Today Bitcoin (BTC) price briefly pushed through the $14,100 resistance to achieve a new 2020 high at $14,259 before pulling back to retest $14,100 as support. Although this level represents a critical resistance, data suggests that Bitcoin whales are not closing their positions in a hurry as they expect the current rally to continue. This strong show of confidence is occurring even as there is heightened uncertainty over the result of the U.S. presidential election shows that market participants expect Bitcoin price to move higher regardless of who wins the election. Another bullish sign for Bitcoin is the record inflow …

Bitcoin (BTC) has rallied about 90% year-to-date and has risen close to 191% from its March lows. The rise has been gradual without much fanfare, which suggests that crypto believers are the ones who have been buying in 2020. October’s monthly close at $13,798.99 is the highest ever, surpassing the December 2017 close at $13,789.68. The strong performance of Bitcoin may now attract the momentum players and the speculators who look to benefit from the strength. If that happens, then Bitcoin could pick up momentum and surprise investors to the upside. This could result in traders selling their altcoins to …

As the weekend approaches, Bitcoin (BTC) price appears set to close out the month with a remarkably strong performance which has many bulls calling for a new all-time high above $20,000 in the near future. Traders attribute these lofty estimates to the fact that BTC appears to have flipped $12,000 to $12,500 to support and barring some unexpected price implosion, Bitcoin is on the path to painting a beautiful monthly candle. Further ‘bullish’ evidence comes from today’s options and futures expiry which saw $450 million of futures open interest expiring as of Oct.28. According to Cointelegraph contributor Marcel Pechman: “The …

Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range. While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next President will continue to print more dollars. Using data from CoinMetrics, Twitter user Julio Moreno recently highlighted that if Bitcoin could sustain above $10,000 for four more …

The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen. In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when it has followed the S&P 500 or gold. Therefore, investors should take a longer-term view rather than panicking due to short-term volatility. A survey by Grayscale has shown that …

Morgan Creek Digital co-founder Anthony Pompliano highlighted data from Santiment, which showed that the 30-day rolling correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp stressed that the lack of correlation shows that Bitcoin is a store of value. Along with that, Bitcoin has also outperformed most traditional asset classes such as gold, the S&P 500, crude oil, and the U.S. dollar since the sector wide crash that took place in March when coronavirus fears reached a peak. Abra Co-founder and CEO Bill Barhydt recently said that “Bitcoin is the single best investment opportunity in the world right …

PayPal’s crypto announcement acted as a trigger that drove Bitcoin (BTC) price to a new 52-week high. During such news-based events, traders holding short positions are caught off guard and are forced to cover their trades, resulting in the type of short squeeze seen during the Oct. 21 rally. Cryptocurrency market weekly performance. Source: Coin360.com However, after this initial burst, the next leg of the uptrend is only possible if demand picks up and the bulls continue to buy at higher levels. Data from Huobi exchange suggests that pro traders are not convinced that the current rally warrants the opening …

Decentralized finance yield farming platform Yearn Finance has a doppelganger that is tricking visitors into sharing the private keys of their cryptocurrency wallets. The scam website of Yearn Finance perfectly copies almost every aspect of the original yearn.finance website down to its design, website copy and even domain name. The scammers behind the website chose the domain name “yaerm.finance,” making it look extremely similar to “yearn.finace.” They have also promoted their landing page for the search keyword “yearn finance” so it shows up on top of the search results when people search for the actual real website. Once a user …

The crypto markets are cheering PayPal’s decision to allow its customers to use cryptocurrencies to shop from its vast merchant network. PayPal also revealed that U.S. account holders will be able to buy, sell, and hold cryptocurrencies in the PayPal app. The company plans to extend this service to a few other countries in the first half of 2021. PayPal’s decision has significantly increased the reach of cryptocurrencies. Now, many of the company’s 346 million active users will have the options to engage with cryptocurrencies and become investors if they choose. However, a mass influx of investors into cryptocurrencies is …

Crypto market sentiment appears to be improving across the board and the global push to mainstream central bank digital currencies is also making headway. In China’s Shenzhen province about 2 million people had applied for the digital yuan giveaway and the lucky 50,000 among them received “red envelopes” of digital yuan totalling $1.5 million. By the end of Oct. 18 about 47,573 of the recipients had spent roughly $1.3 million of the bounty, amounting to 88% of the total giveaway. This suggests that the pilot program was a success and shows that China is far ahead of other developed economies …

Data from Skew shows Bitcoin’s (BTC) spot volume on LMAX Digital, an exchange that mainly caters to institutions, has overtaken retail-oriented exchanges. This signals that institutional investors could be building up positions as they expect the price to move higher in the future. Along with spot purchases, institutional investors’ participation in the derivatives market has also increased. Data from Arcane Research shows that a record number of investors are taking delivery of Bitcoin from the Bakkt Bitcoin exchange. Another metric that can be useful for traders is volatility. Bitcoin options data shows that the implied volatility of at the money …

Chicago Mercantile Exchange’s cash-settled Bitcoin (BTC) futures trading products “contribute more to price discovery than its related spot markets,” according to findings in a new report by investment firm Wilshire Phoenix. The increasing volumes of crypto derivative products highlight greater participation from institutional investors and this will likely be positive for the entire crypto space. This is not unique to cryptocurrencies because even in most other asset classes, the derivatives markets lead the spot markets. In a separate attempt to determine the valuation of Bitcoin, several experts from JPMorgan Chase opined that Bitcoin’s price is overvalued compared to its intrinsic …