an agreement to purchase a 200-megawatt data center in Garden City, Texas, for over $87 million. This acquisition marks the company’s second major investment in power infrastructure after it acquired multiple sites for $179 million earlier this year. By increasing its ownership of mining capacity infrastructure to 53%, up from a meager 3% in the previous year, Marathon is positioning itself for greater operational efficiency and cost-effectiveness, Bloomberg notes. However, post-halving, the Bitcoin mining industry is expected to undergo significant changes, with some miners facing profitability challenges and potential exits. Profitability Crisis Looms Marathon Digital’s CEO, Fred Thiel, highlights the impact of revenue reduction, estimating that the industry’s average break-even point will rise from around $23,000 per Bitcoin to approximately $43,000. Thiel stated: Post halving, there will be some miners to lose profitability, maybe challenged, or maybe looking for an exit as their revenues will drop because of the Bitcoin rewarded will drop. The simple math is, if the industry average break-even point was around $23,000 per Bitcoin, it will now go up to around $43,000. It is worth noting that this does not necessarily mean that Bitcoin’s price will fall to $43,000 from its current trading price of $69,300. The breakeven price refers to the price at which miners like Marathon Digital can cover their operating costs and achieve profitability. It is not directly correlated to the market price of Bitcoin. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin As of the time of writing, BTC is trading at $69,300 and is on the verge of reclaiming the significant milestone of $70,000. The cryptocurrency experienced a notable spike in volatility during the early hours of Friday’s trading session but has since recovered, mitigating its losses from 8% down to 2.5%. Featured image from Shutterstock, chart from TradingView.com
Bitcoin (BTC) has recently been hit by significant volatility, causing a sharp decline in its value. At one point, the leading cryptocurrency fell to a recent low of $78,000, sending waves of concern across the market. However, BTC managed to bounce back from this key level, marking a potential turning point in its price action. […]
Bitcoin (BTC) is holding firm above a crucial support level despite recent market turbulence, signaling potential for its next major move. After facing increased volatility and a sharp decline, BTC has dropped 2.44% over the past week. However, despite this setback, large investors are accumulating BTC, reinforcing bullish sentiment in the market. Macroeconomic Pressures Weigh […]
In the past 14 days, the Bitcoin price has displayed a significant uptrend of 14.5%, signaling a resurgence in bullish sentiment. This rally comes as Bitcoin spot exchange-traded funds (ETFs) have been trading for nearly a month, with the market already factoring in this development. As a result, Bitcoin is back on its natural course, gaining momentum ahead of the scheduled halving in April. Currently, Bitcoin has not only regained its bullish momentum after a brief dip to the $38,500 level but has also surpassed the $45,300 mark. It now edges closer to its 25-month high of $49,000, with the $50,000 milestone within reach. Achieving this level would significantly narrow the gap between the current price and Bitcoin’s all-time high (ATH) of $69,000. However, what are the main catalysts behind this uptrend, and how far can the Bitcoin price climb? Reduction Of GBTC Flows And Net Positive BTC Spot ETF Inflows According to the latest analysis by QCP Capital, two key factors are driving Bitcoin’s upward trajectory: Daily outflows from the Grayscale Bitcoin Trust (GBTC) have decreased from $500-600 million to $100-200 million. Simultaneously, total inflows across all Bitcoin ETFs are now positive. This shift in the GBTC flows, and the emergence of net positive BTC spot ETF inflows contribute to the current bullish trend, according to the crypto trading firms analysis Related Reading: Ethereum Breaks Above $2,400: This Metric Points To Further Upside Additionally, notable price movements have been observed around spot ETF fixings. Between 3-4 pm EST, QCP has recorded that the Bitcoin price tends to tick higher, possibly due to the one-hour observation window used by the BlackRock ETF (IBIT) to calculate its Net Asset Value (NAV). Conversely, downward pressure is typically observed after 4 pm EST as GBTC employs a point fix, leading market makers to sell around and after the fix. Strong Performance In US Equities Despite the Federal Reserve’s hawkish stance and higher US yields driven by robust February Non-Farm Payroll data (353k actual vs. 180k expected), US equities continue outperforming. Companies like NVDA and META have rallied due to strong earnings and positive headlines. Underallocated investors will likely continue buying any equities dips as they chase returns. According to the analysis, this bullish sentiment is expected to spill over into BTC and Ethereum (ETH), further fueled by the upcoming BTC halving and the ETH spot ETF narratives. Ultimately, the trading firm assesses significant interest in accumulators, which enable investors to purchase Bitcoin or ETH at a substantial discount to the current spot price. This strategy is believed to present an attractive opportunity for bullish investors looking to build long positions throughout the year. Bitcoin Price Faces Strong Barriers On Its Way To $50,000 Despite the uptrend, notable resistance levels could impede further upward movement and potentially lead to a consolidation phase for Bitcoin. To assess the nearest-term resistances accurately, the 1-hour chart indicates potential price paths for Bitcoin in the coming days if these bearish thresholds are breached. In the immediate time frame, the $45,500 level emerges as Bitcoin’s next resistance level. This level previously marked a correction in the Bitcoin price shortly after the introduction of ETF trading. Subsequently, the next target would be the $46,600 level if the immediate resistance at $45,500 is surpassed. However, while these two thresholds may present challenges, no significant resistance levels are evident on Bitcoin’s hourly chart until the $48,500 level. This particular level represents the final hurdle for Bitcoin before reclaiming its previous high reached on January 11, immediately following the approval of ETFs by the US Securities and Exchange Commission (SEC). Related Reading: Shiba Inu Price Breaks 2-Month Downtrend, Eyes New Peaks Considering the combined factors of Grayscale’s reduced sell-off and the overall performance of the equity market, alongside renewed investor sentiment, Bitcoin could potentially surge to previous highs and even surpass them, marking new highs since the end of the crypto winter. The key factor to be seen is how Bitcoin’s price will respond when encountering these highlighted resistance walls and whether the buying pressure will be sufficient to propel Bitcoin back on track toward the bullish momentum observed at the beginning of 2024. Featured image from Shutterstock, chart from TradingView.com
Amid a significant Bitcoin price rally, reaching a new two-year high of $52,000, a renowned social media account known as WhaleWire has made a startling prediction. The account, widely followed for its bold statements and news postings, has forecasted a staggering 99.99% chance of Bitcoin falling below $10,000, directly challenging the prevailing bullish sentiment. Clash [...]
The post Bitcoin Price Alert: X Accounts Analysis Suggests Sub-$10K Drop Heres The Reasoning appeared first on Crypto Breaking News.
Bitcoin (BTC) is navigating through turbulent market conditions, facing a decline in value while fiercely defending its crucial $100,000 support level. Despite recent bearish pressure, BTC has managed to hold firm, signaling potential resilience for a bullish comeback. At the time of writing, Bitcoin’s price stands at $102,020, marking a 2.49% decrease over the past […]
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