Category: Cryptocurrency News

The Bitcoin price has experienced a notable increase of over 4% in the last 12 hours, marking a departure from the recent lull. This movement follows a bull pennant breakout, with the price of Bitcoin now aiming for the $55,000 mark. The 4-hour (BTC/USD) chart below shows Bitcoin trading at $44,609, having just breached the confines of a bullish pennant pattern—a bullish continuation signal frequently followed by an upward price trajectory. What This Means For Bitcoin Price The pennant, which is characterized by converging trend lines following a substantial price move, signifies a pause in trading before the market resumes its prior uptrend. The breakout from the pennant suggests a continuation of the bullish trend with a potential target that is often extrapolated from the length of the prior move, known as the flagpole, which initiated the pennant formation. Related Reading: Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price Looking at the moving averages, Bitcoin has displayed a golden cross pattern, with the 20-period EMA (currently at $43,389) ascending above the 50-period EMA (currently at $43,049) and the 100-period EMA (currently at $42,727). This cross underpins the bullish sentiment in the market. Volume, a key indicator of the strength behind price movements, has also shown an uptick as the breakout occurred, further validating the bullish scenario. The Fibonacci retracement tool, applied from the swing high at $49,092 to the swing low at $38,484, shows Bitcoin’s price breaking above the 0.5 ($43,788) retracement level. The next critical levels to watch are the 0.618 ($45,040) and the 0.786 ($46,822) Fibonacci levels, which may serve as resistances in the short term. Beyond that, the full 1.0 extension ($49,092) is on the horizon, with the 1.618 extension ($55,648) aligning closely with the target of $55,000, reinforcing its significance as a potential price objective. Related Reading: Ticking Time Bomb: Bitcoin Mega Squeeze Predicted In The Next 10 Days The RSI, at 73.47, indicates strong buying pressure but also suggests caution as the market approaches overbought conditions. However, it is important to note that Bitcoin price in its strongest moments tends to reach very high levels, exhibiting the massive momentum. Therefore, it is essential for traders to watch for any potential divergence that may signal a weakening of the current momentum. In conclusion, Bitcoin’s break above the bullish pennant pattern has set the stage for a possible rally towards the $55,000 mark. The intersection of the golden cross, increased volume, and the Fibonacci extension levels adds credence to the bullish outlook. However, traders should remain vigilant of the overbought conditions that could prompt a retest of key support levels. The most crucial support is found at the 0.5 Fibonacci level ($43,788), with further support levels at 0.382 ($42,536) and 0.236 ($40,988). A sustained move below these levels could challenge the bullish thesis and shift focus to the next significant support at $38,484. Featured image created with DALL·E, chart from TradingView.com

Bitcoin (BTC) shook off recent bearish whispers and roared back to life on Wednesday, clawing its way past $44,000 and marking a four-week high as the top crypto asset approaches the vaunted $45K level. This bullish charge was fueled by a potent cocktail of factors, from resurgent accumulation by major investors to record highs in US equity markets and a surprise regulatory shift from Thailand. Related Reading: From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing Bitcoin Surges Amid Whale Activity The day began with Bitcoin hovering around $42,700, but it quickly gained momentum, reaching a peak of $44,300 – its loftiest perch since January 12th. This 2.5% surge in 24 hours outpaced the broader cryptocurrency market’s 1.6% gain, showcasing Bitcoin’s renewed vigor. While Ether (ETH) and Cardano (ADA) saw modest increases, Bitcoin clearly stole the show. Source: CryptoQuant What sparked this fiery comeback? Analysts at Bitfinex had initially pointed to heightened miner selling as a potential culprit for recent price dips. However, the narrative flipped as whales, those enigmatic holders of vast Bitcoin stashes, began gobbling up the digital gold. Crypto sleuth Ali Martinez, analyzing data from Glassnode, revealed a multi-month high of 73 wallets holding over 1,000 Bitcoins (roughly $44 million each). This whale activity signaled a renewed vote of confidence in Bitcoin’s long-term potential. #Bitcoin whales are accumulating more $BTC! Around 73 new whales now hold 1,000 #BTC or more, marking a 3.66% increase in two weeks. pic.twitter.com/VFArJYTQZl — Ali (@ali_charts) February 7, 2024 Adding fuel to the fire were record-breaking performances by US stock indices. The S&P 500, Dow Jones, and Nasdaq Composite all flirted with all-time highs, creating a positive ripple effect that buoyed riskier assets like Bitcoin. This synchronized surge suggested a broader investor appetite for risk, emboldening cryptocurrency bulls. Bitcoin currently trading at $44,504 on the daily chart: TradingView.com Thailand: VAT Elimination Spurs Crypto Adoption Meanwhile, the Finance Ministry of Thailand announced the elimination of the 7% value-added tax (VAT) on Bitcoin and cryptocurrency trading. This groundbreaking decision positions Thailand as a frontrunner in digital asset adoption, aiming to attract investment and establish the country as a regional hub for innovation. Related Reading: Cardano Price Stagnant At $0.48, But Charts Point To Potential Upswing This bold regulatory shift injected a powerful dose of optimism into the already bullish trend, showcasing government recognition of the potential of cryptocurrencies. As Bitcoin navigates its next move, technical indicators and the supportive trend of the Simple Moving Average suggest continued upside potential. However, the cryptocurrency market remains inherently volatile, and investors should exercise caution. Nonetheless, Wednesday’s surge, fueled by diverse factors, paints a promising picture for Bitcoin’s future, leaving many wondering if this is the beginning of another bull run. Only time will tell, but one thing is certain: the Bitcoin bulls are back, and they’re roaring loud. Featured image from Adobe Stock, chart from TradingView

