Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears Bitfinex

Bitcoin (BTC), the world’s largest cryptocurrency, has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6. This is the highest level BTC has reached in almost two months. Critical Resistance At $65,200 Looms According to a recent report from digital asset trading [...]

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Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback?

As the broader cryptocurrency market experiences notable gains following the Federal Reserve’s rate cuts, Bitcoin (BTC) has reached a price of $63,670 on Thursday, marking substantial bullish momentum since late August. This surge has sparked increased interest from both retail traders and institutional players, leading to diverse positioning within the market. Divergence In Trader Strategies [...]

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Bitcoin Ends August Down 8%: What To Expect From Historically Bearish September

The Bitcoin (BTC) price performance in August resulted in losses of 8.6% for the largest cryptocurrency, exacerbating the bearish sentiment in the market since reaching all-time highs of $73,7000 in March of this year. Since then, BTC has been unable to consolidate above key levels.  However, this may not be the end of the bearish momentum, as a recent analysis from research firm CryptoQuant suggests that the bearish trend will continue into September. Challenging September For Bitcoin According to CryptoQuant, the September outlook appears similarly challenging for BTC. Their recent analysis highlights that August’s performance, marked by the so-called “BOJ (Bank of Japan) crash” in early August that sent the token to a six-month low of $49,000, has left BTC unable to recover above the $65,000 mark since then.  Related Reading: Solana Price (SOL) Turns Red: Key Supports That May Spark a Bullish Upside? In addition, historical data suggests that September is typically a bearish month for Bitcoin, with six of the last seven Septembers closing in the red, averaging a loss of around 4.5%. The firm believes that if this trend continues, the BTC price could fall to around $55,000 by the end of the month. Despite the bearish outlook, CryptoQuant believes the situation may not be as dire as it seems. They anticipate that Bitcoin will find strong support around the $54,000 level, a price point it successfully bounced from in July before surging towards $70,000.  Long-Term Confidence Indicator In the coming days, the firm warned to watch this week’s economic data, particularly the Unemployment Claims report on September 5th and the Non-Farm Payroll (NFP) data on September 6th.  However, CryptoQuant suggests that there are tempered expectations regarding the impact of these macroeconomic metrics on cryptocurrency prices, noting that their influence has diminished in recent weeks. Related Reading: XRP Price Struggles: Can It Break Free from the Downtrend? Moreover, the volatility curve for Bitcoin is expected to steepen as shorter-term volatility decreases. Interestingly, there is evidence of ongoing bullish sentiment in the medium term despite the recent retracements, as traders roll out long call options for both Bitcoin and Ethereum (ETH).  For instance, a notable purchase of a 200x call option for Bitcoin, expiring in March 2025 with a strike price of $120,000, has increased its open interest to 2,100 contracts. This indicates that, despite current market conditions, there remains a strong belief among some investors that Bitcoin will appreciate in value over the longer term. When writing, the largest cryptocurrency on the market is trading at $58,400, down 0.2% over the past 24 hours and 5.5% over the past 30 days. Despite these ongoing price corrections, CoinGecko data shows that BTC is still up 126% since the beginning of the year, making it one of the best-performing tokens.   Featured image from DALL-E, chart from TradingView.com

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Massive Bitcoin Rally Predicted For Next 6 Months After Fed Rate Cut

As the crypto community awaits the Federal Reserve’s (Fed) rate cut announcement on September 18, the stakes are high for Bitcoin (BTC) and the broader financial landscape. This upcoming decision marks the first central bank rate cut since the Fed slashed its key rate to near zero in March 2020 amid the COVID-19 pandemic.  Will A [...]

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Bitcoin Alert: Analyst Predicts New Blood Monday With 0.50% Fed Rate Cut Looming

As Bitcoin (BTC) grapples with a challenging market environment, it has struggled to regain momentum, hovering around the $53,000 and $60,000 levels for six consecutive weeks.  After losing the crucial $70,000 threshold on August 1, the largest cryptocurrency remains at risk of further declines, particularly with the upcoming Federal Reserve (Fed) meeting on September 18, [...]

