Category: Cryptocurrency News

Data shows the Bitcoin Coinbase Premium Gap is currently negative. Here’s what this could mean for the asset’s recent attempt at recovery. Bitcoin Coinbase Premium Gap Has Been Deep Red Recently An analyst in a CryptoQuant Quicktake post pointed out that the Coinbase Premium Gap has been negative recently. The “Coinbase Premium Gap” here refers to an indicator that tracks the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend implies that the former platform is currently witnessing a higher buying pressure or a lower selling pressure than the latter. Related Reading: Microstrategy Buys More Bitcoin: Here’s How Much Profit It Holds Now On the other hand, the negative indicator suggests Coinbase is witnessing relatively high selling pressure as the price listed here is lower than on Binance. Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last few years: Looks like the value of the metric has been quite red in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin Coinbase Premium Gap has plunged into negative values recently, implying that the selling pressure on Coinbase has risen. Earlier, the metric had a notable positive streak, and this run coincided with a rally in the cryptocurrency’s price. The asset fell as the indicator flipped towards red, suggesting increased selling pressure may have contributed. US-based institutional investors commonly use Coinbase, while Binance has a more global audience. As such, the Premium Gap can provide hints about American whales’ buying or selling behavior. It would appear that these institutional players were buying during the recent rally, but as soon as they switched towards selling, the price suffered for it. The last bull market also saw significant buying pressure from these investors, while the bear market saw the indicator restricted to negative or neutral levels. Related Reading: XRP Buy Signal Goes Off, Analyst Says This Is How Long Uptrend Will Last Bitcoin has been trying to recover from its recent drawdown, but from the chart, it’s apparent that the Coinbase Premium Gap is still at deep red values. Thus, the fact that large American investors are falling behind in buying pressure may not bode well for this recovery attempt if the recent pattern followed by the metric is anything to go by. BTC Price Since the visit below the $39,000 level, Bitcoin has seen a notable rebound below the $43,000 mark. The chart below shows how the coin has performed over the past month. The price of the coin appears to have been consolidating sideways recently | Source: BTCUSD on TradingView This recovery has stood so far, but given the negative Coinbase Premium Gap, the cryptocurrency may encounter some resistance soon. Featured image from Aleksi Räisä on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin price is gaining pace above the $44,000 resistance. BTC could rise further if it clears the $44,800 resistance zone in the near term. Bitcoin price was able to surpass the $43,400 and $43,500 resistance levels. The price is trading above $44,000 and the 100 hourly Simple moving average. There was a break above a major rising channel with resistance at $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move up if it clears the $44,800 resistance zone. Bitcoin Price Starts Fresh Increase Bitcoin price remained well-bid above the $42,500 level. BTC started a fresh increase above the $43,400 and $43,500 resistance levels. Besides, there was a break above a major rising channel with resistance at $43,650 on the hourly chart of the BTC/USD pair. The pair even surged above the $44,000 resistance zone. It traded to a new weekly high at $44,780 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high. Bitcoin is now trading above $44,000 and the 100 hourly Simple moving average. Immediate resistance is near the $44,800 level. The next key resistance could be $45,000, above which the price could start another decent increase. The next stop for the bulls may perhaps be $45,750. Source: BTCUSD on TradingView.com A clear move above the $45,750 resistance could send the price toward the $46,500 resistance. The next resistance could be near the $47,200 level. A close above the $47,200 level could push the price further higher. The next major resistance sits at $48,500. Downside Correction In BTC? If Bitcoin fails to rise above the $44,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $44,300 level. The first major support is $43,750 and the 50% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high. If there is a close below $43,750, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,000 support. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $44,300, followed by $43,750. Major Resistance Levels – $44,800, $45,750, and $45,500.

