Bitcoin (BTC) threatened to ditch $23,000 as support on Feb. 25 as an ongoing price correction strengthened into the weekend. BTC price support inches lower Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to make a decision on the fate of the $23,000 mark on the day. The pair had lost almost $1,000 on Feb. 24, ending the week in a limp position along with United States equities while the dollar gained. With “out-of-hours” trading now in place until Monday, chances for thinner liquidity to spark more pronounced moves heightened. Analyzing the state of the Binance order book, …

Bitcoin’s (BTC) recent price rally from $16,500 to $25,000 can be attributed to a short squeeze in the futures market and recent macroeconomic improvements. However, while prices increased, data suggests that many interested buyers (including whales) were left on the sidelines. The recent rally to $25,000 shared many similarities with the 2019 bear market rally, which saw a 330% surge in Bitcoin’s price to highs around $14,000 from the November 2019 low at $3,250. Recently, the BTC/USD pair rose 60% from its November 2022 low. On-chain and market indicators relative to the 2019 rally are sending mixed signals on whether …

Bitcoin (BTC) is struggling to stay above $23,000 as the weekend approaches. The selling pressure increased after the personal consumption expenditures excluding food and energy rose 0.6% in January and 4.7% over the year, above market expectations of an increase of 0.5% and 4.4% respectively. This could trigger fears that the United States Federal Reserve may have to continue its rate hikes to bring inflation under control. Expectations of a rate hike could strengthen the U.S. dollar index further, which is already near a seven-week high, and that may put pressure on the cryptocurrency markets in the near term. A …

Bitcoin (BTC) stayed lower at the Feb. 24 Wall Street open as United States macroeconomic data showed inflation biting back. PCE sparks fresh doubts on inflation Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded in a narrowing range around $23,800. The pair saw an attempt to reclaim $24,500 the day prior, but this ultimately proved unsuccessful as resistance kept gains in check. Bitcoin nonetheless saw only a muted reaction to the latest U.S. Personal Consumption Expenditures (PCE) Index print, which at 4.7% versus 4.3% forecast suggested that inflation was not ebbing as quickly as hoped. For …

It’s possible that many people have already forgotten that Bitcoin’s (BTC) price closed 2022 at $16,529 and the recent rebound and rejection at the $25,000 level could raise concern among certain investors. Bears are pushing back at the $25,000 level and there has been multiple failed attempts at the level between Feb. 16 and Feb. 21. Currently, it looks like the $23,500 resistance is continuing to gain strength with every retest. Pinpointing the rationale behind Bitcoin’s 45.5% year-to-date gain is not apparent, but part of it comes from the United States Federal Reserve’s inability to curb inflation while raising interest …

Bitcoin (BTC) stands at the start of a "new regime" after its early 2023 price gains, and next year will prove pivotal. That is the opinion of Charles Edwards, founder of quantitative Bitcoin and digital asset fund, Capriole Investments. As investment behavior around Bitcoin recovers in line with network fundamentals and price action, Edwards, perhaps like many other institutional professionals, is gearing up for an explosive period of growth. The jury may still be out on whether the bottom is in for BTC price, but for long-term investors, the time to allocate is just beginning, he argues. In an extensive …

Jack Dorsey’s payment company Block Inc. reported $1.83 billion of Bitcoin (BTC) revenue from its Cash App business unit in the fourth quarter, representing a 7% fall from the same time last year. In its Q4 and full-year results announced on Feb. 23, Block cited the fall in Bitcoin revenue to the decline in BTC price in the year — which fell approximately 65% throughout 2022. This fall in revenue led to a 25% year-on-year drop in Bitcoin gross profit for Cash App, which fell to $35 million in the quarter. Cash App is a mobile phone payment processing app …

Bitcoin's (BTC) 16% price gain between Feb. 13 and Feb. 16 practically extinguished the bears' expectation for a monthly options expiry below $21,500. As a result of the abrupt rally, these bearish bets are unlikely to pay off, especially since the expiry occurs on Feb. 24. However, bulls were not counting on the strong price rejection at $25,200 on Feb. 21 and this reduces their odds of securing a $480 million profit in this month’s BTC options expiry. Bitcoin investors' primary concern is a stricter monetary policy as the U.S. Federal Reserve (FED) increases interest rates and reduces its $8 …

Bitcoin (BTC) can hit $10 million per coin or more as it eats 25% of the global wealth, new analysis has concluded. In a blog post released on Feb. 16, fund manager and Bitcoin expert advisor Jesse Myers revealed his own “outrageous” BTC price target. Myers: "Bitcoin could 500x over the coming decades" Bitcoin may struggle with “brutal” volatility, but hodlers and critics alike should be in no doubt about its long-term price trajectory, Myers says. Analyzing Bitcoin’s value proposition, he argues that Bitcoin’s ability to appreciate over time means that it is all but destined to suck in value …

The United States equities markets saw their worst performance of 2023 as concerned investors dumped stocks on Feb. 21, fearing continued rate hikes by the U.S. Federal Reserve. Although the cryptocurrency markets also gave back some of the gains, the fall was comparatively muted. UTXO Management senior analyst Dylan LeClair said that Bitcoin’s (BTC) correlation to the S&P 500 index has fallen to the lowest since late 2021. After the sharp recovery from the lows, Glassnode data showed that only 21% of the coins sent by Long-Term Holders to exchanges at the start of this week moved at a loss. …

Bitcoin (BTC) hodlers need to watch the central banks of China and Japan as well as the United States as BTC/USD battles “huge” resistance. That was the opinion of trading firm QCP Capital, which in its latest crypto market research piece, “The Crypto Circular,” warned that Bitcoin faces risks far beyond the Federal Reserve. Bitcoin "most direct global liquidity proxy" Having survived the latest flood of macroeconomic data from the U.S., Bitcoin is nonetheless flagging right below $25,000 as bulls run out of momentum. For QCP Capital, there is now reason to believe that risk factors for price performance will …

In technical analysis, a flag pattern indicates short-term price movements inside a parallelogram coounter to the previous long-term trend. Traditional analysts view flags as potential trend continuation indicators. There are two types of flag patterns: bull flag and bear flag. While their outcomes are different, each flag exhibits five key characteristics, as listed below: The strong preceding trend (flagpole or pole) The consolidation channel (the flag itself) The trading volume pattern A breakout A confirmation of the price moving in the direction of its previous trend. In this article, we discuss bull and bear flag patterns and how to trade …