Bitcoin’s (BTC) dip below $29,000 on June 22 rocked the markets a handful of analysts to call for a potential drop below $20,000. Many traders on crypto Twitter were focused on the formation of a death cross on the Bitcoin chart as an omen for another potential drop in the price but analysts with a more contrarian point of view look at this chart pattern as a signal that it is time to buy the dip. The ultimate thread on #BTC deathcross and cycle data analysis 1) Historical #deathcross until #goldencross time (in days) + largest price swing since deathcross …

A recent upswing in the price of Bitcoin (BTC) following a nail-biting price crash below $30,000 on June 22 has activated a classic financial model's bullish outlook on the cryptocurrency. Called the Wyckoff method — created by Richard Wyckoff in 1888 — the model attempts to navigate financial market trends based on the relationship between the supply and demand of assets. The method has two schematics: accumulation and distribution. In an accumulation setup, an asset signals bottoming out following a sharper price decline. It eventually leads to the price rebounding to the upside. Meanwhile, the distribution setup sees the asset …

An overnight bounce across the cryptocurrency assets this Wednesday saw Solana (SOL) outpacing its top rivals, including Bitcoin (BTC) and Ether (ETH). The SOL/USD exchange rate surged 55.10% to $31.58 on Wednesday after bottoming out at $20.14 in the previous session. Its move uphill came in the wake of an overall crypto market retracement that, in turn, followed a brutal crash in response to a full-fledged crypto ban in China. Solana was among the loss-bearers at the beginning of this week. SOL/USD plunged by more than 42% after opening Monday at $35.22. Similarly, Bitcoin lost 19.07% in the same period, …

Bitcoin (BTC) plunged 7.38% to hit a five-month low of $29,313 on June 22 as the market faced the prospect of another sell-off, this time led by miners affected by a recent crackdown against cryptocurrency entities in China. The People's Bank of China said on June 21 that it had summoned multiple regional institutions — including the Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Jack Ma's payment platform, Alipay — to “strictly implement” its recent ordinances on curbing Bitcoin- and other cryptocurrency-related activities, including mining. The Sichuan province, a hydropower-rich region in Southwest …

Bitcoin (BTC) bulls should look for a cover, at least as far as chart technicals are concerned. The flagship cryptocurrency continued its price declines into the new weekly session, hitting $32,105 ahead of the London opening bell following an approximately 10% intraday drop. In doing so, it raised the prospect of retesting its quarter-to-date low of $30,000 for either a bearish breakdown or a bullish pullback. But as traders grapple with the ongoing medium-term bias conflict in the Bitcoin market, one classic technical pattern has surfaced to boost a bearish outlook. The cup has turned Spotted by Keith Wareing, an …

The ghost of stock market crash is back again to haunt Bitcoin (BTC). It happened last in March 2020. Back then, the prospect of the fast-spreading coronavirus pandemic led to lockdowns across developed and emerging economies. In turn, global stocks crashed in tandem, and Bitcoin lost half of its value in just two days. Meanwhile, the U.S .dollar index, or DXY, which represents the greenback's strength against a basket of top foreign currencies, has now climbed by 8.78% to 102.992, its highest level since January 2017. The huge inverse correlation showed that investors dumped their stocks and Bitcoin holdings and …

Bitcoin (BTC) suffered as investors moved a record amount of cash in Federal Reserve's overnight facility after the central bank started paying interest on the money. The U.S. central bank received $756 billion via its reverse repurchase program from nearly 70 market participants on Thursday. The stash is about $172B higher than the one deposited last week and roughly $235B more than on Wednesday, wherein only 53 investors tapped the facility. A reverse repo facility takes in cash majorly from money-market funds and government-sponsored banks. Until Wednesday, the service offered eligible users a return interest of zero percent. But after …

In terms of price potential, Bitcoin (BTC) is staring at the possibility of outperforming Ether (ETH) in the short term. So believes David Lifchitz, chief investment officer at ExoAlpha — a Paris-based investment management service — who noted that Bitcoin’s upside potential in the near term is higher than that of Ether’s. He said so after spotting a recent shift in the BTC/ETH ratio. In detail, BTC/ETH compares the trend momentum of Bitcoin and Ether. A lower reading suggests that Bitcoin’s price is rising slower than Ether’s. Conversely, a higher BTC/ETH ratio indicates that the Bitcoin price momentum is gaining …

Bitcoin (BTC) price has retreated by more than 40% after topping out near $65,000 in mid-April. But that is not enough to derail the flagship cryptocurrency's long-term bull trend, especially as global markets grapple with declining national currencies and the prospect of a commodity market crash. So believes Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, who said Wednesday that diversifying into store-of-value assets is a wise strategy against gloomy currency and commodity market outlooks. "There's little risk of the dollar dropping in value vs. similarly depreciating currencies, which means that diversification into store-of-value assets like gold and Bitcoin …

Bitcoin (BTC) wobbled around $40,000 as investors waited for the United States Federal Reserve to release its new set of economic projections on Wednesday. The market's focus shifted to two important questions: Will United States central bank officials signal their intentions to raise interest rates in 2023 instead of 2024? And how much do they think inflation will rise in the remainder of 2021 and in the next year? Taper tantrum In March, the last Fed projection saw 11 Federal Open Market Committee (FOMC) officials agreeing to keep interest rates near zero at least until 2023. That suggested a tightening …

Traditional hedge funds are willing to increase their exposure in Bitcoin and other cryptocurrency markets over the next five years, a new survey has found. Intertrust Global, an international trust and corporate management company, polled the chief financial officers of 100 hedge funds globally about their intention to purchase crypto assets. About 98% of them responded that they expect their hedge funds to have invested 7.2% of their assets in cryptocurrencies by 2026. The survey found that a 7.2% investment into the cryptocurrency sector would equal about $312 billion if replicated across the sector. Meanwhile, about 17% of the polled …

A run-up toward $40,000 in the Bitcoin (BTC) market risked exhaustion as Chicago Mercantile Exchange’s futures opened on Monday with a gap of $1,575, the first since May 17. In retrospect, the downside risks heightened due to Bitcoin’s recent bearish pullbacks near the $40,000 level. Atop that, the said CME gap formed between Friday’s close of $37,325 and Monday’s open of $38,900, raising possibilities that the next correction would prompt Bitcoin bids to fall to at least $37,325. That is due to a general psychological notion among traders that BTC/USD reverses its trends to fill Bitcoin futures gaps more than …