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Bitcoin 'ticking time bomb' setup targets $150K by 2025

Bitcoin price technical setups, including a "cup and handle" pattern, suggest an explosive move to $100,000-$150,000 over the coming months. 

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Bitcoin Price Forecast: Trump Win Could Boost BTC To $125,000, Standard Chartered

Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, has put forth bullish predictions regarding the Bitcoin price trajectory in the event of the 2024 US presidential election.  Bitcoin Price Predictions Soar According to a CNBC report, Kendrick posits that a potential re-election of Donald Trump could propel Bitcoin to a staggering $125,000 [...]

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Bitcoin Shakeout Ahead: Analysts Predict Final Dip Before Bull Run Resumes

The Bitcoin market has seen some consolidation since Monday, maintaining a price above the $56,000 mark after a brief drop from $65,000 to around $52,600 last Friday.  However, one analyst suggests that the bearish sentiment may still be ongoing, with expectations of a potential revisit to lower levels before a significant upward movement. BTCs Future Price Action In Focus Crypto analysts known as VirtualBacon on X (formerly Twitter) have raised concerns about an impending huge Bitcoin shakeout. In the coming 2-3 weeks, the analyst explains that Bitcoin could experience one last decline before initiating a bull run.  Panic is everywherepeople are calling for lows in the $40,000s, claiming the bull run is over, VirtualBacon noted. Yet, he argues that whether Bitcoin dips to $45,000, $48,000, or even $43,000, a bull run remains on the horizon. This period often sees a shakeout of many holders right before significant rallies. Related Reading: Solana (SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish Momentum While the current charts indicate lower highs and lower lows, suggesting a downtrend, VirtualBacon believes that a prolonged bear market appears unlikely. The primary driver of this sentiment is the anticipated liquidity injection and interest rate cuts by the Federal Reserve, conditions that typically favor a bull run, particularly looking ahead to 2025. Another crucial aspect of VirtualBacons analysis lies in Bitcoin’s key support levelthe 100-week Exponential Moving Average (EMA). This level has historically marked the end of bear markets, with Bitcoin bouncing off similar levels in 2015 and 2019.  Currently, this support level sits around $45,000, with various technical indicators, including Fibonacci retracements and high-volume nodes, suggesting strong support in the $43,000 to $49,000 range. Even if Bitcoin does dip into this range, the analyst believes it would likely be a temporary “wick” rather than a sustained drop. VirtualBacon also highlights that some traders speculate about around $50,000 to $51,000. However, this could be risky; a touch at these levels might trigger a cascading liquidation event that could push prices to $44,000. How Upcoming Fed Decisions May Fuel Bitcoin Bullish Momentum Historically, September has been a weaker month for Bitcoin. However, the upcoming monthsOctober, November, and Decembertend to show more bullish trends. VirtualBacon notes that over the last decade, eight out of ten Octobers have ended positively for Bitcoin, with November also historically strong. The backdrop of this market analysis coincides with the Federal Reserve’s upcoming Federal Open Market Committee (FOMC) meeting, where the analyst predicts a 70% chance of a 25 basis point rate cut and a 30% chance of a double cut.  VirtualBacon notes that this could initiate a 12-month liquidity injection cycle that typically boosts risk assets like BTC and propels the leading cryptocurrency above current all-time high levels of $73,700. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December Despite the prevailing fear in the market, as the Fear and Greed Index indicates, the analyst argues that this fear may be irrational, especially with the impending monetary policy shifts. As the Fed begins to cut rates, sentiment is expected to shift rapidly, potentially leading to renewed interest and investment in Bitcoin. BTC trades at $56,930 when writing, recording a slightly 0.7% gain in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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Michael Saylor Predicts Bitcoin Will Hit $13 Million, Reveals Expected Date

Michael Saylor, co-founder and Executive Chairman of the business intelligence firm MicroStrategy and a well-known Bitcoin advocate, recently reiterated his bullish stance on the leading cryptocurrency during an exclusive interview with CNBC on Monday. Saylor’s Bitcoin Price Forecast Saylor, recognized for steering his company towards significant BTC investments to capitalize on its continuous growth, projected [...]

