Bitcoin (BTC) futures open interest has recovered to May levels, raising optimism about a potent bullish breakout move above $50,000. The total number of outstanding futures contracts on the Deribit exchange reached $1.37 billion on Monday, its highest level since May 27. Meanwhile, the difference between the Bitcoin spot rate and its futures contract price widened, edging up its three-month basis (annualized) back to June levels, data provided by Stack Funds shows. The investment management firm saw the recovery as a sign of investors reentering the Bitcoin market while adopting a “more risk-on approach.” According to its head of research, …

Bitcoin (BTC) prices have recovered by more than 60% to $47,486 after bottoming out below $30,000 on July 20, triggering anticipations of an extended bull market toward $100,000. But to John Bollinger, a celebrated contributor to the field of financial analysis, investors should refrain from buying the benchmark cryptocurrency at current prices. Bollinger advised in his Tuesday tweet that investors could secure their Bitcoin profits or build a hedge position elsewhere to offset potential BTC/USD decline risks. Explaining his cautious outlook, Bollinger noted that “aggressive traders can think about putting out some shorts,” which, in turn, could push the Bitcoin …

Bitcoin (BTC) is currently facing a crucial resistance to breakthrough after a massive rally of 70% since the recent low in July at $28,000. This resistance is found in the psychological area between $50,000 and $51,000 and can be classified as the final hurdle before a new all-time high. This correction started when Michael Saylor revealed that MicroStrategy had purchased another $177 million worth of Bitcoin, while the company is already one of the largest holders of Bitcoins. The market hasn’t seen any correction since the recent bottom at $28,000, through which a potential correction might be on the horizon. …

The latest rally in the Cardano (ADA) market has activated a classic bearish pattern that threatens to lower its prices by as much as 15%. Dubbed as a rising wedge, the textbook pattern forms when the price consolidates between upward sloping resistance and support trendlines. Its occurrence typically prompts a bearish reversal, confirmed by a voluminous break below the lower trendline. The profit target during such a negative move comes to be as below as the maximum wedge height. ADA/USD currently ticks all the boxes for forming a falling wedge pattern, as shown in the chart below. The pair now …

Despite Bitcoin (BTC) slipping back below $50,000, more and more investors are likely to move their capital into Bitcoin and gold markets in the second half of 2021 (H2), asserted Mike McGlone, senior commodity strategist at Bloomberg Intelligence, on Aug. 23. The financial analyst cited the consistently lower yields offered by the 30-year U.S. Treasury note to explain his upside prediction. He noted that if its rate of return persists below 2%, it could enhance the price discovery stage for Bitcoin while posing a competitive advantage for traditional safe-haven assets like gold. #Bitcoin, #Gold & Long #Bonds: Three Amigos for …

Bitcoin (BTC) prices briefly fell below $44,000 on Thursday as the United States Dollar strengthened after the U.S. Federal Reserve policy minutes revealed its intentions to limit its bond-purchasing program this year. Bitcoin risks $45,000 becoming new resistance The spot BTC/USD rate dropped 1.71% to a new week-to-date low of $43,955. The pair’s plunge appeared as a part of a technical correction that started after it had reached a three-month high of $48,176 on Saturday, following a 64.42% price rally. Bitcoin’s latest price decline also surfaced in line with a similar market bias on Wall Street. For instance, the benchmark …

A Bitcoin (BTC) mining indicator that has preceded several major BTC price rallies is flashing again. Blockchain analytics platform Glassnode spotted a golden cross between the 30-day and 60-day moving averages of Bitcoin's hash ribbon. In theory, such a crossover indicates that the price momentum is switching from negative to positive. Hash ribbons are based on Bitcoin’s network hash rate behavior and are designed to tell investors when the price is due to experience upside. In simple terms, they show when Bitcoin becomes more expensive to mine relative to the base cost of mining. Miners earn less in U.S. dollar …

Bitcoin (BTC) is replacing gold even as United States’ regulators attempt to disrupt its advance, said Mike McGlone of Bloomberg Intelligence on Monday. The senior commodity market strategist credited the “digitization of money and finance” behind the Bitcoin market’s superior growth against gold, noting that the same factors helped the U.S. dollar gain dominance “rapidly and organically” over the precious metal. McGlone’s comments appeared as takeaways from a recent three-day conference at New Hampshire’s Bretton Woods hotel, which was attended by economists, macro analysts and investors, including Fidelity Investment’s Jurrien Timmer and Morgan Stanley’s Amy Oldenburg, among others. Bretton Woods …

The double-digit rallies seen from many altcoins show that traders are becoming increasingly bullish with the passing of each day, but maintaining this momentum will to some extent depend on Bitcoin’s (BTC) short-term price action. Data from Cointelegraph Markets Pro and TradingView shows that after touching the $48,000 price level during the early morning trading hours on Monday, the price of BTC dipped below $45,800 as bulls scrambled to put a halt to the price slide. Here’s what analysts are saying could be the next steps for Bitcoin’s price. Bitcoin needed to retest support after a 50% rally Bitcoin’s surge …

The high-flying optimism generated earlier this week when Bitcoin (BTC) and altcoin prices rose was tempered on Thursda as BTC dropped below $43,000. This led some analysts to warn that the price action seen over the past week was nothing more than a dead cat bounce. Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling pushed the price of Bitcoin to a low of $43,752, and at the time of writing, bulls are struggling to pull the price back to $45,000. Here’s what analysts are saying about Bitcoin’s current price action and what they …

A Bitcoin (BTC) on-chain indicator that spotted dead cat bounces during the yesteryear bearish market corrections has flashed again in August 2021. Dubbed "Bitcoin: Short Term Holder NUPL," the indicator takes into account the unspent transaction output, or UTXO, of BTC transactions not more than 155 days old. In doing so, it attempts to determine whether an investor is profitable within 155 days of purchasing and holding Bitcoin. Therefore, if the NUPL, which stands for "net unrealized profit/loss," returns a reading below zero, it means investors are making a loss on their Bitcoin investments. Conversely, a NUPL above zero shows …

Ripple's XRP token could hit $1 in the coming days, according to a classic technical chart setup. Dubbed a "double bottom," the trend reversal indicator appears after the price bottoms out at a level, rebounds toward a higher resistance level, and then pulls back to or near the first bottom level — only to rebound again to the previous resistance line (also called the "neckline"). Should the price close above the neckline, an extended move upward is anticipated, the length of which equals the total height between the neckline and the bottom level. It appears that XRP is closer to …