Bitcoin’s (BTC) rise above $20,000 will have to wait, as the price saw a strong correction and turned away from reaching a new all-time high. Data suggests that whales decided to book profits when Bitcoin was close to $19,000, and this pulled the price lower. This fall could have resulted in the liquidation of overleveraged positions in the futures market and further aggravated the decline. The current correction is a healthy sign, as the crypto market was becoming overheated as several altcoins rallied vertically in the past week. While some altcoins have given back a large portion of their recent …

The crypto market has been in a strong bull run over the past few days, and that has pushed Bitcoin (BTC) to its second-best day ever. Almost every trader now seems to be fixated on the magical figure of $20,000 per BTC. After such a sharp up-move, some traders are calling for a top, while others are projecting lofty targets for the future. CNBC Fast Money host Brian Kelly, for example, believes that the recent volitile moves in altcoins, overpriced Bitcoin address growth, and rising funding rates pointing to the arrival of retail traders may be a warning sign of …

Bitcoin (BTC) has been leading the current crypto rally for the past few weeks, and this has boosted its dominance from 56% on Sep. 3 to 67% on Nov. 18. However, as Bitcoin nears its all-time high, it seems to be losing momentum as the action shifts to altcoins. This has pulled Bitcoin’s dominance down to about 62.3%. No long-term bull market can be led by one leader alone. There are periodic rotations when the leader enters a consolidation or a minor correction while others take the lead. A similar rotation is currently playing out in the crypto markets, with …

In a blog post of Friday, Binance re-introduced BTCB to the world — a wrapped Bitcoin asset intended to bring liquidity from the world's largest cryptocurrency, BTC, to Binance Smart Chain's DeFi (decentralized finance) ecosystem. However, hodlers may be cheering the renewed interest in BTCB for a different reason: each Bitcoin locked on BSC may contribute to a looming BTC supply crisis. First announced last year, Binance initially saw wrapped Bitcoin solely as a vehicle for traders to obtain cross-chain asset exposure without leaving BSC. Since then, however, the utility of wrapped Bitcoin has boomed due to the precocious maturation …

Bitcoin’s (BTC) current rally has largely been led by investments from institutional investors and publicly listed companies. Data from Bitcointreasuries shows that companies hold about 4.54% of the current Bitcoin supply. A survey of 700 high-net-worth individuals chosen from across the globe shows that about 73% of respondents either own or want to own cryptocurrencies before the end of 2022. The proposed influx of money from large investors could boost demand and drive crypto prices higher. Bloomberg Intelligence strategist Mike McGlone believes that if history repeats itself, Bitcoin could rally to $170,000 over the next two years. McGlone pointed out …

Within the last 24-hours, Bitcoin (BTC) price hit an intraday high of $18,466.14 and this is just roughly 8% lower than the magical $20,000 figure being watched by many traders. However, investors in several countries such as Russia, Argentina, Brazil, and Mexico have already seen their Bitcoin holdings hit a new all-time high in their local currency. Even Bitcoin’s market capitalization has hit a new record high, topping the high created in December 2017. With institutional investors finally arriving in herds, it seems it is only a matter of time before Bitcoin finally overtakes $20,000 and sets a new all-time …

As Bitcoin (BTC) continues to rally to a new 2020 high above $16,700, traders are pondering whether this is the start of a new bull market. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, believes that the main hurdle is at the all-time high near $20,000. Once that is crossed, Bitcoin could reach a $1 trillion market capitalization. McGlone anticipates the uptrend to continue in 2021, and there are a growing number of analysts who agree with his view. Veteran trader Peter Brandt also believes that if previous bull runs are considered, Bitcoin is in the early stages of its …

Data shows that Bitcoin’s (BTC) current rally is supported by greater participation from retail and institutional investors. The CME Bitcoin futures open interest has moved closer to the previous all-time high, a sign that institutional investors are becoming more interested in cryptocurrencies. Similarly, Bitcoin’s spot volume has hit a new 52-week high, according to data from Arcane research. However, during strong uptrends, traders tend to get greedy and take on excessive leverage. Hence, large open interest on derivatives could act as a double-edged sword because even a small decline in Bitcoin could force the highly leveraged traders to close their …

The Bitcoin (BTC) price, which is currently sitting at $16,320, has only been at this level or higher for 12 days in the coin’s entire 4,332-day history, representing just 0.28% of the cryptocurrency’s life. Crypto analytics platform Messari published data stating that the closing price had exceeded $16,320 only on 12 other days, 10 of which occurred from Dec. 7 to 20 in 2017, with the highest close occurring on Dec. 16 at $19,378. Any investor who bought at the all-time high of $20,089 would still be down 18.35%. In contrast, investors who bought at this cycle’s low of $3,126 …

Billionaire investor Stanley Druckenmiller became the latest famous name to disclose a Bitcoin position. Although Druckenmiller did not specify the quantity he had purchased, he did say that Bitcoin will outperform gold a lot more “because it’s thinner, more illiquid, and has a lot more beta to it.” Paul Tudor Jones, Stanley Druckenmiller, and Bill Miller are some of the most successful traders and investors on Wall Street. A stamp of approval from them is likely to attract several other investors who may want to diversify their portfolio and outperform the markets. In further validation for the crypto space, controversial …

Professional traders are often perceived to be the smartest, as they weigh the risks before investing in an asset class. Opposite to that, most retail traders only keep an eye on the possible profits and disregard the risk before investing. Therefore, the increase in the number of Bitcoin (BTC) addresses holding more than 100 Bitcoin to a seven-month high, at 16,271, could be considered as a bullish sign. Furthermore, the low search volume for the keyword “Bitcoin” suggests that the current rally lacks the frenzied retail buying seen during the previous bull market in 2017. PlanB, the creator of the …

The United States Federal Reserve Chair Jerome Powell recently said that additional fiscal stimulus could result in a stronger recovery. He also emphasized that the Fed had enough tools to support the economy. After the winner of the U.S. election is announced, the focus of lawmakers could shift to the next stimulus package. However, additional money printing will only worsen the existing national debt which is currently at $27.2 trillion. Even though a new round of stimulus measures may be required in the short-term to reduce the impact of the economic crisis caused by the COVID-19 pandemic, analysts believe that …