Fuckin' boomers. I'm not kidding. They're not investing as much as us. Anecdotally, but I told my father to invest in BTC and he told me, verbatim: "Bitcorn… I don't trust that. A few years ago there was a polemic with that where everybody was in it and it lead to nothing… I think it…
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$357 million in ETH options expire on August 6 and bears don’t stand a chance given that every neutral-to-bearish put is underwater.
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Calls for a trip back to $20,000 or even lower were in abundance after Bitcoin collapsed by 50% and sent the market into a bearish state. However, the idea that Bitcoin has bottomed is beginning to broaden. That statement is also a double entendre, referencing a potential chart pattern which further supports the theory. Here is a closer look at the potential broadening wedge bottom pattern, how the recent market conditions fit, and what to expect if the pattern confirms. The Case For The Bottom Being In Begins To Build Bitcoin price collapsed from highs set in Q2 around $65,000 to as low as $28,000 currently. Such a hasty crash that wiped out the entire year’s rally thus far, was enough to turn even the strongest of hands bearish. But bears have been unable to push the price per BTC any lower than the level stated above. Bulls have been equally as weak, but one side should soon given in. The tug of war and bouncing back and forth through a widening trading range, has caused Bitcoin price action to form a potential broadening bottom pattern. Related Reading | Five Bullish Monthly Charts That Suggest Bitcoin Will Blast Off The pattern in question is called a broadening bottom, which is a traditional broadening wedge with a final partial decline before taking off to retest highs. If Bitcoin price can reclaim those highs, the bull market will be back on with even more momentum than before. Is BTC forming a broadening bottom? | Source: BTCUSD on TradingView.com Broadening Bottom Pattern Could Be The Boost Bitcoin Bulls Need Chart patterns come in all shapes and sizes. Some of the most common shapes are triangular or wedge-like, which show price action converging to an apex. Wedges can also expand outwardly, and the trading range within them broaden. After touching the top trend line for one last time before takeoff, a partial decline finds horizontal support around where the first touch of the trend line occurred. With support retested and unable to push lower, price takes off through the upper boundary. Related Reading | How A Hammer & The Golden Ratio Could Mean 6 More Months Of Bullish Bitcoin Based on the measure rule, the target would be taken from the lowest touch of the bottom trend line to the top, then applied at the point of breakout. This should theoretically take Bitcoin price back to around $60,000, where it will need to prove that the bull run is still in full effect. Failure to reclaim former resistance and flip it to support, could result in another try for below $28,000 – and with more momentum at their back, bears could ultimately be successful. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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On August 4, the precious metals firm Kitco Gold announced the launch of a gold-backed stablecoin which will leverage an audit process via Cohen & Company with monthly attestation reports. Kitco has partnered with Tradewind Markets, First Digital Trust, and Stably, an asset tokenization provider. The gold-backed ERC20 tokens called “kitco gold (KGLD)” “represent one […]
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On-chain data shows that shortly after crypto exchange Binance observed Bitcoin inflow of around 12k BTC, price fell by almost 5%. Huge Bitcoin Inflow To Binance As pointed out by a CryptoQuant post, inflow of around 12k BTC was seen on Binance, the largest crypto exchange by market volume. The Bitcoin inflow is an indicator that shows the total amount of BTC transferred to a crypto exchange from a personal wallet. As investors usually send their crypto to exchange wallets for cashing out, altcoin purchasing, etc., the indicator’s value going up would imply there is some selling pressure in the market. A strong increase in the inflow metric can have direct effects on the price, which usually shows as a drop just a few hours later. Related Reading | Fear And Greed: Sentiment Turns Neutral As Bitcoin Stagnates, What To Do? Now, here is a chart that shows the trend in the value of the BTC inflow for Binance: The BTC inflow for Binance shot up earlier today | Source: CryptoQuant As the above graph shows, there was a sharp spike in the Bitcoin inflow for the crypto exchange Binance. This inflow’s value was around 12k BTC, worth around $470.6 million at the current rate. The chart also displays the curve for BTC’s price. It looks like just a few hours after this spike occurred, the crypto dropped in value by about 5%. Related Reading | How A Hammer & The Golden Ratio Could Mean 6 More Months Of Bullish Bitcoin And it makes sense as movement of 12k BTC is quite significant, and a spike like this might mean there is some short-term selling pressure in the market. While this inflow was quite significant, another indicator, the Bitcoin all exchanges netflow, shows that there was outflow of about 19k BTC from all exchanges. This more than makes up for the inflow to Binance, hence the exchange reserve overall still looks to be down. After plummeting, the Bitcoin exchange reserve continues to be down | Source: CryptoQuant BTC Price At the time of writing, Bitcoin’s price floats around $k, down % in the last 7 days. Over the past month, the cryptocurrency has amassed % in gains. Below is a chart that shows the trend in the price of the coin over the last 6 months. BTC’s price zig-zags below the $40k resistance level | Source: BTCUSD on TradingView After enjoying a refreshing period of prolonged uptrend, Bitcoin’s price fell down after peaking at $42k. Now, it seems to be range bound below the $40k mark as the coin can’t seem to break it again. It’s unclear where the price will head from here. It could either continue to be stuck in this range bound environment below the $40k level, or perhaps it will have a breakthrough soon, and a bull run will ensue as hinted by the Bitcoin bullish crossover.
