Category: Cryptocurrency News

I think by now we all should really know how to handle such brief correction phases right now that are really just full of boredom, yes, through zooming out! Actually periods of a sharp crash are pretty easy to survive as you suddenly have that will to do something remarkable. But the real challenge is…
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Might be unpopular opinion and I will be probably downvoted into oblivion, but I was wondering if I’m the only one who is bored about the topics discussed in this community vs for example r/bitcoin I think majority of people on Reddit in crypto threads have some kind of investment and are interested to discuss…
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Bitcoin and other cryptocurrencies are likely to witness a pick up in volatility following the Fed’s rate decision on Sep. 20.

Bitcoin price is back above $27,000 per coin after holding firm at $25,000 for a second time. If price fails to move below support and makes another run for resistance, bulls might finally buck the downtrend with a powerful, measured move to $42,000. Recapping 2023 Using Classical Technical Analysis Methods 2023 thus far has been the year that Bitcoin went mostly sideways. The year began with a strong surge from bear market lows, but failed to instill enough confidence for instant continuation. Even an inverse head and shoulders pattern has yet to produce the expected upside target. Related Reading: Bitcoin Weekly TD Sequential Buy Setup Appears, But Warns Of Potential Risk Instead, BTCUSD has spent months and months going sideways, unable to break above $31,000 or below $25,000 per coin. With the top cryptocurrency finding support at $25,000 a second time, bulls might finally be emboldened. Using classical charting methods such as a the inverse head and shoulders neckline support and a simple downtrend line, we can begin to understand the technical explanation for the pause around this zone. Bitcoin’s target is $42,000 based on the measure rule | BTCUSD on TradingView.com The Tale Of Two Retest And The $42,000 Target It is common of an inverse head and shoulders pattern for price to throw back to former neckline resistance and retest it as support. This allows buyers to get in at lower levels, while those who bought earlier take profit. After a retest, Bitcoin made a substantial move up breaking through a downtrend line drawn from all-time highs. However, the confidence was still not enough for proper follow through, so Bitcoin fell back to $25,000 to test the downtrend line it broke out from. Related Reading: Bitcoin Bullish Uptrend Remains Unbroken, Here’s Why With the level tested now twice and proving to be seemingly unbreakable, bulls might finally have the confidence to meet the target of the inverse head and shoulders pattern. This target is located at $42,000 per BTC. This chart originally appeared in Issue #21 of CoinChartist (VIP), where several other Bitcoin price charts demonstrate confluence with the target. Subscribe for free to view the rest of the Bitcoin charts. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin might not be able to observe any extended runs of bullish momentum until this on-chain indicator reverses its trend. Stablecoin Whale Supply Has Dropped To Lowest In Six Months During the past few days, Bitcoin has registered some rise and has managed to breach the $27,000 level. The asset has, however, been unable to build up any sustained moves above this mark so far. The below chart shows how the cryptocurrency’s price has changed in recent days: Looks like the asset has gone through some net growth in the last few days | Source: BTCUSD on TradingView While moves above the level have all failed, the asset is still more than 3% up during the past week, which is more than some of the other top coins like Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE). Now, as for whether Bitcoin can find a proper break toward higher levels, data from the on-chain analytics firm Santiment may provide some hints. The indicator of interest here is the combined percentage of the stablecoin circulating supply that’s being held by the whales. Here is a chart that shows the trend in this indicator over the past year: The value of the metric seems to have been sliding down recently | Source: Santiment on X The “whales” here refer to entities that are carrying at least $5 million in their addresses. These investors are among the largest in the market, so they can hold some notable influence. Related Reading: Here’s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective From the graph, it’s visible that the total stablecoin supply held by these humongous holders has been on a net decline during the past few months. Following the latest drawdown in the metric, its value has hit 51.14%, which is the lowest observed since March 18th, about six months ago. What Does This Mean For The Bitcoin Price? Now, the main question is: what’s the relevance of this metric to Bitcoin? The answer to this question lies in the reason why these holders generally choose to hold stablecoins. Investors may want to hold their capital in the form of these fiat-tied tokens whenever they intend to avoid the volatility associated with other assets in the sector like BTC. Such holders are probable to return back into the market as if they were looking to completely exit the sector, they may have done so through outflows into fiat. Once these stablecoin investors find that the prices are right to jump back into the volatile side of the market, they swap their tokens for them. This act of shifting naturally provides a buying pressure on the prices of the coins that they are moving into. Because of this reason, the stablecoin supply could serve as a measure of the potential dry powder available for Bitcoin and other cryptocurrencies. As the whales are clearly the most significant entities in the sector, the stablecoin supply held by them is of particular importance. Generally, uptrends in BTC follow periods where the whales significantly shed their stable supplies, as it means that they are buying into the asset with them. Examples of such a trend are visible in the chart, as this pattern formed both prior to the January rally and the rebound in June. These investors have been decreasing their supply recently as well, but as BTC has gone down in this period instead, it’s likely that this decline is coming from withdrawals into fiat. Related Reading: Bitcoin Rally Driven By Coinbase Users? Premium Would Say So A turnaround in this indicator may be the one to watch for, as it can be a sign of fresh capital injections into the sector. Perhaps only once the whales’ buying power would return to the same levels as it was earlier in the year when Bitcoin breached $30,000, the asset would be able to find a sustained upward move. Featured image from iStock.com, charts from TradingView.com, Santiment.net

The bot was valued at $16.5 million during its token debut last month.