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Solana, the ambitious blockchain ecosystem, showcased its resilience in the face of adversity, experiencing a significant network outage that temporarily impacted its cryptocurrency value. The recent dip in SOL’s price, dropping to $93.36 during the outage, highlighted a challenging moment for the blockchain platform. However, the subsequent rapid recovery, with SOL currently trading at $101.80, reflects the network’s ability to bounce back, marking a notable 6.6% increase in the past 24 hours. Related Reading: Cardano Price Stagnant At $0.48, But Charts Point To Potential Upswing Source: Coingecko Solana: Price Stagnation, Surge, Outage Recovery Amidst weeks of relative price stagnation, where SOL fluctuated between $90 and $99, Solana’s recent surge contrasts sharply. This period of minimal price change mirrored a cautious sentiment prevailing in the cryptocurrency market, contributing to a 10% correction in Solana’s value, painting a tentatively bearish picture. The network faced a four-hour and 46-minute outage, causing considerable disruption. Despite the setback, Solana’s developers swiftly addressed the issue by implementing a new software patch from Solana Labs. The recovery process involved mainnet validators restarting their nodes with the updated software, emphasizing the platform’s commitment to stability. Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored. The outage began at approximately… — Solana Status (@SolanaStatus) February 6, 2024 Though the Solana Foundation has not issued a formal statement regarding the outage’s cause, a tweet by VanEck’s Head of Digital Assets Research, Matthew Sigel, suggested a potential bug identified and patched on Solana’s testnet might be responsible. This tweet gained traction as Solana’s co-founder, Anatoly Yakovenko, and other notable developers reshared it, underlining its significance. Solana outage, what happened? BPF loader, the “Berkley Packet Filter,” which is the mechanism to deploy upgrade and execute programs on Solana, failed. This seems to relate to a previous SMID (Solana Improvement Proposal) that altered some of the features including the adding a… — matthew sigel, recovering CFA (@matthew_sigel) February 6, 2024 This incident isn’t the first time Solana faced prolonged network issues; approximately a year ago, a 19-hour blackout occurred after a network upgrade. The Solana Foundation attributed the problem to the extensive use of “custom block-forwarding software” by various applications. SOL currently trading at $101.70 on the daily chart: TradingView.com Despite occasional outages, Solana has experienced a surge in activity. Token trading volume on its decentralized exchanges recently surpassed that of Ethereum, signaling growing interest and adoption. The recent network outage may have impacted investor sentiment, but the dynamic nature of the cryptocurrency market means that situations can evolve rapidly. Solana: Price Projections, Stability Concerns Persist Based on the latest price predictions, Solana’s price is expected to fluctuate between $92 and $119 in February 2024. The price is predicted to rise to $400 in 2025 and reach an all-time high of $445 in 2027. Market analysts and experts predict that Solana is expected to cross a price level of $517 in 2029. However, it is important to note that these predictions are subject to change and may not be entirely accurate. Source: Coincodex Related Reading: Dogecoin Massive Dump: 100 Million DOGE Floods Robinhood, Investors Brace For Price Impact Investors and enthusiasts are closely watching Solana’s trajectory as it strives to establish itself as a mainstay in blockchain ecosystems. The forthcoming root cause report from the Solana Foundation is eagerly anticipated, offering insights into the outage and potentially addressing concerns about the network’s stability. As Solana navigates through these challenges, its ability to recover and sustain an upward trajectory will be closely monitored, playing a pivotal role in shaping its future amid the competitive cryptocurrency landscape. Featured image from Adobe Stock, chart from TradingView

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