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MicroStrategys Michael Saylor Reveals Bitcoin Holdings Top $1 Billion

In a bold display of faith in the future of the largest cryptocurrency on the market, Bitcoin (BTC), MicroStrategy co-founder and executive chairman Michael Saylor has disclosed that he owns around $1 billion. Saylor’s Bitcoin Vision Unshaken In a recent interview with Bloomberg Television, Saylor disclosed that he has been steadily accumulating Bitcoin over the [...]

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Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive Key Reasons Why

In the aftermath of a tumultuous week that saw Bitcoin (BTC) plummet to a seven-month low of $49,000 on Monday, global financial markets were rattled by a significant downturn, sparking concerns across stock exchanges and the crypto sphere.  However, amid the chaos, Bitwise’s Chief Investment Officer Matt Hougan analyzed the drivers behind the recent market [...]

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Bitcoin Price Analysis: What Lies On The Horizon After Crashing Below $50,000

The cryptocurrency market has been rocked by a massive sell-off, with the Bitcoin price plunging 26% from its July highs above $70,000. This dramatic decline comes amid a broader crash in global financial markets, reflecting growing economic uncertainty and investor risk aversion. Crypto Winter Returns?  The crypto sphere was not spared from this turbulence, as [...]

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Bitcoin price loses $60K, but a maturing Wyckoff signal gives hope

The bullish outlook appears despite the ongoing Bitcoin sell-off, which is being led by the growing risks of a recession in the United States.

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Bullish Bitcoin News? US Federal Reserve Set To Implement Three Rate Cuts This Year

As global economic uncertainty looms, Bitcoin (BTC) has experienced increased volatility and is struggling to maintain its footing above critical resistance levels lost over the past month. The largest cryptocurrency on the market remains in a precarious position, but emerging signs could bode well for the BTC price and the broader crypto ecosystem. Feds Rate [...]

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Heres When Bitcoin Is Predicted To Break Its All-Time High If History Repeats

Following the Bitcoin price surge back to $64,000, crypto analyst Rekt Capital is predicting a major breakout move in the coming weeks. In a new video analysis, the analyst forecasts a significant market movement around October 2024, based on historical precedents and current chart patterns. Will October Be Bullish For Bitcoin Again? Looking at the weekly chart, Rekt Capital identifies a downtrending channel. Over the past four weeks, BTC has been deviating below this channel, searching for support that would enable a price expansion above the channel’s bottom. This movement has been met with a “fantastic recovery,” signaling potential for a return to the channel top at around $67,000 in the coming weeks. “The channel bottom rebound is crucial as it has historically taken price from the channel bottom to the top in approximately two weeks on average,” Rekt Capital explained. He highlighted the importance of weekly candle closes above specific levels, particularly at $67,500 and eventually at $71,500, which would mark a break from the reaccumulation range high established post-halving. Related Reading: Crypto Analyst Sounds Alarm: Heres Why Its Your Last Chance To Buy Bitcoin “The consistent pattern of bouncing from the channel bottom to the top typically spans an average of two weeks, but in the current context, we are observing a potentially elongated consolidation phase at these lower levels,” explained Rekt Capital. This observation suggests that while the rebound trajectory follows historical patterns, the consolidation at lower prices could afford investors bargain buying opportunities. Focusing on the technical thresholds, Rekt Capital emphasized the criticality of several weekly candle closes above pivotal price points. Firstly, a close above $66,000 would reconfirm the reaccumulation ranges lower boundary as a newfound support, setting the stage for further upward movement. More importantly, a decisive weekly close above $67,500 would signify a breach of the persistent lower highs trend that has dominated since March of this year. Related Reading: Bitcoin (BTC) Long-Term Holders Locking Consistent Gains: A Sign Of Stability? The weekly close above these specific levels is not merely a technical achievement but a psychological victory for market participants, indicating a weakening of sell-side pressure and a regain of bullish momentum, noted Rekt Capital. Historically, Bitcoin shows a tendency to initiate major rallies approximately 150 to 160 days following a halving event. Drawing parallels from the post-halving periods of 2016 and 2020, the analyst suggested that similar conditions are currently forming, with Bitcoin being around 133 days post the latest halving. “This cyclical observation aligns well with the current market dynamics, where Bitcoin is methodically testing and, in some cases, breaching important technical barriers,” he remarked. This comparison is not only based on temporal patterns but also on the qualitative nature of market behavior during these periods. A significant point of analysis was the 21-week EMA, a key indicator often regarded as the bull market barometer. Rekt Capital highlighted its historical significance, noting, “Deviations below the 21-week EMA in bull markets typically offer lucrative buying opportunities, as seen in the 2021 cycle. Currently, Bitcoin is oscillating around this EMA, providing mixed signals that require vigilant interpretation.” Looking ahead, the analyst projects that for Bitcoin to embark on a new parabolic phase leading to price discovery and potentially new all-time highs, it must first consolidate above the $71,500 levelrepresenting the reaccumulation range high. This level has previously acted as a formidable resistance, and a weekly close above it would likely catalyze a major bullish phase. “In the coming weeks, the market’s ability to uphold these critical supports and break through resistance levels with conviction will be paramount. This will determine the feasibility of a breakout aligning with historical patterns observed post-halving,” Rekt Capital concluded, suggesting that October could be pivotal for Bitcoin’s trajectory. At press time, BTC traded at $63,956. Featured image created with DALL.E, chart from TradingView.com

