Bitcoin has entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000, but it failed to log a clear bullish breakout above this resistance level, and at the time of writing, the price remains pinned below $40,000. The latest price action in the Bitcoin (BTC) market has been, at best, choppy, with traders showing no clear indication of their short-term bias. Some analysts have predicted that if the BTC/USD price does not break above $40,000, it may very well fall to as low as $20,000 …

A recent run-down in Bitcoin’s (BTC) price from about $65,000 to as low as $30,000 did not force long-term holders into selling, Glassnode data shows. The on-chain analytics platform revealed a spike in Bitcoin reserves held in wallets with lower unspent output just as BTC/USD’s bids were crashing. Meanwhile, the data also shows a Bitcoin collecting spree among miners — the entities that produce and supply newly minted cryptocurrencies for retail markets. As a result, the active BTC supply started declining in recent sessions. Short-term Bitcoin holders — the entities that hold the flagship cryptocurrency for less than a week …

Bitcoin (BTC) price continues to limp lower as traders in the U.S. hit the BBQ to enjoy the upcoming Memorial Day holiday on May 31 and regulated futures and options markets like the CME are closed through the weekend. Data from Cointelegraph Markets Pro and TradingView shows that after a brief attempt by Bitcoin (BTC) bulls to rally above $37,000 in the early morning hours on May 29, the price has tumbled below $34,000 as the support needed for a move higher failed to manifest. Price action for Ether (ETH) was nearly identical to that of BTC, with an attempt …

Bitcoin (BTC) has crashed by around 44% from its all-time high of $64,899, signaling an end to its second-largest bull run that started in March 2020. Many analysts, including those from BiotechValley Insights, see "terrible technicals" in the Bitcoin market, noting that the flagship cryptocurrency could extend its ongoing decline until $20,000. Nevertheless, Glassnode Insights, a weekly newsletter issued by on-chain data analytics service Glassnode, anticipates a Bitcoin price recovery in the sessions ahead, based on an on-chain indicator that serves as a metric to gauge institutional interest in the cryptocurrency. Enough with discounts Dubbed as Grayscale Premium, the metric …

Unloading Bitcoin (BTC) spot positions when it starts crashing violently upon forming its all-time highs is a bad investment call, at least according to its historical price action. The flagship cryptocurrency's eleven-year lifetime has seen it undergoing many bullish and bearish cycles. The BTC/USD exchange rate typically rises parabolically. It later trims more than half of those gains down as profitable traders sell the top. But, at the same time, traders who buy bitcoin around its local top suffer longer periods of losses. Got Bitcoin? Chances are you’re in profit However, the overall historic price trajectory of Bitcoin remains skewed …

Price action for Bitcoin (BTC) and the wider cryptocurrency market was relatively subdued on May 27 as nervous traders remain unsure of what comes next following last week’s market plunge that saw leveraged traders wiped out as BTC dipped as low as $30,000 before its price rebounded. Data from Cointelegraph Markets Pro and TradingView shows that while Bitcoin's price has managed to put in higher highs and higher lows over the past week, bulls continue to face stiff resistance at any meaningful attempt to break above $40,000 as bears defend the psychologically important level. For many traders, the recent correction …

The amount of Bitcoin (BTC) held by whales increased by around 14% after Tesla announced its foray into the cryptocurrency sector in early February 2021. The latest data from on-chain analytics platform Glassnode shows an inflow of roughly $19.5 billion worth of Bitcoin — according to current exchange rates — into wallets that hold at least 100 BTC and a maximum of 1,000 BTC. The deposits spiked right after Tesla revealed in its January securities filings that it had added $1.5 billion worth of BTC to its balance sheet. The news hit the wire on Feb. 8 when the cost …

The price of Bitcoin surged higher on May 26, breaching the $40,000 level for the first time in five days as traders brushed aside concerns about China's crypto ban and the United States' crypto tax proposal. The benchmark cryptocurrency reached an intraday high of $40,855 before turning lower owing to profit-taking sentiment. In the meantime, analysts such as Cheds and Korous AK expect BTC/USD to hit $42,000 in the short term but advised caution on extended upside positions unless the spot market confirms a clear bullish breakout. Cheds, particularly, showed a bullish conviction if Bitcoin reclaims its 200-day simple moving …

The current cryptocurrency market scenario is only for traders who have an extremely high appetite for risks. But for the faint of heart, analysts advise patience and caution ahead. The outlook stands tall for Bitcoin (BTC) and Ether (ETH), the top cryptocurrencies by market capitalization that more or less behave as locomotives for the rest of the crypto market. As of Wednesday, the ETH/USD Realized Volatility on a 30-day timeframe has reached near its 2017 peak levels, according to data provided by Skew. Meanwhile, Bybt.com shows Bitcoin’s 30-day volatility at its yearly high, suggesting that the benchmark asset remains at …

The recent extreme volatility in the cryptocurrency market following Bitcoin’s (BTC) dip to $30,000 and the recovery to $38,000 has traders confused about whether the current price action is a ‘dead cat bounce’ which will see token prices head lower or a solid reversal that will set the floor for the next leg higher for the market. While BTC price still remains more than 40% below its all-time high of $64,863, bulls have managed to weather multiple attempts to significantly break below support at $36,000. A closer analysis of on-chain data and exchange inflows shows that Bitcoin's sell-off led to …

As the price of Bitcoin (BTC) is attempting to establish support at $37,000 on Tuesday, the recent $30,000 lows may have been the bottom, suggests one derivatives market indicator that has a history of accurately predicting BTC/USD cyclical lows following its bear cycles. The last time it predicted a bottom was on Nov. 1, following which the cost to purchase one Bitcoin surged from $13,771 to as high as $64,899 on Coinbase. Anatomy of a bullish indicator Dubbed as “rolling basis,” the indicator mathematically represents the relative difference between the price of the futures contract and the spot rate on …

Bitcoin’s price fell significantly this week as the $30,000 price level waved hello to the frantically falling asset. Willy Woo, a popular Bitcoin (BTC) analyst, however, thinks the curtain call for Bitcoin’s overall upward rally has not occurred yet. During an interview with podcaster Peter McCormack, posted on the What Bitcoin Did YouTube channel on May 21, Woo talked about a number of points, including Bitcoin’s recent network and price activity, and its current state. Woo noted that many macro indicators point toward price positivity for Bitcoin. “There’s an immense amount of activity on the network between investors compared to …