In the dynamic landscape of the cryptocurrency market, Kaspa (KAS) has emerged as a strong contender in the altcoin race, demonstrating notable growth and breaking through the $0.1109 barrier in the past 24 hours, representing a 10.5% increase in this time frame. Interestingly, the bullish momentum for KAS might be far from over as potential catalysts loom on the horizon. These catalysts could propel the token to new all-time highs, surpassing its previous peak of $0.1527. KAS Targets $2-$3 In Next Bull Run In a recent post on X (formerly Twitter), crypto analyst Daan de Rover expressed optimism for Kaspa’s future, offering compelling reasons for the coin’s potential growth.  One key factor is Kaspa’s fair launch, meaning no KAS tokens were reserved for exchange listings. This bullish characteristic becomes apparent as Kaspa is not listed on major exchanges such as Binance, Coinbase, and OKX.  If these exchanges decide to list Kaspa, de Rover states that they would need to acquire KAS tokens from the open market, thereby increasing demand and liquidity.  Given Kaspa’s reputation and the hype surrounding the project, de Rover believes that realistic price targets of $2 to $3 are achievable in the next bull run, representing a 2650% increase from current price levels. Related Reading: Cardano Price Stagnant At $0.48, But Charts Point To Potential Upswing To understand de Rover’s thesis, in November 2023, NewsBTC reported the listing of KAS on Coinone, one of the largest cryptocurrency exchanges in South Korea.  Following this listing, KAS experienced a remarkable surge, catapulting it into the top 33 cryptocurrencies by market capitalization (currently 38). In a matter of days, KAS skyrocketed from $0.05139 to its current all-time high of $0.1545 on November 19.  This surge represented a price increase of over 200%, underscoring the significant boost that exchange listings can provide to the Kaspa ecosystem and its price action. Should Kaspa secure listings on major exchanges such as Binance and Coinbase, similar or greater growth and market exposure can be expected, even greater than the Coinone listing. Such a development would attract a wider range of investors and contribute to the overall success of the coin, in line with De Rover’s pricing analysis.  A Closer Look At Kaspa Kaspa has gained attention for utilizing the proof-of-work (PoW) consensus mechanism and implementing a blockDAG (Block Directed Acyclic Graph) architecture.  This design allows for the coexistence of multiple blocks in parallel, effectively addressing the challenge of high orphan rates commonly associated with traditional blockchains. Inspired by the foundational work of Satoshi Nakamoto, Kaspa aims to preserve key aspects of the Bitcoin (BTC) consensus. These include the PoW mining method, a deflationary economic model, and decentralized decision-making processes.  By incorporating these fundamental principles, Kaspa seeks to provide a robust and secure foundation for its blockchain ecosystem. Related Reading: Ex-Ripple Director Heralds ‘Big News’ For XRP, Can Price Respond? At the core of Kaspa’s functionality is the GHOSTDAG protocol, which enables parallel blocks to exist and be ordered through consensus. This approach, known as a blockDAG, ensures secure operation while maintaining high block rates.  Currently operating at one block per second, Kaspa aims to achieve even higher rates, ranging from 10 to 100 blocks per second.  Interestingly, this scalability potential has set Kaspa apart from many other blockchain networks, potentially catching the eye of investors, and may be one of the reasons for its current price growth, which has seen KAS grow continuously for over a year with a 1471% spike. Overall, by addressing challenges associated with orphan rates and offering a decentralized and community-focused approach, the network aims to provide a solid foundation for a wide range of applications that require secure blockchain solutions. Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin miner reserves can often be a tell for where the market could be headed next due to their large holdings. These reserves going up or down can pinpoint how miners are looking at the market, and a drop in their reserves can be bad for the BTC price. Miners Reserves Drop By 14,000 BTC Bitcoin miners, who are responsible for confirming transactions on the blockchain and keeping the network safe, seem to be turning toward selling rather than accumulating. According to a CryptoQuant report, these miner reserves have seen a notable drop since 2024 began. Related Reading: PEPE Ready To Make A Comeback? On-chain Indicators Have The Answer Their holdings dropped by 14,000 BTC in less than two months, suggesting that these miners have been selling some of their stash. Going by an average price of $43,000 since January 2024, this means that Bitcoin miners have sold over $600 million worth of BTC so far. As a result of this, miner reserves are currently sitting at 1.8 million BTC, which is the lowest level since June 2021. Bitcoin miners selling their coins are not new because they often need to sometimes sell to keep their operations running. The most notable costs include electricity, as well as mining machines. However, it does not change the fact that their selling can have an adverse effect on the price of BTC. This time around, though, miners seem to be selling for an additional reason, which Matthew Sigel, who’s head of digital asset research at VanEck, has identified to be for purposes of bolstering their balance sheets. Bitcoin Miners Getting Ready For The Halving The next Bitcoin halving is expected to happen sometime in April 2024, and the block rewards are expected to fall to 3.125 BTC. Naturally, these miners are getting ready for this drop in rewards, as identified by Matthew Sigel. “Miners have begun to sell more of their coins to bolster balance sheets and fund growth capex ahead of tougher times for margins when block rewards are halved in April. After the halving, scale will matter even more.” Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure Nevertheless, as selling has ramped up, so has buying as Spot Bitcoin ETF issuers scramble to accumulate BTC for their customers. According to this NewsbTC report, Spot Bitcoin ETF issuers now hold more than 657,000 BTC, worth more than $28 billion at current prices. At the time of writing, the BTC price is trending at $42,933, after being beaten back from the $43,000 resistance. The crypto’s fluctuations at this level suggest that $43,000 is the target to beat if it is to continue its uptrend. BTC price struggles below $43,000 | Source: BTCUSD on Tradingview.com Featured image from Forbes India, chart from Tradingview.com