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Bitcoin Market Update: Analyst Sees 65% Chance Of Retest Before Surge To $68,000

Bitcoin (BTC) has regained significant momentum over the past week, breaking free from the $49,000 lows it reached during the broader market crash on August 5. Since the past seven days, the flagship cryptocurrency has surged over 8%, climbing above the critical $63,000 level and reaching as high as $65,000 on Sunday. This latest rally has crypto analysts optimistic about Bitcoin’s prospects for further upside, with some eyeing a potential move towards $68,000 soon. However, not all technical experts are convinced the path forward will be completely smooth sailing. Two Paths To $68,000 Bitcoin Crypto analyst Doctor Profit, who has a notable track record of accurately predicting price movements dating back to BTC’s $50,000 territory during the August 5 crash, is now targeting $68,000. A detailed report outlines that the key lies in Bitcoin’s interaction with the $63,900 line on the 6-hour chart. Related Reading: Ethereum Price Eyes Fresh Gains: Another Increase on the Horizon? According to Doctor Profit, there are two different paths for Bitcoin’s journey to $68,000. The first is for Bitcoin to maintain its position above the $63,900 level, paving the way for a quick rise to the projected $68,000 price.  The second scenario involves a temporary dip below $63,900 followed by a retest of the 50-day exponential moving average (EMA) at $61,900 before rising above $64,000 and moving towards $68,000. This latter scenario is seen as the more likely outcome, with Doctor Profit assigning a 65% probability to a retest of the $61,900 EMA support level before a push towards $68,000.  What Open Interest Heatmap Suggests Lending credence to the possibility of a short-term pullback, technical analyst Ali Martinez observes that Bitcoin appears to be trading within a parallel channel on lower time frames. Martinez suggests a break below the $63,500 support could see BTC drop as low as $62,800 before potentially bouncing. Adding another layer to the analysis, the trading platform Hyblock highlights the importance of the Open Interest (OI) Heatmap in gauging market sentiment.  The current open interest of $61,000 suggests a possible correction on the horizon, as the platform pointed out that BTC usually chases these zones, and this possibility increases after Bitcoin’s 8% surge last week.  Related Reading: Crypto Analyst Says Cardano (ADA) Is Set For 1,000% Rally To $4.29, Heres Why While this may indicate a short-term pullback, a successful retest of lower support levels could set the stage for a strong recovery and a retest of higher resistance levels, assuming demand remains consistent. At the time of writing, the largest cryptocurrency on the market is trading at $63,450, recording losses of over 1% in the 24-hour time frame after hitting the $65,000 mark late Sunday for the first time since August 1.  Featured image from DALL-E, chart from TradingView.com

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Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech

In a week marked by economic anticipation and turbulence, the crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a dovish tone, indicating that the central bank is open to further interest rate cuts in the coming months to address potential cooling in the labor market. This stance was positive for risk assets like Bitcoin, as it signals a more accommodative monetary policy stance from the Fed. Related Reading: Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14% Indeed, the Bitcoin price rapidly breached the $62,000 mark, a level it had not seen in over a week, as investors reacted positively to Powell’s comments. However, the rally was short-lived, as the price subsequently retreated to around $60,800. According to crypto analyst Inspo Crypto, Bitcoin now faces a critical juncture:  We have to wait and see if Bitcoin consolidates below $61,000 again or heads towards the lower end of the upward channel, which is right at $60,000. If that breaks, we still have a safety net at $59,500. However, if BTC stays above $61,000 and the selling pressure eases, it could be an interesting and, above all, bullish weekend. Key Indicators Flip Positive Another analyst, Rekt Capital, noted that the Bitcoin price still lacks a daily close above $62,000, which would be needed to confirm a continuation of the recent price recovery.  However, Rekt Capital suggested that Bitcoin could form a bullish flag pattern, similar to the one seen in early March 2024, which could enable a move towards $65,000 or higher over time. Market expert Ali Martinez highlighted a positive development, noting that Bitcoin’s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.  This, Martinez suggests, could further bolster the case for continuing the price recovery witnessed over the past two weeks after Bitcoin briefly dipped to a 6-month low of $49,000 earlier this month. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, Whats Going On? Looking ahead, Martinez has identified two crucial resistance levels to watch for Bitcoin: $64,045 and $66,250. According to Martinez, if the cryptocurrency can maintain support at $60,365, a move toward these higher price points could be in the cards.  https://www.tradingview.com/x/V0tMHEUY/ For now, the Bitcoin price seems to have stabilized around $61,600 after the notable spike in volatility minutes after Powell’s speech. CoinGecko data shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.  It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week’s price movement before the expected monthly close.

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Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level

After experiencing a significant 25% pullback earlier this month, plunging to the $49,000 level, the king of cryptocurrencies, Bitcoin (BTC), has managed to consolidate above the crucial $60,000 support for the last 24 hours. However, Bitcoin’s journey toward further price appreciation has been without obstacles. The digital asset has been unable to surpass higher resistance [...]

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Bitcoin Price Action Watch: 3 Pivotal Zones That Could Sway BTCs Next Move

As the Bitcoin price consolidates below the $60,000 threshold, the market has been characterized by a mix of indicators and technical levels, leading to a divided forecast and heightened uncertainty. Mixed Signals Cloud Bitcoin Price Trajectory According to Bitcoin maximalist Mark Cullen, the current Bitcoin price action presents a complex technical picture. He suggests that the $57.5,000 level will likely be tested, and the key question is whether it will hold.  Cullen believes it will, at least initially, before potentially breaking lower. He also highlights the importance of the $59,500 level, stating that if Bitcoin can push through, it would be a strong signal to heavily long the asset with a tight stop-loss below. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? However, Cullen also warns of the potential for a sweep of the liquidity below the $54,500 level, which could pave the way for a move to new lows in the $40,000 range if that level is breached. Crypto analyst Axel Adler also points to a similar picture, highlighting that as the Bitcoin price currently trades below its 200-day simple moving average (SMA), this could lead to further bearish continuation for BTC. According to Adler’s analysis, the next support level is the 365-day SMA at $50,000. What Do BTCs On-Chain Fundamentals Say? Compounding the technical uncertainty, the data intelligence platform Glassnode has reported that Swissblock’s Bitcoin Fundamental Index (BFI) moved from positive to neutral territory last week.  According to the platform’s co-founders Yan Alleman and Jan Happel, this shift reflects the uncertainty surrounding the Black Monday event and the post-Consumer Price Index (CPI) bull trap felt on the chain. The BFI, composed of two sub-metrics measuring network liquidity and network growth, has recently shown a bifurcation. While network liquidity has dropped into neutral territory, network growth has risen, painting a complex picture of Bitcoin’s fundamental outlook. Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally? Alleman and Happel note that the drop in network liquidity, while concerning the short term, is not necessarily a bearish signal in the long run. They explain that increased network liquidity is desirable, as it enhances Bitcoin’s functionality as a medium of exchange. However, the rise in network growth is seen as a strong bullish sign, indicating that more players interact with the Bitcoin network on an entity-adjusted basis. This effectively creates a deeper pool of crypto-native capital, which could support the asset’s long-term valuation. The Glassnode co-founders stated: Given the current store-of-value ‘digital gold’ narrative and the increased ease of getting BTC exposure via ETFs, CEXes, etc., rising network growth is a strong bullish sign. When writing, the Bitcoin price is $58,680, down over 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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Bitcoin Falls From $60,000 With US Transfer Of 10,000 BTC: Vital Levels To Monitor

On Wednesday, the crypto market experienced a wave of volatility as news broke that the US government had transferred a significant amount of Bitcoin seized from the infamous Silk Road marketplace to the Coinbase exchange. Massive Silk Road Bitcoin Influx To Coinbase According to on-chain data tracker Arkham, the US government recently moved 10,000 Bitcoin worth around $590 million from a known government wallet to a Coinbase Prime deposit address.  Notably, this transfer sparked a 3.3% dip in the Bitcoin price, which fell below the key $60,000 support level to trade at around $59,130 at the time of writing. However, it’s important to note that the US government’s selection of Coinbase as the custodian for its seized digital assets may only sometimes lead to immediate selling.  Related Reading: XRP Price Eyes $0.60 Reclaim: Crucial for a Fresh Upswing As reported by Bitcoinist, Coinbase announced that the US Department of Justice’s asset forfeiture division, the US Marshal Service, had chosen Coinbase Prime to offer custody and advanced trading services for its “Class 1” digital assets. This partnership is intended to streamline the custody, management, and disposal processes for cryptocurrency assets, allowing for diversification in the types of digital assets that can be handled and disposed of under the government’s forfeiture programs.  Ultimately, this may result in the exchange holding this large amount of BTC and not affect the Bitcoin price in the short term or contribute to selling pressure unless there is a shift from previous movements and the authorities decide to liquidate the tokens.  Critical Resistance Levels And Support Thresholds In a recent analysis of the current Bitcoin price action, crypto analyst Daan Crypto Trades recently highlighted key levels to watch for a potential continuation of BTC’s recovery over the past seven days after falling towards $59,000 on August 5th. The analyst first noted that Bitcoin is at a pivotal point where it needs to break above the 200-day exponential moving average (EMA) at $59,468 and the 200-day moving average (MA) at $62,274.  Daan Crypto Trades explains that these levels are key to catalyzing favorable medium-to-long-term dynamics in favor of the bulls. However, the cryptocurrency has struggled with this challenge and failed to consolidate above these levels last week. Related Reading: Maker Sees 7% Upswing As Key Indicators Signal $2,662 Resistance Test In light of this scenario, the analyst has identified two significant resistance levels that the BTC price must uphold if a potential correction looms.  Daan Crypto Trades underscores the importance of vigilance around the $56,530 mark on the BTC/USDT daily chart, emphasizing its role as a critical floor crucial for preventing a downturn that could mirror the substantial 20% correction witnessed at the commencement of August. Moreover, the analyst points to the $52,990 threshold as the subsequent support level to monitor should Bitcoin falter at the aforementioned mark, especially if selling pressure intensifies, exerting downward pressure on its price trajectory. Featured image from DALL-E, chart from TradingView.com

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